India In-Focus — Shares inch higher; Bajaj Housing Finance to issue 3-year bonds; DLF Cyber City to issue 2-year bonds

India In-Focus — Shares inch higher; Bajaj Housing Finance to issue 3-year bonds; DLF Cyber City to issue 2-year bonds
The NSE Nifty 50 index was up 0.07 percent at 17,538.10, as of 0357 GMT, and the S&P BSE Sensex rose 0.09 percent to 58,904.24, (Shutterstock)
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Updated 10 August 2022

India In-Focus — Shares inch higher; Bajaj Housing Finance to issue 3-year bonds; DLF Cyber City to issue 2-year bonds

India In-Focus — Shares inch higher; Bajaj Housing Finance to issue 3-year bonds; DLF Cyber City to issue 2-year bonds

RIYADH: Indian shares edged higher on Wednesday — led by the consumer goods and banking sectors — while losses in tech stocks kept gains in check as traders looked ahead to US inflation data for clues on the pace of rate hikes from the Federal Reserve.

The NSE Nifty 50 index was up 0.07 percent at 17,538.10, as of 0357 GMT, and the S&P BSE Sensex rose 0.09 percent to 58,904.24, having hit a near four-month high in the previous trading session. Indian markets were closed on Tuesday for a holiday.

Nifty’s private bank index was up 0.38 percent and the fast-moving consumer goods index advanced 0.34 percent.

India’s Bajaj Housing Finance to issue 3-year bonds

India’s Bajaj Housing Finance Ltd. plans to raise at least 100 million rupees ($1.26 million) through a sale of bonds maturing in three years, three merchant bankers said on Wednesday.

The housing finance company has invited bids from bankers and investors for the same on Thursday, they said.

The notes are rated AAA by CRISIL and the issue will close for subscription on Friday.

The issue has a greenshoe option to retain an additional 9.90 billion rupees and will mature on Aug. 12, 2025.

DLF Cyber City to issue 2-year bonds

India’s DLF Cyber City Developers Ltd. plans to raise 5 billion rupees ($62.86 million) through the sale of bonds maturing in two years, three merchant bankers said on Wednesday.

The real-estate company will pay a coupon of 7.80 percent on this issue and has invited commitment bids from bankers and investors for the same on Thursday, they said.

The notes are rated ‘AA’ by CRISIL and the issue has a call option at the end of one year and nine months.

The issue will close for subscription on Friday and will mature on Aug. 12, 2024.

(With input from Reuters)


Kuwait Central Bank appoints Sahar Al-Rumaih as its first female deputy governor 

Kuwait Central Bank appoints Sahar Al-Rumaih as its first female deputy governor 
Updated 13 sec ago

Kuwait Central Bank appoints Sahar Al-Rumaih as its first female deputy governor 

Kuwait Central Bank appoints Sahar Al-Rumaih as its first female deputy governor 

RIYADH: The Central Bank of Kuwait has named Sahar Al-Rumaih as its deputy governor in a first-ever such appointment of a woman to this position in the Gulf state.

Al-Rumaih, who was the deputy CEO for corporate banking at Ahli Bank of Kuwait, replaced Yousef Al-Obaid as his term had expired, according to Bloomberg. 

With this new appointment, the central bank’s board now includes two women. 

This comes following a similar development in Saudi Arabia in June when the Kingdom’s Central Bank named Sheila Al-Rowaily, who worked as a financier with Saudi Aramco, as its first woman board of directors. 

In recent years, Saudi Arabia’s Vision 2030 has focused on women’s empowerment and workforce, with efforts directed towards increasing female employment in diplomatic and governmental services. 

Women joining the workforce in Saudi Arabia has been a key development of the Kingdom’s Vision 2030 social and economic reforms, which has seen their participation jump from 19 percent in 2016 to 33 percent last year.


Saudi riyal unflinching while Fed hike harms major global currencies

Saudi riyal unflinching while Fed hike harms major global currencies
Updated 13 min 16 sec ago

Saudi riyal unflinching while Fed hike harms major global currencies

Saudi riyal unflinching while Fed hike harms major global currencies

RIYADH: The US Federal Reserve’s most aggressive interest hikes since the 1980s have pulled several currencies across the world to new lows, while the Saudi riyal seems unflinching.

The Kingdom’s currency has dipped just 0.2 percent against the US dollar compared to the same date last year, in contrast to other markets.

On Sept. 21, the US Federal Reserve hiked the short-term interest rates by 75 basis points to 3 to 3.25 percent.

Since the announcement, several investors took their money out of other markets to invest in the US, thus pulling global financial markets to a state of volatility.

