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Banks Mobilize Record $127.2B in FCNR Swaps, RBL Raises $3.4B
Banks have mobilized a record $127.2 billion through the RBI's FCNR(B) swap facility in just 85 days, nearly four times the 2013 levels, with ICICI Bank alone raising $17.9 billion and RBL Bank $3.4 billion. The final sprint exceeded market expectations, and banking units in IFSCs have disbursed $52 billion against these deposits, boosting overall lending liquidity.
GK Energy wins ₹454 crore rooftop solar order for 1 lakh homes
GK Energy has secured a ₹454 crore grid-connected rooftop solar project from a state utility, covering approximately 1 lakh homes. The news drove the company's shares up 9%, reflecting strong investor confidence in the order's scale and execution potential.
Wipro's Nifty exit underscores IT giants' shrinking index weight
Wipro's removal from the Nifty 50 index, effective later this year, highlights the declining representation of Indian IT companies in the benchmark. The move reflects a broader trend of IT giants losing market cap weight to financials and other sectors, signaling a structural shift in India's equity market composition.
Sumitomo Chemical Q1 Surpasses Expectations
1 Min Read Shares of Sumitomo Chemical India Ltd. gained nearly 2% in early trade on Monday, July 27, after the agrochemical company reported a healthy set of June quarter earnings. For the quarter ended June 2026, the company reported a net profit of ₹214.8 crore, up 20.5% from ₹178.3 crore in the year-ago period.
Tech stocks slide continues, chip sector leads fall
Chip stocks have been in a slump, with the tech sector continuing its downward trend. Key indices like Nikkei are down over 3% amid broader market declines.
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