Posts in category Business Standard
Global currencies stabilise amid Central bank decision uncertainty (22-01-2024)
Japan's yen was one of the bigger movers, heading away from Friday's 148.80 per dollar, its weakest in a month, to as firm as 147.74, as the Bank of Japan started its two-day policy meeting
Crude oil edges higher as geopolitics outweighs global demand concerns (22-01-2024)
The front-month U.S. West Texas Intermediate crude futures contract for February delivery was up 31 cents at $73.72 a barrel in tepid trade
Govt may increase agri-credit target to Rs 22-25 trn in interim Budget (22-01-2024)
The government is likely to announce in the upcoming interim Budget a substantial increase in the agricultural credit target to Rs 22-25 lakh crore for the next fiscal and ensure every eligible farmer has access to institutional credit, according to sources.
The government's agri-credit target is Rs 20 lakh crore for the current fiscal.
Currently, the government provides interest subvention of two per cent on short term agri-loans of up to Rs 3 lakh for all financial institutions. This means farmers are getting a farm loan of up to Rs 3 lakh at a concessional rate of 7 per cent per annum.
An additional interest subvention of 3 per cent per annum is also being provided to farmers who repay on time. Farmers can also avail long term loans but interest rate is as per the market rate.
For the 2024-25 fiscal, there could be a sharp increase in the agri-credit target to Rs 22-25 lakh crore, sources said.
According to the sources, there is more focus on agri-credit and the government is .
Increase import duty on paper, paperboards to 25% in Budget: Industry body (22-01-2024)
Domestic paper and paperboard manufacturers have demanded a hike in import duty to 25 per cent on paper products and the imposition of a quality control order in the upcoming Budget to discourage cheap inward shipments.
The Indian Paper Manufacturers Association (IPMA), in a statement on Monday, said that in its pre-budget submissions to the government, it has urged for increasing the basic customs duty on the import of paper and paperboard from 10 per cent to 25 per cent as India's WTO Bound rate is 40 per cent on these products.
The association has also asked for the issuance of quality control orders (QCOs) for different grades of paper to ensure the supply of quality products to Indian consumers and check the import of sub-standard products into the country.
IPMA President Pawan Agarwal urged the government to keep paper and paperboard on the negative list while reviewing the existing FTAs (ASEAN, South Korea and Japan) and formulating new ones.
He mentioned that any increase i
Singapore’s crypto firm Terraform files for bankruptcy protection in US (22-01-2024)
Singapore-based Terraform labs, in a filing with the bankruptcy court in Delaware, listed assets and liabilities in the range of $100-$500 million
Gold, silver prices unchanged; yellow metal trading at Rs 63,050/10g (22-01-2024)
The price of 22-carat gold remained stable, with the yellow metal selling at Rs 57,800
India’s IPO market one of the busiest in world but it is also broken (22-01-2024)
It's the regulator's job to ensure that companies with reasonably solid prospects come to public markets and offer stock at a price that allows long-term wealth creation
FPIs turn cautious, pull out Rs 13,000 cr from Indian stocks in Jan: Data (21-01-2024)
Foreign investors have adopted a cautious approach this month, offloading domestic equities worth Rs 13,000 crore in the first three weeks owing to high valuations of Indian stocks and surging US bond yields.
In contrast, foreign investors are bullish on the debt market and injected Rs 15,647 crore in the debt market during the period under review, data with the depositories showed.
According to the data, foreign portfolio investors (FPIs) made a net investment of Rs 13,047 crore in Indian equities this month (till January 19).
They pulled out over Rs 24,000 crore from equities during January 17-19. Before this, FPIs made a net investment of Rs 66,134 crore in December and Rs 9,000 crore in November.
"There are two main reasons why FPIs turned sellers. One, the US bond yield started rising with the 10-year yield rising from the recent level of 3.9 per cent to 4.15 per cent triggering capital outflows from emerging markets," V K Vijayakumar, Chief Investment Strategist at Geojit ...
Quarterly earnings, global trends to guide mkts in holiday-shortened week (21-01-2024)
Quarterly earnings, global trends and trading activity of foreign investors will drive stock markets in this holiday-shortened week, analysts said.
It will be a trading holiday on January 22, with the Maharashtra government announcing a holiday in connection with the consecration of the Ram Temple in Ayodhya.
Equity markets would also remain closed on Friday for Republic Day.
"The interest rate decisions of the BoJ (Bank of Japan) and ECB (European Central Bank), along with the US GDP data, are anticipated to drive the market dynamics," said Vinod Nair, Head of Research, Geojit Financial Services.
From the Q3 results front, Axis Bank, JSW Energy, Bajaj Auto, DLF, ACC and JSW Steel would announce their earnings this week.
"This is a truncated trading week following a holiday on Monday and on Friday. Traders should stay light as earnings season would get in full swing leading to stock-specific actions largely. Moreover, interest rate decisions of the BoJ and the ECB is due this week
Mcap of top 5 valued firms erode by Rs 1.67 trn, HDFC Bank biggest laggard (21-01-2024)
The combined market valuation of five of the top 10 valued firms eroded by Rs 1,67,936.21 crore last week, with HDFC Bank emerging as the biggest laggard.
Last week, the 30-share BSE benchmark fell by 1,144.8 points 1.57 per cent. The NSE and BSE conducted normal trading sessions on January 20.
While Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, Hindustan Unilever and State Bank of India faced erosion in their valuation, ICICI Bank, Infosys, Bharti Airtel, Life Insurance Corporation of India (LIC) and ITC were the gainers in the top-10 pack.
The market valuation of HDFC Bank eroded by Rs 1,22,163.07 crore to Rs 11,22,662.76 crore.
Shares of HDFC Bank fell for the third day in a row on Friday, tumbling over 12 per cent, as investors deserted the counter after the company's December quarter earnings failed to impress the market. HDFC Bank shares bounced back on Saturday, climbing 0.54 per cent.
Reliance Industries valuation fell by Rs 18,199.35 crore to Rs ...