ALLIED FINANCE
IMF reaches agreement with Pakistan for $7 billion extended fund facility
The International Monetary Fund announced on Friday that it has reached a staff-level agreement with Pakistan for a $7 billion, 37-month loan program. The program aims to promote stability and inclusive growth in the crisis-stricken South Asian nation.
Modi will likely depart from privatisation plans, will overhaul state-run firms
UNION BUDGET: India plans to overhaul over 200 state-run firms to boost profitability, moving away from aggressive privatisation due to slowed progress and increased political resistance. The new strategy, expected to be announced in the July 23 budget, includes asset monetisation and long-term performance targets, aiming to raise $24 billion for reinvestment
Embattled Biden greets NATO allies in Washington
U.S. President Joe Biden will welcome the heads of NATO member states to Washington on Tuesday for an annual summit. This event provides Biden an international platform to demonstrate his leadership both at home and abroad.
Modi’s top coalition ally Chandrababu Naidu seeks more than Rs 1 lakh crore handout
Key allies in Modi's coalition government, N Chandrababu Naidu and Nitish Kumar, are seeking substantial financial support for their states. The demands include funds for building a new capital and infrastructure projects. This puts pressure on the national budget and raises concerns about increasing debt.
Stocks in news: Bajaj Finance, Vedanta, L&T Finance, Hindustan Zinc, Star Health
Nifty surpasses 24,300 with bullish momentum. Key companies perform well: Bajaj Finance, Vedanta, L&T Finance. Hindustan Zinc focuses on silver production growth. Indiabulls Housing Finance rebrands to Sammaan Capital. Star Health targets doubling Gross Written Premium.
Allies inducted in several Cabinet committees
The BJP-led NDA government established Cabinet committees and included allies in the critical panel on economic affairs, which convenes more frequently. The government also renamed the Cabinet Committee on Skill and Employment to include 'Livelihood'.
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Government forms Cabinet Committees, includes Union Ministers from NDA allies
The central government has formed eight Cabinet Committees, including the Appointments Committee of the Cabinet, Cabinet Committee on Accommodation, Economic Affairs, Parliamentary Affairs, Political Affairs, Security, Investment and Growth, and Skill Employment and Livelihood, with key ministers and special invitees designated to each committee to address various aspects of governance and decision-making.
CM Naidu to raise budget-specific demands in meeting with PM, FM
During the budget discussions, I will address various development needs in Andhra Pradesh and seek support from BJP, highlighting the state's requirements in the Union Council of Ministers.
These midcap stocks with ‘strong buy’ & ‘buy’ recos can rally over 32%, according to analysts
The majority of play in the options segment for the election results fear and greed and hope has been played in the weekly option settlement. Whatever little has been left would be over today as the June series expiry gets over. This is relevant because once this technical volatility is done and dusted the true picture would emerge for many segments of the market including the midcap segment. If one looks at their recent performance in the last few days of volatility, it is clear that there is not much selling pressure. If one goes on by the market breadth, there are indications that bulls might be back in control. Keep an eye on liquidity and the market breadth in the next few sessions as that will determine what happens to mid-cap stocks in the medium term. If the market breadth stays positive then it is very likely that we might see more strength in mid-caps. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". This predefined screener is only available to ET Prime users.
These 7 bank stocks can give more than 22% returns in one year
Check out Stock Reports Plus, powered by Refinitiv, for price targets of over 4,000 listed stocks along with detailed company analysis focusing on five key components earnings, fundamentals, relative valuation, risk and price momentum to generate standardized scores. SR+ Reports is a complimentary offering to ETPrime members.
Ex-US President Barack Obama's sister teargassed live on air in Kenya
Amidst protests against the Finance Bill, Kenya was designated a major non-NATO ally by US President Joe Biden, sparking concerns of security personnel abducting bloggers and content creators.
A bet on Allied Blenders may take longer to give a high
The company sells 16 brands of whisky, brandy, rum and vodka in 79,329 retail outlets across India. ABDL earns 95% of its revenues from whisky with Officer's Choice contributing 73% of total sales volume. ABDL has an estimated market share of 12% in terms of sales volume in Indian whisky market in FY23.
Short-term headwind, long-term opportunities for investors: 4 small finance banks with upside potential of up to 35%
The increase in credit costs has been an issue which has been bothering banks, some more, some less. Even the chairman of India’s largest bank had to come out and give a statement regarding it. However the question arises when these headwinds which are periodic in nature and part of the business cycle hits any sector what should be done. Should one move out of the sector? Should one continue to stay invested or should one buy more of the stock of that sector. The answer is dependent on one simple factor which is how large is the opportunity which that sector has. If the answer is that the opportunity is very large, then probably, it is the second and third option which one may look at. Probably in case of small finance banks, which are today reeling under the pressure due to guidance by one bank fit the bill. These banks are no stranger to dealing with challenges since the time they were born. Challenges thrown by regulatory tightening and economic cycles.
Modi Cabinet portfolios allocated; Sitharaman retains finance ministry, Jaishankar to serve as EAM again
NDA Full List Ministry Portfolio: Prime Minister Narendra Modi began his third consecutive term on Monday by allocating key portfolios to ministers following their swearing-in ceremony. This cabinet formation includes 30 cabinet ministers, 36 ministers of state (MoS), and 5 MoS with independent charge from the BJP and its allies, marking the establishment of the National Democratic Alliance (NDA) government under his leadership
Modi's Cabinet: Nirmala Sitharaman retains finance ministry for second consecutive term
Nirmala Sitharaman on Monday was re-appointed as the finance minister of India for a second consecutive term in Prime Minister Narendra Modi-led cabinet.
