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Business Standard

INR strengthens to 2-month high after Fed's 50 bps rate cut

The Indian rupee strengthened by 10 paise to hit a two-month high level of 83.66 against the US dollar on Thursday after the US Federal Reserve cut the benchmark interest rate by 0.50 per cent, boosting investors' sentiment. The economic projections provided by Fed officials at the meeting suggested the central bank will cut rates by another 50 basis points by the end of the year. Fed officials also expect to continue lowering rates next year, with the projections indicating rates will be lower by another full percentage point by the end of 2025. Massive buying in domestic equities and inflow of foreign funds also supported the local unit. Indian shares rose on Thursday, but key benchmark indexes ended off their day's highs amid signs of escalating tensions in the Middle East. The benchmark 30-share BSE Sensex hit a new record high of 83,773.61 in intraday trade before finishing up by 236.57 points, or 0.29 percent, at 83,184.80. Likewise, the broader Nifty index hit a fresh record ..

The Economic Times

Gainers & Losers: NTPC, Aavas Financiers among 6 stocks in action on Thursday

Indian headline indices reached record highs on Thursday, with the Nifty surpassing 25,000 and closing at 83,184.80, while the Sensex ended at 25,415.80, driven by HDFC Bank.

The Economic Times

Market Wrap: HDFC Bank helps Sensex end at record high, Nifty gains 38 points

Indian headline indices hit fresh record highs on Thursday cheering US Federal Reserve's 50 bps points rate cut though they conceded the morning gains towards the end of the session.

CNBC TV18

Sensex Today | Stock Market LIVE Updates: Nifty crosses 25,500, while Nifty Bank reclaims 53,000, IREDA up 3%

Sensex Today | Stock Market LIVE Updates: Indian benchmark indices Nifty 50 and Sensex opened today's trade session at fresh record highs.

Mint

Latest Market News Today Live Updates September 19, 2024: US Fed rate cut: Here's how US Central Bank's decision will impact Indian stock market; Experts weigh in

Latest Market News Today Live Updates: Follow Mint's market blog for real-time updates on your favourite companies. This blog keeps you informed on all things Dalal Street and global markets.

Mint

US Fed rate cut: Here's how US Central Bank's decision will impact Indian stock market; Experts weigh in

Indian investors are closely watching the decision, as it is expected to shape the market trend on Thursday, September 19. Experts suggest that a 50bps rate cut could boost market sentiment.

Mint

US Fed meeting underway: As US Fed rate cut looms, experts upbeat on HDFC Bank, ICICI Bank, Axis Bank, SBI

The US Fed meeting is underway. The Fed is expected to initiate a rate-reduction cycle, benefiting markets and boosting foreign investment, particularly in Indian banking stocks. Experts predict positive impacts on private banks like HDFC Bank, ICICI Bank, Axis Bank and SBI.

Mint

‘Saver turns investor in a rebalance,’ says Uday Kotak, as Indian households embrace equities, mutual funds

Indian households are increasingly shifting their savings habits towards more diversified investment options. There has been a noticeable decrease in the proportion of bank deposits and a growing preference for equities and mutual funds.

CNBC TV18

The Marketbuzz Podcast: All eyes on the Fed, Nifty Bank weekly expiry today

Marketbuzz Podcast: Indian markets may see a flat start according to the GIFT Nifty. Watch out for stocks like REC, SpiceJet, ONGC.

The Economic Times

SpiceJet to utilise QIP proceeds to stabilise its 'financial health'

Through the QIP, the struggling carrier is aiming to raise funds by selling shares to eligible institutional participants. ICICI and Indian Bank are yet to give consent for the QIP whereas Yes Bank has given the consent, said the carrier. ET earlier reported that promoter Ajay Singh's share may be diluted by more than 10% through the QIP.

Business Standard

Infosys enters collaboration with UK's Metro Bank to digitalise operations

Indian IT major Infosys on Tuesday said it has entered into a long-term collaboration with British community bank Metro Bank to digitise the bank's operations. The collaboration will utilise Infosys Topaz, the firm's AI-first offerings, to enhance Metro Bank's digital capabilities, improve automation, refine data, and embed further AI capabilities. This will assist the bank in increasing efficiency and saving costs, a regulatory filing said. "At the end of this transformation, we will be a very different business, but the true essence of Metro Bank will remain the same -- a high-quality service organisation putting customers centre-stage," Metro Bank CEO Daniel Frumkin said. The bank expects to deliver 80 million pounds of annualised cost savings this year across multiple initiatives, as it progresses towards the target of reaching mid-to-high teen return on tangible equity by 2027, he added. "Our shared goal is to continually enhance customer engagement, community focus, and the

The Economic Times

JBM Ecolife Mobility secures USD 100 mn funding from ADB, AIIB for electric bus expansion

JBM Ecolife Mobility has secured USD 100 million in funding from the Asian Development Bank and the Asian Infrastructure Investment Bank. The funds will be used to supply and operate electric buses across multiple Indian states under the Gross Cost Contract model, supporting India's Net Zero 2070 target.

