The government on Tuesday appointed C S Setty as chairman of the country's biggest lender State Bank of India (SBI) for a period of three years. Setty, currently senior most MD of the bank, will replace incumbent chairman Dinesh Kumar Khara on August 28.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Reliance Money has launched its UAE arm and plans to tap 1 lakh customers there.
Foreign investors pulled out a massive Rs 94,000 crore (around $11.2 billion) from the Indian stock market in October, making it the worst-ever month in terms of outflows, triggered by the elevated valuation of domestic equities and attractive valuations of Chinese stocks. Before this, foreign portfolio investors (FPIs) withdrew Rs 61,973 crore from equities in March 2020. The latest outflow came after a nine-month high investment of Rs 57,724 crore in September 2024.
The Street shrugged off a muted first quarter of financial year 2023-24 (Q1FY24) and a cautious near-term outlook by India's largest information technology (IT) services company, Tata Consultancy Services (TCS). The stock was the top Nifty50 and Sensex gainer on Thursday, rising 2.5 per cent, as investors took comfort from a robust order book and an encouraging pipeline. Like its larger peer, HCL Technologies' (HCL Tech), too fell short of the Street's expectations on the revenue and margin fronts given cuts in discretionary expenditure.
After lagging behind benchmarks and broader indices over the past five years, real estate investment trusts (Reits) have outperformed them since the start of 2024. The four listed Reits have posted an average return of 16 per cent year-to-date, compared to 9.9 per cent for the S&P BSE Sensex and 11 per cent for the National Stock Exchange Nifty.
Private consumption is back driven by festive spending, and the medium-term economic outlook remains bullish as the innate strength of the macro-fundamentals reasserts itself, the Reserve Bank Bulletin said on Wednesday. Global economic activity remained resilient during Q4:2024 amidst fragile confidence and rising protectionism, said an article on 'State of the Economy' published in the November Bulletin.
If a 5% to 10% fall in the equity market gives you sleepless nights, you are not cut out for a 75% to 80% allocation to equities and must reduce it.
The scheme will invest in gold exchange-traded funds of all Sebi-approved mutual funds, along with capital protection.
The stocks are largely from sectors such as chemicals, finance and cement, which struggled earlier but the worse seems to be behind them.
Fundraising momentum is expected to accelerate further in the New Year, potentially surpassing 2024's record figures
Foreign investors turned net sellers in October, offloading shares worth Rs 27,142 crore in just the first three days of October due to intensifying conflict between Israel and Iran, a sharp rise in crude oil prices, and improved performance of Chinese markets. The outflow came after FPI investment reached a nine-month high of Rs 57,724 crore in September. Since June, Foreign Portfolio Investors (FPIs) have consistently bought equities after withdrawing Rs 34,252 crore in April-May.
If you want to do some last-minute tax saving trick then here's some advice from Lokesh Nathany, national head (Wealth management & portfolio management services) at Almondz Global Securities.
Private banks' net profit grew 26.3 per cent year-on-year (Y-o-Y) to Rs 48,982 crore in the first quarter ended June 2024 (Q1FY25) owing to healthy growth in credit and other income. The gross non-performing assets (GNPAs) increased with the end of dispensation granted during the pandemic, according to the data compiled by BS Research Bureau for listed 18 private banks.
India recorded a current account surplus of $5.7 billion or 0.6 per cent of GDP in the March quarter, the Reserve Bank of India said on Monday. This is the first time in ten quarters that the crucial metric of the country's external strength has turned into surplus mode. In the year-ago period, the current account deficit stood at $1.3 billion or 0.2 per cent of GDP, and the same was $8.7 billion or 1 per cent of GDP in the preceding quarter ending December 2023.
After a robust 2023, foreign investors significantly scaled back their investments in Indian equities in 2024, with net inflows amounting to over Rs 5,000 crore, as elevated domestic valuations, coupled with geopolitical uncertainties prompted investors to adopt a more cautious stance. Looking ahead to 2025, FPI flows into Indian equities could see a recovery, supported by a cyclical upswing in corporate earnings, particularly in domestic-oriented sectors like capital goods, manufacturing, and infrastructure, Vinit Bolinjkar, head of research, Ventura Securities, said.
As a prudent investor who wants to create a portfolio that will help you achieve your investment objective in a time-bound manner, Suren Kochhar explains what you should know.
Goldman Sachs expects gold to reach $3,150 per ounce in the international market by December 2025, up around 19.1 per cent from its current level of $2,645, according to a recent report in Business Standard. Domestically, gold is trading at Rs 76,018 per 10 grams after delivering a remarkable 21.9 per cent return in the past year.
Under this service, SBI will give services in person or through remote mode.
