SBI Q3FY24 result review: A higher-than-factored weakness in the October-to-December quarter (Q3) results of State Bank of India (SBI), for financial year 2023-24 (FY24), has prompted brokerages to cut earnings estimates for the ongoing financial year. They, however, have maintained 'Buy' ratings on the stock, revising target price upwards in some cases, owing to the stock's recent underperformance relative to its peers.
India is expected to ramp up its purchase of crude oil from the United Arab Emirates (UAE) in the coming months following discussions between the two countries on the sidelines of the ongoing COP28 summit in Dubai, multiple sources in the know said. The UAE has historically been India's third-largest source of crude. It has suffered the largest drop in shipments since Indian refiners began to binge on Russian crude in 2022.
The charge sheet has been filed before a special Prevention of Money Laundering Act (PMLA) court in Delhi and the court has listed the matter to be heard on January 16, the sources said.
E-commerce major Amazon will host Prime Day - its annual sale event - in India on July 15-16. The company will launch over 45,000 products from over 400 Indian and global brands. The announcement of the Prime Day event in India comes at a time when 900 workers at Amazon UK plan to strike for three days (July 11-13).
Nearly two-thirds of India's gold demand comes from rural areas where jewellery is a traditional store of wealth for millions who have no access to the formal banking system.
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.
During 2023, the Indian real estate sector - both housing and commercial - witnessed buoyancy fuelled by demand, supply, and absorption, and the sector is banking on the upcoming Budget to keep the momentum going. Mumbai-based Sattva Group wants the government to focus on the critical pillars for long-term growth. The company emphasised on the infrastructure boom with increased allocation, lower goods and services tax (GST) rates, incentives for affordable housing and single-window clearance to fast-track projects and support liquidity.
Grandmaster Vidit Gujrathi on Tuesday said "everything came together" for him at the Grand Swiss event on his way to the Candidates.
The toughest part is to tackle human behaviour. On the Atal Setu, says Indrajit Gupta, I chose to drive at a consistent speed of 80 kmph in the middle lane. Vehicles on the right lane were clipping along at 150 kmph, way over the maximum permissible limit of 100 kmph. On occasion, I had to slow down or dodge vehicles suddenly pulling into the middle lane from the side.
Corporate margins and profits in India remain vulnerable to changes in crude oil prices in the international market. Historical quarterly data from listed companies (excluding banks, finance and insurance, oil and gas, and power sectors) indicate an adverse correlation between corporate margins and crude oil prices.
Tata Motors' 2022-23 (FY23) January-March quarter (fourth quarter, or Q4) results were better than Street estimates, with strong showing across Jaguar Land Rover (JLR), as well as commercial and passenger vehicle businesses in the domestic market. The company posted its highest consolidated top line and operating profit, with growth of 35 per cent and 46.5 per cent, respectively, over the year-ago quarter. While the top line was aided by a 49 per cent growth in the JLR unit, all key segments reported margin expansion.
Notwithstanding the robust turnaround in the financial performance for the June quarter (Q1FY24), stocks of state-run oil marketing companies have been in a downtrend in the last month. The fall comes on a rise in crude oil prices that have surged to a 7-month high of $88 a barrel. A busy political calendar in the months ahead that may see the government keep a lid on auto fuel prices is also a dampener, analysts said. Shares of Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) have shed 9-11 per cent since their respective earnings announcement between July 26 to August 4.
Diwali fireworks are expected to continue on Dalal Street next week, with four companies collectively seeking to mobilise over Rs 6,600 crore through initial public offerings (IPOs). In terms of the amount raised, this is poised to be the busiest week of calendar year 2023. Tata Technologies (Tata Tech), a subsidiary of Tata Motors, could lead the charge with an IPO projected to be over Rs 2,900 crore. This will mark the first maiden share sale by a Tata Group firm in nearly two decades.
Do you know what tax-loss harvesting is? Does it help you save tax? Financial planning expert P V Subramanyam offers all the answers.
After a spike in crude oil and gas prices in October following the Hamas terror attack, prices eased down 9 per cent month-on-month in November. The Organization of the Petroleum Exporting Countries (Opec) and Opec+ agreed to a further voluntary production cut in January-March 2024 to try and support global crude prices. The best guess here is that crude prices (currently at $75/barrel, or bbl) will not likely cross significantly above $80, and gas prices are also likely to remain subdued unless there's a further escalation in the Israel-Hamas conflict.
Similar discounts compared to online led to a spike in demand for offline, where customers can get a more personal and hands-on product experience.
Big Mumbai developers' inventory at Rs 53.4 crore.
Bharat Heavy Electricals Ltd (BHEL) is India's largest engineering and manufacturing enterprise, operating across energy, industry, and infrastructure sectors. The investment path for the stock is based on a large order backlog, continued strong order inflows, and rising power demand, which should push demand for BHEL's equipment and services. BHEL has historically held over 70 per cent market share in power projects.
The Zee group's demerged entity, Dish TV India got listed at Rs 113, on the Bombay Stock Exchange on Wednesday.
Most of India's oil supplies are expected to stay safe because of the country's good relations with both Russia and Iran. That would take care of over a third of India's supplies.
A few years ago, when top officials of Indian state-run refiners went to Dubai to negotiate a crude oil supply contract, a senior official from state-owned Saudi Aramco told them, "We can negotiate on anything, but I am the last man standing for you. "Nobody can offer the range of crudes we do with certainty," an official who was part of the negotiating team recalls. Perhaps that explains why Saudi Arabia is less concerned about losing its place as India's premier oil supplier to an upstart like Russia, which emerged from nowhere to become India's biggest crude oil supplier in September and October.
