Earnings estimates get highest cuts in 2 years on slowdown worries, high rates
Most of the earnings downgrades have happened in commodity-driven sectors like metals, cement, and energy. The continued weakness in rural India has also added to the downgrades in select consumer-facing companies’ earnings. Banks, finance, and automobile companies have seen upgrades.
Traders wary, roll over fewer bets; indices fall
About 73% of Nifty futures contracts were rolled over to March on Thursday, according to final data. This is lower than 79% in the previous series and the three-month average of 76%.
Zee Ent moves NCLAT for relief in insolvency case
Zee Entertainment Enterprises Limited (ZEEL) MD & CEO Punit Goenka has moved the National Company Law Appellate Tribunal (NCLAT) seeking relief from the order passed by the National Company Law Tribunal (NCLT) against the media conglomerate yesterday.
HDFC Bank to raise $750 million via dollar bonds
HDFC Bank has mandated six global banks, including HSBC, JPMorgan, Citibank, and Standard Chartered Bank. HDFC Bank did not respond to an email query. JPMorgan declined to comment. Citibank, HSBC and Standard Chartered couldn’t be reached immediately for comments.
US nominates Ajay Banga for World Bank President
Banga has “critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change,” said Biden in a statement, amid a push for lenders to revamp and address global problems more effectively.
Local Funds’ share in equity assets at a new record in Jan
The equity AUM of local mutual funds includes all equity exposure from equity funds to balanced funds. It rose by 13% to Rs 22.6 lakh crore in January from the year ago.