The net credit card additions in the banking sector nearly halved to 2 million in the first quarter of the current financial year (Q1FY25) from the previous quarter due to seasonal and regulatory factors. According to the Reserve Bank of India (RBI) data, the net credit card additions during the April-June quarter of FY25 stood at 2 million, 48 per cent lower than 3.9 million in the December-March quarter of FY24.
Imagine transforming a modest Rs 10,000 monthly investment into a steady Rs 1 lakh monthly income in your retirement years. This is the power of compounding -- a strategy that rewards you for starting early and staying consistent with your investments, says Ramalingam Kalirajan.
Stock markets snapped their five-day losing run on Friday with the benchmark BSE Sensex closing higher by 75 points on value-buying in banking and oil shares after recent losses. The 30-share BSE Sensex rose by 75.71 points or 0.10 per cent to settle at 73,961.31. During the session, it hit a high of 74,478.89 points and a low of 73,765.15 points.
Among the Sensex firms, Hindustan Unilever, Reliance Industries, Infosys, Asian Paints, ITC and UltraTech Cement were the major gainers. State Bank of India, JSW Steel, Axis Bank, ICICI Bank, Tata Steel and Tata Motors were among the laggards.
India's first $1 trillion company by market capitalisation (mcap) is achievable by 2032 and HDFC Bank and Reliance Industries (RIL) are seen as lead contenders, ICICI Securities said in a note on Monday. To achieve this, the shares of both the firms will have to appreciate at least 20 per cent annually for the next decade. ICICI Securities believes this is possible if India's gross domestic product (GDP) growth accelerates to 9 per cent per annum and corporate profitability cycle peaks. "Our calculations suggest that India's first $1 trillion mcap stock could emerge by 2032.
rediffGURU Dev Ashish answers your personal finance and mutual fund queries.
A seasoned banker with over 30 years of experience, Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh. He has a post-graduate degree in management from Xavier Labour Relations Institute.
From the Sensex basket, Mahindra & Mahindra, Larsen & Toubro, JSW Steel, NTPC, IndusInd Bank, Sun Pharma, UltraTech Cement, State Bank of India, Reliance Industries, and Maruti were the major gainers. Nestle, Tata Consultancy Services, Axis Bank, ICICI Bank, Bajaj Finance, ITC, and Asian Paints were among the laggards.
'She was either overconfident that nothing will happen to her or she underestimated the gravity of the allegations.'
Benchmark Sensex rebounded by 167 points in a volatile trade on Friday amid buying in ICICI Bank, State Bank of India and Reliance Industries. The 30-share BSE Sensex climbed 167.06 points or 0.23 per cent to settle at 71,595.49. During the day, it hit a high of 71,676.49 and a low of 71,200.31.
Public-sector banks, including Canara Bank and Bank of India, are tapping the infrastructure bond market. Canara Bank on Tuesday raised Rs 10,000 crore at a coupon rate of 7.40 per cent through 10-year infrastructure bonds. This comes after SBI on July 10 raised Rs 10,000 crore also through infrastructure bonds with a 15-year tenor at a coupon rate of 7.36 per cent.
Institutional Investor Advisory Services had recommended investors to vote 'against' the proposal, while Stakeholders Empowerment Services asked investors to vote 'for' the proposal.
She received nearly 97.7 per cent of the votes in favour of her re-appointment, while nearly 2.32 per cent votes were cast against her
'In phases when smaller stocks do well, an equal-weight index performs better than its market cap-weighted peer.'
Kochhar retires by rotation, and being eligible, has offered herself for reappointment as director, said the broking arm in a notice for its Annual General Meeting to be held on August 30
Younger people, who usually have a longer investment horizon which allows them to handle the interim volatility, may go for them.
The bank is using readily available satellite images from ISRO and NASA for the purpose, and plans to scale up to 63,000 villages in the next three months.
rediffGURU Sunil Lala answers your personal finance-related queries.
Insurance companies reported nearly 23 per cent growth in first year premium in the first quarter of financial year 2024-25, when compared to the same period last year, with market leader LIC leading the charge with 28 per cent growth. According to the data released by the Life Insurance Council, the new business premium (NBP) increased by 22.91 per cent year-on-year (Y-o-Y) to ~89,726.7 crore in Q1FY25 from ~73,004.87 crore in Q1 FY24, reflecting a robust demand for insurance policies in the country.
From the Sensex pack, Tata Steel, Titan, Tech Mahindra, Wipro, Bajaj Finserv, Bajaj Finance, Nestle India, Tata Motors and JSW Steel were the biggest laggards. ICICI Bank, Axis Bank, HDFC Bank, State Bank of India and Kotak Mahindra Bank were the gainers.
SBI was the top loser in the Sensex pack, shedding around 3 per cent, followed by Bajaj Finserv, Tech Mahindra, Sun Pharma, Bajaj Finance and Axis Bank. Nifty fell 143.60 points to 17,873.60.
Among the 30 Sensex companies, Kotak Mahindra Bank, Asian Paints, Reliance Industries, ITC, Sun Pharma, ICICI Bank, Axis Bank and JSW Steel were the major laggards. Larsen & Toubro, Tata Motors, Maruti, NTPC, Mahindra & Mahindra and UltraTech Cement were among the gainers.
