The rally in PSBs, analysts feel, was more a knee-jerk reaction to the development, and the actual benefits will start to accrue once the addition takes place in 2024. "The actual benefit for banks from the inclusion in JP Morgan's EM Index will accrue from June 2024 onwards. "Until then, the larger fundamentals of the market will dictate the moves. "Once the initial euphoria subsides, bond markets will look to global cues which may trigger fresh selling," said Siddharth Khemka, head of retail research, Motilal Oswal Financial Services.
Capital markets regulator Sebi has extended the suspension of futures and options trading in seven agricultural commodities, including wheat and moong, for one more year till December 2023 in a bid to rein in prices. The other agricultural commodities suspended by Sebi are -- paddy (non-basmati), chana, crude palm oil, mustard seeds and their derivatives and soya bean and its derivatives. "The suspension of trading in the above contracts has been extended for one more year beyond December 20, 2022, i.e. till December 20, 2023," Sebi said in a statement on Wednesday.
Police have taken into a custody an autorickshaw driver in connection with the rape of a girl, who was found bleeding on a street in Madhya Pradesh's Ujjain city, and five others are also being questioned in the case, a senior official said on Thursday.
'We want to make sustainability affordable.' 'We tell everyone, don't just recycle, Craste it!'
There have been several positive signals in Bharti Airtel with revenue market share (RMS) growth, better visibility of profits from Africa, and enough free cash flow to pursue deleveraging. Airtel's 4G and 5G data subscriber net additions were 5.6 million in Q1FY24, and 24.5 million in the last 12 months. Airtel currently has 230 million data subscribers on 4G/5G, which is about 70 per cent penetration of its base of 339 million subscribers.
As Indian Railways looks to avert the crisis like last summer, preparations are under way to stock up coal at thermal power plants. Much like February and March, thermal coal movement in April was 5 per cent higher than the previous year, data from the Ministry of Railways shows. While India prepares for a hot summer this year, 48.23 million tonnes (mt) of coal for thermal power plants was ferried by Indian Railways in April. The national transporter also moved about 500,000 tonnes--18.4 per cent-- more imported coal for power plants this April than it had done last year.
A prolonged break in monsoon rains in most parts of the country is threatening to hit the yield of kharif crops. It could even delay the upcoming rabi sowing. Major agricultural states, such as Maharashtra, Madhya Pradesh, Andhra Pradesh, Punjab, and Gujarat, have witnessed a deficit of 30-80 per cent in southwest monsoon rainfall in August compared to the long-period average for the month. Meteorologists see no big revival in monsoon rains from hereon, though they forecast "some activity" over the Bay of Bengal on September 5-6.
In a first, the Centre will start selling tomatoes at discounted rates in retail markets in the national capital and few other cities from Friday to provide relief to the consumers as the price of the kitchen staple is ruling high at over Rs 200 per kilogram in some parts of the country.
Telecom operator Bharti Airtel on Tuesday posted a 49.2 per cent jump in its consolidated net profit to Rs 3,005.6 crore for the January-March quarter of 2022-23 on the back of new 4G customers and strong growth in average revenue per user (ARPU). The company had recorded a net profit of Rs 2,007.8 crore in the same period a year ago. Bharti Airtel's consolidated revenue from operations grew by 14.31 per cent to Rs 36,009 crore during the reported quarter from Rs 31,500.3 crore in the March 2022 quarter.
There has not been a large impact of untimely rain and hailstorm so far in several major wheat-growing areas, and those might have damaged around 3 per cent of the standing crop -- not enough to make a big dent in the expected 112 million tonnes of production in FY24, a senior government official said on Tuesday. Relentless rain pounded most North Indian states all through March. Separately, the chairman of Food Corporation of India (FCI), Ashok K Meena, told reporters the agency was on track to achieve the targeted 34 million tonnes of procurement in FY24 on the back of a strong start to the purchase season from Madhya Pradesh.
Global rating agency Fitch said on Monday that bank credit growth in excess of 13 per cent year on year in FY23 could put pressure on core equity tier ratios (CET1) of banks, especially public sector lenders. It may limit the buffers of Indian banks to absorb potential future losses. Bank credit expanded by 11.5 per cent in FY22. Full-year loan growth for FY23 will represent a modest slowdown from the 17 per cent YoY pace in H1FY23.
