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Marksans Pharma shares jump 8% to hit 52-week high today

Marksans Pharma shares jump 8% to hit 52-week high today

Wednesday, January 11, 2023

Shares of Marksans Pharma surged more than 8 percent and hit a 52-week high of Rs 67.40 in Wednesday's trade, extending their gains for the third straight session amid heavy volumes, after the company announced that its Board will consider and allot fully paid-up equity shares against convertible warrants to the promoter and OrbiMed Asia. Its previous close was Rs 62.25. The company, in an exchange filing, said that a board meeting would be held on January 20 to consider and allot fully paid-up equity shares. per an exchange filing, promoter Mark Saldanha will be allotted 10 lakh equity shares at Rs 74 apiece. OrbiMed Asia IV Mauritius FVCI Limited will be allotted 4.9 crore shares at Rs 74 each. This brings the total issue to Rs 372 crore."Expected approval by the board of directors in favor of the owner led to a strong uptrend in Marksans Pharma's stock price. A daily close above Rs 64 could lead to targets of Rs 67-73.65 in the coming days," said AR Ramachandran from Tips2trades. Read more

TVS Electronics up 18% on heavy volumes, hits 52-week high in weak market

TVS Electronics up 18% on heavy volumes, hits 52-week high in weak market

Wednesday, January 4, 2023

Shares of TVS Electronics hit a 52-week high of Rs 344.6, surging 18 percent on the BSE in Wednesday's intra-day trade, supported by heavy volumes in an otherwise weak market.TVS Electronics Limited (TVS-E) is a leading and one of the most prominent players in the IT peripherals and consumer electronics market. Shares of the computer hardware and equipment company surpassed the previous high of Rs 333 touched on September 2, 2022. Under the purview of the Products & Solutions Group (PSG), the company designs, manufactures, assembles, sells, and services a wide variety of products, such as dot matrix printers, thermal receipt printers, label printers, mobile printers, mechanical keyboards, membrane keyboards, mouse, barcode scanner, currency counter, surveillance camera, touch POS system, handheld device, and electronic cash register, etc. Read more

Mahindra Finance touchs 52 week high on healthy disbursements in Nov

Mahindra Finance touchs 52 week high on healthy disbursements in Nov

Monday, December 5, 2022

Mahindra & Mahindra (M&M) Financial Services' share price touched a fresh 52-week high of Rs 243.60 apiece, after surging by around 6.5 percent on the BSE intraday during Monday’s trading session after the company announced it recorded a disbursement of approximately Rs 4,500 crore in November 2022, delivering a 75 percent year on year (YoY) growth, on the backdrop of positive macro environment. The stock of M&M Group’s financial arm breached its earlier high of Rs 235, hit on September 15, 2022. The financial company's year-to-date (YTD) disbursement stood at approximately Rs 31,050 crore, registering a YoY growth of 99 percent. Healthy disbursement trends have led to a strong gross asset book of approximately Rs 76,300 crore, growing around 3.4 percent over September 2022. . This has resulted in a growth of 17.5% versus March 2022. Read more

Laurus Labs hits 52-week low on margin concerns

Laurus Labs hits 52-week low on margin concerns

Tuesday, November 29, 2022

Shares of Laurus Labs hit a 52-week low at Rs 415 as they slipped 8 percent on the BSE in Tuesday’s intra-day trade in an otherwise firm market on margin concerns and after Kotak Institutional Equities assigned a sell call to the pharma firm with a target of Rs 350. The market cap of the pharma firm fell to Rs 22,504 crore on BSE. A total of 3.67 lakh shares of the firm changed hands amounting to a turnover of Rs 15.56 crore on BSE. Citing that Laurus Labs has witnessed severe pricing pressure and lower volumes in its ARV formulations portfolio for five quarters now, resulting in significant pressure on core margins, the research firm Kotak Institutional Equities downgraded Laurus to sell with a target price of Rs 350, which shows a downside potential of 17% from the current market price of Rs 418. Read more

SpiceJet shares decline over 4 per cent after Q2 loss

SpiceJet shares decline over 4 per cent after Q2 loss

Tuesday, November 15, 2022

Shares of SpiceJet on Tuesday fell over 4 percent in morning trade after the firm reported a widening net loss to Rs 837.8 crore in the three months that ended September. The net loss of the company in the year-ago period was ₹570.5 crores. This is because of the cascading impact of a heavy increase in aviation turbine fuel expenses and foreign exchange losses due to the depreciating rupee combined with the effects of DGCA's order that made SpiceJet operate only 50% of its aircraft. Excluding the forex loss, the airline’s net loss stood at Rs 577.7 The consolidated revenue from operations rose by 45 percent to ₹1954.4 crores from ₹1345.4 crores in the year-ago period. For the same comparative period, operating expenses were Rs 2,942.6 crore as against Rs 2,100.4 crore,” the release said. Read more

Bharti Airtel Q2 result, profit up 89% YoY

Bharti Airtel Q2 result, profit up 89% YoY

Monday, October 31, 2022

Bharti Airtel Ltd, India's No.2 telecom carrier by subscribers, reported a consolidated net profit of ₹2,145 crores for the quarter ending 30 September 2022. This is an increase of 89% when compared with ₹1,134 crores in the corresponding quarter of last year. helped by 4G subscriber additions. The company's consolidated revenue from operations was 345.27 billion Indian rupees ($4.17 billion) for the three months ended Sept. 30, compared with 283.26 billion rupees a year ago. Analysts had expected the company to report a 75 to 110% YoY growth in net profit for the quarter, while its revenue growth is expected around 20%. Consolidated EBITDA or earnings before interest, taxes, depreciation, and amortization jumped 6.7% for the quarter to ₹17,721 crores, while the operating margin improved to 51.3% from 50.6% on a QoQ basis. Read more

Diwali Muhurat Trading 2022

Diwali Muhurat Trading 2022

Monday, October 24, 2022

October 24 will mark a one-hour special Muhurat Trading session on the world's two most prominent stock exchanges, the BSE and the NSE. The beginning of a new Samvat 2079, the Hindu calendar year that begins on Diwali, will be celebrated on October 24 with a one-hour special Muhurat Trading session on the BSE and the NSE. The stock exchanges announced the time frame for the symbolic trading session in separate circulars: 6:15 PM to 7:15 PM. Muhurat Trading, or trading at the auspicious hour, is thought to bring stakeholders prosperity and financial success. Read more

Canara Bank Q2 profit jumps 89% to Rs 2,525 cr

Canara Bank Q2 profit jumps 89% to Rs 2,525 cr

Thursday, October 20, 2022

Canara Bank shares gained as much as 4 % on October 20 after it reported an 89 percent jump in net profit to Rs 2,525 crore in July-September (Q2 FY23), beating Street estimates by a wide margin, aided by lower tax costs and healthy net interest income. Higher other income and operating performance also supported profitability with improved asset quality. In the year-ago period, the state-owned lender had reported a net profit of Rs 1,333 crore. The total income also rose to Rs 24,932.19 crore during July-Sep this year against Rs 21,331.49 crore in the same period of 2020-21. According to a regulatory filing, its net interest income - or the difference between interest earned and interest paid - increased 18.5 percent to Rs 7,434 crore compared to Rs 6,273 crore. Non-interest revenue grew 13 % YoY to Rs 4,825 crore in the same period. Net interest margin (NIM), a measure of profitability, of the bank, stood at 2.86 % compared to 2.78 % in the previous quarter and 2.77 % a year ago. Read more

Tata Elxsi dips 15% after Q2 result

Tata Elxsi dips 15% after Q2 result

Tuesday, October 18, 2022

Shares of Tata Elxsi hit a three-month low of Rs 7,204, falling 7.50 percent on the BSE in Tuesday's intra-day trade, in an otherwise weak market. The stock has slipped 15 percent in the past two trading days after the Tata Group company reported a sequential decline in its net profit. The Tata Group firm reported a 39.1 percent rise in net profit at Rs 174.3 crore in Q2, up from a year-ago period of Rs 125.3 crore. However, the earnings fell below market expectations. On October 14, the company said its revenue from operations grew 28 percent year-on-year to Rs 763.2 crore in the September quarter. Profit after tax grew 39.1 percent and the employee mark crossed 11,000 with 1,532 net additions in the quarter. Ebitda's profit margin came in at 29.7 percent. Read more

Infosys Q2 result profit rises 11% YoY to Rs 6,021 cr

Infosys Q2 result profit rises 11% YoY to Rs 6,021 cr

Thursday, October 13, 2022

IT primary Infosys Ltd on Thursday reported an 11% jump in consolidated net profit at Rs 6,021 crore for the quarter ending September 30, 2022, up 11.1 percent from Rs 5,421 core reported in the same quarter of the previous year. It reported a 23.4 percent YoY jump in consolidated revenue for the September quarter to Rs 36,538 crore as against Rs 29,602 crore in Q2FY22. Numbers were in-line with projections. A poll of analysts had projected a 24 percent year-on-year (YoY) growth in revenue and 11 percent in net profit. Infosys has also announced a share buyback worth Rs 9,300 crore. Under the buyback program, the price will not exceed Rs 1,850 per equity share. The price is 30% higher than the company shares' closing price of Rs 1,422 apiece on Thursday. The IT major will also pay an interim dividend totaling Rs 6,940 crore to the shareholders at Rs 16.5 per equity share. Read more

Gland Pharma fell 12 percent post Q1 result

Gland Pharma fell 12 percent post Q1 result

Thursday, July 21, 2022

Shares of pharmaceutical company Gland Pharma hit a 52-week low of Rs 2,182 as they slipped 12 percent on the BSE in Thursday's intra-day trade. Consolidated net profit declined 35% YoY and 20% sequentially to Rs 229 crore in the Apr-Jun quarter, led by lower operating income and a 26% YoY fall in revenue from operations at Rs 857 crore in the period. The pharmaceutical company's PAT stood at Rs 351 crore in Q1FY22. On a sequential basis, PAT was down 20 percent from Rs 286 crore in Q4FY22The company's revenue from operations declined 26 percent YoY to Rs 857 crore from Rs 1,154 crore, and 22 percent QoQ from Rs 1,103 crore. Last year's revenue was higher due to Covid-19-related product sales. The company said continued supply disruption, cost escalation, and the Company’s decision to shut down two of its manufacturing lines for productivity improvement have affected the business for the quarter. Read more

