Shares of ICICI Bank may outperform those of HDFC Bank in the near-term, analysts said recently, after the Sandeep Bakhshi-led private sector lender reported a strong set of numbers for the July to September quarter (Q2) of financial year 2023-24 (FY24). The result, they said, reiterated that ICICI Bank is maintaining a sustainable and prudent growth led by tech-driven initiatives as against HDFC Bank, which is facing merger related challenges. According to analysts at Prabhudas Lilladher, ICICI Bank is valued at par with HDFC Bank at 2.2x/1.9x on FY25/26E core adjusted book value (ABV) basis.
Growing up in the Mumbai of 1970s, Uday Kotak aspired to be a cricketer and trained under legendary coach Ramakant Aachrekar. However, it was an on-field injury which resulted in a shift to finance. He started off with bill discounting, turned to lending and successfully applied to start a universal bank in the first decade of the millennium, as India was warming up to private play in banking.
Private players continued to show strong momentum in the life insurance individual new business segment during August, 2023. On an aggregate, the industry registered 14 per cent growth year-on-year (Y-o-Y) compared to 15 per cent in July '23. Private players were up 21 per cent Y-o-Y, up from 16 per cent Y-o-Y in July '23, while public insurers' growth was muted at 3 per cent.
The Supreme Court said on Thursday the surrender of Jammu and Kashmir's sovereignty to India was "absolutely complete" with the accession of the former princely state in October 1947, and it was "really difficult" to say that Article 370 of the Constitution, which accorded special status to the erstwhile state, was permanent in nature.
The Supreme Court on Tuesday sought data on the beneficiaries of Section 6A of the Citizenship Act in Assam, saying there was no material before it which could indicate that the effect of granting Indian citizenship to Bangladeshi immigrants between 1966 and 1971 was so great that it impacted the demographic and cultural identity of the border state.
As per the statement issued by the legislative assembly secretariat, speaker of Manipur legislative assembly is pleased to accept the merger of five JD-U MLAs with the BJP under the tenth schedule of the Constitution.
While the market for satellite broadband currently is small, the potential is large as an estimated 30 per cent of the country does not have reliable terrestrial broadband services.
Eleven villages in Akkalkot tehsil of Maharashtra's Solapur district have asked the district administration to provide them basic facilities or grant them permission to merge with adjoining Karnataka.
'AI is not a new thing for us. We started our AI journey in 2015.'
Equity benchmark Sensex surged over 1,300 points on Monday to reclaim the 60,000-level, boosted by intense buying in banking and financial stocks after the announcement of merger between HDFC and HDFC Bank. Strong global cues and receding crude oil prices also propped up the domestic equity markets, according to traders. Shares of HDFC and HDFC Bank rallied nearly 10 per cent as investors lapped up the merger deal.
'Global coordination, convergence, market complexities and dynamics and cross-border enforcement compound the existing challenges we face.'
China's size and ambition have enabled it to successfully penetrate every sector of the UK's economy, an influential parliamentary panel has said, warning that Beijing's national imperative continues to become a technological and economic superpower on which other countries are reliant, which represents the "greatest risk" to the UK.
The civil aviation ministry assured employees of state-owned carriers Air-India and Indian on Wednesday that the planned merger of the two would not involve retrenchment, cuts or losses in pay scale, perks or allowances.
FMCG major HUL on Friday announced the appointment of Rohit Jawa as the managing director & chief executive officer to succeed Sanjiv Mehta who will retire from the company after leading it for a decade. Jawa, presently the Chief of Transformation for Unilever, would take over the leadership role for a term of five consecutive years with effect from June 27, 2023, the company said in a statement. "The appointment of Rohit Jawa as a whole-time director and MD & CEO will be subject to approval of Shareholders and other statutory approvals as may be applicable," it added.
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"We will raise Rs 300 crore via bonds of two-, three- and five-year tenures. This will be our maiden bond issuance and is part of our effort to widen funding sources," says Vimal Bhandari, executive vice-chairman and chief executive officer (CEO), Arka Fincap. The firm, a subsidiary of Kirloskar Oil, is only five years old and small (assets of around Rs 5,000 crore with an "AA" rating), but the response to this float will be closely watched: It would be the first by a non-banking finance company (NBFC) after Mint Road upped the risk weights on bank exposures to them by 25 percentage points. The move by the Reserve Bank of India (RBI) has caught NBFCs off guard even though the issue had been flagged by Governor Shaktikanta Das with their corner-room occupants (and that of banks) in July and August 2023 - on consumer credit and the dependency on bank borrowings.
'Switching loyalty from one party to another is completely unfair as it devalues my vote.'
