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Mumbai: State Bank of India on Wednesday raised ₹10,000 crore through a sale of infrastructure bonds, with the lender's first debt issuance of the current financial year witnessing firm demand from the investors.Separately, ICICI Bank is likely to carry out a sale of infrastructure bonds on June 28, with the private lender looking to raise up to ₹3,000 crore through 10-year securities, debt capital market sources said.SBI's infrastructure bonds, which mature in 15 years, bear a coupon - or rate of interest to be paid to investors - of 7.36%. The coupon rate represents a spread of 21 basis points over the corresponding government security yield published by the Financial Benchmarks India, the bank said on Wednesday.Within the banking sector, State Bank Of India's bonds typically bear the lowest coupons as investors perceive its debt issuances as low risk, given the bank's government ownership and status as the country's largest mass lender. State Bank of India received 143 bids in excess of ₹19,884 crore for the bond sale, which had a base size of ₹5,000 crore and a greenshoe option of ₹5,000 crore.Investors were across provident funds, pension funds, insurance companies, mutual funds and corporates, the bank said, adding that the proceeds of the bond would be used to boost funding to infrastructure and the affordable housing segment.Funds raised through infrastructure bonds, which have a minimum maturity of 7 years, are exempted from the maintenance of statutory liquidity ratio and cash reserve ratio, which are reserves that banks must maintain from their deposit base.Accounting for the latest issuance, the total outstanding long-term bonds issued by SBI stand at ₹49,718 crore, the bank said. State Bank of India had informed exchanges last week that its board had approved a proposal to raise funds worth up to ₹20,000 crore through long-term bonds.With bank credit growing at a faster pace than deposits, lenders face pressure to mobilise funds and finance the demand for loans. As on May 31, bank credit growth was at 16.1% year-on-year, while deposit growth was at 12.2% over the same period, latest Reserve Bank of India data showed. The data excludes the impact of the merger between HDFC and HDFC Bank.

A look at some of the latest stock recommendations by analysts. These stocks are expected to return between 16% and 33% as per analysts’ price targets. Shivalik Bimetal Controls BROKERAGE: JM FINANCIAL Price Target: Rs 730 CMP: Rs 588.30 Upside: 24% Simultaneous play in switchgear, smart metering and EVs Emerged as a monopoly in the domestic market for shunt resistors Short-term, soft recovery in global markets could lead to low revenue growthEthos BROKERAGE: EMKAY GLOBAL Price Target: Rs 3,200 CMP: Rs 2,771 Upside: 16% Preferred pick in the discretionary space given strong 25% compounded growth potential Total addressable market expanding with HNI count growing and potential entry of ultra luxury watch brands Low ROCE (Return on Capital Employed) has been a key investor concernPNB Housing Finance BROKERAGE: IIFL SECURITIES Price Target: Rs 1,050 CMP: Rs 792 Upside: 33% Put behind tumultuous period post IL&FS crisis through fund raising and rating upgrade Management change, stressed assets clean-up, operating model revamp has also helped Focus on affordable and emerging prime loans doubles to help sustain margins

The Telecommunications Act 2023, along with certain provisions, came into force on June 26. The Act that replaces earlier laws governing the sector has been enacted to keep pace with emerging technologies. Several countries including the US, UK and Singapore have updated their legislation to deal with innovation in the telecom sector.Process To Frame The Act: The Department of Telecommunications(DoT) initiated the process in July 2022 and a draft Bill was put out for consultation in September that year. During the consultation process, 60 ministries, 35 associations, 89 companies including seven telcos and internet service providers, and over 700 other entities responded. The Bill was introduced in the Lok Sabha on December 18, 2023, and was passed by the Lower House of Parliament on December 20, 2023 and the Rajya Sabha on the following day. It received the assent of the President on December 24, 2023, and has now become the Telecommunications Act, 2023.Why was a new law requiredNature of telecommunications, its usage and technologies have undergone massive changes. Old definitions and nomenclatures required updating. There were no provisions for the mode of spectrum allocation while provisions for right of way were weak. Poor and complex regulation used to affect ease of doing business and penalties for offences and noncompliance were not effective.What nextThere are 11 chapters and 62 sections in the new Act. The new law replaces the Indian Telegraph Act 1885 and the Indian Wireless Act 1933. Statutory rules and regulations need to be framed within six months from the date of notification of a clause. Rules are required for 23 sections and 35 sub-sections – as per Section 56 of the Act. Rules are not required for 39 sections.Highlights of the ActSimple regulatory framework; abolishes licence regime, replaces it with authorisation mechanismEffective right of way including common duct and RoW on public and private propertyClearly defined framework for spectrum assignment, including efficient spectrum utilisation. The Act defines a framework for spectrum assignment through auction or administrative meansAdjudication mechanism: A two-tier dispute resolution mechanism as an alternate dispute resolution prior to judicial forum. Proposes to reduce litigation load in the sectorProvisions to take necessary measures for national security and public safety. The Act has power to take temporary possession of telecom networks during public emergencies, including natural disasters. Provides a framework for blocking and interception