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The State Bank of India and Amundi Asset Management plan to offload a combined 10 percent stake in their Indian mutual fund joint venture, extending a record year for initial public offerings (IPOs) in the South Asian nation. The State Bank of India, the country’s largest lender, aims to sell a 6 percent stake in SBI Funds Management Pvt, while Amundi intends to sell 4 percent, the firms said in separate filings yesterday. The IPO would seek to raise about US$1 billion, according to people with knowledge of the matter, unchanged from when Bloomberg News had first reported the planned transac...

Many Indians are horrified that Prime Minister Narendra Modi is rebuilding the capital's historic center in a pandemic. But debate among politicians, architects and heritage experts runs deeper still.

Credit markets are sounding warnings for other asset classes amid India’s unprecedented surge in Covid-19 cases. Firms have defaulted on at least Rs 5,700 crore ($763 million) of domestic bonds this year, the most on record for a similar period. Traders expect more. They’ve pushed spreads on A rated local corporate bonds over AAA notes to a 17-year high, a grim sign for the small businesses that tend to have those weaker ratings and that form the bedrock of the $2.7 trillion economy. That all suggests the need for further caution in the equities and government bond markets, which have ...

Record defaults are clouding India’s resilient equities, bonds Bloomberg April 28 | Updated on April 28, 2021 × Firms have defaulted on at least $763 million of domestic bonds this year, the most on record for a similar period Credit markets are sounding warnings for other asset classes amid India’s unprecedented surge in Covid-19 cases. Firms have defaulted on at least 57 billion rupees ($763 million) of domestic bonds this year, the most on record for a similar period. Traders expect more. They’ve pushed spreads on A rated local corporate bonds over AAA notes to a 17-year high, a gr...

The current Parliament House building was conceived about 100 years ago Prime Minister Narendra Modi is rebuilding part of New Delhi, but the mammoth undertaking is drawing fire because it's estimated to cost billions at a time when the nation is grappling with a devastating coronavirus outbreak and the economic fallouts of local shutdowns. The planned changes will cement PM Modi's legacy in one of the world's oldest cities by reconstructing central Delhi, which houses the legislature and other historical buildings. The project covers an area as large as 50 football fields. India will get a n...