The Economic Times

Upside potential of 71%! Bajaj Finance among 8 stocks on which brokerages initiated coverage

Brokerages have recently initiated coverage on eight Indian stocks, including Bajaj Finance, CCL Products, and AU Small Finance Bank, highlighting their growth potential. The optimism is driven by favorable domestic and international economic conditions. Stocks like CCL Products are expected to see significant upside due to advanced technology and strategic expansion efforts.

The Economic Times

Stocks to buy today: Infosys, Hindalco among top trading ideas for 17 September 2024

The Indian market is expected to trade higher on Tuesday, influenced by positive global cues. Nifty futures closed with a gain of 0.25% on Monday. Analysts suggest a broader trading range between 24,900 to 25,800 zones. Key stock recommendations include Infosys, Hindalco, and IndusInd Bank for short-term gains.

Business Standard

HSBC India starts global education payments; direct payments to 600 univ

HSBC India on Monday launched global education payments to enable Indian students and the bank's customers to pay fees directly to more than 600 international universities and colleges. Aiming to simplify the process of foreign currency payment, it provides students and their families a completely digital experience when making tuition payments for their overseas education, the bank said in a statement. With this new feature on the HSBC India mobile banking app, customers can select the country or territory and the university and get pre-loaded, pre-verified account details of the university, it said. They can then add student details, upload loan documents, make a payment request instantly and securely through the mobile app and benefit from reduced remittance costs compared to other international education payment options available. *** Piramal Finance partners with Digital India's Common Service Centers * Piramal Capital & Housing Finance Ltd (Piramal Finance), a wholly-owned

Mint

F&O Strategy: Buy Axis Bank, Oberoi Realty, and Sell BPCL, recommends Rupak De as Indian stock market hits record high

F&O Strategy: Technical views on F&O market by Rupak De, Senior Technical Analyst, LKP Securities. De suggests buying Axis Bank, Oberoi Realty, and selling Bharat Petroleum Corporation Ltd (BPCL).

Business Line

Stock Market Live Updates September 16, 2024: Sensex, Nifty brace for US Fed’s rate cut, key economic data releases

Sensex, Nifty, Share Prices LIVE: The Indian stock market’s outlook this week will be heavily influenced by the US Federal Reserve’s interest rate decision, set to be announced after the Federal Open Market Committee (FOMC) meeting on September 18, analysts say. A widely anticipated 25 basis points (bps) rate cut and possibly a larger 50 bps reduction could trigger positive market sentiment, especially in emerging markets like India. Last week saw a stellar performance, with Nifty and Sensex hitting all-time highs, driven by sustained foreign institutional investor (FII) inflows. Analysts attribute this to expectations of lower US yields and a weaker dollar. Key global events, including Japan’s inflation data, the Bank of Japan’s policy decision, and domestic data such as WPI inflation, will further shape market trends. With geopolitical concerns and oil prices in focus, this week is pivotal for Indian equities, particularly in light of FII flows and global macroeconomic developments.

The Economic Times

Why timing is everything for startup IPOs, and how Bank Nifty’s placed ahead of Fed meet

The Paytm IPO debacle of 2021 sent shockwaves through the Indian startup ecosystem. The fallout was significant, with other startups reconsidering their IPO plans and adopting cautious stance around the strategy and valuation of their float.

Business Standard

Indian Overseas Bank bags Rajbhasha Kirti Puraskar for 2nd consecutive time

Public sector Indian Overseas Bank has secured the Rajbhasha Kirti Pratham Puraskar first prize for the second consecutive year in the Official Language Implementation category for 2023-24 by the Ministry of Home Affairs. The recognition underscores the commitment of the city-headquartered bank in promoting the use of Hindi language and enhancing the implementation of official language policies across its operations. Union Home Minister Amit Shah presented the award to the bank's Managing Director and CEO Ajay Kumar Srivastava in New Delhi at a function to mark the Hindi Day Celebrations and the Diamond Jubilee of Official Languages, a press release from the Bank said. Indian Overseas Bank currently has 3,264 branches, 3,500 ATM network and 7,251 business correspondents. It also offers its service in Singapore, Hong Kong, Thailand and Sri Lanka. The Ministry of Home Affairs introduced the Rajbhasha Kirti Puraskar award scheme to encourage the implementation of the official language