India joined the Indo-Pacific Economic Framework (IPEF)

India joined the Indo-Pacific Economic Framework (IPEF)

Wednesday, May 25, 2022

On 23 May 2022 India, along with 12 other countries, joined the Indo-Pacific Economic Framework (IPEF) that seeks to establish a trading bloc in the region led by the United States. This is the first plurilateral deal that India has agreed to join after exiting the Regional Comprehensive Economic Partnership (RCEP) deal at the last minute in 2019. Read more

ITC gains 4 percent hits 52 week high

ITC gains 4 percent hits 52 week high

Friday, April 8, 2022

The stock of FMCG major ITC hit a fresh 52-week high of Rs 265.90, up 4 percent on the BSE in Friday's intra-day trade, on the expectation of healthy earnings, against the previous close of Rs 256.60 on BSE. Market cap of the firm rose to Rs 3.26 lakh crore on BSE. The stock of the cigarettes to fast-moving consumer goods (FMCG) major has rallied 24 percent in the past six weeks. For the October-December quarter (Q3FY22), ITC had reported strong all-around revenue performance led by robust recovery across markets due to a rise in mobility and an efficient distribution system. Meanwhile, Motilal Oswal has disclosed its Q4 earnings estimates for the consumer sector. It expects ITC to report a net profit of Rs 4,076.4 crore rising 8.7% year-on-year (down 1.9% quarter-on-quarter). Net sales are expected to rise 4.1 percent Y-o-Y (down 12.7 percent Q-o-Q) to Rs 13,842.1 crore, according to Motilal Oswal. Read more

YES Bank hits 52 week high as CARE Ratings upgrade outlook to 'positive'

YES Bank hits 52 week high as CARE Ratings upgrade outlook to 'positive'

Thursday, April 7, 2022

Shares of YES Bank surged 10.6 percent to Rs 16.25 per share, hitting a 52-week high in an otherwise weak market after rating agency CARE Ratings upgraded the private bank’s credit rating. The stock price has jumped over 22.5 percent in the last month, and more than 10 percent so far in this calendar year. The rating agency upgraded the outlook to 'positive' on account of stable growth in deposits and advances. On Tuesday, the bank said its net advances grew by 8.8 percent to Rs 181,508 crore in the fiscal ended March 31st. The bank's net advances were at Rs 166,893 crore in the previous fiscal ended March 2021. Deposits during the year grew by 21.1 percent to Rs 197,281 crore as against Rs 162,947 crore in FY21.CASA deposits of the bank have also increased by 52 percent during FY21 to Rs 42,587 crore as of March 31, 2021. The credit to deposit ratio stood at 92 percent as of March 31, 2022, compared to 102.4 percent a year ago, the private sector lender said. Read more

Initial signs indicate monsoon 2022 could be 'normal':Skymet

Initial signs indicate monsoon 2022 could be 'normal':Skymet

Monday, February 21, 2022

Skymet, the private weather forecasting agency, today(21st Feb.2022) said that the 2022 southwest monsoon could be ‘normal’, finishing around the mid-way mark of the normal range of 96-104 percent of the Long Period Average (LPA). LPA for the four-month southwest monsoon season that starts from June is 881 millimeters. “Monsoon has large inter-annual fluctuations in its arrival, intensity, duration, and withdrawal. It is rather early to decode all these aspects at this stage. But there are precursors to get an early glimpse and gauge its health during the four-month-long season,” Skymet said in a statement. It added that back-to-back La Nina seen in the last two monsoon seasons had started shrinking now, which also means that monsoon 2022 is going to be a devolving La Nina to start with and turn neutral later. Read more

The good and bad of Budget 2022 for investors, companies & common man

The good and bad of Budget 2022 for investors, companies & common man

Wednesday, February 2, 2022

The Union Budget 2022 is a mixed bag for India's investors, companies, and the common man. Some measures introduced in the Budget would make for good news to them, while some of them can be seen as coming pain points for these sections. Budget 2022 made no change to the existing income tax structure, leaving the common man and some other sections disappointed. There, however, were steps that could turn out to be a major boost for the economy as a whole, going forward. In a budget without any remarkable good news for the individual, the announcement of the upcoming central bank digital currency (CBDC) garnered some attention from Investors. Also, this financial year, a surcharge on long-term capital gains (LTCG) will be capped at 15 percent, a rule that will be applicable to all assets. Until now, it applied only to listed equity shares and units of the equity-oriented fund. Read more

The budget focuses on the next few years and the thrust has been in infrastructure modernisation: experts

The budget focuses on the next few years and the thrust has been in infrastructure modernisation: experts

Tuesday, February 1, 2022

The government has done a fantastic job of managing growth and providing the money for Capex in the Budget 2022 proposals according to analysts. They have raised more resources than was expected. The government’s fiscal management in these two years of the Covid pandemic has been phenomenal. The thrust of the Budget has been in infrastructure modernisation. All this will have a multiplier effect on job creation and economic growth. That said, another good thing is that the tweak(s) in the tax rates have been minimal. Even the long-term capital gains tax across asset classes has been capped at 15 percent. The message that the government wants to convey through this is that the tax regime is stable and does not warrant much change. This is one thing that the markets and all investors will like. All this will help investors commit big money. Read more

Budget 2022 updates: Sitharaman reaches Parl; Budget speech at 11 am

Budget 2022 updates: Sitharaman reaches Parl; Budget speech at 11 am

Tuesday, February 1, 2022

Finance Minister Nirmala Sitharaman will present her fourth Union Budget in Parliament at 11 am today(1st February 2022) in a paperless format. The Budget speech will be keenly watched by both domestic and foreign investors, various interest groups like farmers, crypto Investors, anxious middle class, and corporate entities, besides parliamentarians. Ahead of the Budget presentation, Sensex jumped over 700 points. led by gains in IT and banking counters. Clarity on cryptocurrency sops to real estate, and the abolition of STT would be on top of investor radar. Read more

Union Budget 2022:Crypto industry waiting the passing of the Crypto Currency Bill

Union Budget 2022:Crypto industry waiting the passing of the Crypto Currency Bill

Saturday, January 29, 2022

The Union Budget 2022 is being presented at a very crucial juncture for the Indian economy and taxpayers. Covid 19 has resulted in the loss of employment or erosion of income for several personal taxpayers, increased medical expenses, and financial insecurity. Further, the fiscal stimulation measures and higher fiscal deficit have resulted in higher inflation. A major opportunity in investment for the modern generation is cryptocurrency. It is the need of the hour to Introduce clarity on the taxation of cryptocurrency transactions. Read more

Closing Bell:Sensex ended the session with 427-points cut at 59,037 level while Nifty gave up the 17,650-mark to end at 17,617, down 140 points

Closing Bell:Sensex ended the session with 427-points cut at 59,037 level while Nifty gave up the 17,650-mark to end at 17,617, down 140 points

Friday, January 21, 2022

In the Indian equity market all sectors, barring selective FMCG counters, slid into the negative territory for the fourth straight day today(21 January 2022) as Global headwinds weighed upon. The S&P BSE Sensex ended the session with 427-points cut at 59,037 level with 10 index constituents ending the session in the green. The 30-pack index had briefly breached below the 59,000-mark intra-day and hit a low of 58,621. On the NSE, the Nifty50 gave up the 17,650-mark to end at 17,617, down 140 points. The broader markets bled even more with both the mid and smallcap indices closing 2 percent lower each on the BSE. Overall, 2,329 stocks ended in the red on the BSE as against less than 1,048 stocks in the green. Fear gauge, India VIX, soared 6 percent to end near the 19-mark. Read more

MARKET UPDATE: Sensex quoted 653 points lower at 56,358 level while Nifty broke below the 16,800-mark at 16,795, down 190 points

MARKET UPDATE: Sensex quoted 653 points lower at 56,358 level while Nifty broke below the 16,800-mark at 16,795, down 190 points

Monday, December 20, 2021

Indian benchmark indices opened lower today (20th Dec.2021) as investors continue to track the spread of the Omicron Covid variant. The World Health Organization recently warned that the number of cases is doubling in 1.5 to 3 days in areas with community spread. That apart, Asian stocks dropped in early trading today after China slashed its benchmark lending rate for the first time in more than one-and-a-half years. The move likely indicates policymakers' concerns around the slowing economic growth in China, which worried investors. The BSE Sensex quoted 653 points lower at 56,358 level while the Nifty50 broke below the 16,800-mark at 16,795, down 190 points. Both the indices were down over 1 percent each. In the broader markets, the BSE MidCap and SmallCap indices fell 2 percent each. Read more

MARKET UPDATE: Sensex up 659 points at 57,724 levels while Nifty at 17,183, up 200 points

MARKET UPDATE: Sensex up 659 points at 57,724 levels while Nifty at 17,183, up 200 points

Wednesday, December 1, 2021

The Indian frontline indices started gap-up today (1st December 2021) on the back of strong GDP growth of over 8 percent in Q2. With this, India continues to remain the fastest-growing large economies in the world. That apart, firm Asian cues also supported the sentiment on the Street. The BSE Sensex was up 659 points, or 1.15 percent, at 57,724 levels. The Nifty50, on the other hand, was at 17,183, up 200 points. IndusInd Bank (up 3.7 percent) was the top Sensex gainer, followed by Tech M, HDFC, NTPC, Tata Steel, and UltraTech Cement. Power Grid was the only loser on the index, down 0.2 percent. In the broader markets, the BSE MidCap and SmallCap indices added 0.9 percent and 0.8 percent, respectively. Read more

India's GDP to grow 9.1% in 2022: Goldman Sachs

India's GDP to grow 9.1% in 2022: Goldman Sachs

Tuesday, November 23, 2021

Wall Street brokerage Goldman Sachs today (November 23) estimated India's GDP growth at 9.1% in 2022. After India's economy contracted by a sharp 7% in 2020, Goldman Sachs pegged the economy to grow at 8% in 2021 and 9.1% in 2022. It earlier estimated India's economic growth to 11.1% in the fiscal year to March 31, 2022. It expects consumption and investment to be the key drivers of growth in 2022. "We expect consumption to be an important contributor to growth in 2022, as the economy fully re-opens driven by a notable improvement in the virus situation and adequate progress on vaccination," Goldman Sachs said in a report. The brokerage also forecasts the headline CPI inflation to increase to 5.8% in 2022 from 5.2% in 2021, led by an increase in core inflation as manufacturers pass on input cost increases to consumers as demand recovers with full economic re-opening.

