More than 50 per cent of SIP accounts come from semi-urban and rural areas.
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.
Players will be banned from handing their towels to ball-kids at next week's BNP Paribas Open in Indian Wells in an effort to prevent the spread of the coronavirus, organisers said on Friday.
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.
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.
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.
American qualifier Sachia Vickery completed an astonishing comeback to stun third seed Garbine Muguruza 2-6, 7-5, 6-1 in a second-round win at the BNP Paribas Open in California on Friday.
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.
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.
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.
Novak Djokovic crushed Britain's Andy Murray 6-2, 6-3 to set up final against Roger Federer.
Serena Williams' decision to end a 14-year boycott of the BNP Paribas Open has been warmly welcomed by her peers with good friend and rival Caroline Wozniacki saying it was "great for tennis".
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.
Fourth seed Andy Murray erased memories of early losses at Indian Wells by storming into the BNP Paribas Open third round with a ruthless 6-1, 6-3 victory over Canadian Vasek Pospisil on Saturday.
The rating outlook change is relevant now, as the US Federal Reserve is set to end its monthly bond-buying programme in October.
Sixteen merchant banks are in the fray to act as book running lead managers (BRLM) for the initial public offering of Life Insurance Corporation of India (LIC). These merchant banks will have to make a presentation before the Department of Investment and Public Asset Management (DIPAM) on August 24-25. The shortlisted banks are BNP Paribas, Citigroup Global Markets India, BofA Securities, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets(India), J.P. Morgan India, Nomura Financial Advisory and Securities (India), Axis Capital, DAM Capital Advisors, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Kotak Mahindra Capital, SBI Capital Market, and Yes Securities India.
The Nifty IT index, data shows, has outperformed the markets in each of the last four election years post the result. announcement.
India's top technology companies will witness a tepid revenue expansion in the third quarter (October - December) of the current financial year (Q3FY24) - along expected lines - on the back of furloughs and no blockbuster deals, even as the momentum gained from Generative AI (GenAI) is likely to take centre stage. IT services and consulting firm Accenture's first quarter numbers in FY24 showed a significant pick up in GenAI spending. It signed new bookings to the tune of $450 million in this space, a surge from the $300 million signed in the whole of FY23.
Nick Kyrgios needs to improve his fitness to have a chance of winning Grand Slams, former world number one Jim Courier said on Wednesday.
Roger Federer continued his sizzling form on Saturday to set up an all-Swiss final against Stan Wawrinka at the BNP Paribas Open in California.
Becoming the WTA number one in the world is a dream come true'
Given the strong growth in Asia and easy monetary stance taken by central banks other than the US Federal Reserve (US Fed), overseas investors will soon start re-investing in risky assets, says Abhiram Eleswarapu, head of equity research, BNP Paribas Securities India.
Investors should view any bounce-back in bank stocks as an opportunity to exit the pack, analysts suggested, as the worst may not be over yet. The recent quarterly results of HDFC Bank and Axis Bank disappointed the Street, triggering a marketwide selloff by foreign institutional investors, especially in banking counters. While HDFC Bank, which was the anchor for the market correction during the past week, ended 2 per cent higher amid short covering on Wednesday, Axis Bank's shares settled 3 per cent lower.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
Fourth seed Andy Murray, with a consummate display of power and touch in tricky conditions, reached the BNP Paribas Open semi-finals with a landmark 6-3, 6-4 win over Spaniard Felicano Lopez on Thursday.
The French Open is the only Grand Slam title to have eluded Novak Djokovic and the steely-eyed Serb has adopted a philosophy of reverse psychology in a bid to claim the coveted crown.
After straightening her hair, it was time for nose piercing for Serena Williams.
BSE's fresh shot at cracking the derivatives market is off to a promising start. However, Asia's oldest bourse is facing resistance from brokerages with nearly 10 large brokers yet to offer the relaunched Sensex and Bankex derivatives on their platforms. Many brokers maintain that they are working on the back end to enable BSE derivatives on their apps and websites. Some said while volumes are picking up, they are still miniscule compared to bigger rival NSE, which is the most-preferred venue for derivatives trading. Only a few brokers responded to formal queries sent by Business Standard on the issue of allowing BSE derivatives on their platform.
Bajaj Finance was the top laggard in the Sensex pack, plunging around 6 per cent, followed by IndusInd Bank, SBI, M&M, Axis Bank, Bajaj Auto and ICICI Bank. NSE Nifty sank 229.55 points to 14,637.80.
The third-seeded pair was defeated by the unseeded Canadian-Chinese duo 6-4, 6-3.
Drop in the number of schemes is less than 3%, despite merger of 38 schemes between Sept 2017 and May this year
IMAGES from the matches played at the PNB Paribas Open at Indian Wells on Wednesday
'Some risks to this market rally include inflation, erratic weather conditions, rising crude prices, slowing global growth and the resultant impact on domestic exports, escalation in geopolitical tensions.'
A rejuvenated Roger Federer beat fellow Swiss Stan Wawrinka 6-4, 7-5 in the BNP Paribas Open final on Sunday to earn a record-tying fifth Indian Wells title and the distinction of being the tournament's oldest winner.
Jack Sock celebrated a pair of firsts on Friday by powering past fourth seed Kei Nishikori 6-3, 2-6, 6-2 to book a date with Roger Federer in the semi-finals of the BNP Paribas Open in Indian Wells, California.
Hopes that Serena Williams would end a 13-year boycott of the BNP Paribas Open at Indian Wells were dashed on Friday when the World No 1 said she would not be competing in the event "after careful consideration".
The rupee on Tuesday recovered from its all-time intra day low of 77.79 to close higher by 7 paise on a stellar rally in domestic stock markets. After opening lower at 77.67, the local unit plunged further to its all-time intra-day low of 77.79 due to a spike in crude oil prices and disappointing macroeconomic data. However, a strong rally in domestic equities helped the rupee rebound and close at 77.48 (provisional), showing net gains of 7 paise over the last close of 77.55. The forex market was closed on Monday on account of Buddha Purnima.
The Mukesh Ambani-owned company had complained to Trai about incumbents offering segmented offers to different customers
Under the lights on the stadium court, Williams smashed 39 winners to defeat Azarenka 7-5, 6-3 in a rematch of the 2016 final, which the Belarusian won.
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