SBI Q3 results: Top four highlights from the earnings report
Sun, Feb 4, 2024 5:53 PM

SBI Q3 results: Top four highlights from the earnings report

SBI reported a 35% decrease in net profit during the Oct-Dec quarter of FY 2023-24, with a one-time exceptional item of Rs 7,100 crore. Net interest income stood at Rs 39,815 crore, lower than estimated. Gross NPA dropped to 2.42%, while advances grew by 14.38% and deposits showed a 13% increase. Retail personal advances and home loans also saw growth.

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Govt hikes windfall tax on crude petroleum
Sun, Feb 4, 2024 5:52 PM

Govt hikes windfall tax on crude petroleum

The Indian government has increased the windfall tax on domestically produced crude oil from Rs 1,700 per tonne to Rs 3,200 per tonne, effective from Saturday. This tax is in the form of Special Additional Excise Duty and will not be applied to export of diesel, petrol, and jet fuel. The new rates, evaluated every two weeks based on average oil prices, were first implemented in July 2022.

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Oil prices to remain highly volatile, posing potential threat to supply
Sun, Feb 4, 2024 5:50 PM

Oil prices to remain highly volatile, posing potential threat to supply

Global financial landscape saw fluctuations last week due to concerns about the US banking sector and expectations of Federal Reserve interest rate cuts. Gold prices rose while silver declined, and crude oil faced a 7% drop. The upcoming week will see important economic data and speeches from Federal Reserve officials, along with uncertainty surrounding geopolitical tensions in the Middle East.

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Ahead of Market: 10 things that will decide stock action on Monday
Sun, Feb 4, 2024 5:49 PM

Ahead of Market: 10 things that will decide stock action on Monday

India's Nifty 50 index hit new record highs on Friday, with gains in Reliance Industries and IT stocks leading the charge. The government's budget announcement also contributed to positive market sentiment. While the Nifty saw some pullback towards the end of the day, it still closed up by 0.72%. The broader S&P BSE Sensex also gained 0.61%.

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Primary market action: 5 IPOs opening for subscription, with 6 listings
Sun, Feb 4, 2024 5:44 PM

Primary market action: 5 IPOs opening for subscription, with 6 listings

The equity markets are seeing strong activity, and this trend is expected to continue in the coming week starting from February 5. The primary market is also showing strength, five IPOs expected to raise a total of Rs 2,700 crore. These IPOs include Apeejay Surrendra Park Hotels, Rashi Peripherals, Jana Small Finance Bank, Capital Small Finance Bank, and Alpex Solar.

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Singapore arbitration panel denies emergency relief to Sony
Sun, Feb 4, 2024 5:42 PM

Singapore arbitration panel denies emergency relief to Sony

The Singapore International Arbitration Centre has denied interim relief to Sony and Bangla Entertainment against Zee's plea for the implementation of a proposed merger, as the emergency arbitrator determined they have no jurisdiction. Zee contests Sony's claim of not fulfilling conditions for the merger and disputes their demand for a termination fee.

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India Budget 2024: Season 2 Finale Episode ends on a high note
Sun, Feb 4, 2024 5:40 PM

India Budget 2024: Season 2 Finale Episode ends on a high note

The Indian budget for 2024 has been likened to a finale episode of a TV series by fans like the Kotak Private Equity team. The budget maintained continuity with no major surprises, but promised exciting new plot developments such as a focus on green energy and technology innovation. Other highlights include a fund for developing cutting-edge technology in sectors like clean energy and defence.

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Ikea looks at next round of investment in India after fulfilling ₹ 10.5k cr
Sun, Feb 4, 2024 5:38 PM

Ikea looks at next round of investment in India after fulfilling ₹ 10.5k cr

IKEA India CEO Susanne Pulverer announced that the company has exhausted its initial investment of Rs 10,500 crore in India and is planning for the next round. They are currently focusing on expanding in Delhi-NCR and sourcing more products from India for their global operations. They see huge growth potential in India due to its dynamic market and increasing demand for home furnishings.

