INTER CORPORATE FINANCIERS
RBI imposes Rs 29.6 lakh penalty on HSBC
The Reserve Bank of India (RBI) has imposed a Rs 29.6 lakh penalty on The Hongkong and Shanghai Banking Corporation Limited (HSBC) for non-compliance with certain directions related to cards. The bank failed to ensure no negative amortisation while computing Minimum Payment Due in certain credit card accounts. The RBI found that the charge against the bank was sustained, warranting the imposition of monetary penalty.
Reliance Industrial Infra, Manappuram Finance, Indian Hotels among 3 stocks in focus this week for dividends & other corporate actions
Key financial announcements include dividend declarations by Reliance Industrial Infrastructure, Manappuram Finance, Indian Hotels, IndiaMart InterMesh, SMC Global Securities, Uno Minda, Home First Finance, Himadri Speciality Chemical, ICICI Lombard General Insurance, and JM Financial. Sharda Motor Industries approved a buyback, while Motilal Oswal announced a stock split.
Sebi forms committee to review ownership, economic structure of clearing corporations
Sebi forms committee chaired by Usha Thorat to review ownership and economic structure of clearing corporations for resilience and neutrality.
Private philanthropy to expand at 10–15% annually in next five years: Neera Nundy, Partner, Dasra
Private philanthropy is expected to see a significant expansion with family philanthropy seeing a shift towards building a strong ecosystem.
RBI MPC meeting next week: What investors should expect
The RBI's upcoming MPC meeting on June 7, 2024, is expected to maintain interest rates amidst a stable inflation scenario post Lok Sabha election results. The focus will be on global and domestic factors impacting the economy.
NCLT admits Srei's insolvency plea against Supreme Infrastructure BOT
The National Company Law Tribunal (NCLT) has accepted Srei Infrastructure Finance's request to commence a corporate insolvency resolution process (CIRP) against Supreme Infrastructure BOT due to its failure to repay a loan. Srei Infrastructure Finance had provided a term loan of Rs 150 crore to Supreme Infrastructure BOT for a duration of five years, earmarked for infrastructure projects.
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From medium term perspective : 5 midcap stocks from different sectors with potential upside of up to 35% in one year
But it is times like this when an event is about to take place and narratives are floating in the market that one ends up making the wrong decision. So, one will have to do two things, one be bullish but be more selective and focus on managing risks.
Q4 results preview: 29 companies likely to report doubling of profit
29 companies expected to double profits in Q4FY24 across various sectors like BFSI, Auto, Healthcare. Notable companies include Adani Ports, KEC International, Birla Corporation, JK Cements, United Breweries, Gland Pharma, Quess Corp Ltd, Signature Global, NMDC.
What drives the sector is key to long term investments: 5 large cap stocks from different sectors with upside potential up to 19%
There are some sectors where the macro structure is such that for one or the other reasons the overall growth is higher. This is not to say that growth comes without phases of slowdown, but when tailwinds come they are able to take care of all the slowdown and over a period of time, growth is much better. The growth over a period of time ensures that in bearish markets the stocks are able to perform relatively well and when bulls are back they again are able to inch higher.
Which domestic insurance companies have been identified as systemically important for financial stability of the economy in FY2023-24?
D-Slls are perceived as insurers that are 'too big or too important to fail'. This perception and perceived expectation of government support may amplify risk-taking, reduce market discipline and increase the possibility of distress in the future. These considerations require that D-Slls be subjected to additional regulatory measures to deal with systemic risks.
Share market update: Most active stocks of the day in terms of traded value
The NSE Nifty index closed 238.25 points down at 21817.45
Share market update: Most active stocks of the day in terms of total traded value
The NSE Nifty index was trading 191.55 points down at 21864.15
Share market update: Most active stocks of the day in terms of traded value
The NSE Nifty index closed 160.9 points down at 22332.65
Share market update: Most active stocks of the day in terms of total traded value
The NSE Nifty index was trading 34.65 points down at 22458.9
Govt may look at enhanced KYC requirements for certain class of corporates
The Indian government is considering enhancing scrutiny of certain corporates, including those with KYC requirements, to combat unscrupulous elements and potential misdeeds. The finance secretary-headed committee is discussing various aspects of a uniform KYC system, with Permanent Account Number (PAN) being used for KYC requirements.
HC tells Oppo, two others to deposit amount owed to InterDigital as royalty
The order came on the two suits filed by the US technology research and development firm seeking enforcement of patent rights involving five standard essential patents (SEPs) that relate to wireless communication technology standards by InterDigital Technology Corporation and its associated companies (InterDigital) against Oppo, OnePlus Technology, and Realme Mobile Telecommunication.
