The Reserve Bank India’s (RBI’s) decision to ban the onboarding of new accounts on the “bob World” mobile digital platform led to a selloff in the Bank of Baroda (BoB) stock. The stock of the public sector bank dropped by around 3 per cent. The central bank cited “material supervisory concerns”; news reports claimed mobile numbers were randomly linked to accounts to purportedly inflate registrations on bob World.
Posts tagged Rediff
Semiconductor, deep tech to be in focus at IMC (18-10-2023)
The three-day India Mobile Congress (IMC) will showcase the widening convergence of telecom with new domains, such as semiconductors and deep tech, P Ramakrishna, the forum’s chief executive officer, said on Tuesday. With more than 250 global and domestic exhibitors, the seventh edition is expected to draw more than 100,000 visitors this year, he said. There will also be over 5,000 CXO-level delegates and more than 350 speakers.
Wipro Q2 net profit remains almost flat at Rs 2,667 cr (18-10-2023)
IT company Wipro on Wednesday reported almost flat growth in consolidated net profit at Rs 2,667.3 crore for the September 2023 quarter and projected a 3.5 per cent fall in revenue in the current quarter on a weak global economic outlook. The company had posted a profit after tax of Rs 2,649.1 crore a year ago. Its lower IT services growth estimate for the December 2023 quarter by 3.5-1.5 per cent is in the range of $2,617-2,672 million in constant currency terms or about Rs 21,642.59 — Rs 22,097.44 crore.
Fund managers improve large-cap performance (18-10-2023)
Fund managers of large-cap and equity-linked saving schemes (ELSS) have demonstrated a marked improvement in their performance over the past year, according to the latest SPIVA (S and P Indices Versus Active) report released by S and P Dow Jones Indices. In the one-year period ending June 2023, 17 per cent of active large-cap schemes outperformed the S and P BSE 100, compared to just 9 per cent at the end of June 2022. In the case of ELSS, there was a sharp improvement in performance, with 66 per cent of active schemes delivering better returns than the benchmark S and P BSE 200.
Maruti to issue Rs 12.8K cr shares for Guj plant buy (18-10-2023)
The board of Maruti Suzuki India (MSIL) on Tuesday approved a proposal to issue shares worth Rs 12,841 crore to parent company Suzuki Motor Corporation (SMC) for acquiring Suzuki Motor Gujarat (SMG). The Gujarat manufacturing plant – with an annual capacity of 750,000 units – is owned by SMG, a wholly-owned subsidiary of SMC. The shares issued to SMC will raise its ownership in MSIL from 56.48 per cent to 58.19 per cent–India’s largest carmaker stated in a notice to BSE.
Sensex plunges 551 points on sluggish global trends (18-10-2023)
Among the Sensex firms, Bajaj Finance fell by nearly 3 per cent, the most among the 30 frontline companies. Bajaj Finserv, Axis Bank, HDFC Bank, Reliance Industries, NTPC, ICICI Bank and IndusInd Bank were the other major laggards. In contrast, Tata Motors, Sun Pharma, Maruti and Mahindra and Mahindra were the gainers.
Hopes of sealing India-UK FTA in Oct may be fading (18-10-2023)
The hope that the ongoing 13th round of negotiations towards an India-UK free trade agreement (FTA) could conclude with a deal for British Prime Minister Rishi Sunak to sign off in time for the India versus England World Cup cricket clash in Lucknow on October 29 seem to be fading, according to a UK media report on Wednesday. The Financial Times quoted officials briefed on the negotiations to say that a lack of movement towards opening up of the Indian market to British professional services in the field of law and accountancy is among the factors for the slowdown. So much so that cricket fan Sunak’s proposed return visit to India after an inaugural visit as UK Prime Minister to New Delhi for the G20 Summit last month is looking “very, very unlikely to happen”.
Israel-Hamas Conflict: India’s IT Companies On Edge (18-10-2023)
‘IT companies do not have a large presence there either in terms of market and team. So, the impact of the war will be minimal. But West Asia is an emerging economy.’
Maruti Suzuki eyes higher growth, market share gains (18-10-2023)
Maruti Suzuki India (MSIL) has ambitious plans to increase capacity. It is also seeking shareholders’ approval for a complex swap transaction, which would acquire Suzuki Motor Gujarat (SMG), a subsidiary of Suzuki Motor Corporation (SMC) through a preferential offer. SMC already holds 56.37 per cent of MSIL’s equity.
Rural kiranas power September sales (18-10-2023)
Sales of fast-moving consumer goods (FMCG) witnessed significant recovery in September after enduring a double-digit decline in August, according to data furnished by Bizom. Kirana stores in rural areas stocked up in preparation for the festival season, which began in September. This, combined with rainfall reaching 113 per cent of the long-perid average for the month, contributed to a boost in sales.