States continued to pay higher coupon rates to bond investors with average price remaining 7.69 per cent at the latest auction on Tuesday. So far, the states have taken Rs 5.67 lakh crore of debt so far this fiscal, which is 33.5 per cent more than what they had raised in the same week last fiscal when it had stood at Rs 4.22 lakh crore.
At the auction held on Tuesday, 11 states raised Rs 11,600 crore by selling state government securities (SGS), which trailed by over 22 per cent from the amount indicated for this week in the Q3 auction calendar at Rs 15,000 crore.
According to Icra Ratings, the weighted average cut-off or pricing of bonds eased by 4 bps to 7.67 per cent even as the supply eased a tad after rising for four weeks when states borrowed more than the estimated amount.
Non-bank lenders are projected to experience robust growth, with a forecast of 25-30% expansion in their Assets Under Management (AUMs) for the financial years FY24 and FY25, according to Icra Ratings, a leading domestic rating agency. The growth estimate specifically pertains to Non-Banking Financial Companies (NBFCs) with AUMs of up to Rs 10,000 crore.
Lower disposable income is affecting the demand for diamond jewellery in key consumer markets. De Beers expects the situation to improve once the broader macroeconomic environment stabilises.