After nearly four years of underwhelming performances in equity schemes, Aditya Birla Sun Life Mutual Fund (ABSL MF) is experiencing a revival. During the first quarter of the 2023-24 financial year (Q1FY24), the fund house arrested its declining market share, bolstered by stronger equity fund results and subsequent ratings upgrades. Mahesh Patil, the chief investment officer, attributes this resurgence to changes in the fund management team and adjustments to investment strategies.
Benefitting from the economic rebound, banks are expected to report a healthy bottom-line and asset quality profile in the quarter ended March 2023 (Q4FY23). The net profit of listed commercial banks is projected to grow by an average 43.6 per cent year-on-year (YoY) in Q4FY23 amid better net interest margins (NIMs) and declining credit costs. This is based on a combined assessment of analyst estimates for 17 banks on Bloomberg database.
Use this window to lock into bank FDs; unless govt cuts small savings rates, banks may not cut deposit rates
Most money market players expect the Reserve Bank of India to keep key interest rates unchanged in its annual policy statement for 2005-06 (April-March), to be unveiled on April 28.
The rise in interest rates is not only making homes and equated monthly instalments dearer for buyers, coupled with an anticipated slowdown in the economy, it would hurt demand for commercial real estate as well.
The inactivity of Go First may help other airlines in India's competitive market as it had a 7.8 per cent market share.
This payment of Rs 962 crore is inclusive of the Rs 500 crore DHFL received from exiting its entire stake in subsidiary firm Aadhar Housing Finance Ltd.
The estimates from Crisil come at a time when the economy has witnessed a a downward revision of growth estimates by analysts for a better part of the ongoing fiscal because of troubles on the global and domestic front.
Crisil has assigned corporate governance 'CG' and value-creation rating 'GVC level-1' to Infosys, indicating the highest capability to create wealth for stakeholders while adopting corporate governance practices.
Petrol and diesel prices on Wednesday were hiked by 80 paise a litre each for the second day in a row since the ending of an over four-and-half month hiatus in rate revision. Petrol in Delhi will now cost Rs 97.01 per litre as against Rs 96.21 previously while diesel rate has gone up from Rs 87.47 per litre to Rs 88.27, according to a price notification of state fuel retailers.
About 50 per cent of the accounts that availed of the EMI moratorium amid the pandemic, which made things worse in an already slowing economy, are expected to be restructured, and of these accounts that would undergo restructuring, one-third, or Rs 6-9 trillion, could turn into NPAs.
An alternative approach has been demonstrated by IIT Bombay, which has been transmitting live, through Edusat and webcast, about 1,000 hours of its own classroom teaching free of cost every semester.
A reversal of policy at this juncture could jeopardise the recent gains on inflation
Liquidity pressures to top agenda of RBI's meeting with bankers.
The ongoing Hamas-Israel conflict has disrupted India's efforts to gain from a recent fall in crude oil prices. Since Hamas' invasion of southern Israel on October 7, petroleum has become costlier by around $5 per barrel, threatening to stoke prices and impact growth. Brent crude was trading at $89.8 per barrel on October 9 (9.15 pm IST), up over 4 per cent, thwarting India's anticipation of a period of declining oil prices - after the leading global petroleum benchmark declined by around 11 per cent last week.
Jaitley's fiscal arithmetic, Crisil said, is "shaky", and the scope for fiscal slippage "remains high".
On June 30, mining and metals giant Vedanta, announced that it had decided to initiate a strategic review of its steel and steel-making raw material businesses. The review would begin immediately and evaluate a broad range of options, including but not limited to a potential strategic sale of some or all of the steel businesses, the company said in its stock exchange filing. The signs have been there - approaches had been made to steel players over the past year. Last December, Anil Agarwal, chairman Vedanta group, told Business Standard that the steel plant capacity was about 3 million tonnes (mt).
The study covers 3,234 SMEs, with sales turnover ranging from Rs 1 crore (Rs 10 million) to Rs 500 crore (Rs 5 billion). It includes manufacturing, trading and service companies in 30 industries across 20 states.
The festive season will mean business for the steel industry as it is the time when automotive and consumer appliance companies bump up demand to prepare for higher sales, experts have said. Ranjan Dhar, chief marketing officer at ArcelorMittal Nippon Steel India (AM/NS India), said that bookings by auto and consumer appliance industries are 20 per cent higher ahead of the festive season compared to last year. "While this could be for a couple of months, it could normalise later at approximately 10 per cent," he said.
In the longer-term, analysts expect IHCL to see revenue CAGR of 15 per cent between FY23 to FY25 and Ebitda CAGR of 20 per cent in the same period. Analysts are seeing targets of around Rs 375-Rs 380 for the stock, which is a significant upside from the current Rs 313.
Experts say the focus is on preserving liquidity as there is uncertainty over the duration and impact of the 21-day nationwide lockdown imposed to check the spread of COVID-19.
The broad contours of their assignment are expected to be making independent assessment of recovery prospects, and estimating haircuts for restructuring cases.
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Bank has cited trend of global easing and weak growth
Ninety-nine companies, which also include some unlisted ones, have more than Rs 100 crore each of minimum alternate tax credit on their books, cumulatively adding up to Rs 75,000 crore. By utilising MAT credit, many companies will be able to bring down their effective tax cost.
Even before NCP-Ajit Pawar leaders came to meet in Delhi, the central government decided to buy 200,000 tonnes of onions from farmers at Rs 24.1 per quintal. This was among the highest prices at which onions have ever been bought from farmers.
'Instead of ACs, the government should do something to increase our salary.'
The marginal rise in June headline inflation to 4.9 per cent may be a precursor to a pronounced increase in the coming months and RBI is unlikely to cut rates at the forthcoming policy meet on July 30, say analysts.
At risk of entrenched rough times are sectors like hospitality and those with discretionary spends.
Unprecedented rains and floods in the northern region in the past few days have not only caused extensive damage to lives and property but have also impacted business and commercial establishments. Vegetable prices have gone through the roof in the national capital and many other parts of the country since rains started pouring earlier this month. Traders say vegetable prices would come down only after roads open and skies clear, even as water in the fields will take time to recede.
South leads; North-East at bottom but moves ahead, finds out the IndiaSpend Team
Recent rates cuts by most banks may not have a significant impact on margins, say analysts.
Revenue from divestment has fetched Rs 40,000-50,000 crore against target of Rs 2.10 trillion.
At an aggregate level, the late ace investor's portfolio that was valued at Rs 32,445 crore as on March 31, 2023 is now worth Rs 35,979 crore.
No expecting mother ever needs to travel for more than 30 minutes to reach one of their hospitals, believes the Cloudnine group.
Soft crude prices will cut fuel subsidy bill and help contain fiscal slippage this year.
The pensioners have been agitating for last 18 years
India always faces a Hobson's choice as far as feeding coal-fired generators goes - even if the government is reluctant to admit it. The country cannot do without shipping in the world's most polluting fuel from overseas. And it will continue to do so unless it decides to reduce demand by forcing citizens, farmers and businesses to live without electricity for part of the day, or use diesel generators to fire facilities.
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