STATE BANK OF INDIA Q1 RESULTS
Ahead of Market: 10 things that will decide stock market action on Thursday
The Indian market closed flat on Tuesday, ahead of the Christmas holiday, with gains in FMCG and auto stocks being offset by losses in metal and power stocks. Analysts predict range-bound movement due to economic concerns, Q3 results, and the upcoming Union budget, amidst mixed global market performances.
Mumbai Metro One lenders in talks to sell Rs 1,226-crore debt to NARCL
Lenders to Mumbai Metro One are close to selling their ₹1,226 crore debt to NARCL for ₹1,063 crore, including 15% cash. The government-backed bad bank may restructure the debt while recovering loans is under government guarantee. SBI and IDBI Bank had petitioned for insolvency previously.
Women account for 1 out of every 4 new investors in Indian stock markets: SBI Report
Women's participation in domestic stock markets has surged with female accounts for nearly 1 investor in every 4 new investors in markets, says a report by State Bank of India.
Accenture quarterly numbers point to strong GenAI prospects
Accenture's latest earnings boost Indian IT sector outlook. GenAI bookings hit a record high. North American demand shows signs of recovery. The company raised its FY25 growth forecast. Indian IT firms expect strong Q3 results and a robust FY26. Accenture's hiring continues to grow, mostly in India.
Bank deposit rates to stay firm in Q4 as loan demand peaks
Bank deposit rates are expected to remain steady. Lenders need funds for increasing loan demands. The recent CRR cut offers some relief but the busy credit season keeps pressure on. Credit growth is around 10.6%. Deposit growth is similar. Liquidity is tight. Short-term rates are rising. Banks are working hard to attract deposits by offering competitive rates.
CGTMSE celebrates approval of 1 crore guarantees for micro and small enterprises
CGTMSE celebrated approving 1 crore loan guarantees. The event honored small businesses and lenders. Chairman Manoj Mittal highlighted the impact of credit guarantees. These guarantees help businesses access funding without collateral.
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Bank of Baroda shares in focus as lender to raise Rs 10,000 crore via long-term bonds
Shares of state-owned Bank of Baroda (BoB) will be in focus on Thursday after the bank’s board approved raising up to Rs 10,000 crore through long-term bonds. The funds will be used to finance infrastructure and affordable housing projects.
Vedanta shares jump over 1% as board to decide on fourth interim dividend today
Vedanta's board is scheduled to meet on December 16, 2024, to discuss a potential fourth interim dividend for FY2024-25. The record date is set for December 24. This follows three previous interim dividends, totaling Rs 35 per share. The company's shares have doubled in value this year, despite a 4% year-on-year decline in Q2 FY25 revenue.
Five of top-10 most valued firms together add Rs 1.13 lakh cr in market valuation; Airtel shines
Five of the 10 most valued firms added Rs 1,13,117.17 crore to their total market valuation last week with Bharti Airtel stealing the show. While Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, ICICI Bank and Infosys were the gainers, Reliance Industries, State Bank of India, Life Insurance Corporation of India (LIC), ITC and Hindustan Unilever took a hit in their valuations.
Ashok Leyland shares in focus after securing order worth Rs 346 crore from Tamil Nadu State Transport Corporation
Ashok Leyland shares will be in focus after securing an order from the Tamil Nadu State Transport Corporation (TNSTC) to supply 1,475 BSVI diesel passenger bus chassis, valued at approximately Rs 345.58 crore. The delivery will occur between December 2024 and May 2025, with the contract following standard business terms and no adverse conditions, the company confirmed.
Key Indian minister confident India will remain the champion
India's Commerce Minister Piyush Goyal expressed confidence in the country's economic recovery, projecting it to remain the fastest-growing major economy despite a recent slowdown. While acknowledging challenges like slowing consumption and inflation, Goyal highlighted positive indicators such as festive spending and rural growth, emphasizing the government's commitment to structural reforms and technological advancement for long-term growth.
EC counted 1,445 VVPAT slips in Maharashtra, there was no mismatch with EVM numbers: State's Chief Election Officer
Maharashtra's Chief Election Officer confirmed the accuracy of EVMs after counting 1445 VVPAT slips, finding no mismatches. This follows allegations of EVM malpractice by Maha Vikas Aghadi leaders and Sharad Pawar's advocacy for paper ballots. Authorities are investigating and pursuing legal action against those spreading false tampering claims, including an individual residing abroad.
PSB loan write off in H1 FY25 at Rs 42,000 cr
Indian public sector banks wrote off ₹42,035 crore in loans during the first half of the current fiscal year, with SBI, PNB, Union Bank, and Bank of Baroda leading the way. The finance ministry clarified that these write-offs don't waive borrower liabilities, and recovery efforts continue. Total write-offs for 2023-24 reached ₹1.14 lakh crore, slightly lower than the previous year.
Growth seen at 6.1-6.8% for FY25 on 7-quarter Q2 low
India's economic growth forecasts for fiscal year 2025 have been cut by economists due to a slowdown in expansion. GDP is expected to grow 6.1-6.8%, down from an earlier forecast of 7.2%. Key factors include low consumption, weak investment demand, and reduced urban wage growth. Government spending and healthier agricultural production may support growth in the second half.
India's GDP expected to fall below 6.5 pc in FY25 amid slowdown in GDP growth in second quarter: SBI
India's GDP is likely to drop below 6.5 per cent in FY25, with Q2 growth slowing to 5.4 per cent. The manufacturing sector faced significant declines, impacting overall economic performance. Despite resilience in services and agriculture sectors, industrial sluggishness pulled down growth. GVA growth stood at 5.6 per cent, marking challenges ahead for the economy.
