Among the Sensex firms, Larsen & Toubro, UltraTech Cement, JSW Steel, Titan, Bajaj Finance, Wipro, Tech Mahindra and Nestle were the major laggards. Maruti, Power Grid, Axis Bank, State Bank of India, NTPC, HDFC Bank, ITC and IndusInd Bank were the gainers.
With tailwinds of strong operational performance and favourable market conditions, InterGlobe Aviation on Wednesday reported a record profit after tax of Rs 3,090.6 crore in the three months ended June. The parent of the country's largest airline also reported its highest-ever quarterly total income of Rs 17,160.9 crore in the first quarter of the current fiscal, according to a release. The carrier, which had 316 planes in its fleet at the end of June 2023, had registered a loss of Rs 1,064.3 crore in the 2022 June quarter.
'What happens in the real estate market is that once the prices go up it goes on to stay at that level.' 'It might not increase and at the same time the prices will not come down too.'
Shares of HDFC Bank will witness massive inflows totalling $600 million from passive trackers this week, predict analysts. This influx is attributed to the rebalancing activities in the S&B BSE Sensex and the Financial Times Stock Exchange (FTSE) indices. The Sensex is set for its quarterly rebalancing act on September 15 (date of adjustment), resulting in inflows of $102 million (approximately Rs 850 crore).
Hindustan Unilever (HUL)'s decision to split its beauty and personal care division and place a renewed focus on digital has been driven by its aim to serve the consumer of tomorrow, say analysts and brand experts. HUL managing director and chief executive officer Rohit Jawa is looking to make the company 'future ready', and while these bets are not for the short-term, they will eventually pay off as the Indian consumer is young and digital friendly, they add. "Rohit Jawa comes with digital experience and he is preparing to steer HUL into serving the future consumer who is more digital friendly," said Sachin Bobade, vice-president at brokerage firm Dolat Capital.
Leading stock exchange BSE on Tuesday postponed the removal of Jio Financial Services Ltd, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance group, from all the S&P BSE Indices to August 29. Earlier, the stock was scheduled to be removed from the indices on August 24. Jio Financial Services Ltd (JFSL) got listed on the bourses on Monday and hit the lower circuit for the second day in a row on Tuesday.
India's industrial production growth rose to a five-month high of 5.7 per cent in July, mainly due to good showing by the manufacturing, mining and power sectors, according to the official data released on Tuesday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 2.2 per cent in July 2022. The previous high was recorded at six per cent growth in February 2023. Thereafter, the growth rate declined to 1.9 per cent in March 2023 before rising to 4.6 per cent in April and further to 5.3 per cent in May.
Banks, the biggest component of the Indian equity market, are now trading at a big discount to the benchmark indicesThe BSE Bankex index, which tracks the share price of the 10 top listed banks, is trading at a trailing price to earnings (P/E) multiple of 15.3X, nearly a 40 per cent discount to the BSE Sensex current P/E of 24.37X. This is the biggest valuation gap between the two indices in at least 10 years. Similarly, the BSE Bankex price to book ratio (P/B) of 2.22X is 40 per cent lower than the current Sensex P/B ratio of 3.61X.
Housing sales rose 36 per cent year-on-year to a record 120,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to Anarock. Housing sales stood at 88,230 units in the year-ago period across the seven major cities. Releasing the data, real estate consultant Anarock said average housing prices across the seven cities grew 11 per cent annually in the July-September period this year.
A five-judge Constitution bench of the Supreme Court, by a 3:2 majority, on Tuesday upheld one of the adoption regulations prohibiting unmarried and queer couples from adopting children.
Market benchmarks Sensex and Nifty tumbled 1 per cent on Wednesday amid continuous foreign fund outflows and a weak trend in index majors Reliance Industries and HDFC Bank. The 30-share BSE Sensex slumped 636.75 points or 1.04 per cent to settle at 60,657.45. During the day, it declined 700.64 points or 1.14 per cent to 60,593.56.
Recent RBI data indicates net addition of credit cards is running strong at 18 per cent year-on-year (Y-o-Y), but growth in credit card limits is ahead of loans outstanding. Growth in lower limit cards is decelerating fastest. The West and South have more usage and online transactions are more popular than offline, with metros leading growth.
The National Stock Exchange (NSE) on Monday cautioned investors against some fraudsters running illegal dabba trading with guaranteed returns to investors. Dabba trading is an illegal form of trading in shares, where operators of such trading rings allow people to trade in equities outside the stock exchange platform. The cautionary statements came after NSE found that the entities -- Shri Parasnath Commodity Private Limited, Shri Parasnath Bullion Private Limited, Faary Tale Trading Private Limited and Bharat Kumar (associated with Trade with Trust) --were providing dabba or illegal trading platform with assured returns.
