Experts Financial News

Nifty Bank index snapped its 4-day losing streak on Saturday to close in the green, above the psychological resistance of 46,000. The index rose over 350 points while the Nifty50 closed 50 points lower at 21,571 on Saturday. “Amid rising optimism about AI, US markets surged over the weekend. However, domestic markets exhibited a subdued trend influenced by extended holidays, low volumes, and weekly options expiration,” said Vinod Nair, head of research at Geojit Financial Services. “Profit-booking was noted in IT and FMCG, while private banks witnessed selective buying post the recent sharp correction and stable Q3 earnings,” he said. The rally in the Nifty Bank index was led by gains in PNB, Kotak Mahindra Bank, IDFC First Bank, AU Small Finance Bank, among others. Some selling was seen in IndusInd Bank and Federal Bank. The Nifty Bank opened higher, but the momentum fizzled out soon, which took the index towards 45,640.

Kotak Mahindra Bank on Saturday said that its board has approved the raising of funds worth Rs 10,000 crore via the NCD route. «This is to inform you that the Board of Directors of Kotak Mahindra Bank have, at their meeting held today, inter alia, approved a proposal to enable the Board of Directors of the Bank to raise funds by way of issuance of Unsecured, Redeemable, Non-Convertible Debentures, on a private placement basis, for an amount up to Rs. 10,000 crore,» Kotak said in an exchange filing. The NCDs would be issued in one or more tranches during FY 2024-25, subject to shareholder and other approvals, the bank said after a board meeting. Earlier in the day, the lender announced its December quarter results in which PAT stood at Rs 3,005 crore, up 8% YoY from Rs 2,792 crore in Q3 FY23. Its net interest income or NII rose 16% YoY to Rs 6,554 crore while the net interest margin came in at 5.22%. Provisions and contingencies surged to Rs 579 crore from Rs 149 crore a year ago.

Mahantesh Sabarad, Independent Market Expert, says “most of the banks, like I have told you before, now have a problem related to growth because the deposit growth, which was lagging in the past, has caught up for the past three-four months but is not enough. That means that the growth on the advancing side is going to be constrained.” What is your first sense on the numbers, the profitability is a smidge lower. But if I am looking at other internals, they do not look too bad. What's your initial take? Mahantesh Sabarad: I have not been able to look at NPA numbers, let me know, because that was what was a little crucial for them to look at. And from a perspective of growth, which is the advances growth, I do not think they have achieved a great number. The net NPA percentage has come down to 0.34 versus 0.37 last quarter and net NPA stands at 1.73 versus 1.72. So there is a smidge of, you know, decline in gross NPA, but net NPAs have actually improved. Mahantesh Sabarad: I have been able to read it from a stand-alone perspective. So there is not much in terms of a material improvement in the asset quality for them. What was expected is that they were working on the asset quality related issues but that does not seem to have come down for them. As far as the top line, which is the NII is concerned, it suggests that the NIMS are steadier for them. So the result seems to be alright. But the NPAs are a little worry.

₹19,641 crore. The company's gross revenue rose by 3.2 per cent YoY to ₹2,48,160 crore led by continued growth momentum in consumer businesses. EBITDA for the quarter jumped 16.7 per cent YoY to ₹44,678 crore while the EBITDA margin rose 210 bps to 18 per cent.

Question: I am a taxpayer regularly investing in cryptocurrencies and Non-Fungible Tokens (NFTs). Please guide me on the tax implications applicable on sale of such investments made in cryptocurrencies.

Multibagger stock: Shares of Sigachi Industries Ltd are one of the multibagger stocks that the Indian stock market has delivered in the last one year. The multibagger pharma stock has risen to the tune of 145 per cent in the last one year. However, it seems that the pharma stock still possesses some upside potential.

Medi Assist IPO: The listing date for the initial public offering (IPO) of Medi Assist Healthcare Services Limited has been fixed on 23rd January 2024 i.e. on Tuesday next week.

₹50,000 crore in divestments for FY25. Moreover, dividends to the government should remain strong (both RBI and PSUs). Subsidies are estimated to fall owing to fertiliser subsidies.

Stock market today: Shares of the Indian Renewable Energy Dev Agency (IREDA) witnessed strong buying interest during early morning deals on Saturday. IREDA share price today opened upside at ₹141.40 on the BSE and went on to touch an intraday high of ₹145.80 per share within a few minutes of the stock market's opening bell. While climbing to this intraday high, IREDA share price touched a new lifetime high during the historic Saturday session.

