Kotak Mahindra Bank was the biggest loser in the Sensex pack, sliding 2.68 per cent, followed by Tech Mahindra, Mahindra and Mahindra, Axis Bank, Hindustan Unilever, Tata Motors, Tata Consultancy Services, Bajaj Finserv, Bajaj Finance, Nestle and Titan. In contrast, NTPC, Power Grid, Larsen and Toubro, HDFC, Reliance and HDFC Bank were the gainers.
Posts tagged Rediff
Only 41% of EVs FAME II scheme target achieved (08-06-2023)
As the government plans no further extension of the scheme beyond FY24, the task is to achieve the unfinished target of subsidising 914,707 EVs.
Corporate earnings to drive next leg of market rally (08-06-2023)
The Indian markets have seen a good run in the last three months with the S and P BSE Sensex rising around 7 per cent and the Nifty50 moving up 7.5 per cent. The next leg of the market rally from here on, analysts suggest, will be driven by a growth in corporate earnings over the next few quarters. That said, they do not expect material / sharp downgrades to India Inc’s earnings estimates despite headwinds for the economy.
Rs 2,000 notes worth Rs 1.80 lakh cr have come back (08-06-2023)
Reserve Bank Governor Shaktikanta Das on Thursday said about 50 per cent of Rs 2,000 notes in circulation has come back in the banking system since the RBI announced withdrawal of the highest denomination currency last month. As on March 31, 2023, he said, Rs 2,000 notes worth Rs 3.62 lakh crore were in circulation. “So far, Rs 1.80 lakh crore have come back after the announcement,” he said during an interaction with media after releasing the bi-monthly monetary policy here.
Vistara to add 10 planes, 1,000 people this fiscal (08-06-2023)
Full service carrier Vistara expects to add a total of 10 planes as well as hire more than 1,000 people in the current financial year and has shelved plans to fly to the US, according to a top executive. Currently, Vistara, which is set to be merged with Air India, has a fleet of 61 aircraft and a staff strength of over 5,200. During an interaction in Istanbul this week, Vistara CEO Vinod Kannan said there has been a ready pool of talent, especially pilots and cabin crew members, with the collapse of Go First.
Global Fuel Prices Lower, But Pump Rates Still High (08-06-2023)
Global oil prices have slumped and India has access to larger amounts of discounted Russian crude oil, yet refiners are not passing on their savings to consumers
RBI lowers FY24 inflation projection to 5.1% (08-06-2023)
The Reserve Bank of India on Thursday marginally lowered its inflation projection for the current financial year to 5.1 per cent, as Governor Shaktikanta Das said the central bank’s monetary policy actions are yielding the desired results. In April, the Reserve Bank had estimated the consumer price index (CPI) based retail inflation at 5.2 per cent during the fiscal 2023-24. CPI inflation fell sharply to 4.7 per cent in April 2023, from 6.4 per cent in February, on the back of favourable base effects, with softening observed across all the three major groups.
Breaking Up Business Groups Would Create More Problems (08-06-2023)
Policies to break down the business group format are far more likely to be effective, argues Simon Commander.
RBI keeps repo rate, GDP growth unchanged at 6.5% (08-06-2023)
The Reserve Bank of India on Thursday opted for a pause second time in a row, maintaining key benchmark policy rate at 6.5 per cent as inflation moderates. The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022. Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) unanimously decided to keep the rate unchanged at 6.5 per cent.
BFSI firms drive earnings of India Inc to record high (08-06-2023)
The earnings of India Inc hit a record high in the 2022-23 (FY23) January-March quarter (fourth quarter, or Q4), compared with their poor showing in the previous two quarters of the financial year. The rise in earnings, however, is exclusively led by banking, financial services, and insurance (BFSI) companies. A better-than-expected showing by banks and non-bank lenders in Q4FY23 more than compensated for the earnings contraction in the non-BFSI space.