Reliance Industries down 4% on calling-off Saudi Aramco deal

Reliance Industries down 4% on calling-off Saudi Aramco deal

Monday, November 22, 2021

Reliance Industries (RIL) share price fell 4 percent in early trade on November 22 after the company and Saudi Aramco decided to re-evaluate the proposed investment in the O2C business in light of the former's energy forays. The two companies had signed a non-binding letter of intent in August 2019 for a potential sale of a 20 percent stake in RIL’s O2C business to Saudi Aramco for $15 billion. With today’s intra-day fall, the stock of RIL has declined 14 percent from its record high level of Rs 2,750 touched on October 19, 2021. Due to evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context. Consequently, the current application with NCLT for segregating the O2C business from RIL is being withdrawn, RIL said in a statement. Read more

Asian Paints down 7 percent post Q2 results

Asian Paints down 7 percent post Q2 results

Thursday, October 21, 2021

Shares of Asian Paint were down 7 percent, hitting an over two-month low of Rs 2,961 on the BSE in Thursday’s intra-day trade, after the company, reported a 29 percent fall in the net profit to Rs 605.2 crore in Q2FY22 as against Rs 852 crore in the same quarter a year ago, while its revenue jumped by 32.6 percent to Rs 7096 crore in the July-September quarter of FY22 versus Rs 5350 crore during the same quarter in FY21. The company’s bottom line performance missed expectations of all eight brokerages polled by ETMarkets.com.The company’s board also approved an interim dividend of Rs 3.65 per share at its meeting held earlier today. The decline in the company’s bottom line was largely due to a sharp spike in expenses during the quarter. Asian Paints’ total expenses jumped 49 percent on-year to Rs 6,418.2 crore led by a 73 percent rise in the cost of raw materials. Read more

HUL Q2 results:Numbers good, revenue slightly higher than estimated: Experts

HUL Q2 results:Numbers good, revenue slightly higher than estimated: Experts

Tuesday, October 19, 2021

HUL could be gaining market share in the fabric care business. So that is happening right now and probably would continue in the forthcoming quarters, say experts. According to the prima facie, the HUL numbers are upbeat. In their estimates, both profit, as well as the EBITDA numbers, look higher than what is estimated. Even the revenue number is slightly higher than what they estimated. So the numbers overall look good. We will have to look at it in terms of the volume numbers and the second important factor will be the gross margins. "We were estimating around 5% volume growth for the quarter but the number could probably be slightly higher or in line. We will have to wait and watch out for the volume numbers but our estimate was 5% for the quarter" they say. Read more

MARKET UPDATE:Sensex up 394 points at 62,159 and the NSE Nifty up 112 points at 18,589

MARKET UPDATE:Sensex up 394 points at 62,159 and the NSE Nifty up 112 points at 18,589

Tuesday, October 19, 2021

The Indian markets were trading on a firm note in morning trade today(19th Oct.2021), with the BSE Sensex up 394 points at 62,159, and the NSE Nifty up 112 points at 18,589. The broader market was also trading on a firm note, with both the BSE Midcap and Smallcap indices up around 0.8 percent each. The overall market breadth was also largely positive, with nearly 1,700 advancing shares versus 1,100 declining stocks on the BSE. IRCTC joined the elite club of companies commanding Rs 1-trillion market capitalization (m-cap) on the BSE after its share price hit a new high of Rs 6,332.25 in the intra-day trade today. The shares rallied nearly 8 percent today and have zoomed 33 percent in the past five trading days and a whopping 293 percent in the last six months. L&T Infotech surged 10 percent to a high of Rs 6,496 on the NSE on the back of 21 percent YoY growth in Q2FY22 net at Rs 552 crore. Revenue was up 25.6 percent at Rs 3,767 crore in the same period.

Key factors driving today's market rally

Key factors driving today's market rally

Thursday, October 7, 2021

Tata Motors, IndusInd Bank, Eicher Motors, ICICI Bank, SBI Life Insurance, and Reliance Industries were among other gainers.ONGC was the top loser in the pack, down 2.17 percent. Divi’s Labs and Britannia Industries were among those that traded in the red. FACTORS DRIVING MARKETS: Crude oil cools off: Oil prices dropped back from multi-year highs hit a day earlier, having been a major contributor to this week's equities sell-off. Gas prices also fell, a day after Russian leaders indicated that supply to Europe could increase. Read more

Consumer major Marico stock up 12% from Aug lows

Consumer major Marico stock up 12% from Aug lows

Wednesday, October 6, 2021

Consumer major Marico stocks rose about 2.4 percent in trade today(6th Oct.2021) after its quarterly update highlighted pick up in demand and improving consumer sentiment across categories. While the ongoing vaccination and lower covid infections not only led to healthy overall demand, improved mobility too rubbed off on growth in discretionary and out-of-home categories. For its domestic business which accounts for three-fourths of its revenues, revenue growth came in at low twenties which was in line with analyst estimates. After an 11 percent dip in Q1FY21, Marico’s revenue growth has been trending up over the last three quarters on a lower base and gradual recovery. The company had ended the June quarter with a growth of 26 percent. While the sharp 14 percent decline in domestic volumes had dragged down the two-year average quarterly growth to 3.5 percent in the June quarter, the company indicated that the metric is now closer to double digits. Read more

ITC can rally up 30% to Rs 300 levels in the days ahead:Analysts

ITC can rally up 30% to Rs 300 levels in the days ahead:Analysts

Thursday, September 16, 2021

On the BSE in intra-day trade today(16th Sept.2021) ITC hit a seven-month high of Rs 233.30, up 8 percent The move comes on the expectation of a likely improvement in the business outlook. The stock is trading at its highest level since February 2021. It had touched a 52-week high of Rs 239.15 on February 9, 2021. In past one year, the stock has underperformed the market by gaining 28 percent, as compared to 50 percent surged in the S&P BSE Sensex. In the past three years, ITC's share price dipped 25 percent, against a 55 percent rally in the benchmark index. However, technical charts suggest the counter can move up further in the days ahead. Read more

Indian Economic recovery to continue even in event of third wave: FinMin

Indian Economic recovery to continue even in event of third wave: FinMin

Thursday, September 9, 2021

Today (9th September 2021) the Finance Ministry said that economic recovery, which was impacted during the second wave, will see faster revival in the next three quarters of the current financial year, even if the third wave hits the country. It is said that this confidence is mainly due to a rapid surge in the inoculation drive and a rebound in leading macroeconomic indicators. “Rapidly increasing vaccination coverage and richer experience with pandemic management provide the confidence that the recovery can continue even in the event of a third wave,” the finance ministry’s Department of Economic Affairs said in its monthly review for August. Read more

India's GDP likely to grow 13-23% in first quarter

India's GDP likely to grow 13-23% in first quarter

Tuesday, August 17, 2021

Indian GDP growth is estimated by the economists to grow in the range of 13.1-23 percent for the first quarter (Q1) of this fiscal year. The index of industrial production (IIP) would take into account 45 percent of manufacturing while the rest will be corporate data, he said. Soumya Kanti Ghosh, the chief economic advisor to the SBI group, said: “Our preliminary estimates suggest that GDP growth could be in the range of 17-18 percent for Q1.” However, he said ideally one should look at the gross value added (GVA) numbers because the GDP numbers were likely to be bolstered by strong tax collection in Q1. Net product taxes, which take out subsidies, are added to GVA to arrive at GDP. Read more

RIL gains on reports of Aramco eyeing stake buy in its O2C business

RIL gains on reports of Aramco eyeing stake buy in its O2C business

Monday, August 16, 2021

RIL shares were up nearly 3 percent at Rs 2,202 on the BSE in intra-day trade today(16th August 2021) on a report that Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in the company’s oil refining and chemicals (O2C) business. The stock of the Mukesh Ambani-led RIL was trading at its highest level since June 24, 2021. It had hit a record high of Rs 2,368.80 on September 19, 2020. The Middle Eastern energy firm is discussing the purchase of roughly 20 percent stake in the Reliance unit for about $20 billion to $25 billion in Aramco’s shares, Bloomberg reported quoting the people with knowledge of the matter. RIL could reach an agreement with Aramco as soon as the coming weeks, the report suggested. Meanwhile, in the past week, the stock of RIL has outperformed the market by gaining 5.5 percent, as compared to a 2.2 percent rise in the S&P BSE Sensex.

Sale of two state-run banks differed to next year?

Sale of two state-run banks differed to next year?

Monday, August 2, 2021

India’s plan to sell two state-controlled banks may get deferred to the next financial year as the government is yet to seek parliament’s nod for changes in laws required to start the transaction, according to reliable sources. The Finance Ministry hasn’t finalised modalities to seek approval from lawmakers for the sale, which leaves little time for the process to be completed this year, it is said. The government will seek buyers for two state-run banks by March 2022, Finance Minister Nirmala Sitharaman had said in February, in the nation’s budget for the current financial year that began on 1st April.

