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rediffGURU Ulhas Joshi answers your mutual fund queries.
The Union Finance Ministry on Tuesday said that aggregate business of public sector banks (PSBs) has shown strong growth of 11 per cent in the first half of the financial year 2024-25 (H1FY25) to touch Rs 236 trillion. The operating and net profit were also robust. At Rs 1.5 trillion, operating profit grew by 14.4 per cent year-on-year (Y-o-Y) while the net profit saw an impressive 25.6 per cent jump at Rs 85,520 crore in the first half of FY25.
However, the SBI report said it will take almost seven-quarters from Q4 FY21 to reach the pre-pandemic level in nominal terms and there will be a permanent output loss of around 9 per cent of GDP.
Largecap, flexicap, and balanced advantage funds together recorded a net inflow of Rs 9,363 crore in August, representing a 70% increase from the previous month's total.
The Rs 6,145-crore initial public offer of electric two-wheeler company Ola Electric Mobility got fully subscribed on the second day of bidding on Monday, driven by demand from retail investors and non-institutional investors. The initial share sale received bids for 49,43,63,610 shares against 46,51,59,451 shares on offer, translating into 1.06 times subscription, according to the NSE data.
Partha Pratim Sengupta, who will be taking charge as the MD & CEO of Bandhan Bank in early November, has his task cut out. The Kolkata-based lender, which converted itself from a microfinance institution to a universal bank, is in its 10th year of operation. The bank was able to cut down the share of the micro loan book over these years.
Life insurance companies reported a 13.16 per cent year-on-year (Y-o-Y) growth in new business premium (NBP), totting up Rs 30,347 crore in October, even as the number of policies sold saw a sharp decline. The growth was largely driven by strong performance from private sector life insurers.
Interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from May 10, 2019: SBI
President Droupadi Murmu on Saturday approved 139 Padma awards including seven Padma Vibhushans, 19 Padma Bhushans and 113 Padma Shris.
SBI economists on Tuesday sharply slashed their FY22 GDP growth estimates to 7.9 per cent - the lowest among all analysts - from the earlier projection of 10.4 per cent growth. The economists at the state-run lender seemed to attribute the impact of the second wave of COVID-19 infections as a key factor for the revision in the growth estimate, and pitched for faster vaccination. "... our analysis shows a disproportionately larger impact on the economy this time and given that rural is not as resilient as urban, the pick-up in pent-up demand is unlikely to make a large difference in FY22 GDP estimates, and hence it could only be a modest pick-up," they said.
NTPC was the top gainer in the Sensex pack, rallying around 4 per cent, followed by Titan, SBI, HUL, IndusInd Bank and UltraTech Cement. NSE Nifty advanced 63.15 points to 15,746.50.
The fund will promote domestic shipbuilding of all types and sizes to reduce India's dependence on foreign ships.
The country's biggest bank SBI on Wednesday posted a 55 per cent rise in standalone net profit at Rs 6,504 crore for the first quarter of the current financial year, helped by decline in bad loans. The lender had reported a net profit of Rs 4,189.34 crore in the April-June quarter of 2020-21. State Bank of India's (SBI) standalone total income increased to Rs 77,347.17 crore in the first quarter of 2021-22 as against Rs 74,457.86 crore in the same period a year ago, according to regulatory filing.
Notwithstanding the recent sharp decline in the stocks of public sector companies, analysts at Jefferies remain bullish on this segment. State Bank of India, Coal India, and NTPC are their top picks in this space, they said in a recent note. The public sector undertaking (PSU) or state-owned enterprise (SOE) index, with a 70-percentage-point outperformance versus the National Stock Exchange Nifty50 over the past 12 months, comes after a decade of underperformance before 2020.
Apart from fulfilling banking services, one can access more than 100 e-commerce sites, book tickets, and even pay for small value groceries through the app. The bank is now proposing to allow other banks to use this to serve their own customers.
Gautam Adani-owned Adani Ports and Special Economic Zone (APSEZ) will replace IT major Wipro in the 30-share BSE Sensex from June 24, according to an official announcement on Friday. This marks the first inclusion of any Adani Group firm in Sensex. The group has 10 listed firms with a combined market valuation surpassing Rs 17 lakh crore.
He said the SBI data showed that there is a rise in NPAs due to the coronavirus crisis but it is manageable as people have been cautious about increasing their liabilities especially in the retail, agriculture and MSME sectors.
The National Payments Corporation of India (NPCI) has granted approval to Paytm to onboard new UPI users, subject to the adherence to all procedural guidelines and circulars, according to the company. The move is expected to come as a relief to Paytm, which had suffered a blow following the Reserve Bank of India's restrictions earlier this year on associate company Paytm Payments Bank Limited (PPBL) in onboarding new UPI users on the Paytm app. In March, the NPCI gave approval to Paytm to participate in UPI as a Third-Party Application Provider (TPAP).
