Which entrepreneur would willingly part with her or his hard-earned money for grasping, self-serving politicians? asks Debashis Basu.
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed eight spots to the 45th rank, the highest for an Indian company on Forbes' latest Global 2000 list of public companies worldwide.
A day after the Reserve Bank of India's (RBI's) Monetary Policy Committee hiked the policy repo rate by 50 basis points (bps), several commercial banks, including ICICI Bank and Bank of Baroda, raised their external benchmark-linked loan rates by an equal amount on Thursday. HDFC, the country's largest mortgage lender, too, increased its interest rates on housing loans by another 50 bps. In total, it has raised rates by 85 bps since May 4, when the RBI had increased the repo rate by 40 bps in an off-cycle meeting.
Equity benchmark indices Sensex and Nifty buckled under selling pressure after a nine-session rally on Monday, as massive sell-off in IT, tech and telecom counters unnerved investors.
Inflow in equity mutual funds halved to Rs 3,240 crore in May, declining for the second consecutive month, primarily due to profit booking by investors amid rising market. However, this was also the 27th consecutive month of inflow in the equity class, which was primarily driven by fund infusion in small-cap and mid-cap categories, data released by the Association of Mutual Funds in India (Amfi) showed on Friday. Overall, the 42-player mutual fund industry continues to see inflow and attracted Rs 57,420 crore, on contributions from debt-oriented schemes.
M&M was the top gainer in the Sensex pack, rising around 5 per cent, followed by Kotak Bank, Bajaj Finance, Nestle India, SBI, ICICI Bank, HDFC Bank and ONGC. On the other hand, NTPC, IndusInd Bank, Bharti Airtel and Maruti were among the laggards.
Benchmark equity indices Sensex and Nifty ticked higher for the ninth straight session on Thursday, buoyed by fag-end buying in banking, financial and realty stocks amid encouraging domestic retail inflation data. Weak trends in IT counters and fall in the overnight US equity markets triggered by fresh concerns over recession, however, put a check on market's uptrend. In a largely subdued session, the 30-share BSE Sensex went up marginally by 38.23 points or 0.06 per cent to settle at 60,431.
The collective headcount of the five banks stood at 1,99,555 as on March 31, 2013.
Top losers in the Sensex pack on Friday included Bajaj Finance, ONGC, IndusInd Bank, PowerGrid, L&T, Axis Bank, NTPC, Bharti Airtel, HDFC, HDFC Bank and Kotak Mahindra Bank, falling up to 2.08 per cent.
Others shortlisted by the Department of Disinvestment for the NTPC offer were Deutsche Bank, SBI Capital Markets and Kotak Mahindra Capital.
RBI has permitted Axis Bank, Kotak Mahindra Bank, IndusInd Bank and Yes Bank to import gold.
Benchmark equity indices Sensex and Nifty gave up early gains to close down by over 0.8 per cent due to fag-end selling in Axis Bank, Reliance Industries and Infosys. The 30-share BSE benchmark plummeted 460.19 points or 0.80 per cent to end at 57,060.87 despite a firm opening. During the day, it hit a high of 57,975.48 and a low of 56,902.30. The NSE Nifty tanked 142.50 points or 0.83 per cent to 17,102.55.
Though manufacturers advertise it as a 'zero processing fee' offer, credit card companies may still levy charges making the phone expensive by over eight per cent.
Ujjivan Small Finance Bank's initial public offering attracted heavy investor demand on the final day of bidding on Wednesday as the issue was subscribed a whopping 126.36 times.
Among the Sensex firms, ITC, SBI, Titan, Power Grid, Larsen & Toubro, Tata Motors, Hindustan Unilever and UltraTech Cement were the major laggards.
Consider taxation and currency risks before choosing between NRI, NRO and FCNR accounts.
Ashishkumar Chauhan says that the exchange is seeking a valuation of about $1 billion.
From the Sensex pack, NTPC, Tata Motors, Titan, Larsen & Toubro, Reliance Industries, IndusInd Bank, Infosys, HDFC Bank and Power Grid were among the major gainers. Wipro and Tech Mahindra were the laggards.
Among individual fund houses, SBI MF was the biggest gainer in absolute terms; its AAUM rose Rs 66,090 crore, compared to its asset base in the corresponding period of FY18, reports Jash Kriplani.
CAD, which is the difference between outflow and inflow of foreign currency, touched a historic high of 6.7 per cent in the third quarter.
FMC approves commodity bourse's contract-launch calendar for two years.
India's first digital rupee pilot project will commence on Tuesday with nine banks, including SBI, HDFC Bank and ICICI Bank, issuing the virtual currency for transactions in government securities. "...the first pilot in the digital rupee - Wholesale segment shall commence on November 1, 2022," the RBI said in a statement on 'Operationalisation of Central Bank Digital Currency-Wholesale (e?-W) Pilot'. It also announced that the first pilot in digital rupee - Retail segment is planned for launch within a month in select locations in closed user groups comprising customers and merchants.
Benchmark equity indices Sensex and Nifty reversed their early gains to close lower on Wednesday due to selling in oil & gas, banking and IT stocks amid weak trends in European markets. The 30-share BSE Sensex declined by 372.46 points or 0.69 per cent to close at 53,514.15, extending its falling streak to a third day. The index opened higher and touched the day's high of 54,211.22 amid gains in Asian markets.
Banks offering a higher rate on savings bank deposits have seen robust growth in the past year but the momentum might get slower as interest rates turn more benign.
The Yes Bank Reconstruction Scheme 2020, shall come into force on March 13, the gazette notification said.
Observers say more banks, especially public sector entities, which have a 70 per cent market share, will also join the battle to get more cheap deposits.
Following the sharp run in markets, valuations across the board have become elevated. The National Stock Exchange Nifty50 Index now trades at a 12-month trailing price-to-earnings (P/E) multiple of 24.3 times, 18 per cent higher than this year's low of 20.5 times. The valuation expansion in the broader markets has been sharper.
ATMs are on their way to becoming a one-stop shop for most banking services. Here's what your ATM can do for you.
The department of financial services has decided to give banks commission, to ensure these accounts are kept active.
MMID is a seven-digit number issued by your bank for transactions through mobile banking.
Benchmark indices failed to hold on to early gains and closed in the red for the seventh straight session on Thursday, with participants remaining in wait-and-watch mode ahead of the RBI's interest rate decision. Unabated selling by foreign funds added to the pressure, though a modest recovery in the rupee cushioned the fall, traders said. After rallying in early trade, the 30-share BSE Sensex came under selling pressure in the afternoon session and closed 188.32 points or 0.33 per cent lower at 56,409.96.
Panic gripped Kolkatans on the first day of the year after a fire broke out on the seventh floor of a multi-storied building in the posh Park Street area here but no one was injured.
If you are a motorsport enthusiast, be sure to be there at the Somaiya grounds in Sion East, Mumbai, on Sunday, February 20. Some of the best two and four-wheeler drivers will be in action in an Autocross event, billed as RotoCross, organized by the Rotary Club of Deonar, Mumbai, along with Sportscraft, under the aegis of FMSCI.
People are availing far more of certain kinds of unsecured loans than was the case before the pandemic. Bank lending for buying consumer durables and funding of credit cards and other personal loans have risen by Rs 6.9 trillion between August 2019 and August 2023, shows a Business Standard analysis of data from the Reserve Bank of India (RBI). These loans are typically unsecured, which means they are provided without collateral.
The Mumbai-based Shah family of the diversified Anchor Group has decided to put its FMCG portfolio of oral care and personal care products on the block, according to two independent sources.