Cabinet Clears amendments for privatisation of general insurance firm

Cabinet Clears amendments for privatisation of general insurance firm

Thursday, July 29, 2021

The cabinet has approved an amendment to the General Insurance Business (Nationalisation) Act, 1972 paving the way for privatisation of one state-run general insurer. At present, there are four state-run general insurance companies - National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited, and the United India Insurance Company Limited. According to reports, NITI Aayog which was to recommend suitable candidates for privatisation has suggested the name of United India Insurance to the Core Group of Secretaries on Disinvestment headed by the Cabinet Secretary. Read more

Tata Motors sees sharp cut in FY22 estimates due to the semiconductor shortage

Tata Motors sees sharp cut in FY22 estimates due to the semiconductor shortage

Tuesday, July 27, 2021

The June quarter dealt a double whammy to Tata Motors. On one hand, India's business was hit by disruptions related to the second wave of Covid. On the other hand, its British subsidiary Jaguar & Land Rover (JLR) saw chip shortages, something which may drag its numbers for at least two quarters. Analysts are still positive on the stock, though many have cut earnings estimates for FY22 by up to 80 percent. Following the June quarter earnings, Motilal Oswal Securities has cut its FY22 EPS estimate by 77 percent, accounting for sales loss due to the ongoing semiconductor shortage.

MARKET UPDATE: Sensex tumbled 147 points to quote at 52,828 levels and Nifty held at 15,807 levels, down 47 points

MARKET UPDATE: Sensex tumbled 147 points to quote at 52,828 levels and Nifty held at 15,807 levels, down 47 points

Monday, July 26, 2021

The Indian benchmark indices started weak today(26th July 2021), in tune with the other Asian markets, dragged by financials. The headline S&P BSE Sensex tumbled 147 points, or 0.28 percent, to quote at 52,828 levels in early deals while the broader Nifty50 held above the 15,800-mark at 15,807 levels, down 47 points. Shares of RIL dipped 0.35 percent after the Mukesh Ambani-led Reliance Industries (RIL) reported a consolidated net profit of Rs 12,273 crore for the three months ended June 30, 2021 (Q1FY22), down 7.2 percent from Rs 13,233 crore posted in the same period last year (Q1FY21). However, last year's June quarter profit included an exceptional gain of Rs 4,966 crore. This will mean a 48.4 percent growth in adjusted profit after tax over last year's Rs 8,267 crore. Read more

Infosys hits record high; zooms 103% in one year

Infosys hits record high; zooms 103% in one year

Thursday, July 15, 2021

On the BSE in the intra-day trade today(15th July 2021) Shares of Infosys hit a fresh record high of Rs 1,597.25, up 1.3 percent. The country’s second-largest IT services player yesterday raised its revenue growth guidance for the financial year 2021-22 (FY22) buoyed by a robust deal pipeline. The stock surpassed its previous high of Rs 1,590.85 touched on June 30, 2021. In the past year, Infosys has outperformed the market by zooming 103 percent, as compared to a 47 percent rally in the S&P BSE Sensex. Infosys now expects its revenue to grow by 14-16 percent in FY22, up from the earlier estimate of 12-14 percent. This guidance is ahead of the one-percentage-point increase analysts were estimating. The company, however, maintained margin guidance at 22-24 percent in FY22. Analysts expect Infosys to deliver another year of an ongoing guidance raise as the current one does not fully factor in strong technology demand and execution of its record high deal wins. Read more

Bajaj Healthcare gains 11 percent after receiving DRDO nod to manufacture 2-DG

Bajaj Healthcare gains 11 percent after receiving DRDO nod to manufacture 2-DG

Thursday, July 8, 2021

Shares of Bajaj Healthcare surged 11 per cent and hit 52 weeks high of Rs 1,009.80 on the BSE in intra-day trade on Thursday after the company received a licence from Defence Research and Development Organisation (DRDO) to manufacture and market "2-Deoxy-D-Glucose" (2-DG) as approved medication for the treatment of COVID-19 patients. The 2-DG Ccovid-19 control and treatment drug has been developed by the DRDO laboratory's Institute of Nuclear Medicine and Allied Sciences (INMAS), in collaboration with the pharma major Dr Reddy’s Laboratories. It has already received emergency approval from the Drugs Controller General of India (DCGI) for use on Covid-19 patients in the country. The drug comes in powder form and retails at Rs 990 per sachet, which is taken orally by dissolving it in water. It accumulates in the virus-infected cells and prevents virus growth by stopping viral synthesis and energy production. Read more

NTPC plans IPO for Rs 2.5 trillion expansion of renewables business

NTPC plans IPO for Rs 2.5 trillion expansion of renewables business

Friday, July 2, 2021

India’s largest power generator and State-run Company NTPC has plans to list its arm NTPC Renewable Energy Ltd in 2022-23, to raise funds for achieving its ambitious target of 60 GW installed renewable energy capacity by 2032, which entails a total investment of Rs 2.5 lakh crore, a source said. The Company did not disclose the quantum of money to be raised through the initial public offering (IPO) of the NTPC Renewable Energy but said that the equity component of the firm would be around Rs 50,000 crore and rest of the requirement would be met through long-term loans, debentures, bonds and other such modes. It’s intended to enable a dramatic transformation over the next decade for a company that relies on coal to produce the vast majority of its electricity. NTPC is aiming to double generation capacity to 130 gigawatts by 2032 and slash the share of fossil fuels in that energy mix to about half from 92% currently. Read more

Mid-, Smallcaps outperform in first half of 2021

Mid-, Smallcaps outperform in first half of 2021

Wednesday, June 30, 2021

Mid- and small-cap indices have outperformed the S&P BSE Sensex and the Nifty50 in the first half of the calendar year 2021 (H1-CY21) by rallying 26 percent and 39 percent, respectively. The trend, analysts believe, is likely to continue in H2-CY21 as well. The outperformance in H1-CY21 comes on the back of improved earnings and strong inflows from the foreign portfolio investors (FPIs) in Indian equities. However, good monsoon so far, gradual opening up of the economy, and the pick-up in the pace of vaccination provides support to the market. Another key mover of these two segments over the past few months has been retail investors, who according to analysts, have flocked to these two market segments after tasting success with their investments in 2020. Read more

Accenture Q3FY21 earnings: Indian IT firms may surprise D-St in Q1 earnings season

Accenture Q3FY21 earnings: Indian IT firms may surprise D-St in Q1 earnings season

Friday, June 25, 2021

Accenture reported a 21 percent growth in revenues at $13.26 billion for the quarter ended May 31, beating its own guidance of $12.55 billion-$12.95 billion in revenues. The performance and revenue guidance of Accenture is typically seen as a barometer for the performance of Indian technology companies. While the Nifty IT index was trading over half a percent higher in early deals today, most stocks, barring Wipro, gained up to 2 percent. Shares of TCS, Infosys, Tech Mahindra, Mindtree, and Coforge even logged fresh 52-week highs. Analysts at Edelweiss Research said, a strong operational performance by Accenture during Q3FY21 in its outsourcing vertical sets the tone for an upcoming earnings season for the Indian IT service companies. "We reiterate that a robust tech upcycle or 'techolution' is in its starting phase and may continue for 4–5 years," they added. Read more

Bharat Electronics surges 12%,stock hits 52-week high

Bharat Electronics surges 12%,stock hits 52-week high

Wednesday, June 23, 2021

Shares of Bharat Electronics (BEL) gains 12 percent of Rs 170 on the BSE in intra-day trade on Wednesday and hit over a three-year high after the company reported a strong set of numbers for the quarter ended March 2021. The state-owned aerospace and defense electronics company reported a net profit of Rs 1352.38 crore in the quarter ended March 2021, up 30.73 percent year-on-year (YoY) compared to Q4 FY20 of Rs 1034.52cr. The company has achieved a turnover of Rs6757.05cr for the quarter ended 31st March 2021, as against Rs5725.49cr for the corresponding quarter of the previous year up 18 percent. In Q4FY21, BEL reported a 30.7 percent year-on-year (YoY) jump in profit after tax (PAT) at Rs 1,352 crore on the back of healthy revenue growth and operational performance. Besides, the company has recommended a final dividend of Rs 1.20 per equity share 120 percent of Rs 1 each for the financial year 2020-21. Read more

Maruti Suzuki gains 5 percent as it plans to hike car prices effective July

Maruti Suzuki gains 5 percent as it plans to hike car prices effective July

Tuesday, June 22, 2021

Maruti Suzuki shares rose 5.5 percent to Rs 7,299 on the BSE in intra-day trade on Tuesday after automobile maker Maruti Suzuki India on Monday said it will hike prices of its cars in the second quarter of the current fiscal due to an increase in the input costs. Maruti Suzuki has not specified the extent of the price hike yet. “Over the past year, the cost of the company's vehicles continues to be adversely impacted due to an increase in various input costs. Hence, it has become imperative for the company to pass on some impact of additional cost to customers through a price rise. The price rise has been planned in quarter 2 and the increase shall vary for different models,” Maruti Suzuki said in a statement. On January 18 this year, the automaker had announced a price hike of select models by up to Rs 34,000 due to a rise in input costs. On April 16, Maruti Suzuki announced the weighted average price increase in ex-Showroom Prices (Delhi) across models of 1.6 percent. Read more

LIC Housing Finance dips 4% as investors booked profit

LIC Housing Finance dips 4% as investors booked profit

Wednesday, June 16, 2021

Shares of LIC Housing Finance slid 4 percent to Rs 501 on the BSE in intra-day trade today(16th June 2021) as investors booked profit after the company reported a good set of numbers for the March quarter (Q4FY21) on the operating and business growth front. However, a steep rise in provisions dented profitability. The board approved a dividend at 425 percent i.e. Rs 8.50 per equity share of Rs 2 each for the financial year 2020-2021. The stock has corrected 8 percent from its 52-week high level of Rs 542, touched on Friday (June 11, 2021) with today’s decline. Despite the past couple of days' fall, LIC Housing Finance has outperformed the market by gaining 18 percent, as compared 8 percent rise in the S&P BSE Sensex in the past month.

