Experts Financial News

State Bank of India, are reviewing their exposure to Adani Group and examining whether they need to tighten their due diligence when offering new loans to them, after the U.S. accused Chairman Gautam Adani of bribery, eight bankers said. Bank of India, Union Bank, ICICI Bank, Canara Bank, IDBI Bank and RBL Bank, which have a relatively smaller exposure to the group, are also undertaking a similar exercise. A review would not necessarily entail any change in the lenders' credit approach with regards to the group.

Honasa Consumer, the parent of beauty and personal care brand Mamaearth, on Thursday said it has elevated Vipul Maheshwari to senior vice president of product and data analytics. An IIT Delhi alumnus, Maheshwari has been with Honasa for more than four years, specialising in analytics and data science. He also had stints at Delhivery and Global Analytics India Pvt Ltd. Maheshwari will continue to lead integration of advanced analytics for product development as the company sharpens focus on data-driven innovation to monitor business performance.

Prabhudas Lilladher in its latest India Strategy Report while slashing its base case target for Nifty to 27,381 (27,867 earlier), recommending selective buying on dips for long-term gains. The domestic brokerage values Nifty at a 15-year average PE (19.1x) with Sept 26 EPS of 1,434 and arrives at a 12-month target of 27,381 (27,867 earlier), while in a bull case scenario, it values Nifty at PE of 20.1x and arrives at a bull case target of 28,750 from an earlier 29,260.

Higher interest rates should help prevent NIM contraction, and higher inflation could drive credit growth by an additional 100-150 bps, says Santosh Pandey, President & Head at Nuvama Professional Clients Group. Banks are currently trading at reasonable valuations, Pandey said as he opines that higher interest rates could benefit banking stocks, assuming no major surprises in asset quality. Excerpts:

PTA manufacturing plant at Mangalore, the firm said Thursday. The company, through its wholly-owned subsidiary GAIL Mangalore Petrochemicals Limited (GMPL), re-engaged INEOS to support the plant's revitalisation, formalising this renewed collaboration through an Amendment Agreement signed here, it said in a statement. «This marks a significant step towards the revival of GMPL's 1.25 million tonnes per annum purified terephthalic acid (PTA) manufacturing plant located in the Special Economic Zone (SEZ), Mangalore,» the statement said. The original agreement with INEOS was executed by JBF Petrochemicals (JBF), which could not be realised due to insolvency proceedings. Following GAIL's acquisition of JBF through the Corporate Insolvency Resolution Process (CIRP) under the National Company Law Tribunal (NCLT) in June 2023, the state-owned firm is now working to overcome the legacy challenges and ensure the plant's successful on-streaming and long-term operational stability.

Anthony Albanese on Thursday hosted a reception for the travelling Indian cricket team ahead of its two-two-day pink ball practice match against PM's XI here from November 30. The game will take place the Manuka Oval serving as good preparation for the day-night Test in Adelaide from December 6. India recorded their biggest win on Australia soil when they hammered the hosts by 295 runs in the opening game of the Border-Gavaskar Trophy in Perth. Following the protocol, India skipper Rohit Sharma introduced all his teammates to Albanese, who praised heroes of the first Test including Jasprit Bumrah and Virat Kohli.

Thanks to what can only be called a miracle, Bhim Singh is finally back home. The frail man found tied to a tree at an animal farm in Jaisalmer is the same nine-year-old boy who was kidnapped from an auto 30 years ago. In September 1993, Bhim’s family received a chilling ransom call after he was snatched, but after that, there was silence. Police searches led to dead ends, and the boy seemed to vanish into thin air. reported TOI. His family moved on, though the unanswered questions lingered. Would they ever know what happened to their son?

LTIMindtree Ltd. 1.75 per cent to Rs 6149.00 at 02:05PM hours (IST) on Thursday. Earlier in the day, the stock saw a gap up start to the session. As per data available on BSE, total traded quantity on the counter stood at 3,420 shares with a turnover of Rs 2.10 crore till 02:05PM (IST). The stock traded at a price-to-earnings (P/E) multiple of 39.01, while the price-to-book value ratio stood at 7.30.

DRA has set an ambitious target to double its revenue to Rs 1,000 crore by FY26-27, driven by new project launches and geographical expansions. The company expects to achieve Rs 500 crore in revenue in FY24-25, up from Rs 300 crore in FY23-24. To fuel this growth, DRA plans to enter the Pune market and expand further in Bengaluru by the next fiscal year. Additionally, the firm aims to solidify its position in Chennai by adding 2.7 million sq. ft. of saleable area through nine ongoing and six upcoming projects across key locations in the city.

Supreme Court has flagged the concerning trend of criminalising soured consensual relationships, ruling that a woman in a long-term extramarital affair cannot accuse the man of rape based on an alleged false promise of marriage. «There is a troubling pattern of consensual relationships turning sour and being criminalised,» the court said while quashing a seven-year-old FIR filed by Vanita S. Jadhav against Mahesh Damu Khare in Mumbai, a bench of Justices B.V. Nagarathna and N. Kotiswar Singh stated. The court emphasised that complaints of breach of promise to marry must be filed promptly, not after years of a continued physical relationship.

MphasiS Ltd. 1.91 per cent to Rs 2958.45 in Thursday's trade as of 02:00PM (IST) even as the benchmark Nifty ruled at 24023.95, 250.96 points. The scrip had closed at Rs 3016.25 in the previous session. The stock quoted a 52-week low of Rs 2180.05 and a high of Rs 3186.95. The company quoted a market-cap of Rs 55917.03 crore on the BSE.

