Gap Financial News

lenders have intensified efforts to garner retail deposits through special plans that offer savers at least 25-30 basis points more than current commitments of comparable tenures, signalling policy interest rates will remain elevated for some time now. SBI, Bank of Baroda, Indian Overseas Bank, Union Bank of India and Bank of Maharashtra have started deposit plans offering 7.25% to 7.30% on investments stretching from 399 to 444 days. These banks are offering an additional 50 basis points for senior citizens. The move to raise deposit rates comes within a fortnight of the Reserve Bank of India's (RBI's) interaction with banks. Narrowing the Gap

MUMBAI: In the rapidly growing world of finance influencers, what do Ananth Ladha*, Fincocktail, Pooja Patel, Himani Chaudhary, and Udayan Adhye share beyond their combined 12.5 million Instagram followers? These finance content creators are all registered mutual fund distributors (MFDs), leveraging their vast social media reach to redefine traditional financial advisory roles.

Study after study has shown how women seem to be always at risk financially – and according to new research by the Alliance for Lifetime Income, it’s no different for women entering their peak retirement years.

Mutual funds may soon get to offer investment products that have been accessible mostly to rich investors with bigger amounts to invest. The Securities and Exchange Board of India (Sebi) has proposed to introduce a new asset class for investors, who want to put between Rs10 lakh and Rs50 lakh in differentiated investment strategies such as Long-short equity and Inverse Exchange Traded Funds, among others. Investors can invest a minimum of Rs 10 lakhs in such products, below the threshold of Rs 50 lakh for portfolio management service (PMS) and Rs 1 crore for alternative investment funds (AIFs). The minimum investment size of mutual funds is as low as Rs 500 and there is no cap. Several affluent investors put money in PMS and AIFs for more focused and unique investment strategies.

Shriram Finance Ltd. traded at Rs 2834.15 on BSE at 02:00PM (IST) on Tuesday, down 1.77 per cent from previous close. The scrip quoted a 52-week low price of Rs 1756.25 and a high of Rs 3058.95.

Tense deliberations over how and if to allow deep sea mining are unfolding in Jamaica as at least one company threatens to apply for permission before rules and regulations are in place

Budget expectations: Finance Minister Nirmala SItharaman will present the full Union budget after nearly a week. She presented an interim budget in February. Equity investors are keenly watching the budget for its impact on different sectors and stocks as well as for larger policy goals that impact the market in the long term. While the Budget is likely to set the priorities for the third five-year term of the Narendra Modi government, it is also likely to present a roadmap for the period up to 2047, the hundredth anniversary of India's independence, In her interim budget speech, she said, «In the full budget in July, our Government will present a detailed roadmap for our pursuit of ‘Viksit Bharat’.» The budget is expected to lay emphasis on infrastructure, manufacturing, fiscal discipline, creation of jobs and social spending as well as economic reforms. Below are the sectors which are expected to be the main themes in the budget.

IT sector undergoes significant transformations, India remains a pivotal hub for talent, adeptly navigating the tectonic shifts shaping the industry. In the June quarter alone, Tata Consultancy Services (TCS) added 5,452 employees, pushing its total headcount to 606,998. The company plans to hire approximately 40,000 freshers in the current financial year, continuing its robust recruitment drive. Milind Lakkad, TCS's CHRO, underscored India's enduring appeal for talent amidst diverse skill requirements and geopolitical challenges elsewhere. «India is the destination for talent, and that is not going to change in the near future,» Lakkad affirmed. He emphasized TCS's initiatives to bridge academia-industry gaps through extensive reskilling and upskilling programs, uniquely positioned at scale. «I am very confident about a positive way forward for Indian talent,» Lakkad added, optimistic about future achievements.

RBI ban on tech related loopholes, the newly appointed chief of Kotak Mahindra Bank, Ashok Vaswani in his maiden annual letter to shareholders has said that technology will be at the centre of the lender’s efforts to transform and scale further. Addressing the RBI order Vaswani added that the bank had much more to do to leverage technology. “It is evident that we have more to do… Changing customer expectations, the dramatic pace of business growth and the emerging risk landscape have meant that we have to move at a much faster pace,” Vaswani said. “We are absolutely committed to further enhancing our resources and commitments in this area and I am very confident that collectively, as a team – we will deliver and use this as an opportunity to leapfrog. It is also very clear that technology is going to be at the centre of our efforts to transform and hence, scale.” In April this year, the banking regulator had directed Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and banned it from issuing fresh credit cards.