Top loss-making firms created Rs 2.3L cr wealth for investors in just over a year

Top loss-making firms created Rs 2.3L cr wealth for investors in just over a year

Tuesday, June 15, 2021

Ten top loss-making companies, created an aggregate wealth of Rs 2,30,000 crore for investors since April 1, 2020, as investors put big bets on them in hopes of a turnaround in businesses. These have a combined loss of over Rs 82,000 crore in FY21. Bharti Airtel narrowed its losses to Rs 23,328 crore in FY21 from Rs 32,955.30 crore in FY20, data compiled from corporate database AceEquity showed. Its shares have added Rs 56,691.89 crore in notional wealth since April 1, 2020. Post Airtel’s March quarter earnings in May, Goldman Sachs said the market was under-appreciating a ‘market share re-allocation scenario and believes one of the two outcomes - tariffs moving up or market share re-allocation – is highly likely in the near term. CLSA has a target of Rs 730 on the stock while Citi sees it at Rs 685. Read more

Nomura ups India's 2022 GDP forecast to 7.7%

Nomura ups India's 2022 GDP forecast to 7.7%

Friday, June 11, 2021

Nomura has raised India’s gross domestic product (GDP) forecast for 2022 by 0.7 percentage points (pp) to 7.7 percent in spite of the second wave of Covid infections that brought the economic activity in most cities to a standstill in the past few months. The research and brokerage house has rejigged the forecasts for consumer price inflation (CPI) and current account deficit. “We raise our 2021 and 2022 current account (CA) deficit forecasts to 1.5 percent and 1.3 percent of GDP, respectively (from 1.1 percent and 0.8 percent), and CPI inflation to 5 percent and 5.3 percent (from 4.9 percent in both years). We also pencil-in an additional 25bp repo rate hike in Q3 2022,” according to a note of Nomura. The first flush of growth indicators for May, according to Nomura, suggest a significant hit to consumption and services, with the manufacturing and export sectors being more resilient. The overall impact, Varma and Nandi said, is turning out to be less than during the first wave Read more

V-shaped economic recovery of 2020 won’t be repeated after this year’s Covid-19 carnage

V-shaped economic recovery of 2020 won’t be repeated after this year’s Covid-19 carnage

Tuesday, June 1, 2021

The V-shaped economic recovery in 2020 won’t be repeated after this year’s Covid-19 carnage according to some analysts. Government statistics released 0n 31st May showed 1.6% growth in GDP from a year earlier in the March quarter, before a deadly second wave of infections. But this expansion, an improvement over the 0.5% rate in the previous three months, is a statistical artifact. A better metric is seasonally adjusted quarter-on-quarter growth, which Capital Economics calculates at 0.7%, a sharp slowdown from 9.5% in the December quarter. During the current surge in cases, there have been only local restrictions on physical activity. That’s making some analysts optimistic about the resumption of growth that will inevitably occur when the coronavirus fully recedes. Yet there are several crucial differences from last year that could make it harder for India to bounce back. Read more

Investment activity hits historic low in FY21 due to pandemic

Investment activity hits historic low in FY21 due to pandemic

Tuesday, June 1, 2021

In the fourth quarter of the financial year, 2020-21 (Q4FY21) investment activity revived to a seven-quarter high and demand recovered to a five-quarter high but this may not sustain because of the impact of the second wave of Covid-19 on rural demand and corporate spending, feel economists. The better-than-expected economic growth in Q4 was largely led by a spike in government spending and double-digit growth in investment activity, owing to a low base. However, for the whole of FY21, growth in investment and consumption touched a historic low as the country grappled with the impact of the nationwide lockdown in Q1. Read more

Rally in domestic stocks despite contraction in FY21 GDP poses the risk of a bubble:RBI

Rally in domestic stocks despite contraction in FY21 GDP poses the risk of a bubble:RBI

Thursday, May 27, 2021

The rally in domestic stocks despite an estimated 8 percent contraction in FY21 GDP poses the risk of a bubble, according to a RBI study. RBI in a study “Is the Bubble in Stock Markets Rational?”, said the widening gap between stretched asset prices relative to prospects for recovery in real economic activity has emerged as a global policy concern while suggesting the need to consider a calibrated unwinding of stimulus once the pandemic waves are flattened and the real economy is firmly on a recovery path. The BSE Sensex hit a record high of 52,154 on February 15, which represented a 100.70 percent surge over March 23, 2020 levels. The index is hovering at 51,000-odd levels in Thursday's trade. “This order of asset price inflation in the context of the estimated 8 percent contraction in GDP in 2020-21 poses the risk of a bubble," it said. Read more

Barclays pegs India's FY22 GDP growth at 7.7%

Barclays pegs India's FY22 GDP growth at 7.7%

Tuesday, May 25, 2021

Barclays, as measured by gross domestic product (GDP) has pegged India’s economic growth -for fiscal 2021-22 (FY22) – at 7.7 percent in the bear-case scenario, if the country is hit by the third wave of the Covid pandemic going ahead. The economic cost, it believes, could rise by at least a further $42.6 billion, assuming another round of similar stringent lockdowns is imposed across the country for eight weeks later this year. After factoring in recent developments, Barclays has pegged the economic cost of the latest shutdowns at $8 billion per week in May, up from $5.3 billion per week in the last two weeks of April, and well above the $3.5 billion a week estimated early in the second wave. “We believe these economic losses will remain steady at $8 billion a week through the month of May but expect them to ease from June,” Barclays said. Read more

Markets will digest dent on June quarter earnings as one-time hit: Analysts

Markets will digest dent on June quarter earnings as one-time hit: Analysts

Friday, May 14, 2021

The present Covid-19 pandemic situation across key economic hubs will dent corporate earnings in the June 2021 quarter (Q1FY22), but the markets will take this in their stride and digest them as a one-time hit look forward to growth as the economy normalises after this wave, believe analysts. They expect the second wave in India to peak by June. Economic normalisation, is likely by August – September 2021 according to them. Economic pain, most analysts believe, will be restricted to the second quarter of this fiscal (Q2FY22) as the stringency of the lockdown measures is relatively low as compared to the first wave in 2020. Yet, leading brokerages and rating agencies, including Moody’s, Nomura, Crisil, QuantEco Research, and CARE Ratings, have cut India’s GDP growth estimates for FY22. Read more

Election results 2021 UPDATE: It's TMC in Bengal; BJP in Assam; LDF in Kerala

Election results 2021 UPDATE: It's TMC in Bengal; BJP in Assam; LDF in Kerala

Sunday, May 2, 2021

Counting of votes to the legislative assemblies of Tamil Nadu, Kerala, West Bengal, Assam, and the union territory of Puducherry is underway. A number of seats in the four states and 1 UT are Assam (126), West Bengal (294 seats), Tamil Nadu (234 seats), Kerala (140 seats), and Puducherry (30 seats). West Bengal election result 2021 LIVE updates: Trends indicate that incumbent Mamata Banerjee-led Trinamool Congress (TMC) will end up convincingly winning in West Bengal, while challenger Bharatiya Janata Party (BJP) could fall way below its expected number of seats (elections were held in 292 constituencies). In a setback of sorts for the TMC, however, party chief and chief minister Mamata Banerjee leading with a wafer-thin margin (820 votes) against opponent Suvendu Adhikari’s in Nandigram. Read more

Tata Coffee gains 9 per cent after Standalone Profit Surges 10 Times In March Quarter

Tata Coffee gains 9 per cent after Standalone Profit Surges 10 Times In March Quarter

Friday, April 30, 2021

Shares of Tata Coffee rallied over 9 percent in Friday's session to hit a 52-week high of Rs 139.70 on the BSE after its standalone profit surged 10 times to ₹ 40 crores from ₹ 3.99 crores during the same quarter last year. The company on Thursday posted a more than two-fold jump in consolidated net profit at Rs 57.37 crore for the fourth quarter of 2020-21 fiscal on strong income, as against a net profit of Rs 24.05 crore in the same quarter of the previous fiscal. Its revenue from operations rose 30 percent to ₹ 219 crores from ₹ 167 crores during the same quarter last year. The company's managing director Chacko P Thomas said the Q4 performance remained strong despite challenging conditions."Our India Instant Coffee exports for the quarter have been higher despite logistics issues and a fresh wave of lockdowns in Europe, which are expected to ease in the near future. We have seen stable performances across key geographies.

Covid second wave may not dent FY22 earnings: Analysts

Covid second wave may not dent FY22 earnings: Analysts

Tuesday, April 20, 2021

Despite the sharp rise in Covid cases and the ensuing lockdown imposed in some important cities across India that can dent the economic momentum, analysts remain optimistic on the earnings trajectory of India Inc and have not yet downgraded / cut projections for fiscal 2021-22 (FY22). “Corporate earnings are yet to come back to their pre-Covid levels in realistic terms even though they may look optically higher due to the low base effect of the last year. Despite the recent lockdown measures, the companies engaged in essential services continue to run. The curbs can, at best, slow the earnings growth for a couple of months. I do not see any major impact on FY22 numbers at an aggregate level as of now,” say experts. Read more

Wipro surges 8% touches 52 week post March results

Wipro surges 8% touches 52 week post March results

Friday, April 16, 2021

Shares of Wipro rallied 10 per cent to Rs 473 and touched 52 weeks high on the BSE in intra-day trade on Friday after the company reported a healthy IT services revenue growth and margins in the March quarter (Q4FY21) in the last 10 years. The company’s consolidated net profit grew 27.78 per cent year-on-year (YoY) at Rs 2,972 crore, as against Rs 2,326 crore posted in the same period last year. On a quarter-on-quarter (QoQ) basis, the profit increased marginally by 0.14 per cent, compared to Rs 2,968 crore reported in the December quarter of FY21. Its consolidated revenue from operations climbed 3.4 per cent YoY, 3.67 per cent QoQ to Rs 16,245 crore in the recently concluded quarter. Wipro also said that the interim dividend of Re 1 which was announced in January this year, will be considered as the final dividend for the financial year 2020-21.

