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Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Arihant Capital's research report on Indian Bank Indian Bank has posted profit of INR 984 cr (-42% YoY/+43% QoQ), led by 23% sequential decline in provisions and tax reversal of INR 161 cr. Despite 4% QoQ growth in advances, NII for the quarter decreased by 3% QoQ while it grew by 28% on YoY basis. Other income declined marginally by 0.5% YoY and grew by 1% QoQ to INR 1,573 cr. Core fee income growth of the bank was strong at 23% YoY/22% QoQ to INR 813 cr. Operating expenses growth was higher at 22% YoY/16% QoQ due to 39% YoY increase in employee expenses as the bank has provided for the entire pension liability provision of INR 465 cr. As a result, cost to income ratio of the bank increased from 44.8% to 53% on QoQ basis. Operating profit growth was lower at 15% YoY/-17% QoQ at INR 2,738 cr … [Read more...] about Buy Indian Bank; target of Rs 190: Arihant Capital

Sachin Bansal, Founder and Chairman of Navi Technologies. Picture courtesy: Chandra R Srikanth Navi Chairman Sachin Bansal's dream of making the company a banking entity has been brought to a halt after the Reserve Bank of India (RBI) said it found the company's subsidiary unsuitable for a universal banking licence. The announcement from the RBI came when Bansal was addressing a press conference to announce the company's maiden issue of Non-Convertible Debentures (NCDs). Bansal said it was not the end of the road and the company would also consider appealing RBI's decision. "We haven't received written communication from RBI yet. We are going to look at it once we get it, and then chart the next course of action. There are lots of options in front of us. It is not the end of the road for us. I mean, there are many things to explore including re-applying," he said. "We have to go back and analyse this. We will consider whether we want to appeal this and weigh our … [Read more...] about Sachin Bansal says not the end of the road after RBI rejects banking licence application

India’s largest life cover provider Life Insurance Corporation of India (LIC) made a lacklustre debut on the bourses on May 17, with declining nearly 9.4 percent after its initial public offering was subscribed nearly three times last week. The stock opened at Rs 867.20, against an issue price of Rs 949 on the BSE and touched a high and a low of Rs 886.80 and Rs 860.10, respectively. At 10.05am, the scrip was trading at Rs 883.40 on BSE, down 7 percent from its issue price of Rs 949 a share. India's benchmark Sensex rose 0.62% to 53224 points. Corrections in the equity markets globally seem to have hit the listing for the biggest public issue in the history of the Indian capital market. The situation was worsened by mounting inflationary pressure, stricter lockdowns imposed in China to combat Covid outbreak, and an unabated war on Ukraine by Russian forces. After the debut in the market, LIC has become the fifth most-valued Indian listed firm with a market capital of Rs 5.71 … [Read more...] about LIC share lists with 9.4% discount, stock debuts on BSE at Rs 867

Share to Twitter Share to Linkedin Every market selloff presents opportunities. The iShares Emerging Markets ETF EEM is down -17% year-to-date. Even though Emerging Markets are notoriously volatile, this region is attractive due to its outsized growth potential. According to Lazard Asset Management , Emerging Market (EM) economies are responsible for about 60% of global growth, yet only represent about 13% of the MSCI All Country World Index ACWI . This gap won’t disappear overnight, but it bodes well for EM’s long-term investment prospects. EM has faster economic growth due to relatively attractive demographics and ongoing urbanization. If you’re a long-term investor, adding emerging markets exposure may also prove timely. Below is a chart of the MSCI Emerging Markets Index compared to the S&P 500 Index, expressed as a ratio. When the line is rising, it means Emerging Markets are outperforming US stocks. When the line is falling, it … [Read more...] about 3 Emerging Markets Stocks That Are Secular Winners On Sale

- A + A HARARE (May 17): Zimbabwe lifted a 10-day ban on bank lending as critics warned that the government has shattered confidence in the already stagnant economy. While the ban was announced by President Emmerson Mnangagwa in a bid to halt the runaway depreciation of the Zimbabwe dollar it quickly chilled economic activity, with agri-processing companies including sugar mills saying they couldn’t advance funds to farmers to grow their crops. That led to a gradual relaxation, with the government first saying it didn’t apply to commodities and then allowing citizens with access to foreign currency to import their own goods. The measure, the lifting of which was announced by Reserve Bank of Zimbabwe Governor John Mangudya on Tuesday, has had little impact on the exchange rate. Instead, it has allowed the government to scapegoat the private sector for its collapse, which has pushed inflation to 96%. The Zimbabwe dollar is trading as low as 420 to the greenback on the … [Read more...] about Zimbabwe abandons bank lending ban that stalled economy

