Posts tagged Rediff
FPIs pulled out Rs 3,400 cr in 3 trading sessions (05-11-2023)
Foreign Portfolio Investors' (FPIs) selling spree continues as they pulled out over Rs 3,400 crore from the Indian equity markets in the first three trading sessions of November on rising interest rates and geopolitical tensions in the Middle East. This came after such investors withdrew Rs 24,548 crore in October and Rs 14,767 crore in September, data with the depositories showed. Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period.
JSW Steel stock may be pricing in near-term positives (05-11-2023)
JSW Steel's results for the July-September quarter (Q2) of FY24 was a significant Street beat. Consolidated net sales grew about 7 per cent year-on-year (Y-o-Y) and about 5 per cent quarter-on-quarter (Q-o-Q) to Rs 43,800 crore. Earnings before interest, tax, depreciation, and amortisation (Ebitda) rose by 350 per cent Y-o-Y and about 12 per cent Q-o-Q to Rs 7,900 crore. Adjusted profit after tax (PAT) was at Rs 3,060 crore versus a loss of Rs 1,300 crore in Q2FY23 and PAT of Rs 2,300 crore in Q1FY24.
How the markets will fare this week (05-11-2023)
The ongoing quarterly earnings report card of corporates, global trends and trading activity of foreign investors are key factors to drive the momentum in the equity markets this week, analysts said. Moreover, markets would also focus on global oil benchmark Brent crude and the rupee-dollar trend. "On the domestic front, the upcoming release of Q2 earnings report is expected to have a significant influence on market sentiment.
Wage provisions limit SBI Q2 net profit growth to 9% (04-11-2023)
The country's largest lender SBI on Saturday reported a 9.13 per cent rise in consolidated net profit to Rs 16,099.58 crore for the September quarter, weighed down by money it had to set aside for employees' impending wage and pension revisions. On a standalone basis, the State Bank of India (SBI) had a 8.03 per cent increase in the profit after tax for the reporting quarter at Rs 14,330 crore. However, the same was down 15.13 per cent compared to Rs 16,884 crore in the June quarter.
India’s forex reserves rise by $2.58 bn to $586.11 bn (03-11-2023)
India's foreign exchange reserves increased by $2.58 billion to $586.11 billion in the week ended on October 27, the Reserve Bank of India said on Friday. In the previous reporting week, the overall reserves had dropped by $2.36 billion to $583.53 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
Reckitt, distributors at loggerheads over perks (03-11-2023)
Reckitt Benckiser India has started to incentivise its distributors and retailers by giving them Amazon and Flipkart vouchers on completing sales targets, which was earlier given in cash. Some of its distributors have protested the move. Fast-moving consumer goods companies typically incentivise the supply chain with cash on meeting their sales targets. The company has also changed the 'return of damaged goods' policy with its distributors.
Air India to add 30 new planes in next 6 months (03-11-2023)
Air India on Friday said it expects to induct more than 30 new planes, add over 400 weekly services and operate to four new international destinations in the next six months. Providing details about its ongoing network and fleet augmentation efforts, the Tata Group-owned airline said international expansion is planned in North America, Europe, and Southeast Asia. Air India said it intends to add more than 400 weekly flights to its domestic and international route network until March 2024, as part of the winter schedule.
Positive global trends help Sensex gain 283 points (03-11-2023)
Among the Sensex firms, Titan, Tech Mahindra, Tata Motors, JSW Steel, ICICI Bank, Infosys, State Bank of India, and Sun Pharma were the major gainers. Bajaj Finserv, IndusInd Bank, Nestle, Tata Steel and Bajaj Finance Bank were the major laggards.
Three-wheelers dominate Indian roads, sales above 100K (03-11-2023)
In the late 1950s, a three-wheeler design captured the attention of then Prime Minister Jawaharlal Nehru and Home Minister Morarji Desai. Soon enough, the government gave a clearance for its manufacturing by home-grown Bajaj Auto and the Italian Piaggio. After nearly 64 years, three-wheelers not only populate Indian roads but are seeing renewed interest, with sales exceeding the 100,000 mark for the first time in September and repeating the milestone in October.
IT, consulting firms lead NPS adoption in pvt space (03-11-2023)
Information technology (IT) and IT-enabled consulting firms lead the adoption of the National Pension System (NPS) in the private sector under the corporate model of the scheme, according to the latest data available until September 2023 from the Pension Fund Regulatory and Development Authority (PFRDA), as accessed by Business Standard. Data pertaining to the top 50 companies, which represents more than half of the total 1.84 million NPS subscribers under the corporate model, reveals that among the private sector, IT and consulting firms have the highest share of subscribers (13.2 per cent), followed by private banks (6 per cent) and financial services firms (4 per cent). IT and consulting firms account for 131,354 subscribers, followed by the private banking sector with 59,521 subscribers and financial services with 38,914 subscribers.