AXY Financial News

Emerging Markets Bond indices is testament to investors’ confidence in the country’s fiscal discipline and macroeconomic stability. That it has come about while access to the Euroclear settlement system is still pending and with almost no concessions on withholding and capital gains taxes is noteworthy. India will be included in at least one of the JPMorgan Emerging Markets bond indices (and significantly in their JESG variants), the GBI-EM Global Diversified Index suite, beginning 28 June 2024, and thereafter reach 10% of the index weight in a staggered manner over 10 months.

Public Provident Fund vs Fixed Deposit Interest Rate in September 2023: Most of the banks are offering higher Public Provident Fund (PPF) interest rates in September. For the July-September quarter of FY 2023-24, the Government has kept the PPF interest rate at 7.1%. Following is a list of banks offering higher than the PPF interest rate on their fixed deposits to general and senior citizens in the current month, according to BankBazaar data.

Golden Crossover. On September 22, Friday, Trendlyne reported that more than 40 Nifty stocks witnessed this intriguing pattern, and ETMarkets has handpicked ten of these stocks for investors seeking opportunities in the Indian stock market. The Golden Crossover is a technical analysis pattern that occurs when a stock's short-term moving average (typically the 50-day Simple Moving Average or SMA) crosses above its long-term moving average (usually the 200-day SMA). This event is considered a bullish signal and often indicates a shift in momentum, potentially leading to a significant uptrend in the stock's price. 1.

IPO subscription status: Signatureglobal Ltd IPO has been subscribed 2.65 times on day 3, so far. Signatureglobal IPO opened for subscription on Wednesday, September 20, and will close today (Friday, September 22). The company has fixed price band of the public offer at ₹366 to ₹385.

Small, and Medium Enterprises (MSMEs). This is a first-of-its-kind comprehensive digital proposition that caters to the real, current, and emerging Transaction Banking needs of MSMEs. Neeraj Gambhir - Group Executive and head - Treasury, Markets, and Wholesale Banking Products, at Axis Bank, said, “The MSME Business Banking landscape is evolving rapidly, and there is a need for a comprehensive solution for all their Banking and Beyond Banking requirements.

Ashish Gupta, CIO, Axis Mutual Fund, says “following inclusion of Indian bonds into the JP Morgan EM index next year, while money will flow directly into the fixed income markets, it will also drive the overall liquidity in the ecosystem. There can be flow of money into the equity market. The rate sensitives are driving the market today because there is potentially an easier outlook on rates with improved liquidity. Traditional beneficiaries like banks, NBFCs and real estate would be the first port of call. Industrial stocks will also benefit.”It was more a bolt out of the blue when the US Fed upgraded their economic guidance for next year. What would be the implications of that because at the beginning of the year, the narrative was that the US will slow down or hit a patch of soft landing and China will come back and surprise everybody. Well, the surprise has come, but it is the opposite of what we anticipated.No, I think you are absolutely right. The global macro has surprised this year. But the positive surprise has primarily been only from the US and if we look at global growth in aggregate, while the US has surprised positively, Europe has surprised negatively and China, as you mentioned, has been a negative surprise.

These 21 schemes were from ELSS, flexi cap, focused fund, large & mid cap, large cap, mid cap, multi cap, small cap, and value fund categories. Around six large cap schemes have more than Rs 20,000 crore AUM, followed by four flexi cap schemes. Three mid cap, and small cap schemes, one ELSS, focused fund, large & mid, multi cap, and value fund also managed assets of more than Rs 20,000 crore. Out of 21 schemes, 11 schemes have outperformed their benchmarks and category average in one year. In the three-year horizon, only nine schemes managed to outperform their benchmarks and category average. Only nine schemes outperformed their respective benchmarks and category average in both the horizons.

Also Read: Bank FD rates: Kotak, Axis, IDBI Bank revises fixed deposit rates. Details here Meanwhile, hikes in MCLRs has been relatively divergent across banks. Over the past few months, the brokerage noted, larger PSU banks have taken lower hikes in MCLRs as compared to smaller PSUs and private banks, mostly targeted to gain market share in corporate loans.