Stock market today: After hitting below ₹1,000 apiece levels during the recent selloff in the Indian stock market, ICICI Bank share price regained the psychological ₹1,000 level during morning deals on Saturday. While regaining this, ICICI Bank's market cap also came above ₹7 lakh crore. ICICI Bank share price today opened upside at ₹1,005.95 per share level on the NSE and went on to touch an intraday high of ₹1,007.90 per share within a few minutes of the opening bell.

Bank of Baroda and Federal Bank - in the red. Shares of AU Small Finance Bank, Bandhan Bank, Punjab National Bank, HDFC Bank, Kotak Mahindra Bank and ICICI Bank were among the top gainers in the Nifty Bank index at that time. The Nifty Bank index has been volatile of late.

₹8-9 trillion are being made in infrastructure every year. A finance ministry spokesperson didn’t respond to emailed queries. Experts said infrastructure projects would benefit significantly from a dedicated credit enhancement body as it would ensure investments required over the medium to long term are realized.

Stock in focus: After the announcement of Reliance results for Q3FY24 on Friday, market observers and stock investors are expected to remain vigilant about the movement of Reliance shares on Saturday. The Sensex heavyweight on Friday reported an 11 per cent YoY rise in net profit during the October to December 2023 quarter. The energy-to-telecom conglomerate's gross revenue in the third quarter of the current fiscal rose 3.2 per cent YoY to ₹2,48,160 crore.

Paytm share price rose over 3 per cent in early deals on the BSE on Saturday, January 20, a day after the company reported its December quarter scorecard. Paytm share price opened 2 per cent higher at ₹789.50 against the previous close of ₹773.90 and soon rose about 3 per cent to the level of ₹797.70. Around 9:20 am, the stock was 1.42 per cent up at ₹784.90 on the BSE.

BSE Midcap index rose by 1.06%. Analysts say that the fact that Nifty ended a three-day losing skid was a good thing that happened on Friday.

Buy or sell stocks for today: Generally, the Indian stock market remains closed on Saturday and Sunday but on 20th January 2024, dealing on Dalal Street will take place from 9 AM to 3:30 PM. The decision has come ahead of the Ram Temple ‘Pran Pratishtha’ ceremony in Ayodhya on Monday, January 22. So, the stock market in India will remain closed on the following Sunday (21st January 2024) and Monday (22nd January 2024).

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₹19,641 crore. In the same quarter last year, the company's PAT was ₹17,706 crore (adjusted to reflect the demerger of the financial services business). The company's gross revenue rose by 3.2 per cent YoY to ₹2,48,160 crore led by continued growth momentum in consumer businesses.

More than 40% of all CFO searches done by Korn Ferry in recent times were around new age companies that are planning to get listed, said Rahul Kakkar, partner and India head, CFO Practice, at the leadership advisory and senior executive search firm.

Iran's strikes this week in Pakistan, Iraq and Syria have brought back into the spotlight its ballistic missile programme, which has ground forward over the past 40 years despite sanctions. On Tuesday, Iran's Islamic Revolutionary Guard Corps hit what it called «a spy headquarters» in Iraq's autonomous Kurdistan region and «terrorist» targets in Syria. Its forces also fired on «an Iranian terrorist group» in Pakistan, which said the attack killed two children and riposted with a strike on Iranian territory that Tehran said claimed nine lives. Iran's missile capabilities are one reason why Western attention remains fixated on this regional power, as the Islamic republic and its proxies step up attacks in the Middle East in solidarity with Gaza's Hamas militants in their war with Israel. — Range and accuracy - The massive Iranian missile armoury covers ranges from short (300 kilometres or 186 miles) to medium (300-1,000 kilometres) and long (up to 2,000 kilometres). A majority are produced or assembled locally thanks to Iran's advanced industries and university sector. «Hardly a year goes by without an Iranian announcement about the development of a new type of ballistic or cruise missiles,» said Eva Koulouriotis, an independent expert. Tehran has gradually advanced into solid-propellant missiles — which are «easier to store and much quicker to bring into action than liquid-fuel ones, so they are much more useful tactically,» said Jeremy Binnie of British private intelligence firm Janes. «The Iranians have taken Scud technology from the 300 kilometres of the missiles they received in the 1980s to 1,600 kilometres or more,» he added, as well as developing «much better guidance systems… enabling them to carry out

₹66 to ₹70 apiece. Konstelec Engineers IPO lot size consists of 1,000 shares. Investors can bid for a minimum of 2,000 shares and in multiples thereof.