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.
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.
Kochhar brothers stepped down from the board of Credential Finance by 2009. While Deepak Kochhar started NuPower Renewables, Rajiv set up Avista Advisory Group
Index heavyweights Reliance Industries, HDFC and Infosys were the top Sensex gainers.
'This segment has performed very well for us and this is reflected in our bounce rate which is about three to four per cent.'
It won't be easy for the banking sector to better its performance every quarter, predicts Tamal Bandyopadhyay.
Manchester United bounced back from their defeat with a 4-1 win over Real Betis in the first leg of their Europa League last-16 tie.
Encouraging results for PayTM (One97 Communications) for the 2022-23 financial year (Q4FY23) have led to a surge in the company's stock price, gaining nearly 5 per cent during Monday's trade. PayTM reported Q4FY23 revenues at Rs 2,330 crore, up 51 per cent on year-on-year (YoY) basis (13.2 per cent quarter-on-quarter or QoQ), led by monthly transaction user (MTU) growth of 27 per cent and average revenue per user or ARPU growth of 19 per cent YoY. MTU is defined as users with at least one transaction/month.
News of all that's transpired on and off the football field
If borrowers don't have access to a bank's credit facility, it could make sense to use peer-to-peer systems.
Personal loans have about 80 per cent share in exposures restructured under regulatory package 2.0 by eight banks who have declared results for the second quarter. The remaining 20 per cent are loans to individuals used for business and credit to MSMEs. The total recast exposure of these banks under One Time Restructuring (OTR 2.0) was Rs 27,708 crore.
Images from the English Premier League matches played on Sunday night.
India's residential market is expected to sustain demand momentum despite rise in mortgage and property rates as sales this year across the top 7 cities are likely to breach pre-pandemic level of 2.62 lakh units, industry players said. After braving four back-to-back disruptions in form of demonetisation, RERA, GST and COVID-19 in the last 6 years, industry experts feel the housing market is going through a lot of structural changes and is now at the start of a long-term upcycle. Homebuyers body FPCE gives credit to the Real Estate Regulatory Authority (RERA) under the Real Estate (Regulation & Development) Act, 2016 for this improved buying sentiment.
Gareth Bale has reiterated his plan to return to Real Madrid once his loan spell at Tottenham Hotspur is over and played down suggestions his comments were disrespectful to the London club.
The government plans to bring down its stake to 26 per cent in these two banks, which are yet to be identified. This may not come in the way of getting investors for these banks, provided the government is willing to step back rather than run them the way it had been doing for over five decades since these banks were nationalised, points out Tamal Bandyopadhyay.
The businessman claims he has paid all the dues to the cricketer.
The Congress, desperate to make a comeback in Gujarat, which has been ruled by the Bharatiya Janata Party for over 20 years, has tried to reach out to various sections of society in its blueprint unveiled.
For fiscal year FY23, the 2022 Union Budget had targeted a capex outlay of Rs 7.5 trillion, which is 35.4 per cent higher than the FY22 Budget Estimate of Rs 5.54 trillion.
S&P Global Ratings on Wednesday said Indian banks face a systemic risk as the second COVID wave will impair the performance of financial institutions in the April-September period. Stating that economic recovery remains highly vulnerable to setbacks due to COVID, particularly if fresh outbreaks trigger new lockdowns, S&P said the banking sector's weak loans will likely remain elevated at 11-12 per cent of gross loans in the next 12 to 18 months. "The second wave has front-ended weakness in asset quality," said S&P Global Ratings Credit Analyst Deepali Seth Chhabria. "Financial institutions face a strained first half amid weak collections and poor disbursements."
Your high expectations and attachment to certain property can make you buy property which is not financially suitable.
'We do not know when we will get to the business-as-usual mode.' 'Many borrowers may not be able to pay up.' 'The incidence of cheque bouncing has doubled or even trebled, some lenders say,' says Tamal Bandyopadhyay.
But the industry's chief executives remain confident of the long-term growth potential of NBFCs in India, given their specialised lending on the asset side, last-mile reach, and a well-capitalised balance sheet. "Over the years, NBFCs have faced many crises.
Their number is dwindling, but single-screens believe they have a place in the entertainment space
Invest only if you wish to go overweight on the sector.
With the international markets facing uncertainty after Russia invaded Ukraine and Western nations retaliated with sanctions, Indian companies are putting their international fundraising plans on hold as they wait for the markets to recover. Bankers said apart from the geopolitical crisis, international rates are hardening in anticipation of interest rate hikes by the US Federal Reserve to control rising prices in the US. The Ukraine situation has implications for the market. In such a situation, international investors try to shift to safe haven assets by exiting from emerging markets.
'Infusion of fresh capital, handsome growth in deposits and focus on recovery should bring Yes Bank back on the growth path in the next financial year,' observes Tamal Bandyopodhyay.
New France captain Kylian Mbappe lived up to expectations with two goals in a 4-0 statement home win against the Netherlands.
Wolves midfielder Leander Dendoncker then hit the post with a powerful shot before Portuguese winger Podence made it 2-0, meeting Pedro Neto's cross from the right with a superb cushioned volley in the 27th minute.
Bansal has picked up a majority stake in Chaitanya Rural Intermediation Development Services, a company which runs microfinance institution Chaitanya India Fin Credit.
India's real estate industry staged a rebound from 2020's downturn, with housing sales seen rising by over 50 per cent. The performance, though short of pre-COVID levels, has property developers hoping for stronger gains in the New Year and the beginning of a long upcycle. A strong foundation has been laid this year for revival in the Indian real estate sector, which is projected to reach $1 trillion mark by 2030 from $200 billion in the pre-pandemic year.
'The economy is expected to bounce back and things are expected to recover faster than what we previously thought.'
Liverpool have extended captain Jordan Henderson's contract, the Premier League side said on Tuesday, putting an end to speculation over his future at the Merseyside club.
New Everton boss Sean Dyche's reign began with a shock 1-0 victory over English Premier League leaders Arsenal.
Britain's prime ministerial candidate Rishi Sunak has said he wants to change the UK-India relationship to make it a more two-way exchange that opens up easy access to UK students and companies in India.
The Budget oration of the finance minister and the confidence with which she delivered it, along with the measures and the recent upsurge in the economy would all contribute to unleashing the storied 'animal spirits' and help the economy run on the growth path quite smoothly. Or so the government hopes, notes Shreekant Sambrani.
The S&P BSE Sensex surged 193 points to close at 25,790.
While the lender has Rs 17,000 crore of retail assets and land parcels in Juhu, Borivali, Worli, and Chembur in Mumbai, there may be a disconnect between the quality of DHFL's books and the value bidders ascribe to it.
Top gainers in the Sensex pack included Infosys, Bajaj Finance, Maruti, HUL, HCL Tech and Reliance Industries, while M&M, IndusInd Bank, ITC, PowerGrid and L&T were among the losers. The NSE Nifty settled 190.80 points, or 2.51 per cent, down at 7,801.05.
Indian companies will have to repay overseas debt worth $7.5 billion in the June quarter.
The court noted that despite repeated orders, Mallya did not appear in the court and it was inevitable for the state machinery to intervene and ensure his presence.
