From the Sensex pack, Bharti Airtel, HDFC Bank, Titan, ITC, UltraTech Cement, Sun Pharma, Bajaj Finserv, Bajaj Finance, Hindustan Unilever and Kotak Mahindra Bank were among the major gainers. Tata Steel, Axis Bank, IndusInd Bank, NTPC and ICICI Bank were the major laggards.
HDFC MF has had a history of stock options and gave additional ESOPs to key staff a few months ago
Cracking down on repeated non-compliance of IT norms, the RBI on Wednesday barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards with immediate effect after the regulator found "serious deficiencies" in the lender's IT risk management. These actions, the RBI said, are necessitated based on significant concerns arising out of Reserve Bank's IT examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner.
From the Sensex basket, Tata Motors, State Bank of India, Tata Steel, Power Grid, NTPC, Bajaj Finserv, Bajaj Finance and Asian Paints were the major laggards.
The life insurance industry reported a 25.28 per cent decline in new business premium income in November 2023 to Rs 26,494.83 crore from Rs 34,588.8 crore recorded a year ago. The fall in group premium and change in taxation norms for policies with a higher ticket size dragged the premiums of the state-run Life Insurance Corporation of India (LIC) and private insurers, respectively. According to the data released by the Life Insurance Council, the premium of private insurers slipped 9.33 per cent Y-o-Y to Rs 10,360.29 crore from Rs 11,426.73 crore as a result of a change in product mix due to the measures taken to counter the impact of tax imposed on the premiums of Rs 5 lakh.
Benchmark equity indices climbed nearly 1 per cent on Wednesday on buying in HDFC Bank and Reliance Industries. Investors are eyeing the two important events lined up ahead -- the interim budget and the US Fed interest rate decision -- to derive further cues from. Recovering all the early lost ground, the 30-share BSE Sensex jumped 612.21 points or 0.86 per cent to settle at 71,752.11.
State-backed Life Insurance Corporation of India (LIC) recorded strong growth in the value of new business (VNB) margin in the third quarter of financial year 2023-24 (Q3FY24) while major listed private life insurers reported a weak performance. VNB refers to the profit that an insurer is likely to garner from new business, which comes from policies sold in a particular period. VNB margin is the profit margin of the insurer.
Among Sensex gainers, Power Grid jumped the most by 4.16 per cent after its board approved an investment of Rs 656 crore in transmission projects. Private lenders HDFC Bank, Axis Bank, Kotak Bank, IndusInd Bank and ICICI Bank were also among lead gainers. NTPC, Nestle and Hindustan Unilever also ended the session with gains.
The National Payments Corporation of India on Thursday granted approval to Paytm-owner One97 Communications Ltd to participate in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model. Axis Bank, HDFC Bank, State Bank of India, and YES Bank will act as Payment System Provider (PSP) banks to Paytm.
Asset Management Companies (AMCs) demonstrated improved business metrics in the first quarter ended June 2023 (Q1FY24), but a sharp run-up in stocks leaves little room for further upside in the immediate term, say analysts. During this quarter, HDFC AMC reported a 10 per cent year-on-year (YoY) rise in revenue from operations at Rs 575 crore. Nippon India's revenue from operations went up 12 per cent to Rs 354 crore.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
'The deal pipeline across products is robust for 2024.'
The number of dematerialised (demat) accounts - required to hold shares and other securities in electronics format - crossed the 150-million mark for the first time in March. In March, 3.12 million new demat accounts were added despite a spike in market volatility, taking the total count to 151.4 million. The milestone has come 19 months after the total number of demat accounts hit the 100-million mark, a sign that more domestic households are taking to direct equity investing.
High-value insurance policies experienced muted growth in the first six months of the current financial year after the Centre decided to tax such products in this year's Budget. Simultaneously, there has been a marked improvement in the growth of policies with premiums of 'less than Rs 5 lakh', mainly originating from smaller cities. During this year's Budget, Finance Minister Nirmala Sitharaman proposed that insurance policies (excluding unit linked insurance plans or ULIPs) with an aggregate premium exceeding Rs 5 lakh, and the maturity amount, would not be exempt from tax.
The police said that the threat email was sent from the accused, Mohammed Arshil's ID.
He urged employees to work as a team, follow the vision the lender has set out for itself and beat competition.
rediffGURU Sunil Lala answers your personal finance-related queries.
Bankers said the outlook of M&As in India in 2024, especially in the second half after the Lok Sabha election, seems relatively better.
rediffGURU Ulhas Joshi answers your mutual fund queries.
The top three mutual funds (MFs) paid out 10-18 per cent higher commissions to distributors during the financial year 2022-23 (FY23) compared to FY22 as a sustained rise in flows from the systematic investment plan (SIP) route boosted distributors' share in the assets under management (AUM), according to an analysis of the disclosures by the top three fund houses. State Bank of India (SBI) MF saw its commission payout go up 18 per cent year-on-year (YoY) to Rs 1,675 crore. The payouts rose 10 per cent and 15 per cent for ICICI Prudential MF and HDFC MF, respectively.
