Earnings growth in the early-bird sample has been driven by banks and iron & steel companies.
India's top listed companies reported their best-ever quarterly net profit of Rs 2.39 trillion in the September quarter of FY22, up 46.4 per cent year-on-year. The earnings were driven by a big surge in the profitability of banks, non-banking financial companies & insurance (BFSI), oil & gas, and metal & mining firms. The combined net profit of these three cyclical sectors were up 87 per cent YoY to a record high of Rs 1.53 trillion, up from Rs 82,000 crore a year ago and Rs 1.08 trillion in Q1FY22.
Domestic institutional investors pumped Rs 2.3 trillion into equities during H1 CY24. Of this, mutual funds contributed 80%.
Riding on a bull run, equity investors became richer by Rs 128.77 lakh crore in the 2023-24 fiscal, driven by robust fundamentals of the Indian economy, increased investment inflows and promising corporate earnings. After a muted performance in 2022-23, equity markets made a remarkable recovery in FY24, giving handsome returns to investors. The 30-share BSE Sensex climbed 14,659.83 points or 24.85 per cent in 2023-24.
Quarterly earnings, global trends and trading activity of foreign investors will drive stock markets in this holiday-shortened week, analysts said. It will be a trading holiday on January 22, with the Maharashtra government announcing a holiday in connection with the consecration of the Ram Temple in Ayodhya. Equity markets would also remain closed on Friday for Republic Day.
Sebi has barred Ravindra Bharti Education Institute, co-founded by finfluencer and YouTuber Ravindra Balu Bharti, from the securities market and directed to deposit Rs 12 crore "unlawful gain" earned from the alleged unregistered investment advisory business. It has been directed to deposit the amount to an interest-bearing escrow account created specifically for the purpose in a nationalised bank. Additionally, the regulator has barred Ravindra Balu Bharti, his wife Shubhangi Ravindra Bharti and directors -- Rahul Ananta Gosavi and Dhanashri Chandrakant Gosavi -- from the securities market.
Retail depositors are earning negative returns on their bank deposits and hence, there is a need for reviewing taxes on interest earned, economists at the country's largest lender SBI have said. If not for all the depositors, the taxation review should be carried out for at least the deposits made by senior citizens who depend on the interest for their daily needs, the economists led by Soumya Kanti Ghosh said in a note, which pegged the overall retail deposits in the system at Rs 102 lakh crore. At present, banks deduct tax at source at the time of crediting interest income of over Rs 40,000 for all the depositors, while for senior citizens the taxes set-in if the income exceeds Rs 50,000 per year.
Adani Enterprises Ltd, the flagship incubator of billionaire Gautam Adani's conglomerate, on Thursday reported a 37 per cent drop in March quarter net profit, bogged down by one-time past airport dues and commercial mining losses. Its consolidated net profit of Rs 450.58 crore in January-March - the fourth quarter of fiscal year 2023-24 - compares to Rs 722.48 crore net profit in the same period last year and Rs 1,888.45 crore earning in the preceding quarter, according to a stock exchange filing by the company.
The Congress, on the other hand, earned Rs 171 crore from electoral bonds which was down from Rs 236 crore in FY 2021-22.
Everyone (with some exceptions) whose estimated tax liability is Rs 10,000 or more in a financial year must pay advance tax.
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
Stock markets will be driven by quarterly earnings by index majors, global trends and the RBI's interest rate decision this week after digesting news on budget proposals and US Federal policy outcome, say analysts. The trading activity of foreign investors and the movement of global oil benchmark Brent crude would also dictate trends in equities. "On the domestic front, the MPC (Monetary Policy Committee) meeting is scheduled from February 6-8.
This period of strong growth not only offers opportunities but also calls for strategic considerations to ensure sustainable development and equitable prosperity in the years to come, suggests Sujan Hajra.
The Reserve Bank of India on Friday decided to keep benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance even as the economy is showing signs of recovery after the second Covid wave.
'...which is possible through flexicap and multicap funds.' 'The latter has a better balance between large, mid and smallcap stocks.'
Anjali quickly decided not to pursue her career in medicine. If she had worked in a government hospital, she would have had to do her fair share of nights and weekends in hospital, which would have been tough when Sachin was back in Bombay between tours. Had she worked in private practice as Dr Anjali Tendulkar, she reckoned she would be consulted for her name rather than her expertise. Anjali is an all-or nothing person and she couldn't have just dabbled in doctoring. Moreover, she wanted to devote herself to keeping her husband in the right frame of mind to play his best cricket. A fascinating excerpt from Annabel Mehta and Georgina Brown's book, My Passage to India.
The June quarter is usually considered as a seasonally strong period for the IT sector.