Indian Hotels Company Ltd. rose 1.19 per cent to Rs 779.25 in Thursday's trade. It hit an intraday high of Rs 792.00 and low of Rs 775.20, respectively, during the day. The stock quoted a 52-week high price of Rs 814.65 and low of Rs 416.15.

Yamuna Expressway and the Noida-Greater Noida Expressway. The measures will be implemented from December 15, 2024, to February 15, 2025, aiming to address visibility and road conditions caused by fog and freezing temperatures. DCP (Traffic) Yamuna Prasad explained, “During winter, fog reduces visibility on roads, making driving difficult. Due to freezing temperatures, roads also become slippery, increasing the chances of an accident. To avoid any untoward incident, we are planning to reduce the speed limit on the Noida Expressway and Yamuna Expressway soon.”

DOCA) to quickly notify guidelines by using its powers under Section 18 of the Consumer Protection Act, 2019, to expedite stringent action against individuals/entities bombarding ordinary consumers with unsolicited and unwarranted business communications (UBC). “The DOCA guidelines, once issued, will cover all sources of UBC – whether through the telecom service provider channel or the OTT Communication channel — and will provide complete protection to the consumers at large,” the Cellular Operators Association of India (COAI), which represents Reliance Jio, Bharti Airtel and Vodafone Idea (Vi), said in an official statement Thursday. The telecom sector lobby body said the present Telecom Commercial Communication Customer Preference Regulation, 2018 (TCCCPR), formulated under the TRAI Act, 1997, is an “incomplete and therefore ineffective solution,” as there are several entities in the ecosystem that are responsible for the UBC that are outside the telecom regulator’s jurisdiction.

International Cricket Council finds itself in a spot of bother as its all-powerful board meets on Friday to thrash out the long-awaited schedule of next year's Champions Trophy with an unyielding Pakistan refusing to consider the 'Hybrid' model of hosting the event despite India's refusal to play there. The meeting will be held virtually. India's decision not to send the team to Pakistan and the PCB's defiant stand in not acceding to the hybrid system have placed the future of the marquee event in balance. «At this point, the hybrid format is the best option. We hope that all the parties involved will take a wise call for the sake of the tournament. It's not good for the tournament to have it without India and Pakistan,» a source close to the development told PTI. The ICC members are trying to sell the point to the PCB that without the blue riband India vs Pakistan fixture, the Champions Trophy will lose all its sheen and, more importantly, there will be massive financial implications.

United Spirits Ltd. traded at Rs 1502.00 on BSE at 01:15PM (IST) on Thursday, 0.87 per cent from previous close. The scrip quoted a 52-week low price of Rs 1031.85 and a high of Rs 1648.40.

Bitcoin has bounced back above $95,000 following significant volatility over the past four trading sessions. The cryptocurrency hit an intraday low of $90,770 on Wednesday but has since rallied, driven by positive developments in the U.S. regulatory landscape and favorable market sentiment. As of 12:19 PM, Bitcoin was trading 2.6% higher at $95,550, while Ethereum, the second-largest cryptocurrency, surged 4.9% to $3,596.

Lalit Modi, the visionary founder of the Indian Premier League (IPL), has disclosed that his abrupt exit from India in 2010 was triggered by life-threatening warnings from underworld don Dawood Ibrahim. Speaking on Raj Shamani’s Figuring Out podcast, Modi said: “I did leave the country when there was a death threat to me. There was no legal case to start with. Dawood Ibrahim made the threat to me first after IPL-1 because I was also anti-corruption. I didn’t allow any… I was a very strict anti-corruption commissioner.”

Onion prices are staying firm at a five-year high as a combination of strong export demand and delayed and damaged kharif crop due to prolonged monsoon rainfall has impacted an expected fall in prices post Diwali season. Onion prices are expected to return to comfortable levels by mid-December, trade insiders said. At the benchmark Lasalgaon market in Maharashtra’s Nashik district, onions traded in the range of Rs 15/kg to Rs 53/kg on Wednesday, while the average price was Rs 40/kg. The average wholesale price of the red onion at Lasalgaon was Rs 34/kg in 2020, Rs 21/kg in 2021, Rs 20/kg in 2022 and Rs 37/kg in 2023.

NTPC Green Energy rose 4% in today's session, reaching a high of Rs 127.55 on the BSE, after the company announced that it had successfully commissioned the first part of the 105 MW Shajapur Solar Project, with a capacity of 55 MW. “In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that consequent upon successful commissioning, first part capacity of 55 MW out of 105 MW Shajapur Solar Project (Unit-I) at Shajapur, M.P of NTPC Renewable Energy Limited (a wholly-owned subsidiary of NTPC Green Energy Limited), is declared on Commercial Operation w.e.f. 00:00 Hrs. of 29.11.2024,” said the company in a filing.

REC Ltd. 0.96 per cent to Rs 531.50 in Thursday's trade as of 11:41AM (IST). The stock hit a high price of Rs 535.50 and low of Rs 524.45 during the session. The return on equity (ROE) for the stock stood at 20.56 per cent. Traded volume on the counter stood at 11:41AM shares and turnover at Rs 11.12 crore around that time. The stock of REC Ltd. quoted a 52-week high price of Rs 653.90 and 52-week low prices of Rs 331.85, respectively.