Reliance Industries Ltd, India's most valuable company, on Friday reported a 5 per cent drop in its June quarter net profit as lower fuel cracks and petrochemical margins outdid gains in telecom and retail businesses. The oil-to-retail-to-telecom conglomerate's consolidated net profit was at Rs 15,138 crore, or Rs 22.37 per share, in April-June -- the first quarter of the current 2023-24 fiscal year -- compared to Rs 16,011 crore, or Rs 23.66 a share, earnings a year back, according to a company's statement.
In mid-March this year, the finance ministry asked state-run banks to review their gold loan portfolio for the two-year period between January 1, 2022, and January 31, 2024. This business had grown at a fast clip. Reserve Bank of India (RBI) data has it that it grew 15 per cent to Rs 1 trillion in FY24. Now, in recent times, any kind of exuberance in financial services has seen the authorities swoop down - be it pushing the lines on governance or unsecured credit.
To make sure liquid schemes reflect the underlying portfolio risks, Sebi has said all debt papers with maturity of 30 days or more to be marked to market. Earlier, fund houses didn't have to do so for securities that had less than 60-day maturity.
'We are confident that over the next few years the government will strike a fine balance between populist measures and growth, and manage coalition partners well.'
'The long-term impact of elections is minimal.'
The value of P-note investments in Indian markets - equity, debt, hybrid securities and derivatives - stood at Rs 74,027 crore till August-end.
International brands such as Daikin, Hitachi and Samsung, which were largely present in the premium products range, are getting aggressive on expanding their mid-range portfolios to penetrate into smaller cities and towns. While competition isn't hurting Voltas just yet, which has managed to retain its market share at 24.4 per cent as of September 30 (Q2), the main question is whether the company can defend its market share without compromising on profitability.
'Those satisfied with returns and not expecting further rally could be booking profits and also stopping SIPs.'
'Understand how wedding expenses fit into your overall financial situation.' 'Evaluate how different levels of spending will impact other goals like retirement, travel, or housing.'
Do not, however, enter expecting quick returns.
IT industry's growth will largely be led by next-generation technologies and services with areas like data, cloud and cybersecurity expected to see huge incremental growth, Wipro CEO Theirry Delaporte said. Wipro has also closed several acquisitions in the second half of FY21 across key markets like the US and Europe, which has helped the Bengaluru-based company strengthen its local presence and service offerings, he said in his note in the company's FY2020-21 annual report. "We know that industry growth will largely be led by next-generation technologies and services. "We can therefore expect to see huge incremental growth in areas such as digital, cloud, data, engineering, cybersecurity.
With a gradual rise in temperature and the start of heatwave, FMCG and dairy firms selling cola-based fizz drinks, juices, mineral water, ice creams and milk-based beverages expect a spike in sales and have ramped up their production and stocks to meet the anticipated consumer demand. The makers are launching new products keeping in mind the evolving consumer preferences and also investing substantially on promotions and expansion of the channels this season, company executives of beverage and ice cream makers said. Beverages major PepsiCo said summer months are naturally the most favourable season for its category and it is "optimistic" that its portfolio of brands will continue to delight consumers during the period.
The Centre's decision to not reduce the face value of shares of India's Crown Jewel - Life Insurance Corporation (LIC) - was taken to make shareholders feel they are acquiring something 'precious'. The face value of LIC's shares was retained at Rs 10, quoted in the draft prospectus, as it would also align the insurer's shares with those of its private sector peers. Even as the LIC Act was amended to "consolidate or reduce the nominal or face value of the shares", with the Centre's approval, it was decided to stick to the current face value of shares at Rs 10 without splitting the existing 6.32 billion shares.
Sebi on Tuesday decided to introduce a framework for accredited investors, a class of investors who may be considered as well-informed about investment products, in the Indian securities market. The board of Sebi after deliberation approved the proposal to introduce a framework for accredited investors. Under the proposed framework, individuals, HUFs, family trusts, sole proprietorships, partnership firms, trusts and corporate based on financial parameters would be eligible for accreditation of investors, Sebi said in a statement after the board meeting.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Foreign Portfolio Investors (FPIs) continued their buying spree and poured close to Rs 4,800 crore in the Indian equity markets in the first week of January driven by confidence in the country's robust economic fundamentals. Additionally, they injected Rs 4,000 crore in the debt market during the period under review, data with the depositories showed. With expectations of a prolonged decline in US interest rates in 2024, there is an anticipation that FPIs will likely escalate their purchase, particularly in the initial months of the New Year leading up to the general elections, V K Vijayakumar, chief investment strategist at Geojit Financial Services, said.
With poll fever gathering steam, business is booming for New Delhi's detective agencies as politicians, especially aspiring candidates, are hiring private eyes to spy on their rivals and even colleagues.
With the last quarter of 2023-24 (FY24) expected to have been soft owing to lower discretionary spend and macro uncertainty, many are hoping FY25 will be a year of recovery for the information-technology (IT) industry. The fourth quarter, January-March, is considered soft, and will continue to see the headwinds the sector has been facing. And the sector has entered the new financial year on a weak footing. Analysts are expecting Tier-I firms to report sequential growth of -1 per cent to 1.5 per cent and midcap players' growth may range between 0.7 per cent and 4 per cent.