Automobile retail sales in India rose to a record high in November, aided by the best ever monthly performance across passenger vehicle and two-wheeler segments, dealers' body FADA said on Wednesday. The overall retail sales stood at 28,54,242 units last month, 18 per cent higher over 24,09,535 units in November 2022. Passenger vehicle (PV) retail sales rose to 3,60,431 units as compared to 3,07,550 units in the year-ago period, registering a growth of 17 per cent.
Ministry sources say investors are looking at pumping in around Rs 1,100 crore
The "asset-right" strategy, reiterated by ITC chairman Sanjiv Puri during the company's 112th annual general meeting (AGM) on August 11, received a thumbs up from the analysts. They, however, believe that sustained earnings growth and synergies with the demerged hotel's vertical will help the stock break out from the ongoing consolidation. "The stock is expected to consolidate between Rs 420 and Rs 450 in the near future.
The Centre on Monday directed cooperatives NCCF and NAFED to sell tomatoes at a reduced rate of Rs 50 per kilogram from Tuesday in view of the decline in prices in the wholesale markets. Since July, both NCCF and NAFED have been selling tomatoes at a discounted rate on behalf of the consumer affairs ministry in Delhi-NCR, Uttar Pradesh, Rajasthan and Bihar to boost domestic availability and contain price rise. Initially, the ministry had asked the two cooperatives to sell tomatoes at a subsidised rate of Rs 90 per kg and later reduced the price to Rs 80 per kg. Further, the price was cut to Rs 70 per kg.
''The outcome of the state polls may lead to some strategy-related permutations and combinations and the markets may extrapolate it to the likely outcome in the general elections.'
According to the police, the accused persons collected data, such as phone numbers and personal data from a portal, and the employees of the call centre randomly made calls using VoIP to US citizens.
Rising penetration of trade generic medicines is eating into the value growth of the domestic pharmaceutical market, showed a recent analysis. According to a Kotak Institutional Equities analysis, 70-110 basis points (bps) annual dent is expected from trade generics and Jan Aushadhi on Indian Pharma Market (IPM) growth at least until FY27-28 (see chart). Trade generic medicines are those that are not pushed into the market through doctor promotions.
Life Insurance Corporation of India (LIC) reported weak growth through H1FY24 but it witnessed a boost in embedded value (EV) due to equity-market performance. But concerns regarding its stock include loss of market share as it is outpaced by private sector rivals, sticky operating expenses (reduced slightly year-on-year but up in Q2FY24 versus Q1FY24), and high sensitivity of embedded value to equity volatility. Traders may also factor in the likelihood of another stake sale by the Government of India.
India's pharmaceutical exports to Iran have been hit owing to depleting rupee reserves in the West Asian country because of India stopping the import of crude oil from it in 2019 following US sanctions. Pharmaceutical exports dropped 71.25 per cent in April-August this year over the same period last year. The data from the Pharmaceutical Exports Promotion Council (Pharmexcil) showed exports to Iran had declined 31.29 per cent in 2022-23 as against the previous financial year.
Putin said the 'policy' pursued by Modi is the main 'guarantor' of relations between the two countries.
Gold import from the UAE at a lower rate of duty -- in terms of an agreement -- has posed a survival challenge for the Indian refining industry while hurting the price discovery of the metal, with the India International Bullion Exchange starting operations at GIFT City. The problem has arisen after the government signed the Comprehensive Economic Partnership Agreement (CEPA) with the UAE. Under it, Indian jewellery manufacturers have been allowed to import gold at a concessional rate of 14 per cent against 15 per cent, which is normal.
Siemens reported solid results in the July-September quarter (fourth quarter, or Q4) of 2022-23 (FY23), with the top line growing 25 per cent year-on-year (Y-o-Y) to Rs 5,808 crore. The operating profit margin stood at 12.1 per cent, led by lower employee costs and other operating expenses. The company follows the October-September financial year.
Capital markets regulator Sebi has kept in 'abeyance' the proposed initial share sale of securities depository NSDL. However, the Securities and Exchange Board of India (Sebi) did not clarify further. The National Securities Depository Ltd (NSDL) filed its preliminary papers with the capital markets regulator on July 7.
Constituencies that are going to the polls in the first phase, slated for April 19, have just 19 days for campaigning. Contrast that with those going to polls in the 7th phase, notes N Sathiya Moorthy.
A prudent guideline for self-employed individuals is to target at least 10 to 15 times their actual annual income when determining life insurance coverage.
What is more surprising is that a surge in Russian oil supplies has come after the G7 imposed stringent sanctions on Moscow.
The BJP has played the social engineering card in Rajasthan with an eye on the Lok Sabha election where the party will try and retain all the 25 seats that it had won in the 2014 and 2019 elections.
India can become the number one automotive manufacturing hub in the world within five years, but auto companies need to enhance safety features to reduce deaths due to road accidents, Union Minister Nitin Gadkari said on Thursday. In his inaugural address at the Auto Expo 2023 here, the minister for road transport and highways asserted that the government's target is to reduce these accidents by 50 per cent before the end of 2024 while asking the auto industry to take suo moto action for road safety as the government doesn't want to make anything mandatory. Gadkari's sentiments were also echoed by Minister of Heavy Industries Mahendra Nath Pandey, who lamented that while India has only 1 per cent of the total overall vehicles, the country accounts for 11 per cent of the total global deaths due to road accidents.
After Reliance Industries Ltd and its partner bp plc of the UK, Nayara Energy - the nation's largest private fuel retailer - has started selling petrol and diesel at Re 1 less than the fuel sold by state-owned retailers, officials said. While state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) continue to hold prices despite a drop in international rates, private fuel retailers have started passing on the benefit to consumers. "To further stimulate domestic consumption and cater to local customers better, we have introduced a Re 1 discount in our retail outlets until the end of June 2023," a spokesperson for Nayara Energy said.