Among the Sensex firms, Larsen & Toubro, Tata Consultancy Services, Infosys, HCL Technologies, Hindustan Unilever, Axis Bank, ICICI Bank and Wipro were the major gainers. Nestle India, Asian Paints, JSW Steel, Kotak Mahindra Bank and HDFC Bank were among the losers.
The uncertain macroeconomic environment may have prompted HDFC Bank to go slow on expanding its credit card portfolio.
Among the Sensex firms, UltraTech Cement, Reliance Industries, ICICI Bank, HDFC Bank, Bharti Airtel, IndusInd Bank, State Bank of India, Tata Consultancy Services, Larsen & Toubro, Kotak Mahindra Bank and State Bank of India were the major gainers. In contrast, Tata Motors, Maruti, Axis Bank, Mahindra & Mahindra, ITC, NTPC, Tata Steel and Bajaj Finserv were the major laggards.
Christopher Wood, global head of equity strategy at Jefferies has rejigged his equity portfolios. In his Asia ex-Japan long-only portfolio, he has added Axis Bank (5 per cent weightage) and increased holding in Larsen & Toubro (L&T) by one percentage point. This, Wood said, will be paid for by removing the investment in ICICI Lombard General Insurance and reducing the investments in HDFC Bank and Reliance Industries (RIL) by one percentage point each.
rediffGURU Dev Ashish answers your personal finance and mutual fund queries.
The value of FPIs (Foreign Portfolio Investors) holding in Indian equities reached $738 billion in the three months ended December 2023, marking a surge of 13 per cent from the preceding quarter, driven by the strong performance of the domestic stock market, according to a report by Morningstar. The value of FPIs investment was at $651 billion in the September quarter of the current fiscal. On a year-on-year basis, the value of such investments rose 26 per cent from $584 billion in December 2022.
The brokerage earnings estimate for the January-March 2024 quarter (Q4FY24) for Nifty 50 companies hints at a slowdown in corporate profit growth while revenue increase is likely to be in low single digits as in the previous two quarters. According to various brokerage estimates, the companies' combined net profits are expected to grow 3.1 per cent year-on-year (Y-o-Y) in Q4FY24, the slowest in the last five quarters. For comparison, the index companies' combined net profits were up 8.2 per cent Y-o-Y in Q3FY24 and 3.4 per cent Y-o-Y in Q4FY23.
Valued at $71.2 billion, the bank's market capitalisation is more than that of global banks like Barclays, JP Morgan Chase and Credit Suisse.
Despite the uncertainties created by rising bond yields and oil prices, fund managers have been proactively deploying fresh flows into the equity market. The cash available with equity fund managers, which has remained lower at around 5 per cent in the past few months, hit a 16-month low of 4.8 per cent in September, shows a Motilal Oswal Financial Services report. Cash holdings in equity schemes had topped 6 per cent in February amid subdued equity market sentiment.
In the Sensex pack, HCLTech rose the maximum by 3.12 per cent, followed by ITC which gained 2.73 per cent and M&M went up 2.61 per cent. TCS climbed 2.44 per cent. Tech Mahindra, Wipro, L&T and Maruti were among the other major gainers.
"The penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act 1949, taking into account the failure of the bank to adhere to the aforesaid direction issued by RBI," said the central bank in a statement. This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI added.
Given its focus on the real estate sector, financial planners feel this scheme is not meant for first-time investors and any investor should only have 5 to 10 per cent exposure to this fund.
Re-rating of Axis Bank's stock may continue in the near-future, believe analysts, as the risk-reward on the stock remains favourable amid healthy financials. The bullish stance comes after the Mumbai-based lender delivered a strong outperformance in the March quarter of fiscal year 2023-24 (Q4FY24) on core pre-provision profit and net profit, with improving asset quality. Axis Bank's net interest margin (NIM) expanded, against expectations, even in a tough market.
Wipro was the biggest loser among Sensex firms, sliding 2.32 per cent, followed by HDFC Bank, Power Grid, UltraTech Cement, ITC, ICICI Bank and Tata Motors. IndusInd Bank, Maruti, State Bank of India, Mahindra & Mahindra, Asian Paints and Bajaj Finserv were among the 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.'
Reliance Industries was the biggest gainer in the Sensex pack, rising 2.69 per cent, followed by HCL Tech, ICICI Bank, Tata Motors, Wipro, IndusInd Bank, JSW Steel, Wipro, Tata Consultancy Services and Titan. In contrast, NTPC, Power Grid, UltraTech Cement, Axis Bank, Infosys and Nestle were the major laggards.
Citigroup is expanding its relationship with Housing Development Finance Corporation beyond the stake it owns in the country's mortgage lender.
Among the Sensex firms, Larsen & Toubro, Bharti Airtel, HCL Tech, Tata Motors, Sun Pharma and Tata Steel were the major gainers. On the other hand, Nestle, Asian Paints, Bajaj Finserv, HDFC Bank and Axis Bank were among the laggards.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
India now has three companies in the global top 100 list in terms of market value: Reliance Industries (RIL) ranks 72, Tata Consultancy Services (TCS) is at 86 and HDFC Bank at 99.
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