Finance Minister Nirmala Sitharaman chairs 28th FSDC meeting in presence of RBI, SEBI top brass
Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, led the 28th meeting of the Financial Stability and Development Council (FSDC) in New Delhi. The meeting aimed at ensuring macro-prudential supervision of the economy, including monitoring the functioning of large financial conglomerates.
Mind Over Money: How badminton, meditation, cricket shaped this market veteran's mind who started his investing journey at 14
Devang Mehta, a seasoned Director of Equity Advisory at Spark Capital Private Wealth Management, shares his secrets to mental resilience and the importance of personal passions and professional rigour in a candid conversation with ETMarkets for Mind Over Money.
RBI fines Power Finance Corporation for non-compliance with liquidity risk management norms
PFC’s failure to adhere to the LCR requirement was a result of inclusion of ineligible assets as High-Quality Liquid Assets (HQLA), the RBI said. The LCR, requires entities to hold adequate HQLA to meet a certain number of outflows. The HQLA is primarily made up of government securities.
High yields may help IndiGo weather engine, supply storms
The growth in yield was chiefly contributed by robust domestic demand for travel. In the December quarter, the airline followed the strategy of increasing fares and introducing fuel charges.
InterGlobe Enterprises appoints Aditya Pande as Group CEO
Aditya Pande has been appointed as the Group Chief Executive Officer of InterGlobe Enterprises, effective from March 1, 2024. This move follows Pande's resignation as the Chief Financial Officer of Udaan, concluding a three-year tenure. Apart from IndiGo, Pande will have the overall responsibility of setting InterGlobe's strategic agenda and overseeing the leadership of the company's line businesses and corporate staff functions.
In 2023 India Inc. learnt hard lessons on families, friends and partners
India Inc 2023: The year 2023 saw significant turmoil within several prominent Indian businesses, including Bharat Forge, Indigo, Raymond Group, and Religare Enterprises. These disputes among family members, friends, and stakeholders shed light on critical issues. It emphasized the necessity for clear succession plans, strategies to shield companies from relationship conflicts, and improved scrutiny of stakeholders. This upheaval serves as a crucial lesson for corporate India, urging the development of better approaches to confront future challenges in a maturing corporate landscape, especially as women in top roles assert their influence.
ReNew commissions inter-state transmission project in Karnataka
The Koppal transmission project was awarded in FY22, which covers construction of a new 400/220 kV sub-station along with 276 circuit km of 400 kV transmission line.
RBI governor-headed FSDC-SC resolves to remain vigilant against external vulnerabilities
With a view to strengthening and institutionalising the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development, the FSDC was set up by the government as the apex level forum in December 2010.
JK Lakshmi Cement shareholders reject proposal to increase inter corporate transaction limit to Rs 10,000 crore
Shareholders of JK Lakshmi Cement Ltd have rejected a special resolution that aimed to increase the inter corporate transaction limit to Rs 10,000 crore. The resolution received only 71.10% of the total votes, falling short of the required 75% for a special resolution. The proposal was opposed by proxy advisory firm IiAS, which argued that the increase was too high without adequate disclosure.
Q1 results this week: Adani Enterprises, SBI, Maruti, Titan, Airtel, M&M & others
Major firms such as Maruti Suzuki, Titan, Bharti Airtel, and M&M among others will release their June quarter results this week. The report cards of other companies such as GAIL, Power Grid, Sun Pharma, and Adani Enterprises are also expected to be out. This week, Maruti Suzuki, Adani Enterprises, Adani Transmission, Titan, IndiGo, Bharti Airtel, Sun Pharma, SBI, M&M, Varun Beverages, and Bank of Baroda are scheduled to announce their quarterly performance.
Q1 earnings, FII action, auto sales among 9 factors to keep Dalal Street busy this week
Slew of domestic quarterly earnings releases by firms including Power Grid, Titan Company and Gail (India) and several AGMs are expected to focus investors' attention on corporate earnings this week. Despite foreign institutional inflows slowing down after a strong start to the month, the overall trajectory of the Indian stock market remains positive, said Shibani Sircar Kurian, senior EVP and head of equity research at Kotak Mahindra Asset Management, although the market is consolidating after a strong recent rally.
Russia pushes India for help to avert global financial isolation
The Financial Action Task Force, an inter-governmental organization that sets standards for combating dirty money, suspended Russia from membership in February and Ukraine is pushing for the body to impose further restrictions by adding Moscow to its “black list” or “gray list.”
MSCI rejig, Q4 results among top 8 factors to drive Dalal Street this week
Bulls have had a good time since last month in Dalal Street due to continued buying by foreign investors and better corporate earnings. However, a series of events, economic data points, and earnings are due next week, resulting in some likely volatility in markets despite the positive trend. The coming week will include a review by the Bank of England and earnings releases by many Indian companies, along with various macro data points and an MSCI index review. Additionally, investors will watch the primary market as Mankind Pharma is expected to debut.
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