ICICI Securities, IIFL Capital and Axis Capital as advisors, a report by Moneycontrol said, quoting multiple industry sources. However, the quantum of the fund raise through the IPO hasn't been finalized yet and may vary later, the report added. Awfis IPO would be the first public issue in the domestic markets by a co-working space provider.

IPO subscription status: Signatureglobal Ltd IPO has been subscribed 24% on day 1 so far. Signatureglobal IPO opens for subscription today (Wednesday, September 20), and will close on Friday, September 22. The company has fixed price band of the public offer at ₹366 to ₹385.

Neelkanth Mishra, Chief Economist, Axis Bank; Head of Global Research, Axis Capital, says coming to “investment themes, I am observing that because everyone wants to invest in defence and railways, there is a very steady rise in price-to-earnings multiples without an appropriate visibility on what is happening with their own order books. Will they be able to participate in this? Will they be able to compete in this? Even on something like electronics, there is a very good probability that India's electronics ecosystem will continue to grow.”Capex seems to be focused around infrastructure development. Road has been a resounding success. Now it is tilting towards defence and railways. While the shift is happening, equity markets have been mighty excited. We know about the rally in defence, railway and shipbuilding stocks. What is the right way of understanding these government commitments towards shipbuilding, road, defence, railways? Can you connect the equity market outlook?The central government can control these sectors directly. National highways, railways, defence are central subjects and this is where the central government can play a big role. On the road side, it is unreasonable to expect that if you are already doing 15,000-16,000 km a year, you will be able to do much more than 18,000-20,000 km a year. So incremental growth in terms of the pace of construction at the national highway level may not really accelerate from here.

Zee Entertainment Enterprises Ltd. (ZEEL) will be delisted from FTSE Global Equity indices following its merger with Sony Entertainment India. ZEE will be replaced by Culver Max Entertainment, which is Sony Pictures Networks India.

DCM Shriram Industries(up 4.46%), AVADHSUGAR(up 2.14%), Simbhaoli Sugars(up 1.93%), Mawana Sugars(up 1.69%), Rajshree Sugars & Chemicals(up 1.61%), K.M.Sugar Mills(up 1.47%), Rana Sugars(up 1.43%), BAJAJHIND(up 1.35%), MAGADHSUGAR(up 1.09%) and Vishwaraj Sugar Industries(up 1.06%) were among the top gainers. Triveni Engineering & Industries(down 2.01%), EID Parry(down 1.97%), Dhampur Sugar Mills(down 1.91%), Dwarikesh Sugar Industries(down 0.63%), Bannari Amman Sugars(down 0.39%), Ponni Sugars(Erode)(down 0.12%) and Balrampur Chini Mills(down 0.05%) were among the top losers. The NSE Nifty50 index was trading 178.35 points down at 19954.95, while the 30-share BSE Sensex was down 623.83 points at 66973.01 at around 11:10AM. Coal India Ltd.(up 1.36%), Power Grid Corporation of India Ltd.(up 1.24%), Bajaj Auto Ltd.(up 0.79%), NTPC Ltd.(up 0.78%), Axis Bank Ltd.(up 0.68%), Oil And Natural Gas Corporation Ltd.(up 0.53%), Tata Motors Ltd.(up 0.49%), Bajaj Finance Ltd.(up 0.48%), Sun Pharmaceutical Industries Ltd.(up 0.46%) and ITC Ltd.(up 0.45%) were among the top gainers in the Nifty pack. On the other hand, HDFC Bank Ltd.(down 3.79%), Apollo Hospitals Enterprise Ltd.(down 1.87%), Bharat Petroleum Corporation Ltd.(down 1.76%), Reliance Industries Ltd.(down 1.68%), JSW Steel Ltd.(down 1.63%), Britannia Industries Ltd.(down 1.62%), Maruti Suzuki India Ltd.(down 1.46%), Dr.