While most analysts are expecting poor results from oil marketing companies (OMCs) in the first quarter of 2024-25 (Q1FY25) and even in the first half (H1) of FY25, GAIL (India) could be an outlier. Upstream producers, Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) could do well due to strong crude and gas prices, but refiners are likely to see weak margins and the impact of frozen prices during the election period will also be negative.
Domestic institutional investors pumped Rs 2.3 trillion into equities during H1 CY24. Of this, mutual funds contributed 80%.
It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan's entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country's microfinance sector. Subsequently, the RBI awarded small finance bank licences to nine MFIs.
Automotive (auto) major Mahindra & Mahindra (M&M), which is readying to launch nine sport utility vehicles (internal combustion engine/ICE), seven Born Electric Vehicles (BEVs), and seven light commercial vehicles by 2030, has outlined an investment of Rs 27,000 crore in its auto business between 2024-25 (FY25) and 2026-27 (FY27). Over the next three years, the company will deploy Rs 37,000 crore, including its auto business, farm business (Rs 5,000 crore), and service business (Rs 5,000 crore).
'Barring a temporary blip where stocks fell on verdict day, we are back to all-time highs.'
rediffGURU and financial planning expert Colonel Sanjeev Govila will answer your personal finance-related questions.
Foreign investors made a significant turnaround and injected over Rs 1,500 crore into Indian equities in February, reversing the massive outflows seen in the preceding month, primarily due to robust corporate earnings and positive economic growth. Additionally, Foreign Portfolio Investors (FPIs) continued to be bullish on the debt markets as they put in over Rs 22,419 crore during the month under review, data with the depositories showed. Looking ahead to March, the outlook for FPI flow appears promising, provided the current economic trajectory and corporate performance sustain their positive momentum, potentially continuing to attract foreign investment into Indian equities, Mayank Mehraa, smallcase manager and principal partner at Craving Alpha, said.
'India is an equity market with a breadth and depth of companies to invest in.'
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.
State-owned Indian Renewable Energy Development Agency's (Ireda's) chairman and managing director Pradip Kumar Das has announced that the company has requested the government to allow it to carry out a follow-on public offer (FPO) as it will need further equity infusion to maintain the pace of growth. The FPO would aim to raise between Rs 4,000 crore and Rs 5,000 crore. Ireda, which provides funding assistance and other services to renewable energy and energy efficiency/conservation projects and is 75 per cent owned by the government of India, has requested the Union Finance Ministry to be included under Section 54EC of the Income Tax Act, which will help reduce borrowing costs.
Investors shunned shares of Bajaj Finance on Friday, a day after the non-banking financial company (NBFC) reported a sharp contraction in its net interest margin (NIM) for the March quarter of the financial year 2023-24 (Q4FY24). The losses accounted for a fifth of the benchmark S&P BSE Sensex's 609-point loss. Most brokerages have tamed their earnings expectations for the next couple of quarters, after the management said it expected the pressure on NIMs to continue in the near term.
Infosys Technologies, will announce its Q4 and FY15 results on April 24
What is digital house arrest? It is a tactic cybercriminals use to confine victims to their homes and scam them, explains Tamal Bandyopadhyay.
Micro-cap stocks are in the line of fire as market regulator Securities and Exchange Board of India (Sebi) is tightening its noose around investment in small-cap stocks. Given this, analysts suggest investors exit the segment, at least, for the time being. Independent market analyst, Ambareesh Baliga, for instance, said that regulators have gotten worried on the valuation front, though belated, which could prove to be the last straw on the camel's back.
Don't forget to ask for quarterly audited statement of transactions in your account. This will make it easier for you to calculate your tax liability and pay it on time.
Nikhil Anand, senior vice president, operations, at NLB Services explains why professionals who are adept at data, cloud computing and cybersecurity will earn well in 2024.
The 28 new ministers who joined the Chouhan cabinet on July 2 include 20 of cabinet rank and eight ministers of state.
Foreign Portfolio Investors (FPIs) have pulled out over Rs 10,000 crore from Indian equities in the first three weeks of September, primarily due to rising US interest rates, recessionary fears, and overvalued domestic stocks. Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period. Mayank Mehra, smallcase, manager and principal partner at Craving Alpha,believes that strong economic growth prospects, attractive valuations, and government reforms could support foreign investment flows in the next month.
Fraudsters were luring gullible investors of daily returns up to Rs 75,000.
Debashis Chatterjee speaks about the overall demand environment and company's strategy
It is pouring heavily not only in North India, but at Dalal Street too. However, the latter is seeing a flurry of initial public offers (IPOs). After a busy fortnight that ended on July 7 with seven IPOs - IdeaForge Technology, Cyient DLM, PKH Ventures, Pentagon Rubber, Global Pet Industries, Tridhya Tech, and Synoptics Technologies -- four more IPOs will hit the Street this week, including one mainboard IPO of Utkarsh Small Finance Bank. That apart, India's largest securities' depository National Securities Depository Limited (NSDL) has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an IPO.
RBI's interest rate decision, macroeconomic data, global trends and trading activity of foreign investors are the crucial factors to drive equity markets in a holiday-shortened week ahead, analysts said. Markets would remain closed on Monday for Gandhi Jayanti. "While global cues will continue to dictate trends in local markets, focus will shift to RBI's monetary policy announcement on Friday. "Although the market is expecting a status quo on interest rates, global concerns like rising US dollar index and bond yields coupled with surging crude oil prices continue to weigh on investors' minds.
