Production of eight infrastructure sectors expanded by 7.9 per cent in September -- the highest in three months -- on account of better show by coal, fertiliser, cement and electricity segments, according to official data released on Monday. In September last year, the growth rate stood at 5.4 per cent. It was 4.1 per cent in August. The previous high was in June when the output expanded by 13.1 per cent.
Stocks of new-age companies have seen a mixed performance thus far in calendar year 2023 (CY23). While those of One97 Communications (parent company of Paytm), PB Fintech and Zomato have surged up to 63 per cent year-to-date (YTD), FSN e-commerce, the parent company of Nykaa, however, has dropped 14 per cent YTD. By comparison, Nifty50 and Nifty 500 indices have advanced 7 per cent and 8.7 per cent, respectively, during the period, ACE Equity data show.
In the last three years, 20 gardens have changed hands, and 90 per cent of the buyers are from non-tea background.
State Bank of India (SBI) on Monday raised its benchmark lending rates by up to 50 basis points (or 0.5 per cent), a move that will lead to an increase in EMIs for borrowers. The increase in lending rate comes days after the Reserve Bank of India hiked its benchmark lending rate by 50 basis points to tame inflation. External Benchmark based Lending Rate (EBLR) and Repo-Linked Lending Rate (RLLR) have been raised by 50 basis points while the hike in Marginal Cost of funds-based Lending Rate (MCLR) is 20 basis points across all tenure.
'I believe that as we produce more, our cost will come down further. We will maintain our competitiveness.'
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.
It is not clear whether the two judgements will be concurring or dissenting.
Stocks of gold jewellery retailers have been able to retain their sheen in 2023 despite volatile gold prices. Kalyan Jewellers, Titan, PC Jewellers, Thangamayil Jewellery, and Tribhovandas Bhimji Zaveri (TBZ) have rallied 21-72 per cent so far since April as compared to a 13 per cent gain in the benchmark Sensex index. The rally gained steam on the back of gold's 6 per cen
'We need to find out whether any structural element has got fatigue.' 'We want to increase the lifespan of the bridge.'
The RBI was not party to the decision to demonetize 500 and 1,000-rupee notes, which was taken at the highest level of India's political leadership.
Digital financial services firm Paytm has received market regulator Sebi's approval for its Rs 16,600 crore initial public offer, a source involved in the process said on Friday. The company expects to hit the bourses by the end of this month and is planning to skip the pre-IPO share sale rounds to fast-track listing.
ITC's results for the January-March quarter (Q4) were strong, with robust growth in the fast-moving consumer goods (FMCG) segment and a good performance in hospitality. The tobacco division's performance was on expected lines, with double-digit volume growth, helped by reclaiming of market share from the smuggled trade. There was 60 per cent growth in non-cigarette earnings before interest and tax (Ebit), despite a relatively weak performance in paperboards.
'At the policy's maturity, the total premium is refunded.'
Financial index provider MSCI on Thursday said that it is reviewing the free float status of some Adani Group securities after market participants flagged concerns over eligibility of some of the group firms' securities for its indexes. MSCI defines the free float of a security as the proportion of shares outstanding that is considered available for purchase in the public equity markets by international investors. In a statement, the index provider said that it has received feedback from a range of market participants concerning the eligibility and free float determination of specific securities associated with the Adani Group for the MSCI Global Investable Market Indexes.
Cement companies witnessed speculative support from investors through FY23 amid hopes of a rebound. After capex announcements in the FY24 Budget, there was further interest due to expectations that government expenditure would boost earnings, besides a generic macro-recovery. Cement earnings were under pressure in FY22 and FY23 due to high raw material and fuel costs; muted demand prevented them passing on the higher cost.
While analysts assessed One97 Communications (Paytm) Q1FY24 results as in-line with guidance, the market was disappointed and the stock fell by around 5 per cent. Paytm reported a net loss of Rs 360 crore, but revenue grew 39 per cent year-on-year (YoY) to Rs 2,340 crore. It was supported by strong growth in gross merchandising value (GMV), higher disbursements and the addition of subscription devices.
The department of commerce has urged the agriculture ministry as well as the diplomatic mission in Tehran to apprise it of details as to why Iranian buyers have stopped import of rice and tea from India, a senior government official said. Exporters said that exports of items such as high quality tea and rice have stopped since last week. As of now, there has been no confirmation from the authorities and the response from the embassy in Tehran is also taking time, they said.
The FMCG sector is generally considered to be a safe haven during difficult times as people never stop buying soap and toothpaste. However, weak rural and semi-urban demand has been a factor since the lockdowns of 2020-21 while rising inflation has also impacted margins. While the FMCG majors have survived on the basis of price hikes and good management practices, they have seen growth slowdowns and experienced margins being squeezed as raw materials and transport costs rose. The FMCG sector witnessed positive volume growth in the fourth quarter of the 2022-23 financial year (Q4FY23) after five consecutive quarters of decline, and the rebound in demand was led by urban markets.
The country's Fast-moving consumer goods (FMCG) industry witnessed a consumption slowdown in the December quarter, with an overall "negative" volume growth, as consumers continue to reel under inflationary pressure, says a report. According to the report released by data analytics firm NielsenIQ on Thursday, in October-December, the FMCG industry grew 7.6 per cent in terms of value but its volume growth was (-) 0.3 per cent. "... Overall FMCG volume growth is negative, the absolute values, as well as volumes, continue to be above pre-Covid levels across markets," it said.
