Posts tagged Rediff
Action on Paytm due to ‘lack of compliance’: RBI (08-02-2024)
Reserve Bank Governor Shaktikanta Das on Thursday said there are no systemic worries and the action on Paytm was driven by a "lack of compliance" at Paytm. Deputy Governor Swaminathan J said the actions against the fintech have been taken due to "persisted non-compliance". The Governor declined to specify the specific shortcomings resulting in the RBI action, but made it clear that it is driven by a "lack of compliance" at Paytm.
Brokerages divided on L and T’s new order prospects (08-02-2024)
Brokerage firms on Wednesday appeared divided in their calls on Larsen and Toubro (L and T) after the company's 2023-24 (FY24) October-December quarter (third quarter, or Q3) performance and guidance for the quarters ahead. While few stayed optimistic about the stock over future order inflow prospects, others saw increasing exposure to West Asia and fixed price contracts as a concern. In Wednesday's trade, L and T's share price closed at Rs 3,480 per piece, 4.22 per cent down from its previous day's close.
From GDP to inflation: Highlights of monetary policy (08-02-2024)
The highlights of RBI's bi-monthly monetary policy announced by Governor Shaktikanta Das:
Wipro set to cut hundreds of jobs (08-02-2024)
After startups and Big Tech, the layoff season may have begun at the $245 billion Indian information-technology (IT) industry. Bengaluru-based IT major Wipro is looking to cut hundreds of jobs, targeting mid-level employees working onsite as the company looks to improve margins, according to a media report, citing two sources. The company has said it is aligning its business and talent to the changing market environment.
RBI sees GDP growing at 7% next financial year (08-02-2024)
The Reserve Bank of India on Thursday projected a GDP growth of 7 per cent for 2024-25 financial year, which is lower than the 7.3 per cent expansion estimated for the current fiscal. Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said rural demand continues to gather pace, urban consumption remains strong and investment cycle is gaining steam on the back of increased capex.
RBI keeps repo rate unchanged at 6.5% once again (08-02-2024)
The Reserve Bank of India on Thursday decided to keep policy rate unchanged for the sixth time in a row as it maintains a tight vigil on inflation. The rate increase cycle was paused in April last year after six consecutive rate hikes aggregating to 250 basis points since May 2022.
‘The more we automate, the more…’ (08-02-2024)
'We do not see people getting reduced, but because of automation, we will do more work.'
‘Global investors want to pay premium for India story’ (08-02-2024)
'With China falling out of favour, India is where investors see the demographic and digital dividend apart from the benefits of reforms playing out.' 'Your prime minister has also done a great job of sharing this story with the world.'
Banks’ valuation discount to Sensex hits 10-year high (08-02-2024)
Banks, the biggest component of the Indian equity market, are now trading at a big discount to the benchmark indicesThe BSE Bankex index, which tracks the share price of the 10 top listed banks, is trading at a trailing price to earnings (P/E) multiple of 15.3X, nearly a 40 per cent discount to the BSE Sensex current P/E of 24.37X. This is the biggest valuation gap between the two indices in at least 10 years. Similarly, the BSE Bankex price to book ratio (P/B) of 2.22X is 40 per cent lower than the current Sensex P/B ratio of 3.61X.
‘Disinflationary stance allows for rate cuts’ (08-02-2024)
'Investment creates capacity and reduces inflation. Income, employment, and savings rise.'