Saudi commercial banks’ June deposits rose 8.7%, their highest level in 16 months

Focus on India – Trade with Russia and Sri Lanka expected to reach $9 billion; Bajaj Finance will issue 3-year bonds

RIYADH: India expects two-way trade worth up to $9 billion with Russia and Sri Lanka in the next two months after allowing international trade in rupees, Indian secretary has told the Trade.

Last month, the Reserve Bank of India allowed importers and exporters to pay in partially convertible rupees, a move widely seen as facilitating trade with Russia and South Asian neighbors instead of relying on the dollar.

“Rupee-denominated sales will be a big, big advantage,” BVR Subrahmanyam told reporters on Tuesday evening.

He added: “I see in the next two months $8-9 billion in trade with Russia and Sri Lanka.”

He did not give a breakdown of trade by country.

India’s imports from Russia, mostly crude oil, increased nearly fivefold to more than $15 billion between late July and February 24, when Russia invaded Ukraine, by compared to the previous year, according to a source with direct knowledge of the matter.

But exports fell to $852.22 million from $1.34 billion in the same period, due to the lack of a payment settlement mechanism with sanctioned Russia.

Bajaj Finance to issue 3-year bonds: traders

The Indian company Bajaj Finance Ltd. plans to raise at least 100 million rupees ($1.26 million) through the sale of bonds maturing in three years, three investment bankers said Thursday.

The non-banking finance company issued a tender to bankers and investors on Friday, they said.

The Notes are rated AAA by CRISIL and India Ratings and will be closed for subscription on Monday.

The show has a green shoe option to keep another 29.90 billion rupees.

Kotak Mahindra Prime to Reissue April 2025 Bonds

India’s Kotak Mahindra Prime plans to raise 2.50 billion rupees through the April 2025 6.55% bond reissue, three investment bankers said on Thursday.

The company will offer a 7.33% yield to investors and invited bankers and investors to bid on Friday, they said.

The bonds are rated AAA by CRISIL, and the issue will close for subscription on Monday.

(Contributed by Reuters)

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