Chris Wood notes $7.6 billion monthly retail inflows boosting Indian equity ownership to 18.4% by FY24 from 16.6% in FY21, while foreign institutional ownership is 19.9%.
HDFC Bank's June 2024 results on July 19 may report a 5% net profit drop, attributed to weak deposits and the merger with HDFC Ltd. Investors should watch loan and deposit growth commentary. Net interest income might increase slightly; assets, NIM, and CD ratio remain stable. Operating expenses controlled, fee income aligns with loan growth, lower provisions expected.
A depression over the Northwest and Westcentral Bay of Bengal will bring isolated heavy rainfall to Coastal Andhra Pradesh, Yanam, South Odisha, and South Chhattisgarh.. The depression is expected to cross the coast near Puri on 20th June.
Finance Minister will unveil the 2024 Budget on July 23. ETMarkets' analysis shows stocks that consistently gained over 1% on the day before the budget announcement in the last five budgets.
Delhi Finance Minister Atishi demanded Rs 10,000 crore from the Central government for infrastructure development, citing Delhi's significant tax contributions. She stated that despite Delhi contributing Rs 2 lakh crore in income tax and Rs 25,000 crore in central GST, the city received nothing in return last year.
State-owned BPCL disclosed a standalone net profit of Rs 3,015 crore for the first quarter ending June 2024. This marks a decline of 71% compared to the Rs 10,551 crore reported in the same quarter of the previous year.
Members of the promoter family of Godrej Industries Group, including Nadir Godrej and the children of his brother Adi Godrej, have taken control of flagship firm Godrej Industries Ltd (GIL) with a 64.66 per cent stake under the settlement agreement, GIL said in a regulatory filing on Friday.
Bharti Airtel is close second to LIC with a gain of 68.2% in the same period, while the country’s largest public sector lender State Bank of India (SBI) gained 47.64%, according to the stock exchange data.
Budget Expectations 2024: India, under PM Narendra Modi’s leadership, has consistently increased healthcare allocation and spending. This trend continued with the Interim Budget for 2024-25, which holds particular importance as India nears the 2025 goal set by the National Health Policy (NHP) 2017 to raise health expenditure to 2.5% of GDP.
Former US President Donald Trump, following an assassination attempt, gains a lead over President Joe Biden in the upcoming elections. Trump's re-election could benefit India, but concerns arise over his stance on trade and tariffs. Trump's history of trade disputes with India and potential impact on bilateral ties are highlighted, along with the evolving India-US trade relationship and technological cooperation. The return of Trump may reignite negotiations on a bilateral trade deal between the two countries.
So, given that there is still some catch up to do, given that monetary policy may be constrained, we clearly want to keep consolidating the fiscal. I think the government has been on a very responsible path over the last three years, so we want to keep going down that path, but make sure we do not do it excessively. I think a half a percent of GDP, given where we are economically just seems just right for the moment.
Air India experienced an emergency landing of a flight from Delhi to San Francisco in Russia due to a detected issue in the cargo hold. This incident marks the second emergency landing on this route in just over a year. The Boeing 777 aircraft, carrying 225 passengers and 19 crew members, safely landed at Krasnoyarsk International Airport in Siberia.
Sharing pictures of the meeting on X, Lockheed Martin in a post said, "CEO Jim Taiclet joined Hon'ble @narendramodi. As a trusted partner of over three decades, we recognize the promising talent and capabilities of the local industry and remain committed to strengthening the defense and industrial ties between our two nations."
German shares were down 0.6% after producer prices in the regions largest economy fell by 1.6% on the year in June, in line with analysts' expectations in a Reuters poll.
Kotak Mahindra Bank's Q1FY25 profit is projected at Rs 3,682 crore, up 7% YoY, with NII of Rs 7,053 crore, a 13% increase. Yes Securities forecasts Rs 3,883 crore PAT, while BNP Paribas estimates Rs 3,520 crore. Earnings release on July 20. PPOP, credit costs stable, asset quality controlled. Loan growth, cost ratios, appraisal season are key factors.
The revenue from operations stood at Rs 18,070 crore, which represents a 2% increase compared to Rs 17,737 crore reported by the company in the corresponding quarter of the last financial year. On a sequential basis, the cons PAT was down by 25% over Rs 2,258 crore reported by the cement maker in Q4FY24.
Budget 2024 Expectations: The Modi government, in its first Budget of the third term, is anticipated to adhere to the disinvestment target set in the interim Budget for this fiscal year. Finance Minister Nirmala Sitharaman has pegged the target for 2024-25 at Rs 50,000 crore. However, the disinvestment estimate for 2023-24, presented in the Interim Budget in February, was revised downward to Rs 30,000 crore from the originally budgeted Rs 51,000 crore.
The petitioner has urged the top court to pass an appropriate direction to conduct the NEET-SS Examination 2024 in July-August, 2024 and an appropriate direction setting aside the decision of Respondent NMC taken in the meeting held on February 21 to postpone the NEET-SS Examination, 2024 and communicated vide letter dated February 23.
State Bank of India (SBI) stated its systems remain unaffected by the global Microsoft outage, confirmed by chairman Dinesh Khara. The outage, reported by many Microsoft users globally and in India, disrupted flights, banks, media outlets, and companies worldwide. Microsoft is gradually fixing the issue impacting Microsoft 365 apps and services.
Congress leader K C Venugopal confirmed that the party has taken action against the MLAs who cross-voted in the recent biennial elections for 11 seats of the Maharashtra legislative council. He emphasized the importance of discipline and hinted at consequences for those who defied the party's directive during the voting process.
At 2:15 PM, the stock was trading 4% higher at Rs 462.7 on the BSE. Despite a 23% increase over the past three months, it has fallen 45% over the past year. Technically, the stock's relative strength index stands at 55.8. The MACD is at 19.4, positioned above its center and signal line, suggesting a bullish trend.
Shares of RVNL surged 8.7% as the company signed an MoU with United Construction of Israel and settled a dispute with KRCL. The stock has seen significant growth over the past year.
The Indian mutual fund industry is on track to surpass Rs 100 lakh crore AUM in the next few years. AUM grew by 38% to reach Rs 61.16 lakh crore. Equity funds and sectoral/thematic funds experienced significant inflows. Investors are advised to understand sectoral funds before investing.
