Summary of sports events and persons who made news on Friday
'Techfest', an annual science and technology event organised by the Indian Institute of Technology Bombay in Mumbai.
Modi said that for nearly one and a half years he has been putting in place details of new schemes to give new pace to the country's development and curb poverty.
Expect heightened volatility and stress to hit the markets. Caution may be the need of the hour, alerts Akash Prakash.
Modi is keen to restart big projects which are stuck for various reasons.
After a stellar run on the bourses that saw tractor stocks rise up to 52 per cent, analysts are turning cautious on the sector as muted demand trends may weigh in the near-term. Total volumes in the tractor segment for the last three quarters of the current financial year (9MFY24) have remained weak with VST Tillers, Escorts Kubota, and M&M seeing declines of 21 per cent, 5 per cent, and 3 per cent year-on-year (Y-o-Y), respectively, during the period, amid patchy rainfall, delayed crop harvest, and lower reservoir level. Across industry, total domestic sales volume so far in the current financial year (April '23 to January '24) has declined 5 per cent Y-o-Y, as per Tractor Manufacturers Association (TMA).
CLSA has downgraded select real estate stocks and expects most counters from this sector to consolidate in the months ahead after the sharp run seen in them in the last few months. Most positive factors in terms of a pick-up in housing demand and office space absorption, it said, are already priced in. "We expect housing industry demand to grow around 12 per cent in 2024 and for large developers to outpace industry to grow at 15 - 20 per cent.
The legendary Sachin Tendulkar found senior off-spinner Ravichandran Ashwin's exclusion from India's playing XI for the World Test Championship final baffling.
Australian track cyclist Melissa Hoskins was taken to hospital after crashing in training for the women's team pursuit at the Olympic velodrome on Monday.
'Chinese are going bang, bang, bang building 30-35 reactors.' 'We should announce a programme of 50 new reactors and show that we mean business on the ground and not just announcements.'
'From data on enquiries, we can build what we call a data lake or a data warehouse where data is classified into various cohorts and then we use AI and ML tools to predict demand down the line.'
After startups and Big Tech, the layoff season may have begun at the $245 billion Indian information-technology (IT) industry. Bengaluru-based IT major Wipro is looking to cut hundreds of jobs, targeting mid-level employees working onsite as the company looks to improve margins, according to a media report, citing two sources. The company has said it is aligning its business and talent to the changing market environment.
Banks, the biggest component of the Indian equity market, are now trading at a big discount to the benchmark indicesThe BSE Bankex index, which tracks the share price of the 10 top listed banks, is trading at a trailing price to earnings (P/E) multiple of 15.3X, nearly a 40 per cent discount to the BSE Sensex current P/E of 24.37X. This is the biggest valuation gap between the two indices in at least 10 years. Similarly, the BSE Bankex price to book ratio (P/B) of 2.22X is 40 per cent lower than the current Sensex P/B ratio of 3.61X.
Australia captain Pat Cummins doesn't mind staying a bit undercooked going into the high-octane WTC final against India.
We have Shubman Gill at one end ready to carry on the mantle but what about his partner?
The Australian team on paper holds slight advantage on a bouncy track at The Oval but both Ravi Shastri and Ricky Ponting believe that the Indians are better prepared.
While the economy seems to be on a firm growth path, the fight against inflation is not over yet. Shaktikanta Das seems to be in no hurry. After playing well through a five-year Test match, he doesn't want to get out hit wicket, observes Tamal Bandyopadhyay.
'Our Q1 was almost flat, and there was very negligible growth in Q2, but the deal pipeline and the order book have been fairly significant.'
Corporate margins and profits in India remain vulnerable to changes in crude oil prices in the international market. Historical quarterly data from listed companies (excluding banks, finance and insurance, oil and gas, and power sectors) indicate an adverse correlation between corporate margins and crude oil prices.
Investors should view any bounce-back in bank stocks as an opportunity to exit the pack, analysts suggested, as the worst may not be over yet. The recent quarterly results of HDFC Bank and Axis Bank disappointed the Street, triggering a marketwide selloff by foreign institutional investors, especially in banking counters. While HDFC Bank, which was the anchor for the market correction during the past week, ended 2 per cent higher amid short covering on Wednesday, Axis Bank's shares settled 3 per cent lower.
'TMFs trump FMPs and FDs when it comes to investing in a high-duration product.'
'No human bias is involved as happens in active funds.'
'Once he failed in the Australia series at home, there was very little chance for him but selectors didn't want to change things ahead of WTC final.'
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
The 2016 Rio Olympics has witnessed some scintillating performances, wherein many young athletes achieved glory for their nation. The Rio Games also saw legendary athletes like Usain Bolt and Michael Phelps delivering as per expectations and extending their domination in the Olympics history. But, there were some unfortunate ones, who fought horrifying injuries in Rio. Rediff.com lists seven such ill-fated injuries from the Games in Rio de Janeiro, Brazil.
'We like certain stocks from banking, insurance, retail, hospitals and capital goods.' 'Though some of these stocks may seem expensive, they will compound well over the long term, thus justifying their current multiples.'
India, along with Southeast Asian countries such as Indonesia, is expected to sustain growth in the medium-term in Asia region, replacing China as the key growth driver, Morgan Stanley and Nomura said in two separate reports released on Monday. While Morgan Stanley projected a 6.2 per cent gross domestic product (GDP) growth forecast for India in FY24, Nomura estimated the Indian economy to grow at 5.9 per cent in 2023. "Even with a slowing China, we expect GDP growth in Asia to sustainably outperform other emerging markets and the US. India and Southeast Asia are set to be the fastest-growing economies this decade.
Commodity investments can help you diversify your portfolio in asset classes other than equity and debt, says Dwaipayan Bose.
There will be work today, there will be work tomorrow, there will be work the day after, but nothing will make up for the eternal regret of not seeing a friend when he was dying.
'Are we so ready to believe that in this country whose virtues we constantly shout from the rooftops, there is no single person -- other than Modi -- in a minimum of 272 elected MPs with the talent and ability to lead this country?' asks Prem Panicker.
Her 5 tips that help you score great skin through the hot weather.
Former India opener Wasim Jaffer feels incumbent vice-captain Ajinkya Rahane will have to consistently score runs to remain in the Test reckoning.
Summary of sports events and persons who made news on Friday.
'This is what happens to a party when it gets trapped in the vicious circle of nepotism and dynastic politics'
India is well positioned to lead the global transitions of digital and artificial intelligence, energy, value supply chains, and the country's growth journey will shape the world's future, B20 India chair N Chandrasekaran said on Friday. In his address to the B20 Summit India 2023, Chandrasekaran, who is also the chairman of Tata Sons, asserted that India stands as a beacon of growth and positively stands out in the global economy, which is facing strong headwinds, tightest rate cycle in decades and record levels of public debt. "The world is currently navigating through three important fundamental transitions.
'We will see a lot of investments from the private sector.' 'As long as we are not impacted by some global events, I think we will be in a strong place.'
Economic growth, which we are taking for granted, slows for a completely different set of local or global factors and the Modi premium vanishes, observes Debashis Basu.
Unveiling the scheme on Tuesday, the government had said the entry age for all new recruits will have to be between 17-and-a-half and 21 years.
'He has played 100 Tests, he deserves respect.'