The bottom lines of several private sector banks have taken a hit following the recent guidelines released by the Reserve Bank of India (RBI) on alternate investment fund (AIF) investments. Last month, the RBI announced that regulated entities, such as banks, non-bank lenders, and home financiers, cannot invest in AIFs that have directly or indirectly invested in companies that have borrowed money from the lenders. In case an entity had already made such an investment, they must liquidate the investment or make 100 per cent provision, RBI had said.
ICICI's board has denied any wrongdoing, highlighting that the loan was underwritten in accordance with the bank's credit standards and was extended as part of a consortium involving over 20 banks.
IndusInd Bank was the top loser in the Sensex pack, shedding over 3 per cent, followed by Tata Steel, HUL, Asian Paints, Titan and SBI.
Benchmark equity indices Sensex and Nifty declined nearly 1 per cent on Wednesday, falling for the fourth day running amid profit-taking by cautious investors ahead of the results of the Lok Sabha polls. The 30-share BSE Sensex declined 667.55 points or 0.89 per cent to settle at 74,502.90. It went below the 75,000 mark to hit the day's low of 74,454.55, plunging 715.9 points or 0.95 per cent.
For new customers, the insurer has reduced the waiting period from 30 days to 15 for Covid-related claims with no increase in premium.
Consumers are unlikely to disconnect their mobile connections and will most likely absorb the up to 22 per cent tariff hike imposed last week by Jio, Airtel, and Vodafone Idea (Vi), according to analysts. The last major tariff hike in 2021 was followed by a 4-5 per cent SIM consolidation, with people leaving mobile operators with more expensive plans for their peers offering comparatively affordable options.
Equity benchmark indices Sensex and Nifty hit their fresh record levels on Thursday after lower inflation numbers raised hopes of an interest rate cut by the RBI. Besides, heavy buying in capital goods, consumer durable and industrial stocks also helped the indices, traders said. Retail inflation continued its downward slide to reach a one-year low of 4.75 per cent in May due to a marginal decline of prices in the food basket and remained within the Reserve Bank's comfort zone of below 6 per cent, according to government data released on Wednesday.
After the latest rout, the American depositary receipt (ADR) premium of HDFC Bank to its local shares has shrunk to nearly zero. Shares of HDFC Bank on Thursday fell 3.1 per cent to Rs 1,490, extending its two-day decline to 11 per cent. Meanwhile, the ADR has slumped over 15 per cent in the past two trading sessions.
From the Sensex basket, Larsen & Toubro, Bajaj Finance, Axis Bank, State Bank of India, UltraTech Cement, Wipro, ICICI Bank, Infosys, HCL Technologies and Asian Paints were the major gainers. NTPC, JSW Steel and HDFC Bank were the laggards.
Mining conglomerate Vedanta Limited has received approvals from the majority of its creditors for a proposed demerger of businesses, marking an important step in the company's plan to split into six independent listed companies. "I am happy to let all of you know that we have received the 52 per cent plus the additional percentage, which is required for us to reach 75 per cent. "We have crossed that threshold as well. Most of the lenders have approved it," a senior Vedanta executive said in a recent bondholder conference call.
Some of the fintechs that will get impacted include Cred, Paytm, Phonepe and Amazon Pay, among others.
Benchmark BSE Sensex rebounded sharply by 941 points while NSE Nifty closed above the 22,600 level on Monday on the back of buying in banking and infra shares and a global stocks rally. The 30-share BSE Sensex jumped 941.12 points or 1.28 per cent to settle at 74,671.28. During the day, it zoomed 990.99 points or 1.34 per cent to 74,721.15.
Market players attribute the rally in small and midcaps to flows from retail investors and domestic institutions.
Singapore government's sovereign wealth fund Temasek is looking to invest $10 billion in India during the next three years, Ravi Lambah, Temasek's head of India and strategic initiatives, said.
The market capitalisation of listed companies on the NSE surpassed $5 trillion (Rs 416.57 trillion) on Thursday on a day when the Nifty 50 index touched an all-time high of 22,993.60. The Nifty 500 index also touched an all-time high of 21,505.25 on Thursday indicating that growth in the equity market is not restricted to only the large capitalised stocks, a statement by NSE said.
Mutual funds (MFs) scooped up smallcap shares across sectors such as healthcare, banking and financial services in March 2024 amid a near 4.5 per cent fall in key smallcap indices. Aster DM Healthcare, NLC India, and Aavas Financiers topped the list of most-bought stocks in the Rs 10,000-40,000 crore market capitalisation (mcap) bracket, according to a study by Nuvama Alternative & Quantitative Research. Aster and Aavas had corrected by 13 per cent and 10 per cent in March, respectively, while NLC India ended the month with a 2.5 per cent gain.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
From the Sensex basket, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, JSW Steel, Maruti, Wipro, Bharti Airtel, Bajaj Finserv, ICICI Bank and ITC were the major gainers. Nestle India, HCL Technologies, Larsen & Toubro, Tata Consultancy Services, Tata Motors and Infosys were among the laggards.
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