India Financial News

MUMBAI : Having achieved its target of a billion-dollar book in the small business segment, DBS Bank India now plans to double its exposure in three years, a senior banker said, underscoring the lender’s optimism around a sector that contributes nearly 30% to the gross domestic product (GDP) and is a significant job creator. “We are growing our SME (small and medium enterprise) book and we have added new products. Like startups, it is not only a lending business and there is a liability side of the business too," Rajat Verma, managing director and head of institutional banking at DBS Bank India said in an interview.

Narendra Modi for alleged communal speeches during the Lok Sabha election campaign, Bar and Bench reported. It said that courts cannot micromanage the manner in which the Election Commission of India (ECI) has to deal with the alleged violation of model code of conduct (MCC).

Also Read: ‘Market expecting positive end to the elections’ Despite the recent fall, the Home Minister remains optimistic on the Indian stock market and isn’t too worried about the decline, said the NDTV report. “Whenever there is a steady government, markets do well. Modiji is coming back as the prime minister for the third time," he told the news channel.

ABB India share price surged over 8% to touch a 52-week high on Monday's session following its March quarter results. ABB India reported a more than 87% spike in net profit to ₹460 crore in the March 2024 quarter, driven by greater revenues. The previous fiscal year's similar quarter earned a profit after tax of ₹245 crore, according to a company's exchange filing.

rain in Bengaluru disrupted operations at the airport and led to the diversion of nine flights to Chennai on Sunday, May 12, as per a Moneycontrol report. Bengaluru International Airport (BIAL), the operator of Kempegowda International Airport, attributed the diversions to heavy rainfall and lightning in the area.

₹256.8 crore for the quarter ended March 2024, driven by strong operating numbers. Its income from operations increased by 9% on year to ₹1,513.7 crore. According to moneycontrol's news report, the company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 29.2% to ₹370.4 crore, with margins improving to 24.5% from 20.7% year on year.

Measuring India’s manufacturing sector remains a data challenge,’ Mint, 15 May 2023). Speaking to The Economist recently, India’s former chief statistician Pronab Sen argued that the old GDP series (2004-05 base year) may have captured real growth rates more accurately. Sen had earlier suggested that India’s recent GDP figures were likely to be overestimated because of how informal-sector growth was accounted for.

Stock market crash: After logging a bounce back on Friday last week, the Indian stock market again came under the selling pressure as frontline indices lost up to one percent in early morning session. The Nifty 50 index opened lower at the 22,027 mark and touched the intraday low of 21,821, whereas the BSE Sensex opened lower and touched an intraday low of 71,866. The Bank Nifty index also had a gap down, opening at 47,389, and the index touched an intraday low of 46,983.

Magadh Sugar & Energy Ltd.(up 1.15%) and Triveni Engineering & Industries Ltd.(up 0.66%) were among the top gainers.

ABB India in Monday’s trade jumped 8.5% on BSE to its new 52-week high of Rs 7,792.40 after the company reported an 87% jump in net profit at Rs 460 crore in the March 2024 quarter on the back of higher revenues. During the quarter, consolidated revenues came in at Rs 3,080 crore, up 28% from Rs 2,411 crore posted in the year-ago period.

equity mutual funds turned a monthly investment of Rs 25,000 to Rs 1 crore in a 10 year horizon, an analysis by ETMutualFunds showed. There were around 150 equity schemes that completed 10 years of existence in the market.

Lok Sabha elections is underway, Congress Parliamentary Party Chairperson Sonia Gandhi on Monday announced that the party will provide financial assistance of Rs 1 lakh to the women of poor households.

Cotton Association of India (CAI) on Saturday estimated cotton exports to rise about 27 per cent to 28 lakh bales during 2023-24 crop year ending September. In 2022-23 crop season (October-September), cotton exports were at 22 lakh bales, CAI said. One bale is equal to 170 kilogram.

Tata Motors: The company reported a 222% surge in net profit to ₹17,407.2 crore in Q4FY24, driven by strong performance across all auto businesses. The company's total revenue rose 14.3% to ₹1.2 lakh crore. The board recommended a final dividend of ₹6 per ordinary share and ₹6.20 per ‘A’ ordinary share for FY24.

Read the full story here.)Sensex Today Live : Indian benchmark indices were expected to open on a muted to positive note, tracking subdued trading among Asian peers, which were weighed down by the weak economic data in China.At 8:06 am, Gift Nifty futures were trading at 22,107, marginally ahead of Nifty 50's Friday close of 22,055, reiterating the liklihood of a muted to positive opening for Indian marketsA rally in global equity markets lifted stocks in Europe to record highs on Friday amid strong corporate earnings and hopes central bank interest rate cuts are near, while the dollar edged higher despite signs of slowing U.S. economic growth.European shares posted their biggest weekly gain since late January, with the pan-regional STOXX 600 index rising for a sixth straight session, while the FTSE 100 in London hit yet another record high.The Dow industrials index registered its eighth daily advance as the three major Wall Street indexes posted weekly gains but the Nasdaq closed marginally lower on the day.Strong performance on both sides of the Atlantic, along with gains overnight in Tokyo and elsewhere in Asia, pushed MSCI's all-country world index within 0.2% of a record closing high.U.S.

Buy or sell stocks for today: The performance of the Nifty 50 index is a key indicator of the Indian stock market's health. Despite the index ending higher on Friday's session, the market experienced its worst week in nearly two months. This was due to nervous election-related unloading, which continued at a slower pace.

Indian spice brand MDH, under scrutiny for alleged contamination in some products, has since 2021 seen an average 14.5% of its U.S. shipments rejected due to the presence of bacteria, a Reuters analysis of U.S. regulatory data found.

Before I Forget. One, he’s a keen observer and true to his craft as a veteran theatre director, actor and cultural activist, sets the scene like a stage.

SBI management was how long and how far RoE can be stretched without diluting equity. The management appears confident of avoiding equity dilution and articulated well to convey that cost of equity is much higher than cost of debt as the equity investor expects higher returns than the debt investor. In their opinion, the existing capital adequacy position should be able to support about 20% expansion in loan book from ₹37 trillion as of March 2024.

market around the expected margin of victory. It is too early to say but looking at previous elections the patterns look somewhat similar, namely, high expectations in the beginning, some nervousness during and a positive end. At the end of the day the market is still expecting the incumbent government to win and secure policy stability/continuity.

Albert Park said, citing the successful experience of other developed economies. India should also commit to remain an open economy and review import tariffs that may be making inputs costlier for sectors where it has an advantage, Park said on the sidelines of ADB’s annual meeting in Tbilisi last week. Park said that if ADB were to do an economic diagnosis of the country, education would be among the priority areas where it should really improve the quality since becoming a middle-income country means moving up the technology ladder.