India CEOs of 12 banks form pressure group within IBA.
R N Subramanian, manager-foreign exchange, Canara Bank, will be the new chairman of the Forex Association of India for the current financial year 2004-05
Conservative industry estimates place the cash component of mutual fund houses at Rs 25,000 crore (Rs 250 billion). Fund houses had up to 15 per cent in cash, as per the April 30 figures. The cash component exceeded 15 per cent in as many as 30 diversified equity growth funds.
Mutual fund houses are bullish on the financial sector, notwithstanding the recent beating at the stock market. Fund houses like Kotak Mahindra AMC, Sundaram BNP Paribas & LIC Mutual Fund have drawn up plans to introduce products aimed at the financial services sector. Bank stocks for long had been one of the favourite picks for many fund managers. There was a slowdown in valuations of financial sector stocks but Indian corporate entities still continue to remain attractive.
The rupee depreciated 22 paise to a record low of 78.59 against the US dollar in opening trade on Tuesday as persistent foreign funds outflows weighed on investor sentiments. At the interbank foreign exchange, the rupee opened on a weak note at 78.53 against the American dollar, then lost ground to quote at 78.59 -- its all-time low level, registering a fall of 22 paise from the last close. On Monday, the rupee declined by 4 paise to close at its life-time low of 78.37 against the US dollar.
India's tennis legend Leander Paes and Rohan Bopanna moved to the pre-quarterfinals of the ATP BNP Paribas Masters with their respective partners after getting byes in their first rounds in Paris.
So far in 2019, India has been one of the highest recipients of foreign flows among Asian and Emerging Market (EM) economies
Among the Sensex firms, Tech Mahindra, Tata Motors, Bharti Airtel, Wipro, Bajaj Finserv, HCL Technologies, Bajaj Finance, Larsen & Toubro, Mahindra & Mahindra and UltraTech Cement were the biggest laggards. IndusInd Bank, Power Grid, HDFC Bank, ICICI Bank, NTPC, Reliance Industries, HDFC and Tata Steel were the prominent winners.
Elena Vesnina survived a battle of attrition and nerves to beat fellow Russian Svetlana Kuznetsova 6-7(6), 7-5, 6-4 in the BNP Paribas Open final on Sunday and secure the biggest title of her career.
Christopher Wood, global head of equity strategy at Jefferies has rejigged his equity portfolios. In his Asia ex-Japan long-only portfolio, he has added Axis Bank (5 per cent weightage) and increased holding in Larsen & Toubro (L&T) by one percentage point. This, Wood said, will be paid for by removing the investment in ICICI Lombard General Insurance and reducing the investments in HDFC Bank and Reliance Industries (RIL) by one percentage point each.
SLF first identifies the sectors it wants to invest in and then picks up the leaders within these specific sectors
Etrade, BNP Paribas, Bank of Muscat are all picking up stakes in many of the Indian brokerage firms. So what is so attractive about them?
More than 50 per cent of SIP accounts come from semi-urban and rural areas.
'Recent underperformance notwithstanding, equities should constitute a major part of investors' financial portfolio.'
Victory over Medvedev meant Alcaraz became the youngest man to win the Indian Wells and Miami Open titles, a feat dubbed the 'Sunshine Double'.
The draw for the September 19-21 play-offs was announced on Wednesday.
Photos from the tennis matches played at Indian Wells on Tuesday
The mutual fund (MF) industry had an action-packed 2023 as it tackled the scrapping of tax benefits for debt fund investors and surging flows into equity funds.
IMAGES from matches played at the BNP Paribas tennis tournament played in Indian Well, California, on Thursday
Against an offer of 4.55 crore shares of Adani Enterprises Ltd, only 4.7 lakh were subscribed, according to information available from the BSE. Adani Enterprises fell almost 20 per cent to below the offer price of its secondary sale as all the seven listed companies of the conglomerate took a beating in the aftermath of Hindenberg Reserach alleged that the group was "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
The rupee depreciated by 9 paise and settled at its all-time low level of 83.13 against the US dollar on Wednesday, weighed down by a surge in crude oil prices and strong American currency. Forex traders said the Indian rupee depreciated as the US dollar rose to the highest levels in six months. Moreover, elevated crude oil prices also weighed on rupee.
Four-times Grand Slam champion Naomi Osaka looks set to return to tennis shortly after getting 'that itch' to play again.
World number two Novak Djokovic has withdrawn from the BNP Paribas Open in Indian Wells, the tournament announced on Wednesday, in the latest setback for the player due to his refusal to take the COVID-19 vaccine.
Rohan Bopanna and Florin Mergea suffered first round defeat for the second time in a row, crashing out of the BNP Paribas Open in Indian Wells.
The rupee fell by 41 paise to close at a fresh lifetime low of 79.36 (provisional) against the US dollar on Tuesday amid a strong greenback overseas and unrelenting foreign fund outflows. At the interbank forex market, the local unit opened at 79.04 against the greenback and witnessed an intra-day high of 79.02 and a low of 79.38. It finally settled at 79.36 (provisional), down 41 paise over its previous close.
