Experts Financial News

MMTC hit a lower circuit of 10% at Rs 78 in Wednesday's trade on BSE amid reports that the government might shut down the company. The Centre may decide the fate of three government-owned firms on Monday, October 23 in a high-level meeting to be chaired by Union Commerce and Industry Minister Piyush Goyal, according to CNBC-TV18 sources. Goyal is likely to take a call on the closure of the Metals and Minerals Trading Corporation of India (MMTC), the State Trading Corporation (STC) and the Project & Equipment Corporation of India Ltd (PEC). The closure of these three government-owned companies is pending as the Commerce Ministry had denotified them as canalising agencies for trade last year. Earlier, the government had examined the utility of the three companies and held that there was no need for any canalising agency in the Department of Commerce. MMTC used to be a canalising agency for exporting and importing high-grade iron ore, manganese ore, chrome ore, copra, and several other precious metals. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, «The canalising agencies like MMTC, STCI and PRC served a purpose during the era of shortages, high tariffs and import restrictions.

ITC is expected to post mid-single-digit revenue growth in the September quarter due to subdued performance in papers and agri businesses. Revenue for the quarter is seen growing 4%, according to an average estimate of five brokerages. Net profit, meanwhile, is likely to rise by 8%. Agri business is expected to decline by 5% year-on-year (YoY) as the impact of ban of wheat and rice exports played out.

The jury in a British Columbia Supreme Court murder trial has been told that an expert witness didn’t finish her testimony because she is dead.

₹1 crore to ₹150 crore, cover the period between FY18 and FY22 for payments by foreign parent companies to expats working in Indian subsidiaries of MNCs, sources told the paper. Also Read: Dabur gets GST demand notice of ₹320.6 crore The issue surfaced during audits of local arms of MNCs in various sectors, including smartphones, automobiles, software, FMCG, consumer durables, and cosmetics. Although tax demands for transactions made in FY18 were time-barred as of September 30, demands for subsequent years (FY19, FY20, FY21, and FY22) are being served.

mutual funds in the past one year ending September 30, 2023. The mutual fund schemes witnessed an inflow to the tune of ₹22,837 crore, next to only small cap mutual funds and around 18 percent of the total equity inflows. Around 75 percent of the flows came through new fund offers (NFOs).

₹214.8 apiece. This significant increase was attributed to a media report stating that CK Birla had approached Gautam Adani to sell his promoter stake in the company. The Economic Times, quoting sources, reported that CK Birla reached out to Gautam Adani after turning down initial offers from other domestic players that did not meet his valuation requirements.

Vedanta Ltd. gained 0.71 per cent to Rs 231.6 in Wednesday's trade as of 10:25AM (IST). The stock hit a high price of Rs 232.45 and low of Rs 230.0 during the session.

(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Analysts expect the rupee to stay in a narrow range as traders may take cues from retail sales and industrial production data from the US. Data on the US crude weekly inventory, China's GDP, industrial production, UK and European region inflation are also awaited.

₹59,608 per 10 grams around 10 am. Also Read: IRM Energy IPO: Check GMP today, subscription status, should you subscribe? (Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver to remain volatile this week.

Gaurang Shah, Senior VP, Geojit Financial Services, says “if India is thinking about becoming a bigger-trillion dollar economy, credit demand is going to be very strong. Equally strong will be the asset quality if all goes well. There is enough room for large players like Bajaj Finance to exist together. It is the Small, medium-sized, unorganized players who will have to rethink their strategy.” How are the Bajaj Finance numbers looking like to you? PAT is in line. There is a marginal uptick. Nothing really serious as far as the gross NPAs are concerned. I think there has been a little bit of uptick in provisioning as well. In terms of NIIs, it is better than what we had estimated. I would definitely be looking forward to the management commentary in terms of business outlook and the fundraising programme that they have done.

“Gold is an integral part of portfolios due to its lower returns correlation to other asset classes including equities. Tactically too, in our model portfolios, we are reducing the allocation to mid and small caps while rebalancing gold,” says Roopali Prabhu, Head of Products & Solutions, Sanctum Wealth. In an interview with ETMarkets, Prabhu said: “If the risk intensifies in financial markets or geopolitical context, we will probably add some gold to our portfolios” Edited excerpts: Indian market seems to be consolidating after hitting a high in September largely on account of global factors. What is your take? Since the beginning of this US rate hike cycle last year, markets constantly believed that the Fed would not hike as much as they were projecting and instead would cut earlier. However, the Fed followed through on its commentary until the recent hawkish pause. The mixed data coming from the US is now being interpreted as resilience and markets finally are realigning their rate cut expectations closer to those of the Fed.

mutual funds through SIPs with monthly collections surging past the Rs 16,000 crore mark. However, there are still many myths surrounding this mode of investment into risk assets. Do sips offer guaranteed returns? Often illustrations for SIPs show past returns for tenures of 5-10 years, where returns could range between 10% and 20% annualised based on the type of equity fund chosen. However, this does not mean that these returns are guaranteed. Money managers point out that SIPs are merely a mode of investing in mutual funds, where a fixed amount is invested on a particular date every month. About 90% of the SIPs go into equity-oriented mutual funds in which case the money is deployed in the stock markets, which carry a degree of risk and volatility. Since returns from stocks are not guaranteed, consequently returns from SIPs are not guaranteed either. Can sips be done only in equity funds and are they meant only for retail investors? A SIP can be done in any mutual fund scheme — be it equity, debt, gold or an international fund. While a minimum SIP amount in most cases is Rs 500 per month or Rs 1,000 a month, there is generally no upper limit and it can be done even by rich investors. It is a method of investing in mutual funds and imparts discipline while investing; so it can be used by all investors.

