Banks enjoyed an expansion in Net Interest Margins (or NIMs) as well as in credit demand through the 2022-23 financial year (FY23). The credit expansion was because economic growth continued to recover from the Covid-19 years, and indeed, second half GDP growth surprised on the upside. The NIM expansion was because banks raised lending rates immediately (in many cases automatically due to floaters) as the Reserve Bank of India (RBI) hiked policy rates, and only started raising deposit rates late into the fiscal.
One could argue that India is not troubled in the same way as China is by a declining population and structural problems in real estate/construction and finance. But India has serious trade and fiscal imbalances, and excessive dependence on capital expenditure by the government, points out T N Ninan.
India has built up buffers against cyclical difficulties and has ample foreign exchange reserves to withstand pressure on credit worthiness, S&P Global Ratings said on Thursday. Speaking at the India Credit Spotlight 2022 webinar, S&P Sovereign & International Public Finance Ratings director Andrew Wood said the country has a strong external balance sheet and limited external debt, making debt servicing not so expensive. "The country has built up buffers against cyclical difficulties like those, which we are experiencing right now," Wood said.
There's a straightforward relationship between economic activity and power consumption. If economic activity increases, so does power consumption. Since the latest GDP (gross domestic product) data indicates India's growth rates exceeded expectations in the second half if the 2022-23 financial year (H2FY23) and GDP estimates of FY24 are strong, we would expect power consumption to rise as indeed it has. There is also a direct relationship between power consumption and National Thermal Power Corporation or NTPC's results since the public sector undertaking (PSU) is the largest power generator in India.
Many investors want to exit equities now and re-enter when they begin to rise. Such timing is difficult to pull off.
Novak Djokovic's steady progress in the last few seasons is a testament to his mental strength and physical conditioning.
Marileidy Paulino of the Dominican Republic won World Championship gold in the women's 400m on Wednesday.
North East were 65 for 2, 475 runs in arrears, when bad light and rain forced an early closure to their first dig on Thursday.
American Holloway wins third straight world 110m hurdles title
Theo Hernandez's high hooked finish from a deflected Kylian Mbappe shot put the defending champions ahead and forced Walid Regragui's team to take the initiative, ending the game with more possession than Les Bleus.
Carlos Alcaraz ended Novak Djokovic's reign to usher in a new era at Wimbledon -- a win that was being trumpeted as the changing of the guard in men's tennis.
'You need to have enough funds to maintain the primacy of public transport and it should not suffer because of lack of funds.'
'When democracy first came to Bhutan people had no idea and they were like 'What is that?' Oh it's that thing they have in India where the leaders are always fighting and arguing.' When I screened the film to Bhutan's film committee, they thought my film was good but they were concerned about that line. They wanted me to change that line. They said, 'We don't want to offend India.' I tried to tell them that Indians have a great ability to laugh at themselves but they insisted I change it.'
The TMC has won in 34,560 gram panchayat seats, besides leading in 705 seats, according to the SEC as of 11.30 am on Wednesday.
Images from the second One-day International between West Indies and India at Kensington Oval, Barbados, on Saturday.
The rupee depreciated further by 13 paise to hit a new life-time closing low of 82.30 against the US dollar on Friday as a firm American currency and risk-averse sentiment among investors weighed on the local unit. Moreover, a negative trend in domestic equities and elevated crude oil prices sapped investor appetite, forex traders said. At the interbank foreign exchange market, the local currency opened at 82.19, then fell further to 82.43. It finally settled at an all-time low of 82.30 against the American currency, registering a decline of 13 paise over its previous close.
The first half of 2023 has been good to Bollywood, as we saw big blockbusters like Pathaan and The Kerala Story. But there have been flops as well.
The 19-year-old Panghal put up a dominant show in the 53kg category, winning all her bouts without much fuss.
India's housing sector is witnessing probably the "biggest boom" in the last one and half decade driven by various factors such as affordability and customers aspiration to own homes, HDFC Capital Advisors Managing Director and CEO Vipul Roongta said on Tuesday. Addressing a real estate summit organised by FICCI, he noted that the residential real estate segment has revived strongly after going through a lot of pain due to new realty law RERA and demonetisation. "In the last one and half decade, I think this is probably the biggest boom I am personally seeing as an organisation on the residential segment, whether it is affordable mid-income and premium housing properties," said Roongta, who is also co-chairman, FICCI Real Estate Committee.
India has much to be proud of and celebrate. But there is also much that is wrong, much that looks dangerous. Employment, current account deficit, rural distress, agricultural productivity are all in deep crisis, points out Shekhar Gupta.
Australian captain Michael Clarke has said his players will have to bat much better against the defending champions India.
Such was Tokyo Olympics bronze medallist Bajrang's dominance in the 65kg competition that he won three of his four bouts inside first rounds.
HDFC was the top gainer in the Sensex pack, climbing nearly 4 per cent, followed by PowerGrid, Sun Pharma, Tata Steel, Tech Mahindra and Bajaj Finserv. NSE Nifty surged 234.75 points to 17,401.65.
'The conditions were very wet, so credit to the bowlers. I have bowled a lot, going forward I want to see more bowling options. This will not work always but I want more batters to chip in with the ball.'
It offers a real opportunity for the flag carrier to compete on the world stage, backed by a leading conglomerate with deep pockets like the Tatas, observes Indrajit Gupta.
Australia beat India by nine runs to win the Commonwealth Games women's T20 cricket gold medal on Sunday but the real winner was the sport which delivered compelling competition and boosted its case to be included in the Olympics.
'While the Budget would be growth-friendly, it would not come at the expense of an increase in the fiscal deficit.'
'Almost magically, we suddenly saw the magnificent beast come from around the corner.'
umbai Indians overcame some tense moments to pull off a last-ball win over Delhi Capitals at the Arun Jaitley Stadium in Delhi on Tuesday.
The domestic benchmark indices - the S&P BSE Sensex and the National Stock Exchange Nifty50 - had lost close to 1.5 per cent in three days recently before gaining slightly. Notwithstanding weakness and volatility, the Nifty50 has managed to hold on to the 18,000 mark, while the Sensex has managed to stay above the 61,000 level. The performance of the stocks that comprise these front-line indices remains polarised.
Indian GM S L Narayanan finishes second in chess tourney in Armenia
Rediff.com Contributing Photographer Pradeep Bandekar met these stars on Tuesday.
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
Now that bank FD rates have gone up and most BAFs haven't delivered good returns, these investors are likely to be moving back to FDs, observed a senior MF distributor. The performance of BAFs in the past year has been mixed.
The cyclone is expected to make landfall on Thursday evening as a 'very severe cyclonic storm' with maximum wind speed reaching up to 150 kilometres per hour, the India Meteorological Department (IMD) said.
Tata Motors' 2022-23 (FY23) January-March quarter (fourth quarter, or Q4) results were better than Street estimates, with strong showing across Jaguar Land Rover (JLR), as well as commercial and passenger vehicle businesses in the domestic market. The company posted its highest consolidated top line and operating profit, with growth of 35 per cent and 46.5 per cent, respectively, over the year-ago quarter. While the top line was aided by a 49 per cent growth in the JLR unit, all key segments reported margin expansion.
Rohit Sharma, Virat Kohli, Cheteshwar Pujara, Mohammed Shami and Ravindra Jadeja could do with a break, which will allow India to try out new players in the Caribbean.
Khan picked Williamson for the sense of "calm" he brings to the side and admitted that there is no good time to bowl to de Villiers.
Giroud, at 36, brings experience and guile to France's attack, while Mbappe, 23, is blessed with pace
