BOK hikes rates for first time in 3-1/2 years, signals more
South Korea’s central bank has increased its benchmark interest rate for the first time in three years. This move aims to stabilize the currency and counter rising inflationary pressures. The bank anticipates further tightening of monetary policy in the coming months. Economic growth is expected to significantly exceed previous forecasts this year. Analysts predict at […]
Gold steady as Mideast escalation tempers easing inflation optimism
Gold prices remained stable as U.S. inflation data showed easing pressures. However, Middle East conflict escalation drove oil prices higher, reviving energy cost concerns. U.S. producer prices unexpectedly fell in June, indicating subsiding inflation before recent events. Federal Reserve officials expressed determination to bring inflation down soon. China’s economy expanded at its slowest pace in […]
Protection business boosts HDFC Life, ICICI Pru Life Q1 earnings
HDFC Life and ICICI Prudential Life saw healthy profit expansion in the June quarter. Steady premium growth and stable new business margins drove these positive financial results. HDFC Life reported a twelve percent rise in net profit, while ICICI Prudential Life’s profit increased twenty-eight percent. Both companies experienced strong contributions from their protection product offerings. […]
Sprng deal could deliver fresh spark to drive Grasim revenue
Grasim Industries is strategically acquiring Sprng Energy to accelerate its renewable energy business growth. This acquisition is expected to significantly increase the renewable energy segment’s revenue share by FY28. The company acquired Sprng Energy’s solar portfolio at a discount to current market rates. However, the deal will increase financing costs and may impact near-term profitability. […]
Global Market Today: Asian equities drop led by Kospi, oil extends gain
Asian stocks declined as semiconductor shares faced renewed selling pressure. Crude oil prices climbed higher due to fresh strikes in the Middle East. Government bonds in Australia and New Zealand opened higher after US inflation data. Traders reduced expectations for Federal Reserve interest rate increases this year. Investors assess if strong earnings can sustain the […]
TVS Venu Group firm Home Credit India to acquire Varthana Finance for Rs 967 crore
The acquisition will make Varthana Finance a wholly owned subsidiary of Home Credit India and a step-down wholly owned subsidiary of TVS Holdings after the deal closes. The move will help the group expand into a “complementary secured and longer-tenure lending segment” and strengthen its position in India’s financial services sector, the company said.
Softer inflation trips rate hike forecasts, RBI hold more likely
Standard Chartered Bank had already withdrawn its August rate hike forecast following the last policy review. ET’s interactions with bank economists and a review of research reports show that most institutions now expect the RBI to remain on hold through FY27, while some believe any rate hikes would be back-ended later in the year as […]
Rupee slips 5 paise on safe-haven dollar demand
The Indian rupee closed marginally weaker at 96.26 against the US dollar on Wednesday. Safe haven dollar demand kept the rupee on a weaker footing throughout the trading session. Mild central bank interventions helped contain further losses for the Indian currency. Meanwhile, Brent futures climbed two percent to $86.44 a barrel. This oil price increase […]
SBI Funds IPO subscribed 2.77 times on Day 2; NII segment leads demand
SBI Funds Management’s IPO saw strong subscription interest on its second day. The Qualified Institutional Buyer portion was subscribed 1.5 times, while retail investors showed good engagement. Non-Institutional Investors showed significant interest, subscribing 6.58 times to their allocated portion. Shareholders of its parent company, State Bank of India, subscribed 3.98 times. This significant IPO, the […]
Buoyed by Q1 show, Indian IT shrugs off IBM shock
Indian technology stocks demonstrated resilience on Wednesday, defying IBM’s significant overnight decline. Depressed valuations and positive first-quarter results provided support for local outsourcing firms. The Nifty IT index saw a minor dip, while the broader Nifty 50 index edged higher. Analysts noted that IBM’s issues were not directly correlated with Indian IT services. Investor concerns […]