The Fed delivered a jumbo-sized 50 basis-point cut last month, temporarily vindicating that view. But the trajectory of rates is less certain after Friday’s labour market report, which showed the US economy creating over 100,000 more jobs than expected last month. That suggests there is less need for more large cuts this year and raises the prospects of a reversal in many of the trades that hinged on lower rates.
Posts in category Economic Times
Financial services draws most FPI flows in September (08-10-2024)
Overseas investors sold shares worth ₹7,054 crore across eight sectors in the second-half of the month. The consumer services sector witnessed the highest foreign outflows at ₹2,784 crore, after receiving inflows worth ₹4,158 crore in August.
Bharti Airtel in advanced talks to acquire Tata Play to boost digital TV segment (08-10-2024)
Bharti Airtel is in advanced talks to acquire Tata Play, India’s largest DTH business. This move aims to bolster Airtel’s position in the digital TV segment. If successful, it will be the second major deal between Airtel and Tata Group. This acquisition would help Airtel compete with Jio’s aggressive market strategies.
Hero Motors withdraws draft papers for IPO (07-10-2024)
According to investment bankers, there were some technical issues with the draft papers and Sebi requested the company to make necessary revisions. As a result, the company decided to withdraw and refile the DRHP, they said. “The withdrawal of the DRHP has nothing to do with the weak secondary market. The company is expected to submit the revised DRHP within a month,” said one of the bankers.
SBI extends two FD schemes (07-10-2024)
State Bank of India has extended its Amrit Kalash and Amrit Vrishti fixed deposit schemes until March 31, 2025. Amrit Kalash offers 7.10 percent interest for 400 days, while Amrit Vrishti provides 7.25 percent for 444 days. Senior citizens receive an extra 50 basis points. These schemes come after the Reserve Bank of India’s recent directive to narrow the deposit-credit growth gap.
HFCs propose higher guarantee cover for affordable home loans (07-10-2024)
Housing finance companies propose revamping the Credit Risk Guarantee Fund Trust for Low Income Housing. They suggest increasing the guarantee cover for home loans to ₹25 lakh from the current ₹5 lakh. This renewal aims to include more low-income customers and boost affordable housing in 124 districts. The government’s response is awaited.
RBI rejects Rakesh Asthana’s appointment to REL board (07-10-2024)
The Reserve Bank of India has rejected Religare Enterprises’ attempt to appoint Rakesh Asthana to its board. This followed a complaint from the Burman family, who hold a significant stake in REL, citing procedural irregularities. The dispute has escalated to legal actions, with the Delhi High Court involved. The company’s management is amid a power tussle with the Burman family.
Reliance Industries to declare Q2 results on October 14 (07-10-2024)
Reliance Industries Ltd (RIL) will hold a board meeting on October 14 to review the financial results for the quarter ending September 2024. The company previously reported a 5% decline in net profit for the first quarter of June 2024. A presentation to analysts and media will follow the meeting.
Investors can now access 100% of sale proceeds for same-day trading (07-10-2024)
Starting Monday, investors will receive 100% of their sale proceeds on the same day, enabling immediate reinvestment. Previously, only 80% was accessible the same day with the rest available later. This change, aimed at enhancing liquidity, will benefit trading activities significantly.
Oil prices extend gains on Mideast tensions, rise above $80 first time since August (07-10-2024)
Oil rose above $80 Monday on Middle East tensions while equities slid in New York as political and interest rate concerns dented the recent rally. The rising oil price and concerns about the Middle East put an end to a recent rally on world stock markets.