Gallant, who was a longtime rival from within the Likud Party, will be replaced by Israel's Foreign Minister Israel Katz. Minister without Portfolio Gideon Sa'ar will replace Katz, as per Times of Israel.
'Investors looking at the next 6-12 months can be certain that the Fed will maintain its easing cycle, and we expect the overall environment to be conducive for fixed income investments for portfolio diversification.'
'Higher interest rates make gold less attractive as it doesn't generate yield.' 'However, with rates set to fall, the tables are turning for gold.'
Delhi is set to get its third woman chief minister, after Congress' Sheila Dikshit and Bharatiya Janata Party's Sushma Swaraj, as Aam Aadmi Party leader Atishi has been chosen to succeed Arvind Kejriwal.
The country's largest private sector lender HDFC Bank on Saturday said it will grow its loan book slower than the industry in the current financial year (FY25). The move comes as the lender looks to bring down its elevated credit - deposit (CD) ratio to pre-merger levels. "We will bring down the CD ratio faster than what we had anticipated.
Patience can be rewarding. 'Post-listing, sanity often returns to valuations of newly-listed businesses within six to nine months. Buy then.'
'Investors should not go for lump-sum investments in infrastructure funds at this point.' 'The SIP route is the best to avoid any major disappointment.'
'Like every Budget, this time, too, there is chatter around tinkering with the long-term capital gains tax.' 'Investors may not want to jump into the markets until there is clarity on this front.'
Foreign investors have adopted a cautious stance and infused Rs 7,320 crore in the Indian equities in August owing to high valuation of stocks and the unwinding of the Yen carry trade after Bank of Japan raised interest rates. This investment was way lower than Rs 32,365 crore in July and Rs 26,565 crore in June, according to data with the depositories. While September is likely to see continued interest from FPIs, the flows would be shaped by a combination of domestic political stability, economic indicators, global interest rate movements, market valuations, sectoral preferences, and the attractiveness of the debt market, Vipul Bhowar, Director Listed Investments, Waterfield Advisors, said.
Reliance Industries Ltd, India's most valuable company, is back on a growth path after six months of challenges as it posted better than expected earnings in the December quarter, brokerages said.
Invest with a 5 to 7 year horizon so that you are able to ride out price volatility and benefit from the long-term trends of demand and macroeconomic shifts.
Metropolis Healthcare (MHL) has decided to acquire a 100 per cent stake in Gurgaon-based Core Diagnostics for Rs 247 crore. This is about 2.2x FY24 (financial year 2023-24) enterprise value (EV)/sales and estimated 14x FY26 EV/Ebitda for the deal.
HDFC Bank has reshuffled the portfolios of its senior management team. This is the first major rejig after the amalgamation of HDFC Ltd on July 1. "The runway for our growth is large. This change is being done to bring in a very sharp focus on leveraging what we have built and for enhanced execution," said Sashidhar Jagdishan, managing director and chief executive of HDFC Bank, explaining the reason for this overhaul.
The current spurt in the stock market is on account of strong fundamentals and robust corporate earnings and retail investors can look for buying opportunities to accumulate quality stocks, experts said.
Credit card spending in September recorded strong growth of 25 per cent year-on-year (Y-o-Y), marking the highest increase in six months. Even as many banks saw higher slippages during the July-September quarter of 2024-25, spending growth exceeded 20 per cent for the first time since February. According to the latest data released by the Reserve Bank of India (RBI), September spending reached Rs 1.76 trillion, compared to Rs 1.42 trillion in the same period a year ago. In August 2024, credit card spending was Rs 1.68 trillion.
Reliance Industries Ltd on Monday reported a 5 per cent fall in the net profit for the July-September quarter, as weak oil refining and petrochemical business hurt operational performance.
The government on Tuesday said it will allow setting up of world-class foreign universities in Gandhinagar's GIFT City, free from domestic regulations, to facilitate availability of skilled manpower in the financial services space. In addition, an international arbitration centre will be set up in the GIFT City for timely settlement of disputes under international jurisprudence, Finance Minister Nirmala Sitharaman said while presenting the Union Budget for 2022-23. The centre could be on the lines of the Singapore International Arbitration Centre, or the London Commercial Arbitration Centre.
The Securities and Exchange Board of India (Sebi) has permitted 100 per cent contribution from non-resident Indians (NRIs) and overseas citizens of India (OCIs) in the corpus of foreign portfolio investors (FPIs) based out of Gujarat International Finance Tec-City (GIFT City), the country's international financial services centre (IFSC). However, the Indian diaspora is yet to fully embrace this new route. The regulator allowed this route to enhance the fund ecosystem at GIFT City and attract genuine investments from overseas Indians.
'The economy is clearly at a very soft spot, and earnings growth is disappointing every day.' 'After three great years, the Indian economy has hit a rough patch.'
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
