The rally in PSBs, analysts feel, was more a knee-jerk reaction to the development, and the actual benefits will start to accrue once the addition takes place in 2024. "The actual benefit for banks from the inclusion in JP Morgan's EM Index will accrue from June 2024 onwards. "Until then, the larger fundamentals of the market will dictate the moves. "Once the initial euphoria subsides, bond markets will look to global cues which may trigger fresh selling," said Siddharth Khemka, head of retail research, Motilal Oswal Financial Services.
JP Morgan's decision last week to include Indian government bonds in its Government Bond Index-Emerging Markets (GBI-EM) index and the index suite from June 2024 may be a sort of blessing for India, as the move is estimated to result in an inflow of $25 billion of foreign portfolio investments into the country. The development comes at a time when the spread between the benchmark 10-year government of India bond and the 10-year US government bond has declined to its lowest level in more than 17 years. Low yield spreads make Indian bonds less attractive to foreign portfolio investors (FPIs).
Veteran batter Cheteshwar Pujara slammed his second hundred of the ongoing Ranji Trophy season, guiding Saurashtra to a comfortable 242 for four against Rajasthan on the opening day of their Group A match, in Jaipur on Friday.
The finance ministry on Thursday sought to clarify that there was no distress in household savings and the data indicated that changing consumer preference for different financial products was the real reason for the change in the pattern of household savings. The clarification comes in the backdrop of Reserve Bank of India data showing that household net financial savings rate is at its lowest in decades, at 5.1 per cent of GDP in FY23 compared to 7.2 per cent of GDP in FY22. The divergence in the data for household gross financial assets and liabilities is not a cause for concern for the government, as the loans have largely been taken to buy real assets or automobiles, the finance ministry said.
Saurashtra's middle-order batter Sheldon Jackson followed in senior teammate Cheteshwar Pujara's footsteps, completing his century on day two of their Ranji Trophy Group A tie against Rajasthan to guide the defending champions to a 300-plus total in Jaipur on Saturday.
In January, Hooda left the Baroda squad's bio-bubble on the eve of the Syed Mushtaq Ali Trophy, accusing Captain Krunal of bullying and using abusive language in front of team-mates.
After the finance minister directed public sector banks to join the account aggregator (AA) ecosystem, 5-6 major ones, including State Bank of India (SBI) and Bank of Baroda are expected to go live by July-end. Sahmati, an industry alliance for the AA ecosystem, has been working with PSU banks to get them onboarded for quite some time now. So far, Union Bank of India and Punjab National Bank (PNB) have gone live on the AA ecosystem. While Union Bank has been live for a while, PNB went live earlier this month.
It is expected that Hardik will return to competitive cricket in the Indian Premier League, where he is set to make his maiden appearance as a full-time captain with the CVC-owned Ahmedabad franchise.
Despite the objections raised by Reserve Bank of India and Election Commission, India's politics has been funded anonymously and it is time to end this, asserts Aakar Patel.
A top-class board is important from a systemic point of view, more so at a time when the wider financial world and India Inc is chasing the same talent as banks.
India will begin its campaign on October 8 against Australia in Chennai.
Six months after storming out of the Baroda team hotel due to his argument with Krunal, Hooda joined Rajasthan ahead of the 2021-2022 season as a professional, but such was his frame of mind that Hooda never spoke money with the RCA officials.
Spurred by Chirag Jani's a five-wicket haul, defending champions Saurashtra scripted their first knockout win of the season with a 238-run thrashing of Vidarbha on the third day of their Ranji Trophy Elite Group A match in Nagpur on Sunday.
The rise in consumer price index (CPI) inflation could see the Reserve Bank of India (RBI) in an extended pause mode as regards interest rates, and in turn, keep the market rally in check, believe analysts. Signs of inflation cooling off in the US, however, is likely to provide some cushion as the expectations of a change in stance by the US Fed as regards interest rates is likely to aid sentiment. Back home, CPI inflation surged for the first time in five months to 4.81 per cent in June 2023, and was higher than the street's expectations of 4.58 per cent.
Narayan Jagadeesan followed up his double ton in the previous game with a magnificent triple century to help Tamil Nadu declare their first innings
Bond markets, global as well as domestic, are likely headed towards hard times over the next three to six months, as higher vegetable prices, rising fuel costs, and improved wages may keep inflation hot, believe analysts, who expect the yields to hit 7.5 per cent in the near-term from the current 7.234 per cent. In this backdrop, they suggest investors can put in money in funds/instruments with residual maturity of 4 to 6 years, while longer-term investors can allocate cautiously to the longer end in the range beyond 7 years.
Suresh Raina is baffled by Australian team's decision to opt for simulation training rather than play warm-up games ahead of the Border-Gavaskar Trophy four-Test series.
India's inclusion in JP Morgan's bond index can channel billions of dollars into India. How will the government securities market handle it?