BJP in charge, focus on polls: Seven takeaways from PM Modi's largest council of ministers
Modi 3.0 Cabinet 2024: Narendra Modi was sworn in as Prime Minister for a third term, forming a 72-member coalition government with ease. Despite lacking a majority, BJP retains key ministries. Allies prioritized state funds over cabinet posts, while former CMs bring experience. Absence of Muslim ministers and the presence of billionaires and Hindu groups signal Modi's continuing strategies.
Pre-swearing-in meeting: BJP leaders, allies meet Modi ahead of oath-taking ceremony
Amidst anticipation surrounding Prime Minister Narendra Modi's new Union Council of Ministers, the Bharatiya Janata Party (BJP) is poised to welcome several new faces into the government. As the swearing-in ceremony approaches, here's a glimpse into the potential lineup and the dynamics at play:
Rashtrapati Bhavan gears up for Modi’s swearing-in today
India's Prime Minister, Narendra Modi, will be sworn in for a record-equalling third term on Sunday. The ceremony will take place at Rashtrapati Bhavan, attended by various personalities and overseas leaders. Invitations have been extended to heads of state and government in the region, beneficiaries of central government welfare schemes, and workers engaged in the construction of the Central Vista.
Ahead of D-Day, Amit Shah, JP Nadda and Rajnath Singh may coordinate with allies
The Bharatiya Janata Party (BJP) is intensifying efforts to form the government swiftly, with top party leaders engaging in discussions on Thursday to outline the government's structure. Senior BJP leaders, including Amit Shah, Rajnath Singh, and general secretary BL Santosh, held a crucial meeting at the residence of BJP chief JP Nadda. Additionally, separate meetings were conducted with senior Rashtriya Swayamsevak Sangh (RSS) functionaries to gather insights and perspectives.
BJP allies push for key positions as Modi prepares for third term; Here's what the demands are
Two days after the Lok Sabha election results, the BJP's allies in the NDA are negotiating for key posts in the new government. With the BJP falling short of a majority, parties like TDP, JDU, Shiv Sena, and LJP-Ram Vilas are crucial for reaching the majority mark. N Chandrababu Naidu and Nitish Kumar have emerged as kingmakers, pushing for prominent roles as discussions continue ahead of Narendra Modi's third swearing-in ceremony.
These midcap stocks with ‘strong buy’ & ‘buy’ recos can rally over 25%, according to analysts
One segment of the markets which was most vulnerable to election results was the mid-cap segment of the market for one simple reason, valuations have been on the higher end. Now that a part of the election anxiety is behind as a new government gets formed. Once again the focus is back on the mid-cap. There are selected stocks from different sectors where analysts are bullish in time where there is rotational trade likely to take place in the next couple of months. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". This predefined screener is only available to ET Prime users.
Sterling Reserve maker Allied Blenders may hit D-Street with Rs 1,500 crore IPO in June
The Mumbai-based company, known for Officer's Choice and Sterling Reserve whisky, refiled its draft red herring prospectus (DRHP) in January and received regulatory approval on May 10. The IPO comprises a ₹1,000-crore fresh issue and a ₹500 crore offer for sale. The company had initially filed its DRHP with the market regulator in June 2022 to raise ₹2,000 crore.
IIFL Samasta aims to raise Rs 1000 crore in bonds, to pay 9.2-10.5%
"We are raising public bonds to fulfill credit requirements of underserved and unserved customers across the 417 districts we operate in the country, as the large part of the country gets into monsoon season, credit requirements for agriculture, agri-allied and related micro MSME businesses will increase," managing director Venkatesh N M Told ET.
How Jaipur-based AU Small Finance Bank plans to plug a $400 billion credit gap
India’s largest small finance bank has recently bulked up and is now looking to utilise its heft to increase its presence in MSME lending. How successful would it be, is the billion-dollar question.
With Ukraine losing ground, allies debate how to squeeze cash for Kyiv out of frozen Russian assets
Ukraine's allies are debating how to use frozen Russian assets to support Kyiv's war effort amid Russia's territorial gains. The issue of $260 billion in Russian assets frozen abroad is a key concern at the G7 meeting in Italy.
PSBs ask US to route advisories via finance ministry
Executives from some of the top lenders, including State Bank of India, Punjab National Bank and Canara Bank, met with a six-member US Treasury delegation last month. The discussions focused on Russian payments and a possible breach of the internationally imposed $60 a barrel purchase price on Russian crude.
Forex settlement next step by GIFT to onshore what's offshore
GIFT City to launch foreign currency settlement system chaired by K Rajaraman, IFSCA, supported by RBI and Clearing Corporation of India. System to settle US dollar transactions between IBUs in real-time. CCIL subsidiary to operate FCSS, aiming for operation by October 2024. Other currencies may be added later
Major differences in INDIA bloc; Cong allies opposing Rahul's Wayanad nomination: Sitharaman
Sitharaman criticized the disunity within the INDI alliance, highlighted opposition to Rahul Gandhi's Wayanad candidacy, and questioned the alliance's vision for India's progress by 2047, while addressing various issues within the opposition parties.
US and allies plan more Iran sanctions
While Saturday night's attack caused no deaths and little damage thanks to the air defences and countermeasures of Israel and its allies, it has increased fears that violence rooted in the six-month-old Gaza war is spreading, with the risk of open war between long-time adversaries Iran and Israel.
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