HDFC and HDFC Bank's merger - touted as India's biggest-ever corporate merger - pumped up shares of the two entities on the bourses. Shares of Housing Finance Development Corporation (HDFC) skyrocketed 9 per cent while those of HDFC Bank zoomed 10 per cent. In comparison, the benchmark S&P BSESensex and the Nifty50 indices settled 2.2 per cent higher on Monday.
While only 78.15 per cent of Jio's total subscriber base was active, Airtel boasts of 98.14 per cent active customers.
Shyam Metalics and Energy (SMEL) will end the over two-month drought in the initial public offering (IPO) market. The steelmaker will launch its Rs 909-crore offering soon. SMEL has pruned its IPO size from Rs 1,107 crore, with the promoters deciding to offload shares worth Rs 252 crore as against Rs 452 crore planned earlier. The company has priced its IPO between Rs 303 to 306 per share.
The Indian equity markets have significantly increased in importance within the emerging market (EM) basket of stocks in recent years. Since 2018, India's weighting in the Morgan Stanley Capital International (MSCI) EM Index - tracked by passive funds with assets of nearly $500 billion - has doubled, while the number of domestic stocks has grown by almost 70 per cent.
Among the Sensex firms, Larsen & Toubro, UltraTech Cement, JSW Steel, Titan, Bajaj Finance, Wipro, Tech Mahindra and Nestle were the major laggards. Maruti, Power Grid, Axis Bank, State Bank of India, NTPC, HDFC Bank, ITC and IndusInd Bank were the gainers.
Online auto classified platform CarTrade Tech on Tuesday said it fixed a price band of Rs 1,585-1,618 a share for its nearly Rs 2,999-crore initial public offer. The initial public offering (IPO) will open for subscription on August 9 and conclude on August 11. The bidding for anchor investors will open on August 6, the company announced. The initial share-sale will be entirely an offer for sale (OFS) of 18,532,216 equity shares.
Under Sharma Axis Bank has also taken the lead in focusing on technology, which has now become core to almost every other lender's strategy.
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.
'Investors need to be stock specific and should not rush to buy stocks at the current levels.'
Except for Westlife Foodworld (Westlife), a weak 2022-23 (FY23) January-March (fourth quarter, or Q4) quarter performance and a muted near-term outlook led to a downward revision of earnings estimates for quick-service restaurant (QSR) players. Brokerages have slashed estimates by as much as 10 per cent for 2023-24 (FY24) and 2024-25 (FY25). The downward revisions have weighed on the performance of listed players, who have underperformed the market with low single-digit returns over the past month.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Despite multiple headwinds at the start of 2023, the Indian markets delivered a strong performance, posting 19-20 per cent growth for the year. Even as new records were set, investor sentiment remains strong going into 2024, given the lower inflation, expectations of steady to lower interest rates, higher economic growth, and strong inflows. However, the overriding concern for most brokerages is valuations.
Tech Mahindra was the biggest loser in the Sensex pack, slipping 4.59 per cent, followed by Asian Paints, Wipro, Kotak Mahindra Bank, Bajaj Finserv, Infosys, ITC, Mahindra & Mahindra, Hindustan Unilever, IndusInd Bank, Reliance Industries and JSW Steel. In contrast, Larsen & Toubro, Bharti Airtel, Power Grid and Axis Bank were among the gainers.
Standard Chartered's India strategy will focus on wealth management while credit card will remain core to its business though will avoid competition with the country's private banks, said a senior executive of the British lender. "Our focus on wealth management and affluent clients are central to our existence. "We are strong in these areas and we want to grow in these areas.
E-commerce platform Snapdeal has filed preliminary documents with markets regulator Sebi to raise funds through an initial public offer (IPO), joining the league of internet-led businesses looking to list on domestic stock exchanges. The public issue comprises fresh issuance of equity shares worth Rs 1,250 crore and an offer for sale (OFS) of 3.07 crore equity shares, according to the draft red herring prospectus (DRHP). According to market sources, potential listing could value Snapdeal at about $1.5-1.7 billion.
>It's not easy to predict the market. But there are at least two positive factors to back the PSU banks, explains Tamal Bandyopadhyay.
The S&P BSE Midcap and the S&P BSE Smallcap indices have managed to stay afloat in a volatile January that saw the frontline indices hit their respective 52-week high levels and then slip. While the S&P BSE Sensex has lost over 2 per cent thus far in January, the S&P BSE Midcap and the S&P BSE Smallcap indices have gained nearly 2.5 per cent and 4 per cent, respectively during this period.
Tactical investors should have an investment horizon of around six months to one year, long-term investors should stick around for 10 years or more.