For many years now, emerging-market (EM) assets as a class have got little attention, globally. Data from JPMorgan suggests that over the past year, foreign investors have pulled out over $36 billion from this asset class. No discussion about EMs is complete without someone pointing out their insipid returns over the past decade—a paltry 3% annualized in US dollars (including dividends).

Vienna visit, and lauded the ties shared by India and Austria. In a post shared on X, PM Modi posted a video depicting his engagements that took place in Austria during his 2-day long visit to the European nation, and wrote «May the India-Austria friendship scale new heights of progress!» «Highlights from a special visit.» he wrote sharing glimpses of the visit.

Info Edge (India) Ltd. fell 2.89 per cent to Rs 6747.55 at 02:10PM hours (IST) on Tuesday. 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 10,395 shares with a turnover of Rs 7.02 crore till 02:10PM (IST). The stock traded at a price-to-earnings (P/E) multiple of 151.67, while the price-to-book value ratio stood at 2.39.

PI Industries Ltd. traded at Rs 3787.75 on BSE at 11:42AM (IST) on Tuesday, down 0.76 per cent. The stock quoted a 52-week low price of Rs 3060.0 and a high of Rs 4032.0. Earlier in the day, the stock saw a gap up opening.

Tata Elxsi Ltd. fell 0.04 per cent to Rs 7091.95 at 12:53PM 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 2,197 shares with a turnover of Rs 1.55 crore till 12:53PM (IST). The stock traded at a price-to-earnings (P/E) multiple of 55.72, while the price-to-book value ratio stood at 19.34.

Bank credit rose 14% on-year as of June 28, outpacing deposit growth at 11%, putting the spotlight yet again on central bank's concerns over the gap that could lead to asset-liability mismatches. Latest Reserve Bank of India (RBI) data showed the growth in deposits and credit was lower than the year-ago period, reflecting a slowdown in economic activities due to the uncertainty on the economic outlook because of the Lok Sabha elections. Year-on-year credit and deposit growth rates in the same period of 2023-24 were higher — at 16.3% and 12.9%, respectively

economic policy towards 2047 with an emphasis on job creation through labour-intensive manufacturing, credit for MSMEs and continued focus on services exports by expanding GCCs, according to Goldman Sachs. “We expect the general government to stick to the announced fiscal deficit target of 5.1% of GDP for FY25 (or even slightly lower) and announce further consolidation to a deficit of below 4.5% of GDP by FY26”, Goldman Sachs said in a note Monday. Union finance minister Nirmala Sitharaman will present the full budget for FY25 on July 23. In her interim budget, presented in February, she had pegged fiscal deficit at 5.1% of GDP

Dogecoin, Avalanche, and Shiba Inu which were down by up to 2.5%. Altcoins that were trading in the green around this time included Solana, XRP, Toncoin, Cardano, and Tron which gained up to 2%.

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Siemens Ltd. traded at Rs 7751.1 on BSE at 12:02PM (IST) on Wednesday, down 0.08 per cent from previous close. The stock quoted a 52-week low price of Rs 3248.0 and a high of Rs 7964.0.

Democracy and markets share a belief in the ‘wisdom of crowds,’ a thesis presented well by James Surowiecki in a book by that title which offers various examples of how numerous minds put together are smarter than a few. The antithesis of it, though, glares out from every news report of a stampede. Can a clash of that crowd thesis with its antithesis yield a synthesis? Say, the ‘common sense of crowds’? The question has arisen again as India mourns the 120-plus lives lost to another crowd crush, this time in a slushy field near Hathras, Uttar Pradesh, where an estimated 250,000 devotees had turned up at a religious gathering, although local authorities said approval had been given for just 80,000.

Cholamandalam Investment & Finance Company Ltd. traded at Rs 1397.55 on BSE at 02:00PM (IST) on Tuesday, down 2.56 per cent. The stock quoted a 52-week low price of Rs 997.4 and a high of Rs 1475.95. Earlier in the day, the stock saw a gap up opening.