Market outlook and Targets for Sensex, Nifty etc. for FY22

Market outlook and Targets for Sensex, Nifty etc. for FY22

Wednesday, March 31, 2021

Despite the ups and downs over the past one week, markets are set to register their best financial year performance in a decade. Thus far in FY21, the S&P BSE Sensex and Nifty50 have rallied 66 percent and 69 percent, respectively. Meanwhile, the gains in mid-and small-caps have been sharper with both the indices rallying 111 percent and 89 percent, respectively on the BSE. The rally has been partly on account of strong foreign inflows on the expectation of improvement in the economy after a stringent pandemic-triggered lockdown for a few months in FY21. Accommodative monetary policies of global central banks, especially the US, ensured emerging markets, including India, remained flushed with funds all through the year. During the year, foreign portfolio investors (FPIs) pumped in a record $37 billion (Rs 2.74 trillion) into equities (up to March 26), which is the highest since FY13, data from the National Securities Depository Limited (NSDL) show. Read more

Apple to soon make iPhone 12 in India

Apple to soon make iPhone 12 in India

Monday, March 8, 2021

Apple Inc. will manufacture iPhone 12 in India soon, its latest model launched in India on October 30 last year, a few weeks after the global release. iPhone 12 will be manufactured at the Hon Hai Precision Industry (Foxconn) facility in Tamil Nadu — both for the domestic as well as the export market. The unit also manufactures iPhone 11, which is the bestseller in India, as well as iPhone XR. An Apple India spokesperson did not respond to a query on the issue. Apple Inc. has tied up with three global vendors — Foxconn, Pegatron, and Wistron — under the production-linked incentive scheme to manufacture in India with huge commitments to export. Currently, Wistron and Foxconn are in operation in India, while Pegatron’s unit is expected to come up sometime in the middle of next year, say sources. According to analysts, Apple Inc. is expected to shift 7-10 percent of its capacity from China.

Finace Ministry asks RBI to ensure a higher dividend in FY22

Finace Ministry asks RBI to ensure a higher dividend in FY22

Thursday, February 18, 2021

The finance ministry has asked the RBI to make every effort to secure a higher dividend for the government in the financial year 2021-22 (FY22), despite sliding interest rates globally, sources said. It has also sought the RBI’s advice on gold monetisation. In the correspondence and discussions between the two, the RBI has advised against any change in the inflation goalposts. RBI Governor Shaktikanta Das has assured Finance Minister Nirmala Sitharaman that the Rs 12.05-trillion gross borrowing programme for FY22 will go through smoothly. To ensure it, the RBI team has, however, cautioned the government against any dilution of the inflation management policies, and the targets under the monetary policy framework, sources said. Read more

Risks that may halt the current bull-run in the markets

Risks that may halt the current bull-run in the markets

Tuesday, February 9, 2021

As the Budget gave the necessary booster shot to a dilapidated Indian economy Market's wealth has been soaring at the bourses. The budget with infrastructure programs, privatisation proposals, a nod to public sector banks’ recapitalisation, and no changes in the direct tax regime, proved to be one of the “best in decades” for the economy. At the bourses, frontline indices are hitting record highs every day. With today’s gains, the S&P BSE Sensex and the Nifty50 are up over 11 percent since January 29 and have more-than-doubled since their March 2020 lows. The BSE barometer of 30 constituents hit a new lifetime peak of 51,753 today while the broader 50-share Nifty hit 15,238. From a medium-term perspective, Morgan Stanley sees the Sensex hitting the 55,000-mark by the end of 2021. Read more

Budget 2021 has heated up the bond market

Budget 2021 has heated up the bond market

Thursday, February 4, 2021

The bond market got a negative surprise on Budget day (1st Feb 2021) when the government projected its gross borrowing numbers for the next financial year at Rs 12.05 trillion, much higher than the expected Rs 10.5 trillion. To make the matter worse, the government said it would borrow an additional Rs 80,000 crore in the current financial year, too. “The Rs 80,000 crore extra borrowing for this year is especially a bolt from the blue for the bond market,” said an expert. “This is because the government has been consistently running very high cash balances lately, revenues have picked up dramatically, and even though spending has gone up, it hasn’t been tracking anywhere close to what is required to yield the revised Budget numbers.” Read more

MARKET UPDATE: Sensex shot up over 1,400 points and reclaimed the 50,000 levels and Nifty topped the 14,700-mark

MARKET UPDATE: Sensex shot up over 1,400 points and reclaimed the 50,000 levels and Nifty topped the 14,700-mark

Tuesday, February 2, 2021

The excitement in the Indian markets continued with the benchmark indices soaring another 3 percent today(2nd February 2021) after recording their biggest Budget-day rally (point-wise) in the previous session. Besides, a firm set of global cues also spurred the bulls. Among the headline indices, the S&P BSE Sensex shot up over 1,400 points and reclaimed the 50,000 levels. The broader Nifty50 index topped the 14,700-mark. Larsen & Toubro, up 8 percent, was the top Sensex gainer, followed by HDFC Bank and HDFC, up 6 percent and 5 percent, respectively. The Nifty sectoral indices were painted green, with the Nifty Financial Services index, up 4.4 percent, leading the gainers. Meanwhile, the Nifty Bank index surged over 1,500 points in intra-day deals to 34,618, a fresh high. Read more

Nirmala Sitharamans concludes presentation of the first Budget of the decade, highlights priority sectors, provides roadmap of reducing the fiscal deficit

Nirmala Sitharamans concludes presentation of the first Budget of the decade, highlights priority sectors, provides roadmap of reducing the fiscal deficit

Monday, February 1, 2021

Finance Minister Nirmala Sitharaman presented her third Union Budget in Parliament, which rests on six major heads – health and well-being, physical, financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, and minimum government and maximum governance. The finance minister has announced a total spend of around Rs 2 trillion on healthcare and mega national highway projects in election-bound states of Tamil Nadu, West Bengal, Assam,union and Kerala. Addressing the nation after the Budget presentation, Prime Minister Narendra Modi said this year's Budget was prepared under unprecedented circumstances. He said it speaks of 'all-round development'. Read more

Budget 2021 LIVE: FM arrives at North Block; all eyes on high stakes Budget

Budget 2021 LIVE: FM arrives at North Block; all eyes on high stakes Budget

Monday, February 1, 2021

Finance Minister Nirmala Sitharaman will present her third Union Budget in Parliament at 11 am today. The Budget speech will be keenly watched not only by the domestic and foreign investors but also by various interest groups like farmers, anxious middle class, and corporate entities. As the Covid-19 pandemic hit India last year, the government witnessed a rising expenditure and tumbling revenue, even as at one stage economic activity came to a standstill due to the pandemic-induced lockdown. However, the economy is now in a recovery mode. On Friday,29th January 2021 the government tabled the Economic Survey 2020, which pegged India's real GDP growth at 11 percent in FY22. Meanwhile, the finance minister has promised a 'Budget like never before'. Read more

New fund to meet the public health spending target

New fund to meet the public health spending target

Monday, January 25, 2021

Due to an increased demand for a higher health care allocation, the government may set up a new fund to meet the public health spending target of 2.5 percent of GDP by 2025. Both, the Centre and states would provide for the fund to achieve the goal, the Union Budget may propose. At present, the country’s total health expenditure is 1.4 percent of GDP — much lower than many emerging economies in the world. The fund, if created, would be under the ‘Pradhan Mantri’ umbrella and will focus on both short- and long-term priorities of the sector, according to the government officials. The primary objective of the new fund will be to spend 25 percent on primary health care and the rest on infrastructure as well as research and development. It would also provide additional money to the government’s existing health care schemes such as Ayushman Bharat. Read more

Some expectation from Budget 2021

Some expectation from Budget 2021

Friday, January 22, 2021

Markets are now eyeing the upcoming proposals in the Union Budget – scheduled to be presented on February 01 – After a stupendous rally that has seen the S&P BSE Sensex more than double from March 2020 low and hit the 50,000 marks. The budget proposals may help revive Covid-19 impacted economy and lift the fortunes of corporate India as well. While most experts suggest the government loosen its purse strings and not worry about the fiscal deficit in a pandemic impacted year, it will be a tightrope walk for the government to increase spending without going overboard. Growth and not fiscal prudence, experts say, should be the priority for the government now. Read more

Price hike puts auto stocks in fast lane

Price hike puts auto stocks in fast lane

Tuesday, January 19, 2021

Equity markets in India bounced back today(19th January 2021), nursing losses of the past two days, on strong global cues. The nifty Auto index gained 1.5 percent on the National Stock Exchange (NSE) to hit an intra-day high of 10,113.5. Among individual stocks, Tata Motors jumped as much as 4 percent on the NSE, followed by gains in Ashok Leyland, TVS Motors, Bajaj Auto, and Maruti Suzuki that gained between 1 percent to 3 percent. Yesterday, Maruti Suzuki increased the price for select models by up to Rs 34,000 to offset the adverse impact of rising input costs. With this, India's largest car-maker joins the likes of Mahindra & Mahindra and Tata Motors who have already hiked prices owing to higher input costs. That said, the same uptick in input cost may hurt auto firms' Q3FY21 earnings, analysts say. This is how auto stocks faring on technical charts: Read more

Budget 2021: Special facility to be available for FDI proposals worth over Rs 3,000 cr

Budget 2021: Special facility to be available for FDI proposals worth over Rs 3,000 cr

Tuesday, January 19, 2021

GOI is planning to create a special window for strategically important investors such as sovereign wealth funds and pension funds that wish to invest over Rs 3,000 crore through a single transaction, according to sources. An announcement in this regard may happen in the Union Budget, scheduled to be presented on February 1. Some strategically important foreign investors include Canada pension fund CDPQ, GIC (Singapore), the Qatar Investment Authority, Temasek (Singapore), and the Abu Dhabi Investment Authority. Most of them met Prime Minister Narendra Modi through virtual meetings in early November. It is learned that foreign investors showed faith in the government’s recent initiatives and reforms. Through this window, foreign funds would receive a response from the government within three days, so that such a proposal can be fast-tracked. Also, the window will act as a point of contact between investors and the various ministries and departments concerned.