Among Sensex stocks, Wipro gained the most by 3.29 per cent. Ultratech Cement, Reliance Industries, Hindustan Unilever, Nestle, NTPC, M&M, HDFC Bank, ITC, Kotak Bank and Axis Bank were among the winners. On the other hand, HCL Tech fell the most by 1.24 per cent. SBI, TCS, Infosys, IndusInd Bank and Tata Steel also dropped.
Domestic equity markets will be driven mainly by quarterly earnings, global trends, and the movement in crude oil prices in this holiday-shortened week, analysts said. Investors would also keep an eye on the Middle East amid the ongoing Hamas-Israel conflict and the trading activity of foreign investors. Markets will remain closed on Tuesday for Dussehra.
This is the biggest equity-raising exercise by an Indian corporate within a financial year. The fundraising - led by Citibank, Goldman, Kotak and Axis Capital as bankers - will see participation by foreign and domestic institutional investors.
Acceleration in demand, together with marginal price hikes of about 2-3 per cent by cement companies in the October-December quarter (third quarter, or Q3) of 2022-23, may not be enough to cushion the impact of high input costs on the bottom line, reveal Bloomberg consensus estimates for the quarter. Year-on-year (YoY) net sales growth in Q3 will come in at nearly 7 per cent, shows Bloomberg data, while bottom-line growth will show a sharp decline of 25 per cent from a year ago. The earnings before interest, tax, depreciation, and amortisation (Ebitda) will likely decline by nearly 5 per cent versus a year ago, shows data.
Bharti Airtel was the biggest gainer in the Sensex pack, rising 2.37 per cent, followed by Mahindra & Mahindra, HCL Tech, Tata Motors, Tech Mahindra, HDFC Bank, Wipro, Tata Consultancy Services, Axis Bank and Nestle. Asian Paints, Hindustan Unilever, Bajaj Finserv and NTPC were among the laggards.
In addition to the negative sentiment as a consequence of changes announced in the Union Budget 2023-24 concerning tax treatment for debt repayment distribution, concerns about hiring slowdown and its leasing impact, as well as higher interest rates, could blight the sector in the near term.
tailwinds of a remarkable year and handsome investor returns, Indian equities are set for an eventful journey in 2024, with a slew of local and global cues -- varying from interest rates to Lok Sabha polls to geopolitical happenings. Analysts are of the view that the bull run in the domestic equity market will continue, and over the next 3-6 months, the benchmark indices -- Sensex and Nifty -- could climb up to 7 per cent. In 2023, the 30-share BSE Sensex jumped 11,399.52 points or 18.73 per cent, and the NSE Nifty climbed 3,626.1 points or 20 per cent.
From the Sensex pack, Bharti Airtel, HDFC Bank, Titan, UltraTech Cement, ITC, Sun Pharma, Bajaj Finserv, Bajaj Finance, Hindustan Unilever and Kotak Mahindra Bank were among the major gainers. Tata Steel, Axis Bank, NTPC, ICICI Bank and IndusInd Bank were the major laggards.
However, the national party count has gone down to six from 14 in over seven decades.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
'To achieve a corpus of Rs 10 crores in the coming years, I would suggest you increase your SIP, advises Nikunj Saraf, vice president, Choice Wealth.
The 30-share Sensex ended in the red.
However, rural demand continued to remain a concern for FMCG companies during the quarter.
From witnessing the dawn of Independence to playing host to annual Republic Day celebrations for over seven decades, the historic Rajpath in India's power capital has seen the colonial rule and basked in the glory of a free, democratic nation.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
Maruti was the top gainer in the Sensex pack, rising around 7 per cent, followed by Axis Bank, SBI, IndusInd Bank, Bharti Airtel and NTPC.
It is pouring heavily not only in North India, but at Dalal Street too. However, the latter is seeing a flurry of initial public offers (IPOs). After a busy fortnight that ended on July 7 with seven IPOs - IdeaForge Technology, Cyient DLM, PKH Ventures, Pentagon Rubber, Global Pet Industries, Tridhya Tech, and Synoptics Technologies -- four more IPOs will hit the Street this week, including one mainboard IPO of Utkarsh Small Finance Bank. That apart, India's largest securities' depository National Securities Depository Limited (NSDL) has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an IPO.
June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
In Phase 6, indications are that the BJP, which is defending 40 seats, will lose in double digits and gain in single digits. Not good, if you are the ruling party scrambling to earn a working majority, with just one phase left to go, argues Prem Panicker.
ITC topped the Sensex gainers' chart with a jump of 3.31 per cent, followed by Reliance Industries, Bajaj Finance, ICICI Bank, Infosys, Axis Bank and Wipro. On the other hand, NTPC, UltraTech Cement, L&T, Sun Pharma, Asian Paints and Maruti were among the major laggards.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
'This segment has performed very well for us and this is reflected in our bounce rate which is about three to four per cent.'
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