Industrial production rose 3.6 per cent in October, mainly due to better performance of manufacturing and electricity generation sectors, official data showed on Friday.
'Politics is a game of public perception and my father felt that by his long disappearances, Rahul Gandhi was losing the battle of perception.'
Wholesale price-based inflation spiked to a record high of 15.08 per cent in April on rising prices across segments from food to commodities. The WPI-based inflation was 14.55 per cent in March and 10.74 per cent in April last year. "The high rate of inflation in April 2022 was primarily due to rise in prices of mineral oils, basic metals, crude petroleum & natural gas, food articles, non-food articles, food products and chemicals & chemical products etc. as compared to the corresponding month of the previous year," the commerce and industry ministry said in a statement.
Bharti Airtel on Thursday said its 5G services have gone live in eight cities of Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Siliguri, Nagpur and Varanasi. The customer availing 5G services will have to pay as per their existing 4G plan, it said. "Airtel has been at the forefront of India's telecom revolution for the last 27 years.
State Bank of India (SBI) may carry out a planned Rs 10,000 crore sale of infrastructure bonds in the market this week, with the securities likely to be of 15-year maturity, sources told Business Standard. SBI, the country's largest bank, had last week said its board had approved the issuance of infrastructure bonds in the current fiscal year. It, however, had not mentioned the maturity of the bonds or when the sale would take place.
The country's largest lender SBI on Friday reported a 41 per cent surge in standalone net profit at Rs 9,114 crore for the fourth quarter ended March 2022, helped by decline in bad loans. State Bank of India (SBI) had registered a profit of Rs 6,451 crore during January-March period of 2020-21, the lender said in a regulatory filing. Total income of the bank during the March quarter increased marginally to Rs 82,613 crore, from Rs 81,327 crore in the same period of the previous fiscal.
Tthe Jamiat Ulema-e-Hind said it opposes the UCC as it is "totally against the religious freedom and fundamental rights guaranteed to the citizens in Articles 25 and 26 of the Constitution."
Barring crude oil and cement, all other sectors recorded positive growth in November. In October, these core sectors' output had grown by 8.4 per cent. In February this year, the growth rate contracted to 3.3 per cent.
The maintenance, repairs and overhault firm, which has six investors, received its first external funding from GTI Group and Punj Lloyd in 2007. All existing investors will exit the company following the transaction.
Retail inflation eased to 4.06 per cent in January, mainly on account of a decline in vegetable prices, as per government data released on Friday. The inflation based on Consumer Price Index (CPI) was 4.59 per cent in December 2020.
The estimated size of the Durga Puja economy could be about Rs 2.75 trillion in 2021 had there been no pandemic, points out Atanu Biswas.
Bandhan Bank has declared disappointing results for the first quarter of the 2023-24 financial year (Q1FY24). While the market has been braced for known issues around microfinance exposures in West Bengal and Assam, there is higher stress in the portfolio. This means higher credit costs and poorer asset quality, leading to target downgrades by analysts.
The country's largest lender State Bank of India (SBI) on Wednesday reported a 69 per cent jump in its consolidated net profit at Rs 8.889.84 crore for the second quarter ended September 30 on account of decline in bad loans. The bank's net profit was Rs 5,245.88 crore in the July-September quarter of previous fiscal, SBI said in a regulatory filing.
Bandhan Bank said on Monday that it has been empanelled by the Reserve Bank of India (RBI) to act as an agency bank to facilitate transactions related to government businesses. The RBI's decision will help Bandhan Bank in contributing to nation-building, its MD and CEO Chandra Sekhar Ghosh said. The announcement comes months after a RBI guideline that authorised scheduled private sector banks as agency banks of the regulator for the conduct of government business.
India's economy contracted by 7.3 per cent in fiscal 2020-21. The pandemic, it said, will leave new economic scars and deepen pre-pandemic constraints.
Let's go pandal hopping through India.
Given the uncertain macroeconomic conditions, most brokerages have turned slightly cautious on the pace of growth in State Bank of India's (SBI's) earnings going ahead. While they don't see any significant risk arising for now, its sheer balance sheet size and systematic importance has nudged them to cut earnings estimates for fiscal year 2023-24 (FY24) and 2024-25 (FY25) up to 5 per cent. India's largest state-owned bank, on Thursday, reported standalone net profit of Rs 16,694.51 crore for Q4FY23.
Target prices around Rs 400 suggest a significant upside.
'If there is any reason to change my holding in Adani group stocks, the Hindenburg report on the group is not the one.'
Bharti Airtel delivered encouraging results for the January-March quarter of the 2022-23 financial year (Q4FY23) as telecom and associated services moved into the 5G zone. In India, Airtel's mobile Q4 revenue and Ebitda (earnings before interest, tax, depreciation and amortisation) were Rs 19,550 crore (up 1 per cent quarter-on-quarter or QoQ) and Rs 10,530 crore (up 1.1 per cent QoQ), respectively. The Ebitda margin was flat at 52.2 per cent.
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