- A + A NEW YORK/BENGALURU (May 17): US stocks rose on Tuesday, as Citigroup led a surge in bank shares after Berkshire Hathaway revealed a big stake and strong retail sales in April eased some concerns about slowing economic growth. Ten of the 11 major S&P sectors advanced, with financials and technology up 2% each. Microsoft Corp, Apple Inc, Tesla Inc and Nvidia Corp gained between 1.5% and 4.8%, providing the biggest boost to the S&P 500 and the Nasdaq. Banks jumped 3.1%, with Citigroup climbing 7.9%, after Warren Buffett's Berkshire Hathaway disclosed a nearly US$3 billion investment in the US lender. "If you have exhausted sellers, there's no one else left to sell ... the market has really been pummeled," said Mimi Duff, senior client advisor at investment advisory firm GenTrust. "So at the very sight of any good news you can get a bounce, but what we are really looking for is some consolidation." US retail sales increased 0.9% in April, as … [Read more...] about Wall St climbs on gains in banks, strong retail sales data

- A + A DUBAI/LONDON (May 17): Saudi Aramco is considering an initial public offering (IPO) of its trading arm amid a boom in oil prices in what could be one of the world's biggest listings this year, according to people with knowledge of the matter. The state-controlled oil major is working with banks including Goldman Sachs Group Inc, JPMorgan Chase & Co, and Morgan Stanley as it studies a potential listing of Aramco Trading Co, the people said, asking not to be identified as the information is not public. The trading unit could fetch a valuation of tens of billions of dollars, the people said, with two of them saying it could be potentially worth more than US$30 billion. Aramco, which recently became the world's most valuable company, could sell a 30% stake in the division, two of the people said, which would make it one of the world's biggest IPOs this year. South Korea's LG Energy Solution raised about US$10.8 billion in January. Other major oil … [Read more...] about Saudi Aramco said to weigh IPO of trading unit amid oil boom

- A + A MUMBAI (May 17): Shares in Life Insurance Corp of India (LIC) slid nearly 8% on its market debut on Tuesday, a fresh setback for the state-owned giant as its record-breaking, oversubscribed initial public offering (IPO) raised far less than expected for the government. India's biggest insurer and largest domestic financial investor closed at 875.25 rupees, compared with the IPO price of 949 rupees. LIC now has a market value of around 5.54 trillion rupees (US$71.54 billion) and is India's fifth-biggest company. The share-price decline reflects weak overall market sentiment and a slump in the broader market since LIC's IPO opened for subscription on May 4, analysts said, even as the blue-chip NSE Nifty 50 index closed up 2.6% on Tuesday. "We were not expecting a big listing as markets were jittery, expect it to pick up," LIC's chairman M R Kumar told reporters. The government, which had positioned the sale as the first and biggest of a wave of … [Read more...] about LIC shares tumble in market debut after record India IPO

- A + A NEW YORK (May 17): US retail sales grew at a solid pace in April, reflecting broad-based gains and suggesting demand for merchandise remains resilient despite rampant inflation. The value of overall retail purchases increased 0.9%, after an upwardly revised 1.4% gain in March, Commerce Department figures showed on Tuesday. Excluding vehicles and gas stations, sales rose 1% last month. The figures are not adjusted for inflation. The median estimate in a Bloomberg survey of economists had called for an 1% increase in overall retail sales from a month earlier and a 0.7% jump in the figure excluding autos and gas stations. Treasuries sold off after the report, while stock futures held gains and the dollar remained lower. "While the increase will look less impressive after taking price movements into account, today's data still suggests that the squeeze on household incomes from inflationary pressures isn't yet having a material impact on discretionary … [Read more...] about US retail sales show consumer standing firm in face of inflation

- A + A KUALA LUMPUR (May 17): No analysts who track Mr DIY Group (M) Bhd have advised clients to sell the stock, although the home improvement retailer's latest quarterly earnings came in below some expectations. Nonetheless, Mr DIY came under selling pressure on Tuesday. It fell 16 sen or 4.51% to RM3.39. Some attributed the selling to investors' reaction to the 19.5% drop in its net profit for the first quarter ended March 31, 2022 (1QFY22) to RM100.5 million from RM124.79 million a year ago, due to higher expenses as it opened more stores. Quarterly revenue, however, climbed 4.02% to RM905.16 million from RM870.18 million a year ago, driven by contributions from new stores, the company said in a bourse filing. It declared an interim single tier dividend of 0.7 sen per share (approximately RM44 million), representing a payout ratio of 43.8%, despite earnings contraction. While analysts described the lower quarterly profit as an unexpected temporary … [Read more...] about Analysts cut Mr DIY target price despite expectation of better quarters ahead