The broader Nifty, after touching a high (intra-day) of 10,555.50 points, finished at 10,539.75, up 84.80 points, or 0.81 per cent.
In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation's Parliament that Hindenburg Research's allegations of the presence of 'shell' companies in the Island nation are 'false and baseless' and that Mauritius was in compliance with OECD-mandated tax rules. US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies.
Since infrastructure projects have long gestation periods, investors need to enter them with a long horizon of at least 10 years.
Finance Minister Nirmala Sitharaman will present the much-awaited 2022-23 Union Budget on February 1. While there has been strong recovery in some sectors, touch services like hospitality, tourism and leisure continue to suffer after two Covid-19 waves. Household savings have been hit due to increased spending on health care. Consumption has still not reached pre-pandemic levels.
Banks to be permitted to raise long-term funds for lending to infrastructure sector with minimum regulatory pre-emption such as CRR, SLR and Priority Sector Lending.
From zeroing in on the best means for stake dilution to moving beyond microfinance, Bandhan navigates a tough path. Namrata Acharya reports.
Markets surged on hopes that the exit polls would show that the BJP winning majority in the general elections.
Initial share sales are set to dazzle the Dalal Street in 2022 too as companies are expected to garner up to Rs 1.5 lakh crore in the New Year, continuing with the bullish momentum after 2021 turned out to be the best IPO year in two decades for the Indian market. Excessive liquidity and increased retail investor participation ensured a persistent euphoria in the Initial Public Offer (IPO) space wherein companies mopped up more than Rs 1.2 lakh crore this year even as pandemic gloom shadowed the broader economy. In 2022, the higher amount of funds through the primary market will be largely driven by the mega IPO of state-owned Life Insurance Corp (LIC).
'In the short term, we may see some disruptions due to Covid, but in the medium-to-long term, we should keep an eye on US inflation and 10-year bond yields.'
Byju's is set to promote its chief operating officer (COO) Mrinal Mohit to a bigger role, including leading the India operations, according to people familiar with the matter. This is because Byju Raveendran, founder and chief executive officer (CEO) of the edtech giant - which is valued at $22 billion - is planning to focus on global expansion and acquisitions. Among the global regions, Raveendran may look at markets such as the US and the Middle East.
High loan-to-value and high-yield buckets have reported higher delinquencies
The McKinsey report said faster employment growth at 12 million non-farm jobs annually is needed in the post-Covid period till 2029-30, up from just four million created each year between 2012 and 2018.
With almost all opposition parties and several trade unions backing the 'Bharat Bandh' and many announcing parallel protests in support of the farmers, the Centre has issued an advisory directing all the states and Union Territories to tighten security and ensure COVID guidelines are followed.
"Fitch Ratings has placed Punjab National Bank's (PNB) Viability Rating of 'bb' on Rating Watch Negative (RWN), following the large fraud reported by PNB," the US-based agency said in a statement.
Bankers seem to be pleased with the government for keeping its promise of not interfering in operational matters, but are apprehensive about the intense scrutiny of their functioning.
As markets enter the new financial year and the long-term capital gains tax on the sale of stock investments kicks in, Abhinav Khanna, head of equities, Citi India, tells Puneet Wadhwa that he remains optimistic on the medium-to-long term growth of India, led by consumption recovery and the green shoots visible in the capex cycle.
This is the index's biggest single-day fall in almost a month
Raising concern about over-dependence of Indian capital markets on foreign institutional investors, eminent banker Deepak Parekh has said that something needs to be done to change this pattern.
ICICI Bank was the top gainer in the Sensex pack, rising around 3 per cent, followed by Axis Bank, HDFC twins, SBI, L&T, ONGC and Infosys. On the other hand, Sun Pharma, Asian Paints, Nestle India, UltraTech Cement and HUL declined. NSE Nifty rose by 79.60 points or 0.67 per cent to 11,914.20.
Experts hail 2014 as the worst year for banks.
Moody's Investors Service on Thursday slashed India's economic growth projection to 8.8 per cent for 2022 from 9.1 per cent earlier, citing high inflation. In its update to Global Macro Outlook 2022-23, Moody's said high-frequency data suggests that the growth momentum from December quarter 2021 carried through into the first four months this year. However, the rise in crude oil, food and fertilizer prices will weigh on household finances and spending in the months ahead.
'Recent underperformance notwithstanding, equities should constitute a major part of investors' financial portfolio.'
The biggest private sector lender, are swarming the market with discounts and special offers
Jaitley said that the banks have to play an important role in achieving the higher growth rate.
Brokers said a flurry of buying by investors in blue-chips mainly influenced the sentiment.
Earlier this year, the Union Cabinet gave the management of state-run companies the freedom to decide on divesting their subsidiaries. However, the very next day a meeting was held at the top level of the Government of India, for the presentation of proposals for more autonomy for state-run companies. Interestingly, no chiefs of any of these companies were invited. It is a problem that will stare the government in the face with the state-owned banks too, as talks have again begun for inviting strategic investments in these companies.
Two key depts in ministry cold to rationale for one; postal dept says it's more eligible than IDFC or Bandhan, feels 'strong lobby' scuttling its plans.
Around 75 per cent, or 372 stocks, that are part of the BSE500 are trading at least 10 per cent below their all-time high levels, despite the index hitting a record high 20,515 points on the BSE in intra-day trade on Wednesday, surpassing its previous high of 20,390 touched in March 12. The index, which accounts for 93 per cent of BSE listed companies' market capitalisation, has gained 8 per cent from its recent low of 18,983, touched on April 19. In comparison, the benchmark S&P BSE Sensex gained 6 per cent over the same period, but is still nearly 4.5 per cent away from its all-time high of 52,517 that it hit on February 16.
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At the retreat, PSBs had suggested the government cut its stake in these entities to less than 51 per cent over a period of time and empower the boards of individual banks.
'I'm pitching India for the strengths we offer, including the English language, engineers, doctors, nurses, professionals, innovative talent of startups.'
The Nifty50 slipped 33 points to close the session at 8,509 after hitting an intra-day high of 8,587.
Finance minister Nirmala Sitharaman on Wednesday exuded confidence that inflation would further decline and the government is on track to meet its budgetary target for deficit and said that there is no fear of stagflation in India. Replying to the debate on first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, the finance minister said inflation has come down and it is now in the tolerable band of the RBI. Inflation has been declining since April 2022 and it is declining further, she said.
The government on Thursday said it has no proposal to dilute its stake in the State Bank of India through either direct disinvestment or issuing of fresh capital in the market.
This will pave the way for emergence of 24,000 new panchayat-level leaders in Telangana, he said.
The Bharatiya Janata Party regime will have to make good on this election slogan to restore state-owned banks to health, says Rajiv Lall.
...followed by financial services, IT, and sales and marketing.
The credit guarantee cover under the scheme would be both transaction-based (for single eligible borrowers) and umbrella-based (for a group of eligible borrowers).
Market cap of government companies has remained unchanged in the past 8 years.
The Survey shows fiscal consolidation despite slowdown in growth.
All shares held by SBI in the five associate banks will stand cancelled after merger.
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