As the market buzzes with news of Cipla promoters exiting the business through a stake sale and Ahmedabad-based Mehta family-led Torrent Pharmaceuticals racing to acquire its rival, Cipla, an analysis reveals that if the deal were to go through, both companies might need to divest as many as 15 brands to comply with Competition Commission of India (CCI) norms. A recent analysis by Bernstein shows that Cipla and Torrent share a presence in 332 products (based on product and molecule data from market research firm IQVIA). Bernstein analysts Nithya Balasubramanian and Parth Shah noted that, while this may appear as a high number, a significant portion of these products lack significance.
A five-judge constitution bench headed by Chief Justice DY Chandrachud had on May 11 reserved its verdict on the pleas after a marathon hearing of 10 days.
Hindustan Unilever Ltd on Friday reported a 1.08 per cent increase in consolidated net profit at Rs 2,508 crore in the third quarter ended December 2023. The company had posted a consolidated net profit of Rs 2,481 crore in the same quarter last fiscal, Hindustan Unilever Ltd (HUL) said in a regulatory filing. Its revenue from sales of products was marginally down to Rs 15,259 crore during the quarter.
FMCG major Hindustan Unilever Ltd on Thursday reported an increase of 12.74 per cent in its consolidated net profit at Rs 2,601 crore for the fourth quarter ended March 31, 2023. The company had posted a net profit of Rs 2,307 crore in the January-March quarter of the previous fiscal. Its revenue from sales during the quarter under review stood at Rs 14,926 crore, up 10.83 per cent, as against Rs 13,468 crore in the corresponding period a year ago, Hindustan Unilever Ltd (HUL) said in a regulatory filing.
Vedanta Resources (VRL), the diversified mining company headquartered in London, is giving final touches to a plan to raise up to $2.5 billion (about Rs 20,800 crore) as debt repayment deadlines near. The company owned by billionaire Anil Agarwal plans to do this by a combination of instruments, including issuing preference shares in the holding company to a slew of offshore investors from West Asia, and taking on another loan to refinance older debt at a higher interest rate. VRL, which is the group's holding company, is also looking to sell part of its 63.71 per cent stake in the Indian listed subsidiary Vedanta Ltd to meet funding requirements, said a banker close to the development.
Wipro was the biggest loser in the Sensex pack, slipping nearly 2 per cent, followed by IndusInd Bank, State Bank of India, Kotak Mahindra Bank, ICICI Bank, HDFC Bank, Infosys, Tata Consultancy Services, HDFC and Bajaj Finserv. On the other hand, Nestle, Mahindra & Mahindra, ITC, HCL Technologies, Asian Paints and Maruti were among the gainers.
A strong performance in the July-September quarter of 2023-24 (Q2FY24), an upward revision in the margin guidance and sustained momentum in US sales has helped the stock of pharmaceutical major Cipla gain about 2 per cent over the last two trading sessions. The brokerages have upgraded the earnings estimates for this financial year (FY24) by 6-9 per cent to factor in the improved margin guidance and sales in the US market. Led by the US market, which rose by 31 per cent, the company posted a 16 per cent growth in revenues.
All six members of the Reserve Bank of India's (RBI's) monetary policy committee (MPC) expressed caution over food inflation during the December review, while two external members warned about high real interest rates as headline inflation approaches its target of 4 per cent. The central bank continued to maintain the status quo on both the repo rate and the stance in the December monetary policy. India's retail inflation in November rose to 5.5 per cent - its fastest pace in three months - due to higher food prices.
Dominic Xavier mourns the extraordinary Pulitzer Prize-winning Indian photojournalist Danish Siddiqui who was murdered by the Taliban in Kandahar, Afghanistan, July 15, 2021.
India's industrial production rose to 5.2 per cent in May from 4.5 per cent in April 2023, mainly due to good performance by the manufacturing and mining sectors, according to the official data released on Wednesday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 19.7 per cent in May 2022, mainly due to a lower base effect. "The growth rates over corresponding period of previous year are to be interpreted, considering the unusual circumstances on account of COVID 19 pandemic since March 2020," an official statement explained.
Uttam Ghosh salutes Danish Siddiqui, the incomparable photojournalist who was murdered by the Taliban and whose images of our times will live on for eternity.
Market benchmarks fell for third day running on Monday and ended nearly 1 per cent lower amid weak trend in global equities. The 30-share BSE Sensex declined 518.64 points or 0.84 per cent to settle at 61,144.84. During the day, it tumbled 604.15 points or 0.97 per cent to 61,059.33.
Among the Sensex firms, Power Grid, UltraTech Cement, Titan, Reliance Industries, Bajaj Finance, Mahindra & Mahindra, ICICI Bank, Tata Consultancy Services, Tech Mahindra, ITC and HDFC Bank were the major laggards. HCL Technologies, IndusInd Bank, Wipro, Nestle, Maruti, Larsen & Toubro and Asian Paints were among the gainers.
The Reserve Bank on Thursday instructed banks and other financial institutions to ensure cross-border as well as domestic wire transfers contain complete information about the originator and beneficiary. The central bank has updated instructions in the Master Direction on Know Your Customer (KYC) related to wire transfers and also aligned the same with the relevant recommendation of the Financial Action Task Force (FATF). "All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information...," as per the updated instructions in the Master Direction.