The Basel Committee of banking regulators from the world's main financial centres agreed new rules last December on how much capital banks should hold to cover different types of cryptoassets. On Tuesday, they set out for public consultation how the holdings should be disclosed to investors. «Under the proposals, banks would be required to disclose qualitative information on their activities related to cryptoassets and quantitative information on exposures to cryptoassets and the related capital and liquidity requirements,» the Basel Committee said in a statement. Banks would also be required to provide details of the accounting classifications of their exposures to cryptoassets and crypto liabilities, it said.

₹2,870.1 crore in the first quarter, up 11.95 per cent from ₹2,563.6 crore in the corresponding period last year. However, revenue only grew by 6 per cent YoY in the single digits. Let's take a look at what top brokerage firms expect from Wipro's Q2FY24 scorecard: (Exciting news! Mint is now on WhatsApp Channels.

₹480 to ₹505 per equity share. IRM Energy IPO is completely a fresh issue of 1.08 crore equity shares of face value of ₹10 each and there is no offer for sale (OFS) component. At the upper end of the price band, the company plans to raise ₹545.40 crore from the public issue.

₹2,123.6 crore, registering a growth of 32.5 per cent from ₹1,603.29 crore in the same quarter last year. Net interest income (NII), which is the difference between interest earned and interest expended, during Q1FY24 increased 18 per cent to ₹5,862.5 crore from ₹4,125.3 crore, YoY. Let's take a look at what experts and top brokerage firms expect from IndusInd Bank's Q2FY24 scorecard.

Day trading guide for today: Key equity indices the Sensex and the Nifty 50 ended with gains in the previous session, snapping their three-day losing run, on widespread buying across various sectors amid positive global cues. While the Israel-Hamas conflict endures and concerns about its potential spread to other nations persist, investors appear to have shifted their attention towards corporate earnings and macroeconomic indicators. Nifty 50 index closed the day at 19,811.50, up 80 points, or 0.40 per cent.

Supreme Court's ruling to treat licence fees as a capital expenditure that could potentially prompt authorities to raise hefty retrospective demands, including penalties on operators for tax payment shortfalls of past periods. Kotak Institutional Equities estimates Bharti Airtel could face a potential tax demand (excluding penalties) of Rs 6,000 crore for 2020-23, while Reliance Jio could be stung by a Rs 8,400-crore tax demand (without penalties) for 2017-2023. Analysts expect the final tax demands to be higher. Amortisation benefits This is after factoring in potential penalties for short payment of taxes for prior periods. While there could be an initial financial impact, sector experts expect that burden to even out over the licence period, with the tax outgo for telcos likely to decline in later years once amortisation benefits accumulate.

Wipro, LTIMindtree, Bajaj Auto, IndusInd Bank, Bandhan, ZEE Shares of Wipro, LTIMindtree, Bajaj Auto, IndusInd Bank, Bandhan, and ZEE will be in focus as the companies will announce their second quarter results. Bajaj Finance Bajaj Finance reported a 28% year-on-year growth rise in consolidated net profit for the quarter ended September to Rs 3,551 crore, which was in line with estimates. I-Pru Life ICICI Pru Life's standalone net profit for the September quarter rose 23% year-on-year to Rs 244 crore. Hudco The union government has proposed to sell up to 7% in Hudco through an offer for sale (OFS). The floor price for the offer has been fixed at Rs 79 per share. L&T Tech Mid-tier IT company L&T Tech has reported 5% growth in its consolidated net profit at Rs 315 crore for the quarter ended September. Read more: Here's the trade setup for today's session CIE Automotive CIE Automotive's net profit more than doubled to Rs 375 crore in the September quarter. ICICI Bank, Kotak Bank The Reserve Bank has imposed monetary penalties on ICICI Bank and Kotak Bank for non-compliance of regulations. IRCTC Indian Railway Catering and Tourism Corporation Ltd on Tuesday tied up with Zomato for supply and delivery of pre ordered meals, reported Reuters. IDFC The Competition Commission of India (CCI) on Tuesday gave its approval for the merger plan of IDFC with IDFC First Bank. Mazagon Dock Mazagon Dock has signed a contract with the government for construction and delivery of one training ship for the Indian Coast Guard. Zensar Tech Zensar Tech posted net profit of Rs 174 crore for the quarter ended September.

Cut to the small car segment. Sales of Maruti Suzuki Alto, which once dominated sales charts across segments, halved year on year in the quarter ended September at about 24,000 units. Overall, sales of small cars (vehicles with length less than 3.6 metres) — already on the decline – crashed by 55% last quarter whereas sales of BMW X1 (which also comes in diesel and petrol options) grew 56% on year. So, while those wanting to buy iX1 will have to wait till next year when fresh allocations will come in, there’s unsold two-month stock of Alto, Spresso, Celerio and other small cars.

Rite Aid’s plan to close more stores as part of its bankruptcy process raises concern about how that might hurt access to medicine and care