India's import of cheap Russian oil scaled another record in May and is now more than the combined oil bought from Saudi Arabia, Iraq, UAE and the US, industry data showed. India took 1.96 million barrels a day from Russia in May, 15 per cent more than the previous high in April, according to data from energy cargo tracker Vortexa. Russia now makes up for nearly 42 per cent of all crude oil India imported in May.
After last Monday's massive fall in the Indian markets, a lot of quality stocks have fallen significantly.
'It's a clear case of political patronage helping an individual grow.'
Morgan Stanley expects the central bank to cut rates this week, 125 bps in cuts through 2015.
Retail investors have matured and have moved away from investing in only in-vogue products, says the managing director and chief executive officer of ICICI Prudential AMC.
Avoid discontinuing your SIPs. Persist for at least 7-10 years.
Despite strong AUM growth, MFs lag behind other popular investment avenues. MFs received only 6 per cent of total household savings in 2021-2022.
'Every time a new tech comes in, there are a set of people who will predict that this will be the end of Indian IT and every time the Indian IT industry and overall technology providers have proven to be resilient.'
Prime Minister Narendra Modi on Thursday slammed the opposition alliance INDIA as a collection of arrogant dynasties who will take India back by two centuries as he exuded confidence that people will bless the "garib ka beta" with a record-breaking mandate in the 2024 Lok Sabha polls.
The S&P BSE Sensex shed 286 points to close at 24,539 and the Nifty50 lost 100 points to end at 7,456.
Jobs in HR, administration and recruitment have seen a substantial rise as per Monster data with a 42% growth in job posting activity.
Brand SBI is very strong, while people may be generally cautious about some other brands. We can not only tap the potential better but can also provide a safe and transparent insurance alternative to the public, says US Roy.
National reinsurer General Insurance Corporation plans to spread its wings to Dubai, Malaysia and China to increase its presence in Afro-Asia and grow its business, now at over Rs 4,000 crore (Rs 40 billion), its chairman P C Ghosh said in New Delhi
Ambani is in good company. The likes of ultra-rich individuals like hedge fund billionaire Ray Dalio and co-founder of Google Sergey Brin have chosen Singapore to establish their family offices. So have British inventor James Dyson, famous for his bladeless fans and hair dryers and vacuum cleaners, and Zhang Yong, founder of China's Haidilao hotpot restaurant chain, reports Lee Kah Whye.
More and more PE players are willing to test the waters now, just in case they become early entrants in a future booming business.
But there are challenges, observes Tamal Bandyopadhyay.
The government is not in a "crazy rush" to sell everything and it will continue to have a presence in four strategic sectors, including telecom, Finance Minister Nirmala Sitharaman said on Saturday. In strategic sectors, a bare minimum presence of the existing public sector commercial enterprises at the holding company level will be retained under government control. The remaining enterprises in a strategic sector will be considered for privatisation or merger with another PSE or for closure.
HDFC Bank, the country's largest private-sector lender, lost to competition wholesale loans of around Rs 50,000 crore after it increased interest rates in May, said Chief Financial Officer Srinivasan Vaidyanathan in an analyst call. "There were some customers who were offered lower rates by other market participants. "But we decided not to cut back on our rates," he said while addressing analysts after the announcement of the bank's Q1 earnings.
'It's a big technology company and may offer good remuneration, but stability in my career is equally important to me.'
Taking advantage of a Russian offer to sell its crude oil cheap and bear the cost of insurance and transportation, India may import as much as 2 million tonnes (mt), or roughly 15 million barrels of crude, from the sanctioned nation in 2022, Business Standard has learnt. This comes after reports that Indian Oil Corporation (IOC) bought 3 million barrels of Russian Urals from trader Vitol for May delivery. This will be on cost, insurance and freight (CIF) model, where the seller incurs the costs and pays the freight, including insurance charges.
What's different this time is that global financial stress -- which has its genesis in four policy choices made in recent years -- is juxtaposed with a more resilient real economy, observes Sajjid Z Chinoy, chief India economist at J P Morgan.
10 stocks which are most popular with brokerages right now and are expected to deliver maximum upside over the next 12 months.