New investment projects announced in the manufacturing sector declined in the three months ended June 2023. The value of new projects was lower than in the March quarter, as well as the year-ago period, shows data from project tracker the Centre for Monitoring Indian Economy (CMIE). The new project announcements worth around Rs 85,000 crore in the manufacturing segment in June were a 48 per cent decline from the Rs 1.6 trillion in March and a 66 per cent decline from the Rs 2.5 trillion seen in June 2022.
The Reserve Bank of India (RBI) has sought details about lenders' exposures to the Adani Group, banking sources said, a day after the conglomerate withdrew the Rs 20,000-crore follow on public offer (FPO) of its flagship firm Adani Enterprises amid the steep fall in its stock prices. On Wednesday, Swiss lender Credit Suisse stopped accepting bonds by Adani group companies as collaterals for margin lending. The going has been tough for the diversified conglomerate over the past week ever since US-based short seller Hindenburg Research levelled a slew of allegations about the group's operations, calling it the biggest corporate con ever.
A roundup of the Vijay Hazare Trophy one-day matches played on Tuesday.
Shares of Adani group firms have faced heavy drubbing since Tuesday's close last week, after US-based short seller Hindenburg Research made damaging allegations against the conglomerate. Most of the group firms fell for the third day running on Monday. Since Tuesday's close last week, shares of Adani Transmission have tumbled 41.66 per cent, Adani Total Gas tanked 39.57 per cent, Adani Green Energy declined 37.55 per cent and Adani Ports fell 23.75 per cent on the BSE.
The Reserve Bank is likely to maintain status-quo on the key interest rates for the third time in a row in its upcoming bi-monthly policy review despite the US Federal Reserve and the European Central Bank hiking benchmark rates, as domestic inflation is within the RBI's comfort zone, say experts. The borrowing cost which started rising in May last year has stabilised with RBI keeping the repo rate unchanged at 6.5 per cent since February when it was raised from 6.25 per cent. In the previous two bi-monthly policy reviews in April and June the benchmark rate was retained.
Krunal took over LSG captaincy after KL Rahul pulled out because of an injury with five matches remaining in the league phase.
The drop in net interest margin will separate the men from the boys, explains Tamal Bandyopadhyay.
Hardik Pandya hasn't looked back since leading Gujarat Titans to the IPL title in their maiden appearance last year. For all the success that's come his way, India's new T20I skipper credits Ashish Nehra, his franchise coach.
The government is set to earn an equity dividend of nearly Rs 13,800 crore from the listed public-sector banks (PSBs), all 12 of them, for FY23, up 50 per cent from Rs 9,210 crore in FY22. This will be the highest ever dividend for the government from PSBs. The 12 PSBs in our sample are paying an equity dividend of nearly Rs 21,000 crore for FY23, up 53 per cent from Rs 13,710 crore for FY22.
A round-up of Ranji Trophy matches played on Friday.
As many as 2,000 tourists stranded in Kasol area of Kullu district owing to incessant rainfall have been evacuated safely, Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu said on Wednesday.
Amul's move is being seen by many, especially opposition parties, as a threat to KMF's famed dairy brand 'Nandini'.
He had even visited the last post at Uri in north Kashmir, posing for pictures at a bridge treated as a Line of Control between India and Pakistan.
Hardik's hair was styled by star hairstylist Aalim Hakim
Operations of public sector banks (PSBs) may be impacted as bank union AIBEA has given a strike call for Saturday to oppose incessant outsourcing of jobs. Although the officers are not part of the strike, there may be some impact on cash deposit and withdrawal, clearing of cheques etc. Several banks, including Bank of Baroda and Punjab & Sind Bank, have already informed their customers about the potential impact on services if November 19 strike materalises.
UCO Bank mulls AT1 offering to raise Rs 1,000 cr.
It will be a test of wits between Pandya brothers Hardik and Krunal when defending champions Gujarat Titans clash with Lucknow Super Giants in the IPL match in Ahmedabad on Sunday.
Despite rising interest rates, and high inflation, the banking sector is doing well, on the back of a recovering economy. The last couple of quarters indicate credit demand is picking up and Return on Assets (RoA) is more than acceptable at the moment. The PSU bank pack may be more interesting at the moment simply due to being valued at far lower multiples than the private banks.
'There are occasions when the prices of individual items like food raise inflation; then supply-side measures must be taken.' 'But if there is continued inflation, it means liquidity is aggravating the situation.'
Hardik Pandya has reported at the National Cricket Academy in Bengaluru where he will undergo fitness tests for the next couple of days before he gets an all-clear to lead Gujarat Titans in the upcoming Indian Premier League.
"I can understand that if I stand in his shoes that even if you are continuously benched for India. It is difficult, as much as I speak to them, it's no consolation for not playing, but at the same time, if I can repeat the point and keep a healthy atmosphere, it's fine."
Out of favour India all-rounder Hardik Pandya has decided to skip Vijay Hazare Trophy (National One Dayers) starting across the country from Wednesday as he is undergoing an extensive rehabilitation programme.