Cochin Shipyard (CSL) shares are trading at a 13% discount from their 52-week high on the NSE and have been on a declining curve over the past six trading sessions. Yet, the momentum is not lost and the stock could gain up to 30% from current levels, as momentum remains intact on the technical charts, suggest analysts. Cochin Shipyard shares hit their 52-week high of Rs 1258.50 on September 8 and since then they have seen corrections in six successive trading sessions on the closing price basis as investors have looked to book profits after a big rally in an otherwise buoyant stock markets. Multibagger Cochin Shipyard’s past one-year journey reveals a 170% uptick in the stock price which is nearly 12-fold over the returns given by Nifty50 during this period.

Benchmark NSE Nifty index fell 180.4 points to 19952.9 amid selling in frontline bluechip stocks. However, stocks such as Pramara Promotions, Jiwanram Sheoduttrai, FutureLifestyleFash, Penta Gold and Jalan Transolutions, touched their fresh 52-week low. Overall, 14 shares traded in the green in Nifty50 index, while 35 traded in the red. In the Nifty 50 index, Power Grid, Coal India Ltd, Bajaj Auto, NTPC and Axis Bank were among top gainers, while HDFC Bank, BPCL, Apollo Hospital, RIL and JSW Steel traded in the red. The BSE Sensex was trading 629.44 points down at 66967.4 at 11:05AM(IST). Traders were seen piling up positions in Telecommunications, Term Lending Institutions, Glass, Mining and Tyres sectors, while selling was visible in Banks, Power, Irrigation & Allied Services, Petrochemicals and Metals — Ferrous sectors.

Senior citizens will earn an interest rate of 3.25% to 7.75% on these FDs. These rates are effective from 13th September 2023. Axis Bank has revised interest rates on its term deposits.

Hindustan Foods(up 3.39%), Mrs Bectors Food Specialities(up 3.19%), Nakoda Group(up 2.38%), Euro India Fresh Foods(up 2.35%), Dangee Dums(up 0.45%), Colgate Palmolive(India)(up 0.15%), Parag Milk(up 0.10%) and Varun Beverages(up 0.08%) were among the top gainers. Hatsun Agro Product Ltd(down 2.78%), Gillette India(down 1.81%), Dabur India(down 1.79%), Britannia Industries(down 1.48%), Prataap Snacks(down 1.42%), Emami(down 1.31%), Bajaj Consumer(down 1.17%), TATA CONSUMER PRODUCTS(down 1.10%), ADF Foods(down 0.99%) and Vadilal Industries(down 0.95%) were among the top losers. The NSE Nifty50 index was trading 159.85 points down at 19973.45, while the 30-share BSE Sensex was down 574.02 points at 67022.82 at around 10:24AM. Axis Bank Ltd.(up 1.41%), Mahindra & Mahindra Ltd.(up 1.21%), Coal India Ltd.(up 1.19%), Bajaj Auto Ltd.(up 1.04%), Oil And Natural Gas Corporation Ltd.(up 0.77%), Tata Motors Ltd.(up 0.71%), Sun Pharmaceutical Industries Ltd.(up 0.67%), Power Grid Corporation of India Ltd.(up 0.62%), Bajaj Finance Ltd.(up 0.58%) and NTPC Ltd.(up 0.58%) were among the top gainers in the Nifty pack. On the other hand, HDFC Bank Ltd.(down 3.78%), Apollo Hospitals Enterprise Ltd.(down 2.29%), Reliance Industries Ltd.(down 1.75%), Bharat Petroleum Corporation Ltd.(down 1.66%), Britannia Industries Ltd.(down 1.48%), UPL Ltd.(down 1.4%), Tech Mahindra Ltd.(down 1.3%), HDFC Life Insurance Company Ltd.(down 1.15%), Tata Consumer Products Ltd.(down 1.1%) and Dr.

