Life insurance companies reported a 17 per cent year-on-year (YoY) drop in new business premium (NBP) in February as state-owned Life Insurance Corporation of India's premiums contracted 32 per cent during this period on account of a drop in its group single premium segment. According to data released by the Life Insurance Council, the industry earned an NBP of Rs 22,847.65 crore in February - a drop of 17 per cent from the same period a year ago.
While HDFC Bank has vowed to recoup its lost market share in the credit card segment in three to four quarters by aggressively sourcing new cards, brokerages believe it is a little hard to come by, given how competitive the landscape has become, with other players in the market becoming equally aggressive to gain market share. Kotak Institutional Equities in its report on Monday said, "We would like to believe that the recovery in market share is likely to be gradual, if any. "All the key players, including Axis Bank, are now willing to expand their credit card portfolios as they have tested quite well against Covid-19."
Foreign brokerages said if SBI decide to buy stake in the bank, they should buy it at Rs 1 per share as the net worth is hugely impaired.
Bushfires across Australia's most populated state of New South Wales have killed six people and ravaged more than 250,000 acres of land. States of emergency have been declared in Queensland and New South Wales as arid weather and strong winds continue to create catastrophic fire conditions, which according to New South Wales state emergency services minister David Elliott "could be the most dangerous bushfire week this nation has ever seen." These pictures capture the dramatic scenes.
Sebi also plans to examine if any comments made by company officials or the bankers could have misled investors.
Spending through the credit card in March 2022 jumped 48 per cent year-on-year to top Rs 1 trillion -- five months after it had hit the same figure for the first time in October 2021, buoyed by festive season expenditure. The jump has been driven by the pickup in consumption as the pandemic recedes. Expenditure in March, at Rs 1.07 trillion, was up 24.5 per cent over February, the data put out by the Reserve Bank of India (RBI) showed.
Analysts believe that investors should look at stocks that hit 52-week lows only if they have a dividend paying track record, are debt-free and have sound fundamentals.
Paytm founder and chief executive officer (CEO) Vijay Shekhar Sharma will receive his stock grants only after the company's market capitalisation (m-cap) stabilises at its initial public offering (IPO) level, the financial technology (fintech) major said on Wednesday. Paytm's stock price has been in free fall since its IPO at Rs 2,150 apiece, with m-cap at around Rs 1.4 trillion - plunging 76 per cent to a lifetime low of Rs 520 on March 23, when m-cap dropped below Rs 34,000 crore. Since then, the company's share price on the BSE has recovered some value and closed at Rs 637 on Wednesday.
The outstanding credit card base dropped to 77.99 million in August from over 80 million in July, mainly on account of the new norms of the Reserve Bank of India (RBI) that warrant the deactivation of cards that are inactive for a year. While there was a 2.8 per cent decline in net card additions on a month-on-month (MoM) basis in August, a first in many months, credit card spends slipped 3 per cent on a high base. Still, spends topped the Rs 1-trillion mark for the sixth consecutive month.
At a time when banks are engaged in a fierce battle to gain market share in the credit card segment, Citibank India has been losing its share, both in terms of outstanding cards and spends in the last few years. Still, average spends on Citi cards are higher than any other Indian bank. Last year, the global banking behemoth announced exit from its consumer banking franchises in 13 markets across Europe, Middle East and Asia, including India, citing lack of scale.
As fires continue to rip through Australia, some devastating numbers are emerging: At least 24 people killed. More than 15.6 million acres torched. Over 1,400 homes destroyed. And, according to one biodiversity expert's count, an estimated 480 million animals killed.
According to the global financial services firm, FY16 would be a notable year for India with gradual improvement in economic growth and declining inflationary pressures amid falling global commodity prices and policy initiatives.
Quarantine, lockdown, pandemic, covidiot... Sabyasachi Dutta unravels how different nations arrived at their Word Of The Year 2020.
Apart from navigating the bank through the Covid crisis, Jagdishan may also have to deal with the latest development on the auto loan lending practice scam. He will be expected to deliver consistent profit growth of 20 per cent-plus quarter after quarter, irrespective of the operating environment.
Gadkari said the NHAI was working on setting up an InvIT to monetise its projects for mobilising resources through capital markets.
