India’s benchmark stock index rose to a record as State Bank of India paced a rally among lenders after Goldman Sachs Group Inc. raised its recommendation on the nation’s biggest bank.
Indian wholesale-price inflation eased to a nine-month low in February as higher borrowing costs helped damp price pressures, suggesting official interest rates will be maintained at their current level next month.
Dollar borrowing costs for Indian companies fell to a six-month low, bucking an emerging-market rout, as investors rewarded policy makers for efforts to revive economic growth while curbing inflation.
For India central bank Governor Raghuram Rajan to more than halve Asia’s highest inflation rate, he’ll face his biggest challenge yet: Convincing the country’s politicians to spend less money.
Bank of Baroda’s Ugandan unit said full-year profit jumped 24 percent as lending income grew.
India’s stocks rose. Bank of Baroda and Tata Teleservices (Maharashtra) Ltd. advanced after reporting quarterly earnings.
Most Indian stocks rose, led by property companies, after a Reserve Bank of India adviser said the monetary authority will avoid further interest-rate increases if inflation slows.
Bank of Baroda’s Ugandan unit said six-month net income surged 40 percent from a year earlier as loans and deposits grew.
Bank of Baroda , the state-owned Indian lender, sold 5 billion rupees ($107 million) of 15-year bonds to boost its capital, according to three people familiar with the transaction.
Indian companies face rising costs to refinance record redemptions of U.S. dollar-denominated debt as yields on their securities surge and the rupee declines to an all-time low.