Jyoti Structures(up 4.89%), Alstom T&D India(up 4.27%), JSW Energy(up 2.93%), Karma Energy(up 1.73%), Inox wind(up 1.12%), Transformers and Rectifiers(India)(up 1.11%), GE Power India Limited(up 1.03%), Suzlon Energy(up 1.01%), Power Grid Corporation of India(up 0.80%) and NTPC(up 0.66%) were among the top gainers. PTC India(down 7.50%), KPI Green Energy(down 2.25%), Kalpataru Projects International(down 2.10%), Power & Instrumentation(Gujarat)(down 1.91%), NHPC(down 1.48%), Reliance Power(down 1.31%), Adani Power(down 1.19%), Energy Development Company(down 1.00%), ADANIGREEN(down 0.99%) and Jaiprakash Power Ventures(down 0.97%) were among the top losers. The NSE Nifty50 index was trading 163.5 points down at 19969.8, while the 30-share BSE Sensex was down 572.98 points at 67023.86 at around 10:34AM. Axis Bank Ltd.(up 1.51%), Bajaj Auto Ltd.(up 1.08%), Coal India Ltd.(up 1.03%), Power Grid Corporation of India Ltd.(up 0.82%), Oil And Natural Gas Corporation Ltd.(up 0.69%), NTPC Ltd.(up 0.66%), Mahindra & Mahindra Ltd.(up 0.65%), Sun Pharmaceutical Industries Ltd.(up 0.6%), Bajaj Finance Ltd.(up 0.51%) and Tata Motors Ltd.(up 0.37%) were among the top gainers in the Nifty pack. On the other hand, HDFC Bank Ltd.(down 3.83%), Apollo Hospitals Enterprise Ltd.(down 2.13%), Reliance Industries Ltd.(down 1.66%), Britannia Industries Ltd.(down 1.52%), Bharat Petroleum Corporation Ltd.(down 1.41%), Tata Consumer Products Ltd.(down 1.35%), UPL Ltd.(down 1.26%), HDFC Life Insurance Company Ltd.(down 1.24%), Tech Mahindra Ltd.(down 1.21%) and JSW Steel Ltd.(down 1.14%) were trading in the red.

HDFC Bank, Reliance Industries, and Infosys. The BSE Sensex was trading 573 points or 0.85% lower at 67,023. Nifty50 was trading at 20,004, down 130 points or 0.64% at around 9.16 a.m. From the Sensex pack, HDFC Bank, Tech Mahindra, Tata Steel, Bharti Airtel, and Infosys opened with losses, while ICICI Bank, Power Grid, L&T, IndusInd Bank, Axis Bank opened with gains. HDFC Bank opened nearly 3% lower after the bank on Monday said its gross non-performing assets will likely increase as of July 1, after its merger with HDFC. Shares of Bharat Dynamics opened 3% higher after the company signed a contract worth Rs 291 crore with IAF. Sector-wise, Nifty Financial Services declined 0.87% and Nifty Bank fell 0.68%.

BPCL while Morgan Stanley maintained an overweight rating on HDFC Bank. HSBC initiated a buy rating on IIFL Finance and Axis Securities recommended a buy on Hindalco Industries.We have collated a list of recommendations from top brokerage firms from ETNow and other sources: Jefferies on oil & gas sector: BPCL, GAIL India Jefferies downgraded BPCL to underperform from hold and slashed the target price to Rs 310 from Rs 425 earlier. The global investment bank upgraded GAIL India to buy from underperform and raised the target price to Rs 136 from Rs 105 earlier. The company would be a beneficiary of high crude oil prices. Opec + production cuts and low US inventories are likely to keep oil prices elevated.Morgan Stanley on HDFC Bank: Overweight| Target Rs 2110 Morgan Stanley maintained an overweight rating on HDFC Bank with a target price of Rs 2110.

MUMBAI : HDFC Bank Ltd expects a worsening of net interest margin (NIM), net worth and asset quality in the short term following its merger with parent Housing Development Finance Corp. (HDFC), analysts who attended a meeting with a top bank executive said. NIM may narrow 25 basis points (bps) due to the combined effect of incremental cash reserve ratio (CRR) and excess liquidity, analysts cited chief financial officer Srinivasan Vaidyanathan as saying at the meeting.