Experts tell Ujjval Jauhari that investors need to be careful in picking stocks given high valuations and with markets possibly ignoring potential risks
Banks such as IndusInd Bank, Federal Bank, DCB Bank and Axis Bank which have renewed their focus on secured loans may be, hence, walking on a tightrope.
The intensifying tariff war among telecommunication players in India is likely to result in consolidation of smaller, regional and startup operators in the telecom space, global research firm Macquarie says.
This is a key reason for the finance ministry's objection to fixing the tenure at 100 years, as it is pushing PSBs to be self-dependent and raise funds from the market, reports Hamsini Karthik.
Axis Bank's acquisition of Citibank's consumer finance business for Rs 12,325 crore - the second biggest deal in the Indian banking sector - is seen as a good deal at a good price. The acquisition enables Axis Bank to close the gap with competition in some key segments such as credit cards. At the same time, there are some key issues that are crucial for the deal's success, apart from the fact that it will take some time for Axis to reap the full harvest of its investment.
Notwithstanding the presence of global steel giants like ArcelorMittal and Posco in the country, domestic steel firms are still "better placed" to grow in the lucrative Indian steel market, global research firm Macquarie says.
Earlier Rajeev Malik an analyst with Macquarie Group had downgraded India's economic growth forecast to 6.5 per cent for the fiscal ended March 2010, from 7 per cent on account of weak monsoon.
Signaling a downtrend ahead, global research firm Macquarie has said profit-booking is likely to emerge at current levels after the Indian equity markets emerged as the second best-performing market in Asia in the last three months.
Chappell said the batting mainstay should not be as involved in field placements
Infrastructure with private capital is clearly the global growth driver. China and India occupy centre stage.
This is in addition to the $3 billion (around Rs 15,000 crore) infrastructure fund being set up in association with the Macquarie group and International Finance Corporation. Though SBI would be a late entrant to the private equity space, Bhatt was confident that it would not be a deterrent.
"He (Harris) is the in-form player of the competition and has an outstanding record over the last two years. I would have liked to have got (Matt) Renshaw in there, but he hasn't scored enough runs," Lehmann told Macquarie Sports Radio.
With slippages increasing every quarter, any derailment on growth or change in customers' repayment behaviour after moratorium may impact the overall asset quality. Correction, though, presents attractive buying opportunities, given the bank's sustained leadership position.
Finance Minister Nirmala Sitharaman on Tuesday said monetisation of Central Public Sector Enterprises (CPSE) assets is based on the principle of value creation for the government and investors and would bring about a paradigm shift in infrastructure augmentation and maintenance. Chairing the National Workshop with the states/UTs on Asset Monetisation organised by Niti Aayog, the minister sought the collaboration of states for the holistic development of infrastructure. She said India can become a $5 trillion economy, while striking the right balance between fiscal imperatives and socio-economic welfare, through active collaboration between the public and private sector.
The Reserve Bank of India's (RBI's) move to ban Mastercard from issuing new cards for not complying with the local data storage guidelines may hit five private banks, a non-bank lender, and a major card-issuing company. The impact is expected to be felt for a few months as these players transition to other card networks. According to Nomura Research, RBL Bank, YES Bank, and Bajaj Finserv are the ones most impacted by the ban as all their credit card schemes are allied to Mastercard. Among others, IndusInd Bank, Axis Bank and ICICI Bank have 35-40 per cent of their credit card schemes tied to Mastercard, the report said.
Govt to chalk out entry of sovereign funds from Abu Dhabi, Qatar into such projects.
Smith and Warner have returned from year-long bans following a ball-tampering scandal in South Africa which also prompted Lehmann to step down as coach of the side in March last year.
The new Guv needs to focus on structural inflation problems.
As investors struggle to find quality stocks following the sharp rise in the benchmark indices, four brokerages give their picks.
Axis Bank, HCL Technologies, Maruti Suzuki, NBCC and Union Bank are their top five stock picks.
Earth's hardest naturally occurring material can evaporate when exposed to intense ultraviolet rays, a new study reveals.
Take note of aggressive ones, but don't base your investment decisions solely on these. Read on to know why...
Would-be investors such as KKR, the Blackstone Group and Macquarie Group are looking at buying into completed projects.
Indian equities to invest in the more profitable north-east Asian markets till mid-2011, Australian investment bank Macquarie said.
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