Lowe's Financial News

Bank recoveries are likely at their peak and trending lower as the addition of lumpy corporate non-performing assets (NPAs) has slowed. Recoveries are expected to normalise as fresh slippages will mostly come from retail and micro, small and medium enterprises (MSME), accounts that are by nature smaller loans. Bank earnings analysed by ET after the first-quarter results show that bank recoveries have been sliding over the last one year. Recoveries for all large banks were lower than a year ago and down from what they were in March. For example, State Bank of India’s (SBI) recoveries and upgrades were at Rs 3,607 crore in June 2023 down from Rs 5,208 crore a year ago and Rs 4,200 crore reported in March 2023. The trend is the same for Punjab National Bank (PNB), Bank of Baroda (BoB), ICICI Bank, HDFC Bank and Axis Bank. “Bank upgrades and recoveries are trending lower as lumpy recoveries from corporate accounts are few and far between. Also, recoveries from legacy accounts, which were strong for the past few quarters, have started normalising, partly on account of the stock and flow effect,” said ASV Krishnan, senior vice president at HDFC Securities. Krishnan was referring to the improvement in asset quality across the banking sector which has reduced the stock of NPAs, likely impacting recoveries in the future. Take SBI, the bellwether of Indian banking which has seen its gross NPA ratio come down to a decadal low of 2.76% and from a peak of 10.91% in March 2018.

One of Australia’s largest veterinary chains, VetPartners, has caught the attention of Swedish private equity investor EQT Partners.

A row has erupted over the National Medical Commission’s (NMC) directive making the prescription of generic drugs mandatory, with some doctors protesting the move. Its aim is to make healthcare cheaper and improve its access, as generic drugs are relatively inexpensive. Dissenters argue it violates the rights of patients on whose behalf discernment must be exercised since generics could be of low quality.

Coal India's in-house e-auction platform have been carried out satisfactorily, and the mechanism can have a full-fledged rollout across the company's coal-producing subsidiaries, officials said Sunday. A total of seven trial auctions involving nearly 18 million tonnes of coal have been conducted, they said. The mining major has entrusted its wholly owned subsidiary Central Mine Planning & Design Institute (CMPDI) to rollout the in-house e-auction system, with technical assistance from the National Informatics Centre.

Reuters, the pessimistic mood in the market can push investors watching contrarian indicators to buy. At the beginning of the year, the markets showed extreme bearishness as indicated by the stock positions of investors and allocations to cash. But, with time the risk appetite of the investors increased with signs of resilience in the economy and cooling inflation.

NCP as the Centre had launched an inquiry against them through the Enforcement Directorate (ED), said NCP supremo Sharad Pawar on Sunday. He was addressing NCP workers at a social media meeting organised by the party. Without taking the name of his nephew Ajit Pawar who led the group of rebel MLAs to join the Shiv Sena-BJP government last month, Pawar said their claim that they wanted to be a part of the government for the cause of development was not true.

Investing.com — Lots of things are happening in the oil market at the same time: Economic troubles in China; surprisingly higher U.S. crude production and Saudi-Russian cuts that cargo tracking data suggest could remove almost 68 million barrels from the market over the next 45 days. 

By David Randall

Often we need funds urgently, but we have a few options to choose from. These options can have a huge impact on our finances if we don’t pay attention to the terms and conditions of the debt we are borrowing. If you are planning to avail a secured loan, one of the options you can opt for is a gold loan. A gold loan is a type of secured loan where individuals can borrow money from banks or a non-banking financial company by pledging their gold jewellery, coins, or other forms of gold as collateral.

Nifty settled below 65,000 levels at 64,949, down 202 points, while Nifty ended 55 points lower at 19,310. Sectorally, IT, Realty and healthcare indices posted the most drag, while Media, PSU Bank and FMCG indices ended with marginal gains.Here's how analysts read the market pulse:“Indian indices encountered a week of vulnerability due to adverse global and domestic cues, accompanied by a shift towards safer assets by investors like the USD. Discouraging domestic industrial production, negative wholesale inflation, and elevated CPI inflation contributed to market volatility.

«The company aims to hire an additional more than 5,000 people over the next two-and-a-half years, including a focus on hiring fresh graduates. While other larger players are slowing down on hiring fresh graduates, the company believes it will provide future growth acceleration. The expectation is to double the current workforce of around 4,700 people, reaching a little over 9,700 employees,» he said.

The S&P BSE Sensex fell more than 200 points while the Nifty50 closed below 19400 levels. Sectorally, buying was seen in power, utilities, FMCG and some infra stocks while selling was visible in IT, metals, public sector and telecom stocks. Stocks that were in focus include names like South Indian Bank which was up more than 6% to hit a fresh 52-week high, Gabriel India rallied more than 10% and BF Utilities closed with gains of more than 3% on Friday. We have collated a list of three stocks that either hit a fresh 52-week high or saw a volume or a price breakout.

asserted somewhat prematurely that the Chinese economic miracle was drawing to a close. The National Bureau of Statistics had started publishing the monthly youth unemployment rate in 2018 to align itself with international standards. But experts have pointed out that it may have been underestimating the actual youth joblessness rate.

Comex December gold future slid 1.55% through the week as the contract finished around $1916.50, and spot gold was at $1889 an ounce, at its weakest level in five months, pushed down by strengthening USD and surging UST yields amid growing bets for higher for longer interest rates from US Fed from the traders. The dollar index attained its fifth straight weekly gain as it ended the week up by 0.55% at 103.37.

Sweden picked up their fourth Women's World Cup bronze medal on Saturday after goals from Fridolina Rolfo and Kosovare Asllani gave them a 2-0 win over co-hosts Australia in the third-place playoff match at Lang Park in Brisbane. The Swedes, ranked third in the world, were awarded a penalty in the 28th minute after a VAR review showed Australia defender Clare Hunt clipped Stina Blackstenius' heels, and forward Rolfo slotted home the resulting spot kick.

The duty is imposed with immediate effect and will be valid till December 31, 2023 or as per the next notification by the government. The move is expected to cool the retail inflation as vegetable prices sent consumer inflation soaring to a 15-month high in July, compared with 4.87% in the previous month, breaching the upper tolerance band of the Reserve Bank of India for the first time in FY24. The price hike was led by tomatoes which reached up to Rs 250 per kg in the retail market.

The Federal Emergency Management Agency said Friday it has approved more than $5.6 million in assistance to nearly 2,000 households in Maui so far as the federal government tries to help survivors of the devastating wildfires

Of all the news that caught the interest of oil traders this week, the one that really hit home was probably the EIA’s revelation that U.S. crude production had reached three-year highs — for a second week in a row.

mutual fund treated by most investors like bank accounts as a safe place to store spare cash. They hold only high-quality liquid assets such as Treasurys and, in some cases, short-term corporate debt. The funds recently paid an average interest rate of 5.15%, according to Crane Data, the highest level since 1999.

The volatile world of cryptocurrency has once again captured global attention, with prices experiencing a sharp downturn. As Bitcoin, the leading digital currency, faces a significant price drop, many are left speculating on its future trajectory. 

lowest point since 2016. That lull snapped Thursday, when Bitcoin plunged more than 8% in the space of a few hours to a two-month low of $25,314 late in the New York day. The slump sparked a broad decline across all of crypto, leading to more than $1 billion in liquidations and putting Bitcoin on pace for its worst week since November and crypto exchange FTX’s collapse.