Mercantile Financial News

On the BSE, Samrat Forgings(down 10.94 per cent), Kansal Fibres(down 9.99 per cent), India Lease Dev(down 9.98 per cent), Amco India(down 9.35 per cent) and Adroit Infotech (down 8.02 per cent) were among the stocks that plunged over 5 per cent during the session.

Kotak Mahindra Bank topped the inaugural S&P Global Market Intelligence ranking of the 32 publicly traded Indian banks based on financial performance. CSB Bank Ltd. and Tamilnad Mercantile Bank Ltd., followed in second and third positions, respectively. The S&P rankings analyse the performance of Indian lenders based on seven weighted financial metrics, including return on average equity, net interest margin, cost-to-income ratio and nonperforming loan ratio, as of the year ended March 31. Nine of the top 10 lenders in the ranking were private sector banks, with seventh-placed Bank of Maharashtra the public sector exception.

Capitalmind Financial Services stated that continued flat earnings could lead to a price correction in the small-cap index. The PMS firm also noted that over the past year, the P/E multiple of the BSE Smallcap 250 has expanded by 63%, while the earnings per share (EPS) remains flat at -3%.

Tamilnad Mercantile Bank reported a 10% rise in net profit for the June quarter at Rs 287 crore against Rs 261 crore in the year ago period even as it has increased provisions and contingencies. The operating profit stood 23.4% higher at Rs 469 crore against 380 crore, supported by a 40% rise in non-interest income while net interest income was lower for the quarter at Rs 466 crore against Rs 514 crore in the year ago period. The bank's net interest income for the quarter was however higher at 4.12% against 4% earlier. Provisions and contingencies stood higher at Rs 85 crore against Rs 39 crore even as gross non-performing assets fell to 1.44% at the end of June against 1.56% a year back.

Tata Consultancy Services (TCS) will announce its results on Thursday along with 16 other companies. Some of the marquee results to watch out for on Thursday include that of Akme Fintrade, Anand Rathi Wealth, Vivid Mercantile, DRC Systems, RO Jewels, SM Auto Stamping, Shree Jayalakshmi, Stellant Securities, GNA Axles, GTPL Hathway, Amal Ltd, Marble City India among others.

fixed deposits (FDs) as multiple banks are offering high interest rates on deposits. Senior citizens even get a slightly higher interest rate on FDs than general citizens. If senior citizens are planning to invest in FDs that mature between one year and less than two years, they can check FD interest rates in these banks. Do note all the interest rates are applicable for individuals aged above 60 years but below 80 years of age. These interest rates are available on FD amounts of up to Rs 3 crore. Here are the best interest rates on FDs maturing in a year among public and private sector banks.

Chicago Mercantile Exchange (CME) Group and CF Benchmarks will offer new reference rates and real-time indices for Ripple (XRP) and Internet Computer (ICP), starting July 29.

Bandhan Bank board is meeting Saturday to decide on the issue of an interim head to navigate the daily operations as managing director and CEO Chandra Shekhar Ghosh is all set to step down next week. The journey of Ghosh as head of Bandhan Bank is coming to an end on July 9, in a rather imperfect way as the bank is yet to find his successor, which will leave a void at the top at least for some time in one of the two universal banks given licence in the past decade. The board may select any of the two executive directors—Rajinder Kumar Babbar and Ratan Kumar Kesh—to run the show, sources in the bank said. There is also a possibility of forming a committee of executives including both Babbar and Kesh to oversee the operation in the interim as happened in Tamilnad Mercantile Bank last month.

Smith joined the firm from Merian Global Investors in 2020, arriving at then River and Mercantile prior to the completion of Jupiter Asset Management's acquisition of Merian. He served as head of UK wholesale distribution for two years at Merian, and held the same role for almost a decade at Old Mutual Global Investors, prior to which he worked at abrdn, joining Standard Life Investments in 1999. River Global taps Royal London AM and Vanguard for sales hires He joined the firm as head of UK discretionary sales, a role he held for ten years, before taking on his first head of UK who...

