India Financial News

Here is a look at the list of banks that have revised their MCLR in August 2024.

Nifty delivered a 4% year-on-year (YoY) growth in profit after tax (PAT), surpassing Motilal Oswal's estimate of 3%. This is the slowest growth since the pandemic quarter of 2020. Nifty heavyweights HDFC Bank, Tata Motors, ICICI Bank, Maruti Suzuki, and Tata Consultancy Services (TCS) contributed 127% of the incremental year-on-year earnings growth. In contrast, Bharat Petroleum Corporation (BPCL), JSW Steel, ONGC, Reliance Industries (RIL), and Grasim Industries had a negative impact on Nifty earnings, according to a preview note by the brokerage. State-run Coal India, Dr Reddy's Laboratories, Apollo Hospital, Adani Ports & Special Economic Zone (APSEZ), and Tata Steel have received earnings upgrades from Motilal Oswal. In contrast, BPCL, Bharti Airtel, Hero MotoCorp, JSW Steel, and IndusInd Bank are the top five earnings downgrades.

Indian shares as more volatility, lukewarm earnings and a surprise tax hike on equities take a toll on the enthusiasm for the market. Global funds have turned bearish on Indian stocks for the first time in two months, with net shorts of 30,547 index futures as of Wednesday’s close. Just a month ago, large investors abroad were net long about 400,000 contracts, their most bullish stance since 2015.

Olympics medalists Neeraj Chopra and Manu Bhaker has increased significantly after companies reach out to them to tap into their popularity and connect with a wider audience. Hockey goalkeeper P R Sreejesh, shuttler Lakshya Sen and shooter Arjun Babuta too are seeing an increased demand from the companies. Post Chopra’s silver medal, his brand value has seen an appreciation of 40-50 per cent. This was his second consecutive Olympic medal after having won a gold medal in Tokyo Olympics 2024. The Ambala boy’s endorsement fees were already at a premium, estimated at Rs 4 crore annually per brand, reported TOI. The 26-year-old Javelin thrower is already endorsing a raft of products across 21 categories, including sports lifestyle, audio and smartphones, he is now being approached by more brands across segments – from automobiles to financial services, real estate, logistics and quick commerce, Divyanshu Singh, COO at JSW Sports which manages Chopra’s portfolio told TOI.

Logistics firm Ecom Express has filed draft papers with the market regulator for an initial public issue of shares worth nearly Rs 2,600 crore. The offer will comprise fresh shares worth Rs 1,284 crore and another Rs 1,315 crore in an offer for sale (OFS) by existing investors, the company informed the Securities and Exchange Board of India in its draft red herring prospectus (DRHP). If it gets the regulatory approval and goes ahead with the IPO, Ecom Express will become the second new-age logistics firm focused on online deliveries to be listed on the Indian public bourses, after Delhivery that listed in May 2022.

In 2022, I was sent on an assignment to a city that did not have an airport and reaching via train was the most viable way. I was eligible to travel in AC first class and a looming deadline meant that I, solo traveller, ended up by paying little attention to my travel plan. It was a mistake that I will never repeat again.

₹5 trillion has been detected, and of this, ₹1.2 trillion has been paid voluntarily by the assesses," the first person said. A large chunk of the total tax evasion detected—about ₹1 trillion—accounts for using fake input tax credits, said the person. The value of the taxable sales in these cases would be significantly higher than ₹5 trillion as GST is levied only as a percentage of the sale value.

India-EU trade mustn’t stumble on digital sovereignty "The EU is advocating for stronger intellectual property protections, which India is cautious about due to concerns over generic medicines. Additionally, the EU is pressing for sustainability and labour standards in the agreement, but India is worried about their impact on its domestic regulations and industries," said trade analyst Ajay Srivastava, who is the founder of Global Trade Research Initiative (GTRI), a think tank.

RBL Bank RBL Bank has launched a special fixed deposit termed as 'Vijay Fixed Deposits'. This limited-time offer honors the bravery and sacrifices of India’s warriors offering significant financial rewards. The 'Vijay Fixed Deposits', has been designed to show appreciation for our military men, an RBL bank press release stated.

Ola Electric, Unicommerce, and First Cry have significantly enriched their investors, reflecting strong market interest and confidence in these companies. These successful public offerings highlight the potential of homegrown businesses in India, suggesting that the market is eager for more such opportunities. Nithin Kamath, the founder of Zerodha, acknowledged the success of these IPOs and emphasized the need for more Indian companies to follow suit. He noted that the success of these IPOs could serve as an incentive for other companies to consider going public, which would, in turn, attract more retail and institutional investors. Kamath pointed out that a steady flow of new securities is essential for the growth of the market, particularly as domestic investment continues to increase. His comments were met with a wave of responses from the public, many of whom urged Zerodha to consider its own IPO. People questioned whether Kamath would lead by example and bring Zerodha to the stock market.