E-commerce player Meesho, backed by marquee investors like SoftBank Group and Meta Platforms, will look at an initial public offering (IPO) only in 2025, and till then, its focus will be on generating profits after tax and not just on being Ebitda (earnings before interest, tax, depreciation and amortisation)-positive, top sources in the company told Business Standard in New Delhi. In a clear shift of strategy, the company, which has reduced its cash burn by 85 per cent, is now looking to trim its annual revenue growth target to 40 per cent from the 100-plus per cent earlier. The sources, however, said even this level of growth was far higher than that of most e-commerce companies.
New Delhi has reached out to Moscow while waiting for a new president in Washington. New Delhi knows well that in international relations, there are no permanent friends or foes, only permanent national interests, points out Dr Rup Narayan Das.
Mortgage finance remains a structural growth opportunity in India with a policy focus on affordable housing, housing shortages, low mortgage penetration, and rising incomes as drivers. Affordable Housing Finance Companies (AHFCs) serve the mass market, low-income segments, which is the least-serviced category, and to operate in this segment, the mortgage provider needs good assessment skills. AHFCs and HFCs have also been increasing exposure in other mortgage segments (loan against property, developer loans among others).
'.. if you do not want to take the asset allocation call.'' 'This category of funds can offer optimum risk-adjusted returns.'
Shares of Le Travenues, which operates online travel booking platform ixigo, soared 78 per cent on their market debut (June 18) and surged 80.4 per cent in the three days over their issue price. Ixigo has joined competitors EaseMyTrip and Yatra on the bourses. Analysts believe the blockbuster response to ixigo may lead to greater scrutiny of the financial performance of other online travel aggregators (OTAs) like Easy Trip Planners, and Yatra Online.
There has been no change in Tata Steel's strategy on operations in the United Kingdom (UK), company chairman N Chandrasekaran has told shareholders. The statement comes amid growing concern about the restructuring plan in the face of change in government in the UK. Tata Steel's plan for the UK entailed a 1.25 billion investment plan agreed upon by the Conservative party-led government in September last year.
Brokerages believe that the Bharatiya Janata Party's (BJP's) stronger-than-expected showing in state elections reduces political risks for the domestic markets going into 2024. However, after the short-term excitement, the focus will soon shift to earnings, global liquidity conditions, and the interest rate trajectory. "BJP's win in the three state elections is much better than what exit polls suggested and reinforces the consensus expectations of a Modi win in the 2024 national elections with a greater likelihood of 300+ seats for the BJP.
'The barbell strategy says that the best way to strike a balance between risk and reward is to invest at the extremes of the risk spectrum.'
'PPF carries minimal risk.' 'Its fixed-income nature allows investors to diversify their portfolios.'
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Bangladesh descended into chaos on Monday as Prime Minister Sheikh Hasina surreptitiously resigned and fled the country in a military aircraft while the Army stepped in to fill the power vacuum.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
Shares of Mukesh Ambani-owned Reliance Industries Limited (RIL) rose nearly 1 per cent on Tuesday, hitting an intraday high of Rs 2,986.05 per share, after most brokerages reacted positively to the company's March quarter (Q4FY24) results. The bullish outlook stems from Reliance Jio's potential tariff hikes, given the competitive landscape, along with slow but steady improvement in the oil-to-chemical (O2C) vertical.
The Jammu and Kashmir administration on Saturday sacked six government employees, including five policemen, for their 'deep involvement in anti-national activities', officials said.
Shifting to floating rate deposits can work as an anaesthetic gel for some customers, points out Tamal Bandyopadhyay.
'All my wealth I earned in the US. It is all money earned transparently. I have paid all taxes.'
Tax Guru Anil Rego answers your personal income tax queries.
Fresh order wins for capital goods and industrial companies may have seen a major slump due to Lok Sabha polls in the first quarter of the current financial year (Q1FY25). At the same time, revenue and profit growth trajectory is expected to have stayed the course, according to brokerage firms. Elara Capital, Motilal Oswal, and InCred Equities expect this sector universe to report a 12- 21 per cent growth in revenue, 21 -36 per cent growth in Ebitda and 24-38 per cent growth in profit on a year-on-year (Y-oY) basis.
The BSE mid-cap and small-cap stocks have outperformed the benchmark Sensex in 2023-24 with about 62 per cent returns, reflecting buoyant investors' sentiment amid robust macroeconomic conditions in the country and impressive quarterly earnings reported by various firms. As per an analysis, the BSE mid-cap gauge jumped 15,013.95 points or 62.38 per cent in the 2023-24 fiscal, while the small-cap index climbed 16,068.99 points or 59.60 per cent. In comparison, the 30-share BSE Sensex raked in a gain of 14,659.83 points or 24.85 per cent during the fiscal under review.
'Modi knows the people here are opposed to this project, but he is using the might of government to push this port down our throats.'
'You can do anything after retirement. You have to pursue it. You have to take it up as a challenge.'
The bias for the BSE benchmark index, technical charts suggest, is likely to remain bullish as long as the index holds above 75,600 levels for the rest of the year.
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
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