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Technical Breakout Stocks: How to trade NHPC, NBCC and SJVN on Monday?
Sun, Feb 4, 2024 5:25 PM

Technical Breakout Stocks: How to trade NHPC, NBCC and SJVN on Monday?

Indian market saw a bounce back on Friday with Sensex rising over 400 points and Nifty50 closing above 21800 levels. Sectors like oil & gas, energy, metal, and public sector stocks saw buying while telecom and banking stocks saw selling. NHPC, NBCC, and SJVN were in focus as they hit record highs. Analyst Sanket Thakar advises short-term traders to take profit booking in these stocks.

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Govt shares guidelines for Green Hydrogen Pilot Projects in steel sector
Sun, Feb 4, 2024 5:25 PM

Govt shares guidelines for Green Hydrogen Pilot Projects in steel sector

MNRE has launched a pilot project for using Green Hydrogen in the steel industry, with a focus on three areas: Direct Reduced Ironmaking, Blast Furnaces, and reducing carbon emissions. The project aims to eventually replace fossil fuels with eco-friendly Green Hydrogen and is open to greenfield projects targeting 100% green steel production. It has a budget of Rs 455 crore.

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Corporate Crossings: Air India, Tata Motors appoint new HR chiefs
Sun, Feb 4, 2024 5:23 PM

Corporate Crossings: Air India, Tata Motors appoint new HR chiefs

Air India has appointed Ravindra Kumar GP as the Chief Human Resources Officer, succeeding Suresh Dutt Tripathi who is retiring. Meanwhile, Tata Motors named Sitaram Kandi as the new CHRO, taking over from Kumar. Kandi will head HR for passenger and electric vehicles and lead employee relations and skill building.

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ONGC, IOC, other oil PSUs to invest Rs 1.2 lakh cr in FY25
Sun, Feb 4, 2024 5:22 PM

ONGC, IOC, other oil PSUs to invest Rs 1.2 lakh cr in FY25

ONGC, IOC and other state-owned oil companies plan to invest 1.2 tn rupees in the upcoming fiscal year for oil and gas exploration, refining, petrochemicals, and pipeline expansion. This is a 5% increase from previous fiscal year, with ONGC having the highest planned capex of 30,800 cr rupees. The government's equity infusion in downstream oil companies has been postponed to the next fiscal year.

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No adverse impact of Red Sea crisis so far on India's trade
Sun, Feb 4, 2024 5:21 PM

No adverse impact of Red Sea crisis so far on India's trade

Red Sea crisis has not yet affected India's exports and imports, but transportation costs are on rise due to longer routes being taken by shippers. However, there may be potential impacts on trade in the long term, depending on demand from major trade partners like the US and EU. The closure of the Bab al-Mandab strait has disrupted global supply chains, causing delays and increased freight costs.

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Govt borrowings via a single bond top Rs 2-lakh crore
Sun, Feb 4, 2024 4:35 PM

Govt borrowings via a single bond top Rs 2-lakh crore

India's government bond market has surpassed the ₹2 lakh cr mark for a single sovereign security, showing an increase in borrowing limit. RBI data shows that the outstanding amount on a bond maturing in 2063 is now at ₹2.04 lakh cr. This increase highlights the need for measures like buyback and switch operations to manage repayment obligations.

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Ahmedabad civic body seals over 22,000 properties for tax default
Sun, Feb 4, 2024 4:34 PM

Ahmedabad civic body seals over 22,000 properties for tax default

22,624 properties including shops and commercial establishments in Ahmedabad were sealed for not paying property tax. The highest number of sealed properties were in the east zone. A total of Rs 14.35 crore was recovered, with Rs 3.06 crore from the east zone alone. Around 50,000 properties have been sealed in the last month by the civic body.

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