SBI, Tata Motors among Motilal Oswal's top winners & losers post a dull Q2 earnings season
Motilal Oswal Financial Services highlighted both winners and laggards in a subdued Q2 for corporate India. SBI and L&T led the gainers, demonstrating resilience and growth, while Tata Motors and Asian Paints faced challenges. Nifty-50 earnings saw modest growth, prompting Motilal Oswal to lower FY25 EPS estimates but anticipate a 2HFY25 recovery driven by increased consumer and government spending.
36 companies doubled their sales and PAT in a disappointing Q2 earnings season
Despite a lackluster Q2 earnings season, 36 companies defied the trend, doubling both sales and profits. Some achieved growth in the thousands of percentage points, driven by strong demand in sectors like pharma and realty. Analysts remain optimistic about a stronger second half of FY25, citing festive demand and rural recovery.
S&P keeps India's FY25 growth forecast at 6.8%
S&P Global Ratings maintains India's FY25 GDP growth forecast at 6.8% but lowers projections for FY26 and FY27 to 6.7% and 6.8%, respectively. High interest rates and reduced fiscal support are expected to dampen urban demand. While PMIs signal expansion, recent indicators suggest softening growth due to a construction sector downturn.
How paying women Rs 1,500 won an election in one of India's richest states
India's ruling BJP party used cash handouts to women to secure a landslide victory in Maharashtra's state elections. This $18 monthly payment targeted underprivileged women, effectively swaying votes in a state marked by significant income inequality. The strategy's success raises concerns about the rising cost of elections and its impact on future political spending.
Top picks post Q2 results: ICICI Bank, ONGC could give 30-60% return in 1 year
Indian corporate earnings for the second quarter of FY25 showed weaker-than-expected results, with single-digit growth for the second consecutive quarter. While sectors like BFSI and Technology performed well, the overall market was dragged down by weakness in commodities, particularly O&G.
HAL shares rally 4% after Q2 PAT jumps 22% YoY to Rs 1,510 crore
Hindustan Aeronautics (HAL) shares rose 4% after the company announced a 22% increase in net profit for the quarter ending September 30, 2024. The company's net profit reached Rs 1,510 crore, up from Rs 1,237 crore in the same period last year. Revenue from operations also grew by 6% to Rs 5,976 crore.
SBI, HDFC Bank and ICICI remain RBI's Systemically Important Banks
The Reserve Bank of India has again designated SBI, HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks for 2024. This classification requires these banks to maintain higher capital reserves to ensure financial stability. SBI, categorized in the highest bucket, will need to increase its Common Equity Tier 1 capital to 0.
Hyundai India Q2 Results: Cons PAT falls 16% YoY to Rs 1,375 crore, revenue down 7%
Hyundai India Q2 Results: Revenue from operations in the reporting period, too, fell 7% year-on-year (YoY) to Rs 17,260 crore. The stock is trading 2.50% lower. The company reported an EBITDA of Rs 2,205 crore in Q2, a 10% drop from Rs 2,440 crore in the same quarter last year. Margins also decreased by 30 basis points year-over-year, reaching 12.8% for the period. Hyundai India cited weak market sentiment and geopolitical factors as reasons for the decline in PAT.
SBI Q2 Results Preview: NII may grow at 4-9% YoY on healthy loan growth
State Bank of India is predicted to post single-digit net interest income growth for the September quarter, fueled by loan growth but tempered by deposit costs. Brokerage estimates project net profit to range between Rs 12,894 crore and Rs 18,712 crore, with varying outlooks on year-on-year and sequential changes.
Q2 results today: SBI, Tata Motors among 152 companies to announce earnings on Friday
Over 150 companies, including major players like SBI, LIC, Tata Motors, and Vedanta, are set to release their July-September 2024 quarter results today. SBI is predicted to show single-digit growth in net interest income, while Tata Motors is expected to see a 30% rise in net profit despite muted revenue growth.
Amit Laroya appointed as Chairman of Kennametal India Limited
Kennametal India Limited appointed Amit Laroya, former Managing Director of 3M India, as its Non-Executive Chairman. The company also reported a 4.8% year-over-year increase in sales for Q1 FY25, reaching Rs 2,704 million, driven by volume growth in Hard Metal and Machining Solutions. Profit Before Tax (PBT) surged by 28.
NSE Q2 Results: Profit jumps 57% YoY to Rs 3,137 crore, revenue rises 24%
India's largest bourse National Stock Exchange (NSE), which is gearing up for its IPO next year, on Monday announced that its Q2 consolidated profit after tax jumped 57% year-on-year (YoY) to Rs 3,137 crore due to an 8% drop in expenses.
ICICI Bank Q2 Results Preview: NII may jump by 11% YoY amid healthy momentum in loan book
The net profit for the quarter is expected to range between Rs 10,930 crore and Rs 11,437 crore, reflecting a 7-11.5% increase. JM Financial is optimistic about revenue and PAT, while Nomura offers the most conservative PAT estimates, and Kotak Institutional Equities projects the lowest revenue figures.
Q2 preview: Another weak quarter expected for banks. Top stocks to buy ahead of results
Banks are expected to show weak earnings growth in Q2, with private banks performing slightly better due to higher fees and lower provisions. Loan growth remains slow, impacting net interest income. Top stock picks are ICICI Bank, Axis Bank, and SBI due to their strong growth and asset quality.
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