Osaka, 21, said she lacked maturity when as a relative unknown player she won the tournament last year to kick off her meteoric rise through the rankings.
Muguruza used her experience to get out of trouble, eventually set up a meeting with Ukrainian 10th seed Elina Svitolina in just over two hours under a relentless sun at Indian Wells.
There was no smooth surge in middle class prosperity for foreign businesses to tap into because of the Indian economy was mismanaged, argues Debashis Basu.
IT service company Wipro on Friday reported 7.8 per cent year-on-year decline in its consolidated net profit for the March quarter to about Rs 2834.6 crore, and cautioned that the macroeconomic environment remains "uncertain". The Bengaluru-headquartered company, which recently saw a change of guard with Srinivas Pallia taking over at the helm as the new chief executive officer, has given an IT Services revenue growth guidance in the (-)1.5 per cent to +0.5 per cent band for June quarter on a constant currency basis.
Sania Mirza and Martina Hingis saw off the challenge of Australian team of Casey Dellacqua and Samantha Stosur to move to the second round of the BNP Paribas Open, Indian Wells. The top seeded Indo-Swiss pair defeated their rivals 6-3 7-5 in just 68 minutes in their opening round of the USD 6,844,139 hard court event. Sania and Martina saved four of the six breakpoints they faced in the match and broke their rivals five times in the tight contest. They next face local girl Vania King and Russia's Alla Kudryavtseva, who beat Germany's Anna-Lena Groenefeld and Czech Republic's Barbora Strycova 4-6 6-3 10-5. In the men's event, Rohan Bopanna and his Romanian partner Florin Mergea, seeded fifth, are up against Spanish team of Feliciano Lopez and Marc Lpez in their first round of the USD 7,037,595 event.
An improved showing of mutual funds (MFs) is helping the industry attract distribution talent at a brisk pace. The industry has onboarded a net of 11,600 individual distributors in the first seven months of 2023-24 (FY24) compared to just 5,555 distributors in the whole of 2022-23 (FY23), according to data from the Association of Mutual Funds in India. Like most financial products, MFs also have significant reliance on individual distributors to sell their products, even as digital platforms are gaining popularity.
With the last quarter of 2023-24 (FY24) expected to have been soft owing to lower discretionary spend and macro uncertainty, many are hoping FY25 will be a year of recovery for the information-technology (IT) industry. The fourth quarter, January-March, is considered soft, and will continue to see the headwinds the sector has been facing. And the sector has entered the new financial year on a weak footing. Analysts are expecting Tier-I firms to report sequential growth of -1 per cent to 1.5 per cent and midcap players' growth may range between 0.7 per cent and 4 per cent.
Large Indian IT services companies are expected to report "muted" sequential show in a traditionally strong second quarter, as macroeconomic challenges continue to weigh on global discretionary spending, say market watchers. The big earnings week for tech heavyweights is up ahead, with Tata Consultancy Services (TCS) scheduled to announce its results on October 11, and both Infosys and HCL Technologies on October 12. Wipro is slated to declare its Q2FY24 results next week, on October 18.
The gauge for the performance of informational technology (IT) stocks soared nearly 5 per cent-most in nearly three years-as growth worries eased following a robust order book posted by bellwether Tata Consultancy Services (TCS). The Nifty IT index rose 4.5 per cent to close at 30,945. This was the biggest single-day gain since September 14, 2020. Industry titan TCS' shares rose 5 per cent to Rs 3,509.
The Street shrugged off a muted first quarter of financial year 2023-24 (Q1FY24) and a cautious near-term outlook by India's largest information technology (IT) services company, Tata Consultancy Services (TCS). The stock was the top Nifty50 and Sensex gainer on Thursday, rising 2.5 per cent, as investors took comfort from a robust order book and an encouraging pipeline. Like its larger peer, HCL Technologies' (HCL Tech), too fell short of the Street's expectations on the revenue and margin fronts given cuts in discretionary expenditure.
The Nifty IT index, data shows, has outperformed the markets in each of the last four election years post the result. announcement.
Shrinking inflows and surging outflows on account of profit-booking has curtailed mutual fund (MF) investments in equities since April. The total investments made by equity MFs during the first three months of 2023-24 stands at just Rs 2,980 crore, compared with an average monthly investment of Rs 14,500 crore in 2022-23, reveals data from the Securities and Exchange Board of India. "We are seeing signs of moderation in non-systematic investment plan (SIP) contribution, which has impacted domestic fund inflows in recent months to some extent," says Kunal Vora, head-India equity research, BNP Paribas.
Third seed Stan Wawrinka was sent packing in the round of 16 at the BNP Paribas Open in California on Wednesday and was very nearly joined by Rafael Nadal, who pulled off a Houdini-like escape to reach the last eight.
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