State Bank Of India News
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Emerging-market stocks tumbled the most in 10 months, led by Russian and South African shares, as exporters slumped after weaker China manufacturing data bolstered concern the global economy is faltering.
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State Bank of India, the nation’s largest lender by assets, posted a 19 percent decline in fourth- quarter profit, missing analysts’ estimates, as provisions for bad debt climbed.
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Indian stock-index futures dropped, signaling benchmark indexes may decline for a fourth day, the longest losing streak in more than a month.
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India’s benchmark stock index ended a two-day decline amid optimism overseas inflows into domestic shares will continue after the Bank of Japan maintained its monetary easing plan.
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India’s biggest lender, State Bank of India, plans to work with Jain Irrigation Systems Ltd., the largest irrigation-equipment maker in Asia, to help farmers reduce water usage and increase productivity.
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Most emerging-market stocks rose, led by health-care and consumer shares, as India’s benchmark measure surged to the highest level in more than two years.
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The debut of electronic trading in India’s corporate bonds seeks to expand volumes now 20 percent of those in South Korea and improve transparency amid global probes into manipulation of interbank markets.
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Indian companies may defer plans to acquire rivals and add capacity by about three years as they focus on reducing record debt, according to Rahul Shukla, Citigroup Inc.’s local head of corporate banking.
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India’s lowest borrowing costs in almost 2 1/2 years are attracting non-AAA rated borrowers such as Peter England Fashions & Retail Ltd. to build on record first-quarter bond sales.
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The Reserve Bank of India faces pressure to cut lenders’ reserve requirements as banks struggle to woo deposits and resist passing on interest-rate reductions.
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