Business Standard

Banks should adapt to changing customer needs to remain competitive: CEA

Chief Economic Advisor to the Centre, V Anantha Nageswaran has said banks should adapt to changing customer preferences and market dynamics in order to remain competitive. He highlighted the crucial role of agriculture in driving economic growth at an event organised by public sector Indian Bank here on Saturday. In his remarks on the topic 'Indian Economy and Banking: Growth and Trends", Nageswaran stressed on the importance of technological advancements in driving growth and innovation in the industry. The CEA, in a press release issued by the Bank, emphasised the need for banks to adapt to changing customer preferences and market dynamics to remain competitive. He hailed the Indian Bank for its efforts to invest in knowledge sharing and excellence and lauded it's initiative under the MSME Prerana programme which is aimed at training the entrepreneurs. In his address, Indian Bank Managing Director and CEO S L Jain said, "We are delighted to have Dr Nageswaran sharing his insight

The Economic Times

Banks need to adapt to changing customer preferences to remain competitive: CEA

Chief Economic Advisor V Anantha Nageswaran emphasized the need for banks to adapt to changing customer preferences and market dynamics. Speaking at an event by Indian Bank, he highlighted agriculture's role in economic growth and praised the bank's MSME Prerana programme. Indian Bank CEO S L Jain appreciated Nageswaran's insights on the economy and banking sector.

The Economic Times

LG said to pick banks for $1.5 billion listing of Indian unit

LG Electronics is considering an IPO of its Indian business, aiming to raise up to $1.5 billion. Banks like Bank of America, Citigroup, JPMorgan, and Morgan Stanley have been appointed for the potential offering.

Business Standard

LG Electronics picks banks for $1.5 billion listing of Indian unit

LG has tapped banks including Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley as arrangers for an IPO

Business Standard

India's growth trajectory supported by an environment of macroeconomic and financial stability

Shaktikanta Das, Governor, Reserve Bank of India noted in a speech that Indian economy rebounded from the severe contraction imposed by the COVID-19 pandemic and averaged real GDP growth of above 8 per cent during 2021-24. For 2024-25, the Reserve Bank of India (RBI) projects real GDP growth at 7.2 per cent, with risks evenly balanced around this forecast. This growth outlook reflects the underlying strength of India's macro-fundamentals, with domestic drivers - private consumption and investment - playing a major role. Moreover, the growth trajectory is supported by an environment of macroeconomic and financial stability.

The Economic Times

Market Trading Guide: ICICI Bank, BHEL among 5 stock recommendations for Friday

Indian headline indices soared to record highs on Thursday, with the S&P BSE Sensex rising 1.77% to 82,962 and the Nifty50 ending above 25,350. Technical analyst Nagaraj Shetti forecasts further gains, with key levels at 25,800 and immediate support at 25,200.

The Economic Times

NaBFID, state-backed infra lender, plans 530 billion rupees debt raise in FY25, says official

The Indian government-backed NaBFID aims to raise 530 billion rupees from the debt market this fiscal year. The bank has already raised 90 billion rupees and sanctioned 200 billion rupees of its target for the year. NaBFID's managing director is confident of meeting targets despite potential regulatory changes by the Reserve Bank of India.

The Economic Times

F&O Ban List: Aarti Industries, Bandhan Bank among 7 stocks under trade ban on Thursday

Seven stocks, including Aarti Industries and Bandhan Bank, are under F&O trade ban due to high open interest. The ban is lifted only if the open interest falls below 80%. Indian equity indices ended lower on Wednesday amid volatility, influenced by auto, metal, and banking stocks ahead of key US inflation data.

The Economic Times

Sensex plunges 398 points, Nifty breaches 25K on rate cut fears; bank, metal, auto stocks hammered

Indian equity benchmark indices ended lower on Wednesday in a volatile session, impacted by declines in auto, metal, and banking stocks. The BSE Sensex fell 398 points to close at 81,523, while the NSE Nifty dropped 122 points to settle at 24,918. The market capitalisation of all listed companies on BSE declined by Rs 2.47 lakh crore to Rs 461.02 lakh crore.

The Economic Times

Hedging against swings in Indian bank stocks suddenly looks cheap

Options traders are less wary of Indian banks, with hedging costs near January lows. Despite underperformance, private banks like HDFC and ICICI are expected to outperform as valuations reflect concerns.

