Big Movers on D-St: What should investors do with Usha Martin, Cholamandalam Investment and M&M Financial?
The Indian stock market closed higher on Thursday, with the S&P BSE Sensex up over 500 points and the Nifty50 ending above 18200 levels. Telecom, banks, metal, and public sectors all contributed to the rally, while sell-offs were seen in FMCG stocks. Usha Martin, Cholamandalam Investment and M&M Financial Services emerged as some of the […]
HDFC net profit rises 20% in March quarter
The March quarter marked perhaps the last full financial year of standalone existence for India’s home-financing pioneer, which is being merged into the country’s most valued bank it spawned nearly three decades ago.
Adani Enterprises Q4 profit surges 138%
The company, which acts as an incubator for new businesses for the ports-to-cooking-oil conglomerate, reported a consolidated net profit of ₹722 crore for the January-March quarter, up 138% compared with ₹304 crore a year earlier.
Book profits with Nifty above 18,000, says BofA
The brokerage said with the Nifty above 18,000, which is its year-end target for the index, there is little room for more upside. If the Nifty falls to 16,000, it would be a buying opportunity, said BofA. The Nifty rose 165.95 points, or 0.92%, to close at 18,255.80 on Thursday.
Equity MFs turn cautious in April, offload stocks as FPIs start buying
The domestic funds sold equities worth Rs5,171 crore in April 2023; they turned out to be sellers in the secondary market for the first time in eight months. In the past 26 months, there were only two such instances.
Global finance dominated by few currencies: RBI
The global currency system needs to be diversified with the adoption of liquid currencies to de-risk the system from dependence on a few reserve currencies, according to Reserve Bank of India Deputy Governor T Rabi Sankar. He also called for the wider adoption of central bank digital currencies (CBDCs) and warned against allowing private virtual […]
PFC plans bond issues to raise Rs 6,000 crore
The power financier is likely to issue ₹600 crore worth of five-year non-convertible debentures with a greenshoe option of ₹3,000 crore on May 8. On the same day, the firm is also likely to issue three-year bonds worth ₹400 crore with an additional subscription option of ₹2,000 crore.
Taxman has a ‘benami’ key to exhume deals assumed long done and dusted
Indian tax officials, looking into suspected benami deals, are pressing wealthy individuals about transactions that occurred long before the Benami Transactions (Prohibition) Amendment Act came into force in November 2016. Ironically, even though India’s Supreme Court ruled in August last year that the law couldn’t be applied retrospectively, tax officials still have powers to call […]
Adani Transmission plans to buy back $100m bonds
While Standard Chartered Bank could not be immediately reached for comment, an Adani spokesperson declined to comment on market speculation when asked about the buyback of the USD bonds.