Smith joined the firm from Merian Global Investors in 2020, arriving at then River and Mercantile prior to the completion of Jupiter Asset Management's acquisition of Merian. He served as head of UK wholesale distribution for two years at Merian, and held the same role for almost a decade at Old Mutual Global Investors, prior to which he worked at abrdn, joining Standard Life Investments in 1999. River Global taps Royal London AM and Vanguard for sales hires He joined the firm as head of UK discretionary sales, a role he held for ten years, before taking on his first head of UK who...

bad loan aggregator, National Asset Reconstruction Co (NARCL), has received four expressions of interest in response to its call for a second round of bidding to take over the debt of Sion Panvel Tollways, people familiar with the matter said. The second round for the project that links Mumbai with its southeastern suburbs and Pune was called in May after the earlier three bids were rejected by NARCL due to their low value. This is the first move by NARCL to recover bad debt since it started operations in January 2022.

State Bank of India's claims arising from the personal guarantees issued by Nikhil Gandhi and Bhavesh Gandhi, the promoters of SKIL Infrastructure.

The WS Raynar UK Smaller Companies fund will be run by Philip Rodrigs, who founded the firm in September 2019 after being dismissed from River and Mercantile the year prior due to what the firm called a professional conduct breach. It will sit in the IA UK Smaller Companies sector and will have an ongoing charges figure of 0.68%, and an introductory share class fee of 50 basis points.  Schroder Income retains Wealth Shortlist spot despite manager Kevin Murphy's departure Rodrigs described the launch as a «core» offering. Despite consistent outflows from UK equity funds in the last ...

Chicago isn’t a beacon for free markets these days, but the city has been home to some of the visionaries of today’s financial system. The Chicago History Museum this month is saluting one of those creators, 92-year-old Leo Melamed, whose journey is a reminder of an era when financial innovation changed the world for the better. Mr.

Reserve Bank of India has approved the appointment of a Committee of Executives (CoE) in Tamilnad Mercantile Bank as an interim arrangement to oversee its operations and administration in the absence of a regular managing director.

Q4 FY2024 Earnings: A slew of companies across various sectors are scheduled to unveil their financial results on May 23, 2024, providing insights into their performance and shaping market sentiments. Among the notable names are aviation giant IndiGo, conglomerate ITC, Fortis Healthcare, Finolex Cables, Rupa & Company, Page Industries, Shilpa Medicare, Nucleus Software Exports, Schneider Electric Infrastructure and Suraj Products.Saven Technologies, Abhijit Trading Company, Adline Chem Lab, Allied Digital Services, Ahasolar Technologies, Alankit, Alchemist Corporation, Alstone Textiles (India), Alufluoride, AMD Industries, Amerise Biosciences, Amraworld Agrico, Amrutanjan Health Care, Aravali Securities & Finance, Arex Industries, Aryan Share and Stock Brokers, Asian Granito India, Asit C.

fixed deposits (FD) are in for a rejoice since there are still many banks giving a higher FD interest rate. Furthermore, senior citizens have two more compelling reasons to invest in an FD — a slightly higher interest rate than general citizens and a higher threshold limit for tax deducted at source (TDS). Do note that all the FD rates mentioned here are applicable on fixed deposit amounts of up to Rs 2 crore. Here's a list of the highest interest rates offered on senior citizen fixed deposits in public and private sector banks.

Elon Musk imagines a world where cars have no drivers; but he cannot imagine a world without employees in offices as he vociferously argues against work-from-home culture. Judith Butler imagines a world without Zionism, a world where 'they' pronoun is normalised, but not a world where Islam embraces same-sex marriages. Both these people are changing the world in their own way — subverting conventional technology and discourse. These follow the saviour myths of monotheistic mythologies. Understandable when one traces their roots, via South Africa and East Europe. Their imagination makes no room for Jainism, the faith from South Asia of some of the world's most successful mercantile and banking communities, who worked with Buddhist kings, Jain kings, Hindu kings, Muslim kings, British imperialists and even patriotic and nationalistic governments, without ever incurring the wrath of a mob.

non-banking financial corporation (NBFC) has launched a fresh issue of secured redeemable non-convertible debentures, which will close on May 17. The face value of NCD is ₹1,000. The minimum application requires investors to invest 10 NCDs, i.e., 10,000, in multiples of ₹1,000.

Lupin: The pharma company reported a 52% YoY increase in consolidated net profit, amounting to ₹359.43 crore, for Q4 FY24. Its revenue rose by 13% from the previous year to ₹4,895.11 crore. EBITDA for the quarter was ₹1,026.1 crore, a 66% increase from ₹615 crore in the same period last year.

Bajaj Finance, Tech Mahindra, Nestle India, HCL Technologies, Maruti Suzuki, and others are set to unveil their quarterly performances. Additionally, India's purchasing managers indices (PMI) figures will be unveiled on the macroeconomic front.