Business Standard

Hedging against volatility in NSE Nifty Bank Index suddenly looks cheap

Indian bank stocks have lagged the broader market, with sluggish deposit growth raising concerns that more regulation may be coming

Hindustan Times

Amazon Great Indian Festival 2024 is here: Check dates, bank offers, discounts

Amazon has teased its Great Indian Festival, coinciding with Flipkart's Big Billion Days sale. Shoppers can expect deals on gadgets and bank-specific offers.

Business Standard

Centre amends regulations related to amalgamations under companies law

The government has amended certain rules governing mergers under the companies law and amalgamations involving a foreign holding company and its wholly-owned Indian subsidiary will now require prior RBI approval. Amendments have been made to the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 by the corporate affairs ministry. The changes are with respect to "transferor foreign company incorporated outside India being a holding company and the transferee Indian company being a wholly-owned subsidiary company incorporated in India" entering into a merger. In such cases, the ministry on Monday said both the companies shall obtain the prior approval of the Reserve Bank of India (RBI) and the transferee Indian company should also comply with the provisions of Section 233 under the Companies Act. Broadly, Section 233 pertains to mergers and amalgamations of certain companies. Sandeep Jhunjhunwala, Partner at Nangia Andersen LLP, said the trend of reverse flipping ha

The Economic Times

Indian Bank to raise Rs 5,000 crore through infra bonds

This issuance comes at a time when banks have been aggressively mobilising capital through debt markets this year as credit growth remains much higher than deposit growth. Banks and financial institutions raise money through infrastructure bonds to finance long-term infrastructure projects. Indian Bank plans to raise funds for refinancing purposes.

The Economic Times

Union Bank of India becomes first major Indian Bank to sign PCAF

Union Bank of India has joined the Partnership for Carbon Accounting Financials (PCAF) to align with global climate risk management efforts. This move follows the Reserve Bank of India's draft guidelines on climate risk disclosures, emphasizing the importance of tracking financed emissions. The bank aims to measure and manage its indirect emissions from lending and investment activities.

The Economic Times

F&O Ban List: Hindustan Copper, Balrampur Chini among 7 stocks under trade ban on Monday

Seven stocks, including Aditya Birla Fashion and Retail, Balrampur Chini, and Bandhan Bank, are under F&O trade ban on Monday. The ban occurs when open interest crosses 95% of market-wide positions limits. Indian benchmark indices Sensex and Nifty fell on Friday due to investor caution ahead of a key U.S. jobs report.

The Economic Times

RBL Bank launches fuel credit card with IOCL

RBL Bank has launched the 'Xtra Credit Card' in partnership with Indian Oil Corporation, offering customers up to 8.5% savings on fuel purchases. The bank expects a moderate growth of 12-15% in its credit card portfolio this fiscal year. The card will be issued via the Mastercard network and offers significant fuel points for every ₹100 spent.

The Economic Times

F&O Talk: Market lacks strength, 25,350 critical resistance for Nifty, says Sahaj Agrawal of Kotak Securities

Indian benchmark indices saw a significant drop of over 1% on Friday due to weak global signals and regulatory challenges. Analyst Sahaj Agrawal from Kotak Securities discussed the market outlook, highlighting critical resistance levels for Nifty and Bank Nifty. He suggested focusing on specific sectors like Pharma, FMCG, and consumer durables for medium-term gains

Mint

Ganesh Chaturthi 2024: Geojit Financial Services recommends these two stocks to buy on Monday — Sept 9

Ganesh Chaturthi Stocks Picks: Geojit Financial Services expert recommends two stocks to buy on Monday — Indian Bank, Dilip Buildcon

Business Standard

Sanjeev Mehta quits Standard Chartered Bank, set to launch new venture

Sanjeev Mehta Sanjeev Mehta has stepped down as Standard Chartered Bank's managing director and head of transaction banking sales for corporate, commercial and institutional Banking for South Asia after a 17-year career at the bank. Mehta resigned in July this year with plans to launch a greenfield venture, a statement said on Friday. His departure from the bank comes at a time when the Indian financial landscape is undergoing rapid change, presenting both challenges and opportunities for new entrants, it said.

Business Standard

Sanjeev Mehta quits Standard Chartered Bank, set to launch new venture

Sanjeev Mehta Sanjeev Mehta has stepped down as Standard Chartered Bank's managing director and head of transaction banking sales for corporate, commercial and institutional Banking for South Asia after a 17-year career at the bank. Mehta resigned in July this year with plans to launch a greenfield venture, a statement said on Friday. His departure from the bank comes at a time when the Indian financial landscape is undergoing rapid change, presenting both challenges and opportunities for new entrants, it said.