The Chinese onshore yuan is sliding toward 7.2 per dollar, down 10.9 percent from the same date last year, while the People’s Bank of China is setting up defenses to protect the currency, according to Reuters data.

On Sept. 26, the Indian rupee plunged 8.7 percent year-to-date to an all-time low of 81.67 against the US dollar.

Soon after the Fed hike, the British pound started falling, and it reached an all-time low on Sept. 26 before showing signs of recovery. The fall of the British pound is also due to the tax cuts announced by the new Liz Truss government.

At one point on Monday, the pound sank as low as $1.0327, surpassing the previous record low reached in 1985, before recovering some of its value. 

The Pakistan rupee also nosedived following the Fed hike, with one US dollar now equal to 233.79 Pakistani rupees.

Other major currencies like the Egyptian pound and the Australian dollar fell 19.5 percent and 11.1 percent year-to-date respectively.

Meanwhile, Chicago Fed President Charles Evans said on Tuesday the Federal Reserve will need to raise interest rates to a range between 4.50 percent and 4.75 percent.


Riyad REIT Fund invests $17m in private real estate fund

Riyad REIT Fund invests $17m in private real estate fund
Updated 25 min 50 sec ago

Riyad REIT Fund invests $17m in private real estate fund

Riyad REIT Fund invests $17m in private real estate fund

RIYADH: Riyad REIT Fund has invested SR62 million ($17 million) in a private closed-end real estate fund that is income-generating and Shariah-compliant, according to a bourse filing.

The private fund, which is managed by Riyad Capital, seeks to achieve stable current income and long-term capital growth by investing in top-tier institutional real estate assets located in prime Saudi Arabian locations.

The private real estate fund has a target size of SR3 billion, and the initial closing amount is SR315 million.

The fund has a term of 20 years that can be extended for an additional five years.

The investment will generate 8.5 percent per year in return over a five-year period if it is invested semi-annually, it added.


Zain KSA integrates latest Huawei 5G technology into its network 

Zain KSA integrates latest Huawei 5G technology into its network 
Updated 44 min 45 sec ago

Zain KSA integrates latest Huawei 5G technology into its network 

Zain KSA integrates latest Huawei 5G technology into its network 

RIYADH: Mobile telecom operator Zain KSA has collaborated with Chinese mobile technology firm Huawei to integrate the third generation of 5G solutions into its network across the Kingdom. 

This new RAN product MetaAAU technology integration will enable Zain KSA to offer a wide range of services to its customers through expanding coverage and capacity and increasing the network speed.

As MetaAAU uses extremely large antenna array architecture, multi-channel technology, and innovative algorithms, Huawei's most advanced products are able to offer double the scale of arrays compared with the previous-generation AAU.

This solution can improve network performance while slashing energy consumption, the company said in a press release. 

This comes as Zain KSA looks to support more 5G use cases, including cloud computing, the internet of things, artificial intelligence and machine learning solutions while continuing to deliver better user experiences. 

“This new upgrade to our 5G network serves our strategic goal to deliver world-class 5G experiences that match up to Saudi Vision 2030’s goals of transforming the Kingdom into a digital economy hub powered by Industry 4.0 and supporting a high quality of life for its communities,” Chief Technology Officer at Zain KSA, Abdulrahman Al-Mufadda said. 

He added: “Building on our elaborate 5G infrastructure, we launched the 5G carrier aggregation feature in 2020, achieving ultra-fast Internet speeds of 2.4 Gbps.” 

Now with the accelerating industry ecosystem development, and as more and more 5G smartphones support this feature, Al-Mufadda said they are extending the population coverage of 5G dual carriers and bringing the ultra-fast user experience to more customers.

President of Huawei 5G Product Line, Ritchie Peng said, “We will continue to provide innovative solutions to help Zain KSA to build the leading performance network and provide a better user experience to end users.”


SAPTCO wins $23m bus transportation project with Taif Municipality

SAPTCO wins $23m bus transportation project with Taif Municipality
Updated 48 min 7 sec ago

SAPTCO wins $23m bus transportation project with Taif Municipality

SAPTCO wins $23m bus transportation project with Taif Municipality

RIYADH: The Saudi Public Transport Co. has been awarded an SR88 million ($23 million) bus project with Taif Municipality.

The five-year project will have a positive impact on the company's revenues during the first half of 2023, it said in a bourse filing.

Founded in 1979, SAPTCO operates urban buses in Riyadh, Jeddah, and Mecca; intercity buses; and international buses to the UAE, Egypt, Jordan, and Bahrain.