Few stocks that may give better returns in 2021

Few stocks that may give better returns in 2021

Friday, January 8, 2021

The market which is already trading at record highs has more legs than earlier, believe many analysts. They believe the market will run up ahead of, and in anticipation of, and ensuing economic recovery. The following few stocks may get the best of the rally in the market in the next year, according to many analysts: 1. Sobha | Target: Rs 640 | Upside: 45%: Sobha is a better-placed company in the realty space backed by its strong brand, better product realizations, back‐ward integration of processes including in‐house design, architecture, mechanical, electrical, plumbing and engineering, superior execution capabilities and diversifications from Bangalore market to a pan India player. Also, the company is likely to be a prime beneficiary of consolidation in the industry. Read more

Expectations from fixed income market in 2021: What experts say

Expectations from fixed income market in 2021: What experts say

Friday, January 1, 2021

The year 2021 will be marked with hopes for the early rollout of the Covid-19 vaccine, normalisation of economic activities, and a steady recovery in growth. India will see a slow cyclical recovery along with the gradual easing of inflation, though that may not be enough to sustain RBI’s accommodative policy stance. Interest rates will likely harden with no rate cuts and persistent fiscal pressure. Key risks for the government will be to steer through any financial sector stress, reviving the weak investment cycle, and any adverse issues with global liquidity. Two issues will shape India’s macro-economic situation in CY2021; easy money policies in developed markets and rollout/mass availability of Covid vaccines. Easier global monetary policies will aid risk-on flows, while vaccine rollouts Interest rates will likely harden with no rate cuts and persistent fiscal pressure. Read more

The U.K. Coronavirus variant: Some facts

The U.K. Coronavirus variant: Some facts

Tuesday, December 22, 2020

During the last few days, the world has watched with curiosity and growing alarm as scientists in the United Kingdom have described a newly identified variant of the coronavirus that appears to be more contagious than, and genetically distinct from, more established variants. Initial studies of the new variant prompted Prime Minister Boris Johnson to tighten restrictions over Christmas, and spurred officials in the Netherlands, Germany, and other European countries to ban travel from the U.K. The U.K. variant is just one variation among many that have arisen as the coronavirus SARS-CoV-2 has spread around the world. Mutations arise as the virus replicates, and this variant — known as B.1.1.7 — has acquired its own distinctive set of them. The variant came to the attention of researchers in December, when it began to turn up more frequently in samples from parts of southern England. It turned out to have been collected from patients as early as September. Read more

IRCTC tanks 13 per cent as govt to sell 20% stake via OFS

IRCTC tanks 13 per cent as govt to sell 20% stake via OFS

Thursday, December 10, 2020

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) slipped 13 per cent to Rs 1,405 on the BSE on Thursday as the government will sell up to 20 per cent stake in Indian Railway Catering and Tourism Corporation through an offer for sale which opens for subscription today for non-retail investors and will open tomorrow for retail investors. The floor price for the offer shall be Rs 1,367 per share, a 16 per cent discount to Wednesday’s closing price of Rs 1,618 on the BSE. The government would divest 15 per cent equity with a 5 per cent greenshoe option. The promoter proposes to sell up to 24 million equity shares of IRCTC, representing up to 15 per cent stake, with an option to additionally sell 8 million shares, representing 5 per cent of the total issued and paid-up equity share capital”, the company said in a regulatory filing. Read more

Dalal St Selloff: Investors lost Rs 2 lakh crore

Dalal St Selloff: Investors lost Rs 2 lakh crore

Wednesday, November 25, 2020

Benchmark indices took a beating after hitting record highs earlier today, led by across the board selling. Indices fell ahead of the monthly settlement of futures and options contracts on Thursday. By the close, Indian investors had lost nearly Rs 2.26 lakh crore in wealth, with shares of the three most valuable companies seeing m-cap erosion of Rs 39,581 crore. IT and banking stocks were hit badly. 211 stocks hit their lower circuit limits. Select midcaps fell up to 7 percent. Read more

Motherson Sumi share price up 5 per cent after company restructured its five year plan

Motherson Sumi share price up 5 per cent after company restructured its five year plan

Monday, November 23, 2020

Shares of Motherson Sumi Systems (MSSL) gained 5 per cent to Rs 146.30 on the BSE in the intra-day trade on Monday and is near to 52 weeks high after the company outlined its next five-year plan, Vision 2025, with ambitious revenue and returns targets. At the analyst meeting, Vision 2025 was emphasized with a target of $36bn revenue in 2024-25 with 40 per cent ROCE, and additional focus on diversifying into new industries, with 75 per cent of revenues from the automotive industry and 25 per cent from new divisions. Other ambitions outlined included expanding into new divisions like medical, aerospace, logistics and IT and also 40 per cent consolidated dividend payout ratio. The analysts had given a different opinion about Motherson Sumi Systems. Motilal Oswal Financial Services has recommended buying the stock as restructuring will help the company shape up for the next phase of growth. Read more

Bihar election result 2020:UPDATE

Bihar election result 2020:UPDATE

Tuesday, November 10, 2020

According to the latest trends, the National Democratic Alliance (NDA) — the Bharatiya Janata Party (BJP), the Janata Dal (United, — is set to retain power in Bihar. The BJP is leading in 72 seats, while Nitish Kumar's JD(U) is ahead in 49 Assembly constituencies. If these trends hold, the NDA should be able to get past the magic figure of 122 in the 243-member House. Meanwhile, in the Mahagathbandhan fold, the Tejashwi Yadav-led Rashtriya Janata Dal (RJD) is ahead in 66 seats and the Congress in 21. The counting of votes, which began at 8 am, is likely to continue late into the evening because of a staggering increase in the number of EVMs on account of the coronavirus pandemic. So far, 50 percent of the votes have been counted, according to the Election Commission of India. Read more

US Presidential Election results 2020: Update

US Presidential Election results 2020: Update

Friday, November 6, 2020

Democratic party nominee Joe Biden is now racing ahead of US President Donald Trump in key states like Georgia and managed to narrow the gap in Pennsylvania. He continues to lead in Arizona and Nevada. Going by the current trend, the US elections 2020 appears to be inching closer toward the outcome. A candidate needs to win 270 electoral votes to capture the US presidency. While no winner has been declared yet and the results from key states are trickling in for one of the most bitterly fought elections in US history. In Michigan, the Trump campaign had sought to stop the counting of absentee ballots, while in Georgia it has alleged that even improper ballots are being counted. Yesterday(5th November 2020), America witnessed a range of protests from both pro-Trump and anti-Trump groups. Read more

When we might know US election results

When we might know US election results

Thursday, November 5, 2020

As of 4:50 p.m. on 4th November, six states that will decide the next president remained uncalled, as did a handful of Senate races that will determine who controls the chamber. In the presidential race, as of 4:50 p.m. Eastern time, it is not yet known who won Alaska (3 electoral votes), Arizona (11), Georgia (16), Nevada (6), North Carolina (15), or Pennsylvania (20). With three new calls — Michigan and Wisconsin for Joseph R. Biden Jr., and Maine’s Second Congressional District for President Trump — Mr. Biden has 253 confirmed electoral votes and would need 17 more to win. President Trump has 214 confirmed electoral votes and would need 56 more to win. Five Senate races were uncalled in four states: Alaska, Georgia, Michigan, and North Carolina. A sixth race, in Maine, was called Wednesday afternoon for the Republican incumbent, Senator Susan Collins. Read more

US Presidential Election results 2020 update

US Presidential Election results 2020 update

Wednesday, November 4, 2020

The US Election 2020 result day is finally here. Even as ballots continued to be counted, US President Donald Trump alleged "fraud” in the presidential election, and declared himself the winner, without results to back up the claims. Trump said: “We were getting ready to win this election. Frankly, we did win this election.” The President called the process of counting mail-in ballots a fraud and alleged that the Democratic Party was trying to steal the election. He pledged to fight the results of the election in the Supreme Court.“ We will be going to the US supreme court. We want all voting to stop,” Trump said. Earlier, Democratic presidential candidate Joe Biden delivered his brief remarks to an enthusiastic crowd of supporters in Delaware. Biden said he felt confident about winning Arizona, Michigan, Wisconsin, and Pennsylvania, arguing that "it ain't over until every vote is counted until every ballot is counted." Read more

Indian economy saw growth rebound through Q2FY21: Nomura

Indian economy saw growth rebound through Q2FY21: Nomura

Tuesday, October 27, 2020

The Indian economy saw growth rebound through the second quarter of the ongoing fiscal with gross domestic product (GDP) contraction likely to have narrowed to -10.4% from the sharp -23.9% seen in the previous quarter, according to Nomura. The Nomura Monthly Activity Indicator, which takes into account high-frequency indicators from across sectors, improved to -8.6% year-on-year in September from -19.7% in August and a record low of -37.8% in June, “implying a swift GDP growth rebound”, the firm said in a report today. In the run-up to the festive season, aggregate demand recovered to 77% of normal in September against 71% recorded in the month earlier while aggregate supply picked up to 92% of normal in September against 86% in August, it said.