Public sector banks (PSBs) posted 16.1 per cent year-on-year (Y-o-Y) growth in net profit at Rs 39,974 crore during the June 2024 quarter. While net interest income (NII) showed subdued growth of 7.1 per cent, provisions and contingencies declined by 10.5 per cent Y-o-Y. This aided the bottom line to show steady growth.
According to him, the rural economy will play a critical role in the revival process.
The December meeting of the Reserve Bank of India's (RBI's) six-member Monetary Policy Committee (MPC) will start on Wednesday even as there is no clarity on whether Governor Shaktikanta Das, the chair of the panel, will continue in office after his term ends next week. The outcome of the meeting will be announced on Friday by Das at 10 in the morning.
The assertion comes in the wake of the Supreme Court directing the SBI to submit the details of the electoral bonds purchased since April 12, 2019 to the EC.
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India's largest public sector bank State Bank of India (SBI) will support Tata group's bid for soon-to-be-privatised Air India by subscribing to Tata Sons debentures or funding the special purpose vehicle (SPV) set up by Tata Sons for the acquisition. Bankers said the credit rating of Tata group's holding company is "AAA" signifying high safety and a combination of Air India with its existing airline businesses would make it a formidable player - leading to a duopoly market with IndiGo. It would also open many business opportunities, including in the retail segment, an official said.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The All India Bank Officers' Confederation has condemned the purported "unsavoury attack" on SBI chairman Rajnish Kumar by Finance Minister Nirmala Sitharaman during a banking event last month in Guwahati. The association claimed that an audio clip has gone viral on social media that revealed the finance minister coming down heavily on the SBI chief, accusing him of poor credit uptick, during an outreach programme in late February.
Hyundai Motor India (HMIL) raised Rs 8,315 crore from anchor investors on Monday, setting the stage for the country's biggest-ever maiden share sale. The Indian arm of the South Korean carmaker Hyundai Motor Company (HMC) allotted 42.4 million shares to 225 funds at Rs 1,960 apiece, the higher end of its price band. Among the investors receiving allotments were the Singapore government's sovereign wealth fund (GIC), New World Fund, and Fidelity.
House economists at the nation's largest lender State Bank of India (SBI) have urged the government to budget for nursing the pandemic-ravaged economy and not to focus too much on fiscal consolidation as there is a need for more stabilisation measures to sustain the fledgling recovery. And one of the best way to begin the new fiscal is to complete the share sale of LIC this fiscal. This can go a long way in repairing the overstretched balance sheet which in turn will bring down fiscal deficit to a much lower 6.3 per cent in FY23 as the public coffers will be left with a cash surplus of at least Rs 3 lakh crore to begin the new fiscal, SBI chief economist Soumya Kanti Ghosh said in a pre-Budget note on Wednesday.
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All shares held by SBI in the five associate banks will stand cancelled after merger.
MNC funds invest in companies where foreign promoters have more than 50 per cent shareholding.
Future Gaming and Hotel Services whose director is the lottery magnate Santiago Martin is the top purchaser of electoral bonds having purchased bonds worth Rs 1,368, according to data uploaded by the Election Commission of India on its website on Thursday.
The country's largest lender SBI on Friday reported an 80 per cent surge in standalone net profit at Rs 6.450.75 crore for the fourth quarter ended March 2021, aided by decline in bad loans. State Bank of India (SBI) had registered a profit of Rs 3,580.81 crore during January-March period of 2019-20, the lender said in a regulatory filing. Total income of the bank during the March quarter of the last financial year rose to Rs 81,326.96 crore, from Rs 76,027.51 crore in the same period of 2019-20.
Jefferies has identified 11 stocks set to benefit from long-term macro trends like capital expenditures, government manufacturing initiatives, and financialisation.
The country's largest lender SBI on Friday reported a 41 per cent surge in standalone net profit at Rs 9,114 crore for the fourth quarter ended March 2022, helped by decline in bad loans. State Bank of India (SBI) had registered a profit of Rs 6,451 crore during January-March period of 2020-21, the lender said in a regulatory filing. Total income of the bank during the March quarter increased marginally to Rs 82,613 crore, from Rs 81,327 crore in the same period of the previous fiscal.
In 5 years, the AMC has clocked a growth rate of 40% with its AUM up nearly 4 times.
'IPOs have performed exceptionally well, with a notable increase in average ticket size from Rs 800 crore in the last financial year to around Rs 1,300 crore in this financial year.'
Employee integration and branch rationalisation are major challenges.
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