'The Indian economy and the Indian financial sector today remain resilient and much better placed.'
'The consolidation of the world's fifth-largest economy in the hands of 15-20 corporate giants is a once-in-generation event, which we are focusing on.'
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
The Securities and Exchange Board of India (Sebi) has just released a proposal to alter the regulations pertaining to the sponsor system for mutual funds. One of the reasons for the proposed changes is that there are two conflicting regulations that need to be clarified. The other reason is that the sponsor system may itself be outdated as it stands, and the proposed changes would allow new entities such as private equity funds and portfolio management services to enter this space.
For large start-ups the US market is considered to be a preferred destination, as Indian investors were seen as hesitant to pay the kind of valuation private equity investors or the US markets pay. However, Zomato's listing has quashed these notions.
The Reserve Bank of India on Friday raised the benchmark lending rate by 50 basis points to 5.40 per cent to tame inflation.
Udaan - India's largest business-to-business (B2B) e-commerce company - has laid off about 180 employees, or 4-5 per cent of its workforce of 4,000, in a move to drive cost efficiency, revealed sources. They said the layoffs have happened across various department functions. The layoffs have happened at a time when the Bengaluru-based firm is trying to turn into a publicly listed entity in 18-24 months.
Banking and IT lead; see September hiring rise 52%, 34% y-o-y, respectively.
'Hope they don't tinker around with capital gains tax in any way.'
'Everyone says never waste a crisis.' 'When we went into Covid and we were in total lockdown, we were at work.' 'The planes were not flying and we wondered what to do.' 'We looked at each of our performance metrics -- what are customers complaining about, how do employees feel, how do investors feel?'
Investing in a Unit Linked Insurance Plan increases your life cover and also helps you save tax, says Vivek Jain.
IT major Tata Consultancy Services (TCS) has made changes to its leadership roles in North America. As part of the changes Suresh Muthuswami has been elevated to the role of chairman, North America, said sources in the know. This is one of the most significant leadership changes the company has announced for the region. The reason for the changes in the North American region, the largest in terms of revenue for TCS, is because Surya Kant who has been at the helm of North America for the past 16 years is stepping down by the end of the fiscal year, as he retires.
India and the US inked a tax information sharing agreement under FATCA which will enable automatic exchange of financial information.
A lot of work is needed to be done on the part of the insurance sector behemoth, and the government, before it is ready for its market debut.
The rally in Indian market is mainly due to resumption of foreign institutional investor inflows.
Corporate earnings grew in double digits during the April-June 2022 (Q1FY23) quarter but the momentum waned. Overall corporate earnings in the quarter were down sharply from their highs in FY22. The combined net profit of 2,981 listed companies across sectors in the Business Standard sample was up 22.4 per cent YoY to Rs 2.24 trillion in the June quarter, driven by a big jump in the earnings of banks, non-banking lenders, oil & producers, and FMCG companies. Also, earnings in the corresponding quarter a year ago were affected because of the second wave of the Covid pandemic, even though the numbers were a lot better than Q1FY21 when there was a nationwide lockdown.
The information technology services sector will see a sharp fall in revenue growth to 12-13 per cent in FY23 from 19 per cent in FY22, ratings agency Crisil said on Thursday. However, the current depreciation in the rupee, strong demand for new age technologies like artificial intelligence, cloud computing and Internet of Things will help the over $220-billion sector maintain a double digit growth, it said in a report. The moderation from 19 per cent to 12-13 per cent will be the highest in the last eight years, it said and attributed the decline to expected tightening of IT expenditure by corporates amid the inflationary headwinds in the United States and European Union (EU), which together contribute almost 85 per cent to the sector's revenue.
India's job market looks bullish with 44 per cent of companies planning to add more staff in the next three months as corporates gear up to bring workers back after the pandemic, a survey said on Tuesday. According to the latest ManpowerGroup Employment Outlook Survey released by ManpowerGroup India, employers report a Net Employment Outlook of 44 per cent - the most optimistic outlook in seven years. The Net Employment Outlook is derived by subtracting the percentage of employers expecting a decrease in hiring activity from the percentage of employers anticipating an increase in hiring activity.