Indian Medical Association's (IMA's) inception in 1928, only one was a woman, said a team of researchers, including those from The George Institute for Global Health, New Delhi. They looked at the current and past leaderships of the professional medical associations, including the Indian Public Health Association (IPHA) and those of all broad medical and surgical specialties. Unequal gender representation persists even in the medical associations closely involved in women's health such as obstetrics and gynaecology, pediatrics and neonatology, highlighting a male dominance, the authors said in the study published in the journal PLoS Global Public Health.

investors, fatigued by waiting, are now compelled by frustration—perhaps even desperation—to dive into the market. The disciplined patience that kept them at bay has given way to an urgency to join the action. Who are these investors? (Note: I’m generalizing here.) They are typically drawn to stocks that are already in motion, the market's hot favourites.

The Government of India has declared only three national holidays in 2024: Republic Day (26 January), Independence Day (15 August), and Gandhi Jayanti (2 October).

Isro) on Friday successfully launched an earth observation satellite (EOS) carrying payloads featuring new technology developments in satellite mainframe systems on board a Small Satellite Launch Vehicle (SSLV) from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh. The SSLV will be transferred to private industry eventually. “The third developmental flight of SSLV is successful,” Isro said in a post on X. “The SSLV-D3 placed EOS-08 precisely into the orbit. This marks the successful completion of ISRO/DOS's SSLV Development Project. With technology transfer, the Indian industry and NSIL will now produce SSLV for commercial missions.”

Mutual funds were sitting with Rs 1.71 lakh crore cash allocation in July which was 4.89% of the total AUM. The net equity AUM was recorded at Rs 35 lakh crore as on July 2024. There were around 43 mutual funds in the market in the said period. Five mutual funds had more than Rs 1 lakh crore cash in their portfolio. ICICI Prudential Mutual Fund had the highest cash allocation of Rs 33,790 crore as on July 2024 which was 8.90% of the total AUM. The fund house had an equity AUM of Rs 3.45 lakh crore as on July 2024.

On the BSE, Ganga Pharmaceutical(down 20.00 per cent), CHD Chemicals Ltd.(down 15.32 per cent), Prag Bosimi Syn(down 13.90 per cent), Shri Jagdamba(down 13.28 per cent) and OK Play India(down 11.68 per cent) were among the stocks that plunged over 5 per cent during the session.

The NSE Nifty index was trading 106.0 points up at 24249.75, while BSE Sensex was up 301.1 points at 79406.98 at the time of writing this report.

Ola Electric surged 15.8% to a day’s high of Rs 128 on the BSE after the company announced a 32% YoY increase in revenue for the first quarter of FY25, reaching Rs 1,644 crore. The company also launched its electric motorcycle, the Roadster, on August 15.

Steel Authority of India expects its blended realizations to sequentially fall another Rs 1,000 per tonne this quarter, as local steel prices continue to be weighed down by cheap Chinese imports, a senior executive said. Net sales realization, or blended steel prices for the June quarter, stood at Rs 53,700 per tonne, down Rs 800 from the March quarter. The cost of coking coal, though, is likely to remain at levels similar to the June quarter, even though prices have corrected in the last few weeks. This is because the state-owned steelmaker has stocked up higher-than-average coking coal from some of its miners with whom it has long-term agreements, Anil Kumar Tulsiani, Director (Finance), told analysts after the company’s earnings.

Madras Fertilizers Ltd.(up 6.05%), Southern Petrochemicals Industries Corporation Ltd.(up 3.88%), Sikko Industries Ltd.(up 3.84%), Khaitan Chemicals & Fertilizers Ltd.(up 3.77%), Agro Phos India Ltd.(up 3.44%), Nagarjuna Fertilizers and Chemicals Ltd.(up 3.10%), Rashtriya Chemicals & Fertilizers Ltd.(up 2.44%), Chambal Fertilisers & Chemicals Ltd.(up 1.69%), Krishana Phoschem Ltd.(up 1.47%) and Madhya Bharat Agro Products Ltd.(up 1.16%) were among the top gainers.

The strike disrupted normal life in Siliguri and most shops in the city were closed since 6 pm. A member of SUCI (Communist) Dr Shahriar Alam said, «Today this strike has a huge impact. People have spontaneously responded to our call and throughout Siliguri like the Medical College area, people have not taken out their vehicles, and they have not opened the shops. We can say that the impact is very good. We have called this strike to protest against the heinous incident at RG Kar Medical College and Hospital.»