FINANCIAL SERVICES INDUSTRY
Valuations take centre stage as Sensex touches new peak
Majority of the Sensex constituents now trade above their respective long-term average valuations. It means investors need to be selective while accumulating blue chip names.
HDFC Bank leads financial sector rally, powering D-Street to all-time highs
The 30-stock S&P BSE Sensex reached a record high of 80,074.3 before closing the session at 79,987, up by 545 points or 0.69%. Meanwhile, the broader Nifty hit a peak of 24,309.15 before ending the day at 24,287, gaining 163 points or 0.67%.
Corporate Watch: M&M, Tata Comm among 36 stocks in spotlight this week
Welspun Enterprises and DJ Mediaprint declared dividends with ex-dates on July 5. Escorts Kubota also set July 5 as the ex-date for dividend issuance. Several other companies like Tide Water, SKF India, and Balaji Amines have dividend and ex-date announcements in the same week.
3M India, M&M among 25 stocks that will trade ex-dividend this week. Do you own any?
Dividends are distributed to shareholders whose names are listed in the company's records on the record date. With the adoption of the T+1 settlement system, the record date and ex-dividend date are usually identical, except when market holidays occur immediately following the ex-date. Investors who buy the stock at least one day before the ex-date qualify for dividends, as settlement happens on the ex-date.
Financial industry grappling with AI's gifts and perils, executives say
Zack Kass, a former head of business partnerships at OpenAI said AI systems could be better than humans at explaining to clients why they arrived at recommendations like portfolio allocations or lending decisions. He added that people are not good at explaining subconscious biases that could affect such decisions.
Credit Card issuance soars despite worries over unsecured loans
Credit card base in India grew 18% YoY to reach 103 million, with HDFC bank adding the most new cards. However, Kotak Mahindra bank saw a sharp drop amid RBI restrictions. Card spending also grew 17% YoY to reach Rs 1.65 trillion. The credit card industry has seen a continuous decline due to caution about large unsecured loans and asset quality issues.
Reliance shareholders approve retail unit's $4 billion lease to Jio Financial
JFS plans to acquire equipment worth 360 billion rupees from Reliance Retail, as the financial services provider plans to enter the device leasing business. Through the deal, JFS' unit - Jio Leasing Services - will buy customer premises equipment, devices and telecom equipment such as routers and cell phones.
Sensex, Nifty hit brakes on record run; Nifty IT defies market mood
Indian equity indices, influenced by global trends, closed lower on Friday. The Sensex fell 269 points to 77,209, and the Nifty dropped 66 points to 23,501, impacted by Reliance Industries, L&T, and HDFC Bank.
Lack of depth in mid- & smallcap rally hints all’s not shining on D-Street
Mid-cap and small-cap indices in 2024 have seen a remarkable surge, with 20 stocks driving 50% of each index's rally, as per reports. The top contributors include PSUs, financial services, and energy companies.
Low chances of Nifty Bank exceeding 51,000-level this week: Anand James
A new peak on Friday was not surprising, given the fact that 88% of Nifty constituents had started the day at the highest in 30 days. Most other sectors were also showing similar trends, except for PSU banks and metals
191 smallcaps shine with double-digit gains in a positive market week
During the week, as many as 191 smallcap stocks delivered double digit returns with 13 of them gaining 25% or more. PTC Industries was leading the smallcap pack at 35%, followed by Avantel at 33% and Honda India Power at 30.47%.
Sensex, Nifty smash records yet again; post 2nd weekly gain; HDFC Bank, RIL lead the charge
The 30-share BSE benchmark Sensex surged 182 points to settle at 76,993. The broader NSE Nifty rose 67 points and ended at 23,466. State-run companies and energy stocks also contributed to the rally on expectations of continued capital expenditure spending by the new government. The IT sector was the top sectoral loser, dropping 0.9%. The market capitalisation of all listed companies on BSE surged by Rs 3.2 lakh crore to Rs 434.86 lakh crore.
While stepping down, very few independent directors speak up
Till date this year, out of 180 independent directors who resigned from corporate boards citing "personal reasons", only four have mentioned issues such as corporate governance or lack of transparency for doing so. In recent weeks, though, Nisaba Godrej stepped down as independent director on the board of VIP Industries citing accountability issues while Marc Desaedeleer resigned from Suzlon board citing "transparency" issues.
Sensex, Nifty end flat after volatile session ahead of US Fed rate decision, CPI data
The Indian benchmark equity indices, Sensex and Nifty50, concluded Tuesday's trading session with marginal movement, as investors awaited the Federal Reserve's policy decision and consumer price inflation data scheduled for Wednesday.
Mukesh Ambani's fintech juggernaut starts rolling: The road ahead
Ambani's latest fintech business under Jio Financial Servics Ltd (JFSL) aims to ride on extensive consumer network as well the data Reliance has acquired. The tracks that consumers leave while shopping and using Reliance products and services will form a strong databank for JFSL.
IIFL Securities to foray into wealth management
IIFL Securities' market capitalisation stood at ₹6,073 crore on Tuesday. In comparison, wealth management companies such as 360 One WAM, Nuvama Wealth Management, and Anand Rathi Wealth are valued at ₹28,535 crore, ₹17,913 crore, and ₹17,263 crore respectively.
How Jocata is helping financial services industry move from legacy systems to AI-powered solutions
Jocata’s low-code platform is driving the future of enterprise lending and embedded finance, says Prashant Muddu, Managing Director & CEO.
Jio Financial plans Rs 36,000 cr deal with Reliance Retail
Jio Financial Services seeks shareholder approval for its unit to purchase telecom equipment worth Rs 36,000 crore from Reliance Retail. The move signals JFS's entry into the device leasing business. The deal involves Jio Leasing Services buying routers and cell phones for rental to Reliance Jio Infocomm customers. Voting concludes on June 22, with the deal anticipated to finalize in the financial years 2025 and 2026.
Grasim Q4 revenue at record Rs 37,727 crore
While operating profit of the flagship company of the Aditya Birla Group jumped by a little over a fourth to ₹6,196 crore during the quarter, also an all-time high, the net profit remained flat on year at ₹1,370 crore. Adjusted for an exceptional item charge of ₹538 crore, the bottomline rose by two-fifths on year.
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