Benchmark BSE Sensex gained 130 points on Friday after gains in index majors Reliance Industries, ICICI Bank and Tata Steel ahead of the release of inflation and factory output data. Recovering from its early losses, the 30-share BSE index ended 130.18 points or 0.22 per cent higher at 59,462.78 in a range-bound trade. The broader NSE Nifty advanced 39.15 points or 0.22 per cent to close at 17,698.15.
ITC highlighted that legal cigarettes account for 9 per cent of tobacco consumption in India, but 80 per cent of tax collection is from tobacco products. While illicit cigarettes account for roughly one-third of the market share, legal cigarette volumes have recovered to around 96 per cent of peak FY13 volumes, after dipping to 70 per cent in FY21.
Although a one-off tax provision negatively impacted the bottom line, HDFC Asset Management Company (HDFC AMC) posted an excellent operational performance in Q2FY25. The equity quarterly average assets under management (QAAUM) growth was 14.7 per cent quarter-on-quarter (Q-o-Q). And, equity AUM market share rose 50 basis points (bps) year-on-year (Y-o-Y) to 12.9 per cent.
For investors who missed the initial IPO frenzy, the market correction is an opportunity to selectively invest in promising names, but patience and careful evaluation remain the key.
Equity benchmark Sensex declined nearly 390 points on Friday, pressured by heavy selling in IT, tech and energy stocks despite a positive trend in the global markets. Besides, rising crude oil prices and relentless foreign capital outflows further weighed on sentiment, traders said. The 30-share BSE Sensex opened strong but came under severe selling pressure to close 389.01 points or 0.62 per cent lower at 62,181.67.
'If the markets correct further, PSU stocks could continue to decline.'
Mondo Duplantis was named the Laureus World Sportsman of the Year, while American gymnast Simone Biles bagged the top women's honour at the Laureus World Sports Awards.
'Market corrections are a natural part of investing, so it's essential to remain focused on long-term financial goals.'
'They are ideal for short-term financial goals like children's education or a down payment for a house.' 'They are also useful for transitional savings, such as during job switches or while starting a business.'
Bajaj Finance, Bajaj Finserv, NTPC, State Bank of India, Power Grid, HDFC Bank, Tech Mahindra and Asian Paints were the other gainers. However, Zomato, Adani Ports, Tata Consultancy Services, Mahindra & Mahindra, Maruti and Tata Motors were among the laggards.
10 largecaps stocks which stand to gain from the Budget.
Cooking gas or Liquified Petroleum Gas (LPG) price has been raised by Rs 50 per cylinder by distribution companies, Union Oil Minister Hardeep Singh Puri said on Monday.
Foreign investors continued their relentless selling in the Indian equity markets in August, offloading shares worth Rs 21,201 crore due to the unwinding of the yen carry trade, recession fears in the US and ongoing geopolitical conflicts. This came after an inflow of Rs 32,365 crore in July and Rs 26,565 crore in June, data with the depositories showed.
Ramalingam Kalirajan explains the pros and cons of both investment types.
'We like certain stocks from banking, insurance, retail, hospitals and capital goods.' 'Though some of these stocks may seem expensive, they will compound well over the long term, thus justifying their current multiples.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
AAP national convenor Arvind Kejriwal will meet Punjab Chief Minister Bhagwant Mann, state ministers, and party MLAs in Delhi on Tuesday amid growing speculation about internal dissent in the party's Punjab unit following AAP's rout in the Delhi Assembly elections. The meeting is expected to focus on analyzing the Delhi election results and strategizing for the Punjab polls scheduled in 2027. The AAP's Punjab unit has faced questions about internal cohesion, with some suggesting that the party's leadership in Delhi continues to exert significant influence over Punjab's governance. There are also speculations that Kejriwal could consider a more direct role in Punjab politics now, with some political observers suggesting that he could contest from the vacant Ludhiana assembly seat.
From the outcome of the general elections and then Union Budget to tepid corporate earnings in the September 2024 quarter (Q2-FY25), sticky inflation and Reserve Bank of India's stance on interest rates, extreme weather conditions, Indian stock markets have braved it all in calendar year 2024.
The stock of the country's largest passenger vehicle maker, Maruti Suzuki India (MSIL) was down 1.06 per cent in trade on margin pressures in Q1FY24, mixed market share outlook, and earnings impact due to the buyout of Suzuki Motor Gujarat. While MSIL has decided to terminate the contract manufacturing agreement and acquire Suzuki Motor Gujarat, the quantum of payment and mode (cash/equity swap) has not been decided. If the cash option is opted for, there would be a 3.5-4 per cent hit to MSIL's FY25 earnings per share as the deal is expected to be completed by the end of the current financial year.
Organisers keen on cricket in 2026 Asian Games despite venue headache
While most analysts are expecting poor results from oil marketing companies (OMCs) in the first quarter of 2024-25 (Q1FY25) and even in the first half (H1) of FY25, GAIL (India) could be an outlier. Upstream producers, Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) could do well due to strong crude and gas prices, but refiners are likely to see weak margins and the impact of frozen prices during the election period will also be negative.
'The problem is that the bubble may not only be in valuations, but also in investors' minds.'
Havells India, the country's largest listed consumer electrical company, reported a mixed performance in the 2024-25 (FY25) October-December quarter (Q3). While the top line benefited from festival demand, lower margins impacted operational performance.
The rupee tumbled 3 per cent against the US dollar in 2024 as concerns over slower economic growth and a stronger greenback in global markets weighed, but it was among the least volatile currencies in the world and the headwinds may be less intense in the coming year.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) will answer your personal finance-related questions.
Confronted by outrage in Greenland, the US has scaled down a proposed visit to the island.
Among major Sensex gainers, Mahindra & Mahindra rose the most by 3.29 per cent. Adani Ports gained 1.26 per cent, Tata Motors by 1.14 per cent, and Axis Bank by 0.92 per cent. Nestle, NTPC, Reliance, ITC Titan, Kotak Bank, Infosys and TCS also gained. HCL Tech, Tech Mahindra, and ICICI Bank were the losers.
'Subject to any worldwide economic collapse.'
Kharge's remarks came after Modi on Friday said the Congress stands "badly exposed" in front of people for promising to them what the party knows it will never be able to deliver.
