The economic slowdown is likely to weigh on the credit offtake of the banking system, but brokerage firm BNP Paribas says in India the sector will recover, thanks to lower cost of funds, cost efficiencies and lower tax.The brokerage said higher operational efficiency driven by digital initiatives and lower workforce requirements will ensure that the cost to income ratio maintains its downward trajectory."We believe a lower cost of funds, cost efficiencies, and the benefit from lower tax rates should lead to return on equity (RoE) accretion of 370bps for private banks. Higher RoEs should warrant much higher price-to-book ratios (P/Bs). We see a 10-15 percent upside from current valuations for private banks over the next five years," said BNP Paribas.Close Given that the asset quality cycle has peaked, the credit cost should be lower than those in the previous cycle, the brokerage said. related news Sensex at record high but midcaps likely to generate wealth; 20 stocks … [Read more...] about Banking set to see a recovery, life insurance the next big sector: BNP Paribas
Great Eastern Shipping Company share price gained 3 percent intraday on November 21 after the company announced the closure of buyback of shares.The buyback committee of company announced the closure of its buyback on November 20, prior to the expiry of six months from the commencement date.The company has bought back 38,10,581 equity shares at an average market price of Rs 261.60 per equity share.Close The company has contracted to sell its 2000 built Suezmax Crude Carrier Jag Lakshita of about 147,092 dwt. related news D-Street Buzz: Oil & gas stocks fall led by BPCL; L&T gains, UCO Bank zooms 16% Reliance Capital share price locked at lower circuit after assets sale restriction The vessel will be delivered to the new buyer in Q3 FY 2019-20.Including Jag Lakshita, the company's current fleet stands at 47 vessels, comprising 34 tankers, and 13 dry bulk carriers with an average of 11.98 years aggregating 3.85 mn dwt.At 09:45 hrs Great Eastern Shipping Company was … [Read more...] about GE Shipping share price gains 3% on closure of buyback
The recent sharp rally in paper stocks following the government's pledge to eliminate single-use plastic has made investors sit up and take note.Many are of the opinion that the government’s shun-plastic push has brightened the prospects of paper companies. But, analysts and industry watchers are less convinced with this rally.The government has pledged to eliminate single-use plastic by 2022. As per reports, a nationwide ban on single-use plastic, including bags, cups and straws, could come as early as on October 2, the 150th birth anniversary of Mahatma Gandhi.Close Since August 15, when Prime Minister Narendra Modi urged citizens to give up single-use plastic by October 2, 20 paper stocks have surged over 10 percent as of September 11 on BSE. related news Sensex at record high but midcaps likely to generate wealth; 20 stocks to bet on Technical View: Nifty forms Doji pattern, record high likely if index closes above 12K Sensex hits a new high, 4 factors that could … [Read more...] about 20 paper stocks up 10% since Aug 15. Will it hold?
The Indian rupee has recovered from the lows and trading at day's high level at 71.75 per dollar, with selling seen in the domestic equity market.It opened flat at 71.83 per dollar versus previous close 71.81.The rupee ended 10 paise lower at 71.81 against the US dollar on November 20, on concerns about US-China trade deal progress.Close Oil prices retreated on Thursday as a spat over Hong Kong added to worries of a delay in any US-China trade deal, after posting steep gains in the previous session on bullish US crude inventory data. related news Rupee drops 10 paise to 71.81 per dollar as US-China tensions weigh Rupee off day's low, trades at 71.82 per dollar Rupee recovers 13 paise to end at 71.71 against USD The Sensex was down 73.40 points or 0.18% at 40578.24, and the Nifty was down 26.10 points or 0.22% at 11973.00.According to ICICIdirect, the dollar-rupee November contract on the NSE was at 71.86 in the previous session. Open interest declined 1.84% in … [Read more...] about Rupee gains, trades at day’s high
Zee Entertainment Enterprises share price rose 15 percent in the early trade on November 21 after promoters of the media house mulled selling their stake in the company.Essel Group, a promoter of the company, is looking to sell up to 16.5 percent stake in the media company.After the transaction, Essel's holding will come down to five percent in the company, out of which encumbered holding will be 1.1 percent.Close The stake sale will be to clear loan obligations to certain lenders of the group. related news D-Street Buzz: Oil & gas stocks fall led by BPCL; L&T gains, UCO Bank zooms 16% GE Shipping share price gains 3% on closure of buyback Reliance Capital share price locked at lower circuit after assets sale restriction Also Read - Essel Group to lose controlling stake in Zee EntertainmentOf the 16.5 percent, 2.3 percent will be sold to OFI Global China Fund -- a subsidiary of Invesco Oppenheimer Developing Markets Fund -- which already held 8.7 percent stake in the … [Read more...] about Zee Entertainment share price rises 15% on stake divestment