Barely days after imposing a 40 per cent export tax on onions to cool down soaring prices, which, in turn, triggered widespread protests across the main growing belts, the Centre on Tuesday sought to mitigate both political and economic tensions gripping parts of Maharashtra. It decided to procure an additional 200,000 tonnes of onions at Rs 2,410 per quintal for its buffer stock from farmers, a rate that is strikingly close to the price at which they were being exported before the 40 per cent duty was levied on August 19. The export price before the imposition of the duty stood at around $320 per tonne free on board (approximately Rs 2,650 per quintal).
Concerned over rising incidence of mis-selling, the finance ministry has directed heads of public sector banks to put in place strong mechanisms to avoid unethical practices for selling insurance policies to customers. The Department of Financial Services has received complaints that fraudulent and unethical practices are adopted by banks and life insurance companies for procuring policies from the bank customers, a letter addressed to chairpersons and managing directors of public sector banks said. There have been instances where life insurance policies were sold to customers aged above 75 years in Tier II-III cities.
The south-west monsoon on Tuesday started withdrawing from parts of south-west Rajasthan and adjoining Kutch in Gujarat, with at least eight states, including rice bowl states of Uttar Pradesh and Bihar reporting deficient rains. It was for the first time since 2016 that the monsoon started withdrawing in the third week of September. "Southwest monsoon has withdrawn from parts of southwest Rajasthan & adjoining Kutch today, against its normal date of withdrawal from southwest Rajasthan of September 17," the India Meteorological Department (IMD) tweeted.
Bharti Airtel on Tuesday announced that it has scrapped the minimum recharge plan of Rs 99 in seven circles -- Andhra Pradesh, Bihar, Himachal Pradesh, Karnataka, Northeast, Rajasthan, and Uttar Pradesh (West). In these circles, the price of the entry-level plan now would be Rs 155. This 57 per cent increase in Airtel's entry-level plan comes two months after the telco discontinued the Rs 99 plan in Haryana and Odisha in November last year.
Telecom operator Bharti Airtel will start rolling out 5G services later this month as it signed requisite agreements with Ericsson, Nokia and Samsung. At the recently held much-awaited spectrum auction for 5G services by the Department of Telecom, Airtel bid for and acquired 19867.8 MHZ spectrum in 900 MHz, 1800 MHz, 2100 MHz, 3300 MHz, and 26 GHz frequencies. "We are delighted to announce that Airtel will commence roll out of 5G services in August.
Food in India has fled the confines of the kitchen and become a national adventure... Food shows, now even on news channels, have transformed restaurateurs from humble khansamas to courted celebrities.
As Karnataka gears up for D-Day, with most exit poll projections predicting a hung assembly while putting the Congress in the lead, the outcome will boil down to how the battle for some key constituencies play out.
Public-sector banks, which are the largest employers in the banking space, have seen a drop in clerical staff over the years.
Currently, banks are closed every second and fourth Saturday of a month. Why shouldn't they be shut every Saturday? When most customers carry their banks in their pocket (the app on the mobile phone), there is no need to keep banks open on Saturdays, argues Tamal Bandyopadhyay.
The government on Monday said there is sufficient wheat stock in the country and that it will take action against hoarders, if needed, to boost domestic supply. The Centre may consider steps like asking for disclosure of wheat stocks by traders and imposing stock limits to augment domestic availability. Addressing the 82nd AGM of Roller Flour Millers Federation of India, food secretary Sudhanshu Pandey said there is no problem of wheat in the country and the Centre has 24 million tonne of wheat in godowns of state-owned FCI. The secretary pointed out that wheat prices have gone up due to "speculative trading".
Towering effigies of 10-headed demon king Ravana, his son Meghnad and brother Kumbhakaran crackled in fiery splendour marking the triumph of good over evil as gusto and fervour marked Dussehra festivities across the country. Crowds burst into cheers as the stuffed effigies, dotting grounds and open spaces, went up in flames at sundown.
India's potato and tomato production could be marginally less in 2021-22 as compared to the previous year while onion output could be almost 17 per cent more than last year. This was stated in the first advance estimate of horticulture production released on Monday. The government also said total horticulture production is estimated to be at 333.3 million tonnes, a slight decrease of about 1.35 million tonnes (mt)?(or 0.4 per cent) over 2020-21.
It may sound bizarre, but incidents of public sector bankers dying by suicide could probably equal the number of such bankers quitting their jobs, reveals Tamal Bandyopadhyay.
The Sikhs bring in the festival with song, dance and fun activities.
In the national capital, onion prices were ruling at around Rs 40 per kilogram.
India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification. However, the export shipments for which irrevocable letters of credit (LoC) have been issued on or before the date of this notification will be allowed, the Directorate General of Foreign Trade (DGFT) said in a notification dated May 13. "The export policy of wheat ... is prohibited with immediate effect...," the DGFT said. It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.
