Among the Sensex firms, Reliance Industries, Maruti, Sun Pharma, State Bank of India, UltraTech Cement, Infosys, Kotak Mahindra Bank, Hindustan Unilever, ITC and HDFC Bank were the biggest gainers. Shares of Reliance Industries climbed 1.54 per cent, the most among the 30-share BSE constituents. Power Grid, Axis Bank, Mahindra and Mahindra and Tata Motors were among the major laggards.
Posts tagged Rediff
As HDFC exits, HFCs will find it easy to raise funds (27-03-2023)
Highly-rated finance firms and housing finance companies are expected to benefit from the absence of Housing Development Finance Corp (HDFC) from the bond market once it merges with the HDFC Bank in early FY24. Post merger, the bond market is expected to become less crowded, which will ease fund raising conditions for other players in the field. It may perhaps also compress the spread for debt instruments floated by housing finance companies (HFCs) over 10-year government bonds, subject to demand and supply conditions.
EPFO may decide interest rate for FY23 by Tuesday (27-03-2023)
The retirement fund body EPFO is likely to announce the rate of interest on employees’ provident fund (EPF) deposits for 2022-23 at its two-day meeting beginning Monday. EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21 in March 2022. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
RCap lenders in a fix as Hindujas retract offer (27-03-2023)
The Hinduja group is learnt to have backtracked from making a minimum Rs 8,950-crore offer for Reliance Capital (RCap) – a deal that it had belatedly put forth in December, after Torrent Investments emerged as the highest bidder for the bankrupt firm in the challenge process. The Hindujas’ latest move has put Indian lenders, with an exposure of Rs 24,000 crore, in a spot as it was the former’s revised offer that led to a call for a second auction and litigation by Torrent, which had placed a bid of Rs 8,649 crore in the first auction. Torrent has moved the Supreme Court and plans to wait for the apex court verdict before participating in any fresh auction. A banking source said there was an informal meeting of a few lenders of Reliance Capital with the bidders – the Torrent group and the Hinduja group on Friday when the latter changed its stand. The meeting of RCap’s committee of creditors (CoC) is scheduled for Monday.
HDFC twins’ merger: RBI may take call on relaxations (27-03-2023)
The Reserve Bank of India is likely to take a call on the relaxations sought by HDFC Bank in relation to the merger, as the date of merger draws closer, sources said. The HDFC twins, which announced their decision to merge in April last year, received National Company Law Tribunal’s (NCLT’s) approval recently – a key milestone to close the deal in due time. The management of both the entities had said that it will take 15-18 months for the merger.
S and P keeps India FY24 growth forecast unchanged at 6% (27-03-2023)
S and P Global Ratings on Monday kept its forecast for India’s economic growth unchanged at 6 per cent in the fiscal year starting April 1, before rising to 6.9 per cent in the following year. In the quarterly economic update for Asia-Pacific, S and P saw inflation rate easing to 5 per cent in 2023-24 fiscal, from 6.8 per cent in the current financial year. It saw India’s gross domestic product (GDP) likely growing by 7 per cent in the current financial year ending March 31 (2022-23), before slowing to 6 per cent in the next 2023-24 fiscal.
‘RBI should pause rate hikes’ (27-03-2023)
‘It will send a very strong signal that it is now our time to grow.’
Is This Why Gopinathan Resigned? (27-03-2023)
TCS became a slow-moving giant and lost some of its sheen to competitors — both big and small. Even as TCS remains the primary cash cow of Tata Group, its revenue and profit growth have slowed considerably.
Low Prices To Brighten Prospects Of OMCs (27-03-2023)
While prices sustaining lower levels is crucial, Govt actions are also a key monitorable given the forthcoming elections in 2024.
Mutual fund nomination deadline to end on Mar 31 (26-03-2023)
Existing mutual fund investors have time till March 31 to nominate a beneficiary or opt out of it by submitting a declaration form, failing which their folios will be frozen, and they will not be able to redeem investment. The Securities and Exchange Board of India (Sebi), in its circular on June 15, 2022, made it mandatory for mutual fund subscribers to submit the nomination details or declaration to opt out of the nomination on or after August 1, 2022. Later, the deadline was extended to October 1, 2022.