Hyundai Motor India drops 7% in market debut after country’s biggest IPO (22-10-2024)
HMIL’s IPO had seen strong response from sovereign wealth funds and domestic mutual funds, but retail and wealthy investors sidestepped the issue amid a selloff in auto stocks and overall markets
‘INDIA bloc heading for next big defeat after Haryana’: Chirag Paswan on Jharkhand polls (22-10-2024)
Union minister Chirag Paswan expressed confidence in NDA’s potential to form a strong government in Jharkhand, despite the INDIA bloc’s struggles. He voiced satisfaction with BJP’s alliance dynamics, dismissing any rift rumors, and revealed plans for a major rally in Bihar ahead of next year’s assembly polls.
Jewellers’ body pushes for standardisation of gold rates across India (22-10-2024)
The All India Gem and Jewellery Domestic Council (GJC) announced Tuesday it is working to implement ‘One Nation One Gold Rate’, aiming to standardize domestic gold prices that currently vary across different regions of the country.
“We import gold at the same rate, but the domestic retail prices differ from one city to another. We want a single rate to prevail across the country,” GJC Secretary Mitesh Dhorda said at the launch of ‘Lucky Lakshmi’, a revamped annual gold festival running from October 22 to December 9.
The council, which has already conducted over 50 meetings with its members, has managed to bring up to 8,000 jewellers on board for this initiative.
While a representation has been made to the government, the GJC is currently focused on convincing the industry stakeholders.
“We are already providing a recommended rate through WhatsApp broadcast groups to our members. Our target is to reach at least 4-5 lakh jewellers step by step,” Dhorda said, adding that implementatio
Manappuram Finance (22-10-2024)
I’m trying to understand the concern around Asirvad, given that it operates as a microfinance company. Setting aside the recent RBI action on pricing, the risks and rewards of the microfinance business are well-known. CreditAccess Grameen, a full-fledged MFI, has commanded strong PE multiples until recently. So, I don’t quite understand why this is being perceived as a drag on valuations.
Manappuram is no longer a single-product company, but it seems the broader market hasn’t fully recognized this shift. Many analysts still categorize it as a single-product company. However, the business now offers a diversified mix, including gold loans, microfinance, commercial vehicle (CV) loans, affordable housing, and MSME lending. Specialized NBFCs operating in each of these segments are trading at much better valuations—typically in the range of 20x-30x trailing PE.
Four Years in Jail Without Trial: The Price of Dissent in Modi’s India (22-10-2024)
A Muslim protest leader has become a symbol of a wide-ranging clampdown on opponents of Prime Minister Narendra Modi’s government.
My presence not needed when talks are between BJP and Shiv Sena: Ajit Pawar (22-10-2024)
Maharashtra Deputy CM Ajit Pawar said that the Mahayuti alliance, led by CM Eknath Shinde, has nearly completed its seat-sharing agreement for the November 20 assembly elections. With some seats finalized and candidates receiving nomination forms, the exact distribution between BJP, Shiv Sena, and NCP remains unconfirmed.
Bajaj Finance Q2 Results: Cons PAT rises 13% YoY to Rs 4,000 crore, misses estimates (22-10-2024)
Bajaj Finance Q2 Results: Revenue from operations for the reported quarter was Rs 17,090 crore, a 28% increase from Rs 13,382 crore in the same quarter last year. Net interest income (NII) rose 23% in Q2FY25, reaching Rs 8,838 crore compared to Rs 7,196 crore in Q2FY24. The number of new loans booked grew by 14% in Q2FY25, totalling 9.69 million, up from 8.53 million in Q2FY24.