Tata Steel has a very British problem. The performance of Europe dragged the steel major's October-December (Q3FY23) performance with the UK business accounting for a major part of the operating loss; on the bottom line, the overhang of the British Steel Pension Scheme (BSPS) showed. And a nearly three-year discussion with the UK government on a support package for a green transition resulted in an offer that fell short of the ask.
For the first time in 21 years, the Reserve Bank of India (RBI) will revise norms for investment portfolios of commercial banks to reflect changes in global standards on valuation and measurement, and progress in the domestic market. This could pave the way for banks to transition to the new accounting standards (Ind-AS). The outstanding investment portfolio of commercial banks was at Rs 45.84 trillion as of November 19 this year.
India's opening stocks of wheat in the central pool are expected to be 19.5-20 million tonnes as on April 1, 2022, the lowest in the last three years, but much higher than the normative level required for maintaining a buffer and strategic reserve, trade and market sources said. In accordance with the buffer and strategic reserve norms, India should have a wheat stock of 7.5 million tonnes in the central pool as on April 1 each year and this year's stocks, though the lowest in the last three years, will still be over 160 per cent more than what is required. On the export front, both government and trade sources are unanimous that this year (FY22) they will be 7-7.25 million tonnes, a record, while in the next financial year, they might touch even 10 million tonnes if the current momentum is maintained.
Among metro cities, tomatoes were sold at Rs 93 per kg in Kolkata, Rs 60 per kg in Chennai, Rs 59 per kg in Delhi and Rs 53 per kg in Chennai on Monday, data showed. The retail price of tomatoes was ruling at more than Rs 50 per kg in over 50 cities out of 175-odd cities tracked by the consumer affairs ministry.
Internet giant Google will invest USD 1 billion in telecom major Bharti Airtel, which includes equity investment as well as a corpus for potential commercial agreements, to be identified and agreed on mutually agreeable terms over the course of the next five years.
Personal loans have about 80 per cent share in exposures restructured under regulatory package 2.0 by eight banks who have declared results for the second quarter. The remaining 20 per cent are loans to individuals used for business and credit to MSMEs. The total recast exposure of these banks under One Time Restructuring (OTR 2.0) was Rs 27,708 crore.
Bharti Airtel CEO Gopal Vittal on Wednesday asserted that a large nation like India needs three private players in the telecom sector, and hoped the government would take measures to offer relief to the industry that is facing "serious financial stress". The comments assume significance in the backdrop of Vodafone Idea's desperate struggle to stay afloat. Aditya Birla Group chairman Kumar Mangalam Birla had in June this year offered to hand over the group's stake in debt-laden Vodafone Idea Ltd (VIL) to the government or any other entity to ensure that the company remains a going concern.
The ministry of finance on Tuesday clarified that public sector banks (PSBs) have intimated they are not going to raise bank charges in the near future in view of the COVID-19 pandemic. The ministry's statement comes after several media reports citing steep increase in service charges by certain PSBs surfaced. No service charge is applicable on the 60.04 crore Basic Savings Bank Deposit (BSBD) accounts, including 41.13 crore Jan Dhan accounts opened by the poor segments of the society, as per the statement.
A head of its meeting, the Reserve Bank of India (RBI) can take some solace from the softening food commodity prices. However, the events surrounding the last few weeks show that the fall may not be uniform across all commodities, and cereals like wheat and rice could be the outliers. A Reuters report said that local wheat prices jumped to a record Rs 23,547 per tonne on Wednesday. That is a 12 per cent rise from the recent lows that followed the government's surprise ban on exports on May 14.
A special investigation team is re-examining the scene of a crime decades after two men were allegedly murdered and their bodies set on fire in their house here during the 1984 anti-Sikh riots.
'We cannot afford to be complacent about our food security needs.'
Telecom operator Bharti Airtel on Friday said it has signed an agreement to buy Vodafone's 4.7 per cent stake in Indus Towers on the condition that the proceeds will be used for investment in Vodafone Idea and clearing its dues towards the mobile tower company. Debt-ridden Vodafone Idea (VIL) has been unable to pay dues to Indus Towers and both VIL and promoter Vodafone have proposed a payment plan to clear the outstanding amount by July 15. In the meantime, VIL has committed to pay certain minimum amount each month to Indus Towers.
Barring fertiliser, all seven sectors -- coal, crude oil, natural gas, refinery products, steel, cement and electricity -- recorded negative growth in July.
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