The country's real GDP growth in the first quarter will be better than the Reserve Bank's estimate of 8 per cent, economists said on Tuesday. Economists at the country's largest lender SBI pegged the growth at 8.3 per cent while domestic rating agency Icra estimated it to come even higher at 8.5 per cent. The Reserve Bank of India (RBI), which expects the GDP to grow at 6.5 per cent in FY24, has estimated a growth of 8 per cent in the April-June period.
The board of HDFC Bank has approved the appointment of Keki Mistry and Renu Karnad as the additional non-executive directors of the bank, and V Srinivasa Ranjan as its executive director. Mistry was the chief executive officer and vice chairman of HDFC, which merged with the bank today (1 July 2023). Karnad has been the managing director of HDFC since 2010. Ranjan was the executive director and chief financial officer of HDFC.
Drug major Cipla on Tuesday said it has launched drone-powered deliveries of critical medicines - cardiac, respiratory and other essential chronic therapies - to hospitals and pharmacies across Himachal Pradesh in partnership with Skype Air Mobility, a Gurugram-based drone delivery company. Cipla is the first among large Indian pharmaceutical companies to adopt drone-based deliveries to facilitate expedited supply to stockists in remote areas, it claimed. The Mumbai-based firm said the use of drones will support the on-time delivery of its medicines to chemists and clinics in remote areas, and minimise risks of affecting cold chain products due to temperature excursions.
From the Sensex pack, Bharti Airtel fell 3.42 and Kotak Mahindra Bank declined 3.31 per cent. ICICI Bank, ITC, HDFC Bank, UltraTech Cement, HCL Technologies and Maruti were the other major laggards. Tata Motors, Hindustan Unilever, Asian Paints, Sun Pharma, Nestle, Tata Consultancy Services, Wipro, Bajaj Finance, Axis Bank and IndusInd Bank were among the gainers.
England Test skipper Ben Stokes on Wednesday came out of ODI retirement to be included in the provisional squad for the 50-over World Cup
The Bombay high court on Thursday quashed the Enforcement Case Information Report' (ECIR) registered by the Enforcement Directorate against Jet Airways founder Naresh Goyal and his wife Anita Goyal in an alleged money laundering case. The central probe agency's ECIR was based on a First Information Report (FIR) registered by police against Goyals for alleged cheating and forgery on a complaint filed by Akbar Travels. After hearing both the sides, a division bench of Justices Revati Mohite Dere and Prithviraj Chavan quashed the ECIR registered on February 20, 2020 and all proceedings against Goyals on the ground of "being illegal and contrary" to law.
In the Sensex pack, Asian Paints, Larsen & Toubro, Titan, IndusInd Bank, Bharti Airtel, Power Grid, Bajaj Finserv, Infosys, HDFC Bank and HDFC were the major laggards. On the other hand, Axis Bank, Tata Motors, ITC, State Bank of India, Tata Steel and Sun Pharma were among the gainers.
Benchmark indices ended the day in the negative territory on Tuesday amid weak global market trends and rising crude prices. Falling for the third day running, the 30-share BSE benchmark ended 208.24 points or 0.33 per cent lower at 62,626.36. During the day, it tumbled 444.53 points or 0.70 per cent to 62,390.07.
Benchmark indices ended in the green on Friday after falling for the past two days, helped by continuous buying from foreign institutional investors and a largely positive trend in Asian and European markets. The 30-share BSE Sensex climbed 113.95 points or 0.19 per cent to settle at 60,950.36. Similarly, the broader NSE Nifty ended 64.45 points or 0.36 per cent higher at 18,117.15.
Equity benchmark indices ended on a flat note on Monday, with the BSE Sensex falling nearly 34 points, recording its second day of decline after an eight-day rally. In a volatile trade, the 30-share BSE benchmark dipped 33.9 points or 0.05 per cent to settle at 62,834.60. During the day, it fell 360.62 points or 0.57 per cent to 62,507.88.
Ahead of the blockbuster India vs Pakistan clash, former Indian cricketer Ravi Shastri backed the Indian team to emerge victorious over their arch-rivals.
Markets regulator Sebi has ordered the attachment of bank and demat accounts as well as mutual fund holdings of Videocon Group founder Venugopal Dhoot to recover dues totalling Rs 5.16 lakh. The latest decision has been taken after Dhoot failed to pay the fine imposed on him in March by Sebi for not making disclosures about his interest in Supreme Energy as well as for not disclosing that Quality Techno Advisors Pvt Ltd (QTAPL) and Credential Finance Ltd (CFL) were related parties with respect to certain transactions. In an attachment notice on Monday, Sebi said the pending dues of Rs 5.16 lakh include the initial fine of Rs 5 lakh, interest of Rs 15,000 and a recovery cost of Rs 1,000.
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