YES Bank, TTML, Suzlon etc.hit upper circuit on BSE

YES Bank, TTML, Suzlon etc.hit upper circuit on BSE

Saturday, October 24, 2020

Among the 282 stocks that hit their respective upper circuit on the BSE on 23rd Oct.2020(Friday) YES Bank, Suzlon Energy, Tata Teleservices (Maharashtra) (TTML), MTNL, Reliance Power, Reliance Infrastructure, Future Consumer, Indiabulls Integrated Services, and Jet Airways (India) were the important ones. Indo Count Industries, Himatsingka Seide, Ramco Systems, and Godawari Power & Ispat were among the notable stocks that had only buyers queuing up. YES, Bank hit the upper circuit of 5 percent at Rs 13.35 on the BSE ahead of the September quarter results on Friday. The board of directors of the bank is scheduled to meet on October 23, 2020, to consider and approve unaudited financial results of the bank for the second quarter ended September 2020 (Q2FY21). The trading volume more-than-doubled with a combined 110 million shares changing hands, and there were pending buy orders for 14 million shares on the NSE and BSE, exchange data show. Read more

Indian economy to bounce back with 8.8% growth in 2021 after contracting by 10.3% in 2020

Indian economy to bounce back with 8.8% growth in 2021 after contracting by 10.3% in 2020

Wednesday, October 14, 2020

The International Monetary Fund (IMF) yesterday (13th October 2020) slashed the growth forecast for India saying that the country’s economy will contract 10.3% in FY21, the third steepest decline after Spain and Italy, and the sharpest fall among emerging markets and developing countries. This is the second downgrade for India by IMF after it reversed its forecast of 1.9% growth in April to a 4.5% contraction in June for 2020-21. The economies of Spain and Italy are seen shrinking by 12.8% and 10.6%, respectively. IMF’s forecast for the Indian economy is gloomier than the Reserve Bank of India’s projection of a 9.5% contraction in the real gross domestic product (GDP) in the full fiscal. The economy shrank an unprecedented 23.9% in the June quarter. Last week, the World Bank said the situation in India is worse than ever, forecasting the country’s economy will shrink 9.6% in FY21, much steeper than the 3.2% fall estimated by IMF in June. Read more

India's Q2- 2020 GDP growth most affected among G-20 countries

India's Q2- 2020 GDP growth most affected among G-20 countries

Thursday, September 3, 2020

IMF chief economist Gita Gopinath yesterday(2nd Sept.2020) tweeted a graph suggesting India's gross domestic product (GDP) may have shrunk the most among G-20 countries in the April-June quarter, at 25.6%, when compared with the previous quarter. In her tweet, accompanying the graph, Gopinath said, “In #GreatLockdown Q2 (June quarter) 2020 GDP growth at historical lows. The graph puts G20 growth numbers on a comparable scale, quarter-on-quarter non-annualised. Should expect rebounds in Q3 (September quarter) but 2020 overall will see major contractions. China recovers strongly in Q2 after a collapse in Q1 (March quarter)." The chart shows all countries except China registering GDP contraction. While China's economy is shown to have expanded by a robust 12.3 percent over the March quarter on a non-annualised basis, the UK is the most affected after India, with a GDP contraction of 20.4 percent. The US economy is shown to have shrunk 9.1 percent on a quarterly basis. Read more

Apple planning to roll out locally made iPhone 12 by next year

Apple planning to roll out locally made iPhone 12 by next year

Tuesday, August 18, 2020

Apple, the American tech giant, is planning to roll out locally made models of its upcoming iPhone 12 by the middle of next year, according to sources. This will be the seventh iPhone model to be made in the country, giving a boost to Prime Minister Narendra Modi’s Atmanirbhar vision. Also, the local production of its latest iPhone SE (2020) is expected to begin by the end of this year. Till recently, iPhone production in India was limited to older models at a lower price tag. Read more

The Indian economy may contract16.5 % in Q1FY21, as against previously expected contraction of 20%

The Indian economy may contract16.5 % in Q1FY21, as against previously expected contraction of 20%

Monday, August 17, 2020

There is a small Silverline for the Indian economy. It may report a contraction of16.5 percent in April-June quarter of FY21, as against a previously expected contraction of 20 percent, as degrowth in corporate GVA, courtesy better-than-expected results of some financial and non-financial companies have been significantly better than revenue degrowth in Q1FY21, said economists at SBI. "In May, we had indicated that the Q1FY21 GDP growth will exhibit a sharp decline at least in excess of 30 percent. However, the current situation warrants us to revisit our GDP growth... In principle, the revenue decline of listed companies has been far outstripped by cost rationalisation thereby not impacting margins. As per our estimates, Q1FY21 real GDP degrowth would be now around –16.5 percent," Soumya Kanti Ghosh, chief economic advisor for SBI wrote in his latest report Ecowrap, dated August 17. The government is expected to release Q1FY21 GDP data on August 31. Read more

Mphasis rallies 20% after June quarter profit rises to Rs 264

Mphasis rallies 20% after June quarter profit rises to Rs 264

Friday, July 24, 2020

Shares of Mphasis rallied 20 per cent to Rs 1,174.7,hits fresh 52 Week high on the BSE on Friday after the company’s April-June quarter (Q1FY21) earnings came in-line with Street estimate. The company reported a 3.9 per cent increase in consolidated net profit at Rs 275.1 crore in the June 2020 quarter. Its net profit stood at Rs 264.6 crore in the year-ago period, Mphasis said in a regulatory filing. The company’s revenue from operations grew 10.9 per cent to Rs 2,288.2 crore in the quarter under review from Rs 2,062.5 crore in the year-ago period. The company announced new TCV (total contract value) wins of USD259m in 1QFY21 in Direct International. This is the highest ever TCV win for a quarter for Mphasis and comprises one large deal win of over USD100m TCV. Read more

Pune's Serum Institute of India is placing its bets on the Oxford-AstraZeneca vaccine candidate AZD1222

Pune's Serum Institute of India is placing its bets on the Oxford-AstraZeneca vaccine candidate AZD1222

Wednesday, July 22, 2020

Oxford-AstraZeneca vaccine candidate AZD1222 being produced at Pune’s Serum Institute of India is most likely immunogenic and effective for mass use.CEO Adar Poonawalla stated that he would start manufacturing at personal risk. The company is investing $200 million in the vaccine facility and that he wants to keep the price at below Rs 1,000. I’m confident that the Oxford-AstraZeneca vaccine candidate will be immunogenic and effective for mass use. Once the trials are successful in India and the UK, we are certain that COVISHIELD will be one of the first vaccines to be introduced" Sri Poonawalla said. Read more

HDFC Bank posted a 5.15% rise in profit for Q1FY21

HDFC Bank posted a 5.15% rise in profit for Q1FY21

Saturday, July 18, 2020

HDFC Bank has posted a 5.15 percent rise in profit before tax (PBT) at Rs 8,973.8 crore for the first quarter ended June 2020 (Q1FY21). It had posted a PBT of Rs 8,533.6 crore in quarter ended June 2019 (Q1FY20). Its net profit for the reporting quarter rose by 19.6 percent to Rs 6,658.62 crore from a net profit of Rs 5,568.16 crore in Q1FY20. The Net Interest Income (NII) grew by 17.8 percent on a Year-on-Year basis from Rs 13,294.3 crore in Q1FY20 to Rs 15,665.4 crore in Q1FY21, driven by 20.0 percent growth in advances and 24.6 percent rise in deposits. Read more

Unlock 2.0:Centre grants more relaxations from 1st July

Unlock 2.0:Centre grants more relaxations from 1st July

Tuesday, June 30, 2020

The Centre on 29th June issued guidelines for “unlock 2.0”, but the rapid increase in Covid-19 cases in several parts of the country meant it stopped short of reopening schools, colleges, and coaching institutions. International air travel and metro rail services will also continue to remain shut at least till July 31, and large congregations stay banned. Tamil Nadu and Maharashtra decided to extend the lockdown in several parts of the states until July 31. “Unlock 2.0” will come into force on1st July 2020. Prime Minister Narendra Modi is slated to address the nation at 4 pm on Tuesday,30th June. The fresh guidelines, issued by Union Home Secretary Ajay Bhalla, stated domestic flights and train services, already allowed, would be further expanded in a calibrated manner. Read more

Bandhan Bank tanks 7% as Amphan cyclone hit business

Bandhan Bank tanks 7% as Amphan cyclone hit business

Friday, May 22, 2020

The Private sector lender, Bandhan Bank shares tanked 7.28 per cent to Rs 195.4 on the BSE on Friday after the bank said its services have been impacted in some areas of West Bengal and Odisha due to Amphan and the cyclone is likely to impact the business of around 65,000 of micro banking borrowers, worth Rs 260 crore. Cyclone Amphan struck five districts of West Bengal and coastal Odisha on May 20 and lasted till the wee hours of May 21 The major impact has been in the district of South 24 Parganas..“As per the initial assessment, in our areas of operations, 49 banking units (micro banking outlet) in five districts were impacted of which 45 are operational today,” the Kolkata-headquartered Bandhan Bank said in a BSE filing. It further informed that the bank will not be able to continue services in five branches due to issues inaccessibility. Read more

Goldman Sachs, Nomura lower FY21 GDP estimate for India

Goldman Sachs, Nomura lower FY21 GDP estimate for India

Friday, May 8, 2020

Goldman Sachs and Nomura (Global research and broking houses) – have sharply cut their economic growth projections for India FY 21 and expect the RBI to cut rates sharply to stem the economic rout caused by the lockdown due to Covid-19 pandemic. Analysts at Goldman Sachs, for instance, expect the Indian economy to contract 0.4 percent in FY21 versus consensus median 2.7 percent following the extension of the nationwide lockdown. In April, they had expected the GDP growth to slip to 1.6 percent in FY21. Read more

Import duties on more than 50 items are likely to raise

Import duties on more than 50 items are likely to raise

Saturday, February 1, 2020

India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from China and elsewhere, Reuters reported citing officials and industry sources. The government had identified items and decided to increase import tariffs by 5%-10% as recommended by a panel of trade and finance ministry officials. This may cause price rise of many items

Can Modi govt make Budget 2020 good for all?

Can Modi govt make Budget 2020 good for all?

Saturday, February 1, 2020

Ahead of Budget, Anurag Thakur, Minister of State, Finance said the government received suggestions from across India. "Modi govt believes in 'sabka sath, sabka vikas.' We received suggestions from across the country. The government is making efforts that this budget is good for all. "But how far this is possible? Read more

Economic Survey 2020: Subramanian takes on Subramanian for questioning India’s GDP numbers

Economic Survey 2020: Subramanian takes on Subramanian for questioning India’s GDP numbers

Friday, January 31, 2020

In the economic survey 2020, Chief Economic Adviser Krishnamurthy Subramanian has strongly countered former CEA, Arvind Subramanian's questions on the accuracy of Indian GDP numbers. Read more

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