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Analysts are crediting this drop to seasonality in the credit cycle when growth remains tepid in the first quarter. While both sets of banks saw a month-on-month dip, it was higher for private banks at 44 bps versus 18 bps for public sector banks.

The companies were earlier considering seeking an extension from the Department of Telecommunications (DoT) on the deadline to meet roll out obligations. But with the equipment makers assuring of supply of gear, the telcos have decided to set up the radios in all telecom circles to meet the basic roll out conditions.

The newly-permitted transactions will be cash-settled in rupees and shall have the flexibility of cash settlement between two relevant banks and between a bank and a person residing outside India in rupees or any foreign currency, the regulator said.

Auto industry companies in India are awaiting clarity on whether they will receive incentive funds for the first year of the ₹25,938 crore production-linked incentive scheme, which has been in effect for over a year. The standard operating procedure (SOP) for the scheme, which is required for products to be certified, was released on April 27, 2023, causing a delay. Companies are also concerned that key changes agreed upon by the industry and government have not been incorporated into the final draft of the SOP. Additionally, some manufacturers were wrongfully claiming subsidies in violation of conditions.

The state-backed infrastructure lender, which was set up in 2021, is planning an issuance with a base size of ₹5,000 crore and an additional subscription option worth ₹5,000 crore, sources aware of the development said.

The bull market started during the Covid panic in April 2020. We continue to be in a bull market and a new high is around the corner. The market went into consolidation post-October 2021 as multiples were at levels which discounted immediate growth

EPAM cut its sales growth guidance for 2023 by an unexpected 500 basis points citing a slowdown in discretionary spending. The company now sees its revenues lower by 2% on a year-on-year basis, compared to its earlier guidance of a 3% growth.

Shares of major US banks and regional lenders rose on Tuesday, with the KBW Regional Banking index reaching its highest level since April. This comes at a challenging time for the sector, given concerns over deposit flight, growing interest rates and exposure to commercial real estate.

Five out of ten Adani group stocks ended positively on Tuesday after the conglomerate announced that it had repaid loans totalling $2.65bn as part of its deleveraging programme. Adani Power, Adani Green Energy, Adani Ports, Ambuja Cements, and ACC all rose on the BSE, while shares in Adani Total Gas, Adani Wilmar, Adani Transmission and NDTV fell. The Adani Group has been seeking to win back investor trust after US short-seller Hindenburg Research published a report alleging accounting fraud and stock price manipulation. The group has denied all allegations.

For Adani Green Energy, Adani Transmission, and Adani Wilmar, the circuit limits have been revised to 10% from 5%. The biggest boost is for Adani Power as the circuit limit has been increased to 20% from 5%.