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[hfe_template id='11223'] [ad_1] Questioning whether Prime Minister Narendra Modi can operate effectively in a coalition government in his third term, Chris Wood of global brokerage firm Jefferies has shaved weightage of PSU stocks in his long-only India portfolio. The weightings in ICICI Bank, State Bank of India (SBI), REC and Coal India will be reduced by one percentage point each, while an investment in PolicyBazaar will be introduced with a 4% weighting, Wood wrote in his GREED & fear newsletter. As for the Asia ex-Japan long-only portfolio, the investment in JSW Energy will be increased by one percentage point by shaving the investment in SBI. Wood said there will be a temptation for investors to tilt portfolio more towards consumption plays, relative to investment plays, on the view that the new government will focus more on populist measures whereas a feature of the past 10 years has been a fiscal deficit driven by spending on physical infrastructure rather t...

[hfe_template id='11223'] [ad_1] About Rs 1.27 lakh crore was wiped off of Reliance Industries Ltd's (RIL) investors as shares of the company ended 7.5% lower on BSE today as poll counting estimates showed that Prime Minister Narendra Modi-led NDA alliance was not likely to score as much as exit polls had predicted in the 2024 Lok Sabha elections. Shares of RIL had made a new all-time high of Rs 3,029 on June 3 when the total market capitalization of the company hit at Rs 20.44 lakh crore. It currently stands at Rs 18.9 lakh crore. In the meantime, Sensex ended nearly 4,400 points lower on Tuesday while Nifty was down by 6%, dragged down by heavyweights Reliance Industries and financial stocks. From the Sensex pack, Reliance Industries, HDFC Bank, and ICICI Bank alone contributed to a 2012-point decline in the index while L&T, SBI, Axis Bank, NTPC, and Power Grid were other stocks dragging the index downwards. Also read: Adani suffers Rs 3 lakh crore shock as sto...

[hfe_template id='11223'] [ad_1] Nifty Bank saw a near-5,000 points or 10% intraday fall on Tuesday as investors made mincemeat of the markets after poll trends showed a spirited fight by the INDIA alliance around half past noon against the exit polls which had given a thumping win to the Bharatiya Janata Party (BJP) led NDA alliance. These are trends and the final outcome could be different when the last vote is counted. Nifty Bank fell to the day's low of 46,077.85 with all 12 stocks in the index trading in the red. Index heavyweights HDFC Bank and ICICI Bank were among the top three laggards and behind Reliance Industries (RIL) to have triggered the downfall. The banking gauge ended at 46,928.60, down by 8%. State-run State Bank of India (SBI) also contributed to the downfall in good stead. SBI fell by a mammoth 19% to hit an intraday bottom of Rs 732. The counter which crossed the market capitalisation of Rs 8 lakh crore while hitting all time high saw its market...

[hfe_template id='11223'] [ad_1] Even as initial election verdict trends triggered a bloodbath in domestic markets, around 270 stocks including Hindustan Unilever (HUL), Dabur, DMart, Marico resisted the negative sentiments. Early trends suggested that NDA is in pole position to form the government for the third consecutive term but unlikely to gain a brute majority of over 400 seats. This led to benchmark indices Sensex and Nifty losing over 7% in what is the biggest intraday fall in over 2 years. While HUL was the top gainer in the Nifty pack with over 4% jump, Dabur and Dmart were up over 1%. In the overall market, around 3465 stocks are trading with cuts. Around 82 stocks are locked in the upper circuit limit, while 855 names are locked in lower circuit. Some others which are seeing a rally despite the market freefall include Data Infrastructure, Ashiana Ispat, Sanwaria Consumer, Titaanium Ten Enterprises, Icon Engineers, Soni Medicare and others. Overall, if the NDA...

[hfe_template id='11223'] [ad_1] Benchmark equity indices traded higher on Tuesday, tracking gains from Asian peers and driven by index heavyweights Reliance Industries, and banking stocks. The BSE Sensex was trading 114 points, or 0.15%, higher at 75,504. The Nifty50 was up 43 points, or 0.19%, trading at 22,976 around 9:19 am. Reliance Industries, L&T, ICICI Bank, SBI, and NTPC were the top contributors to the Sensex, while Bharti Airtel, Infosys, ITC, and TCS dragged the index down. Meanwhile, LIC shares surged 2.6% after the firm reported a net profit of Rs 13,782 crore in Q4 of FY24, which was up by 4.5% over Rs 13,191 crore reported in the corresponding period of the last financial year. Adani Energy Solutions shares rose nearly 3% after the firm said that its board has approved a fundraise of up to Rs 12,500 crore.Sector-wise, Nifty Metal rose 1.25%, led by National Aluminium, Hindustan Zinc, and Hindalco. Nifty Bank, Media, Pharma, Healthcare, and Oil & G...

[hfe_template id='11223'] [ad_1] Mumbai: Sixteen domestic mutual funds, which held shares of ICICI Securities, voted in favour of parent ICICI Bank's proposal to delist the broking arm, according to data compiled by primeinfobase.com. Seven fund houses opposed the plan in the voting process held on March 27, the data showed. The terms of the proposal were controversial with a section of the shareholders opposing it. However, a majority of ICICI Securities' public shareholders favoured the delisting in the voting process. Mutual funds, including Kotak, Mahindra Manulife, Samco, Quantum, ITI, LIC and Baroda BNP, voted against the resolution. Asset management companies which voted in favour, were UTI, Axis, Aditya Birla, HDFC, ICICI Prudential, Nippon, Mirae Asset, DSP, SBI, Sundaram, Bandhan, and NJ, among others. The reason cited by Kotak Mutual Fund for being against the proposal was that parent ICICI Bank did not give ICICI Securities' minority shareholders ...

[hfe_template id='11223'] [ad_1] The combined market valuation of six of the top-10 most valued firms eroded by Rs 1,73,097.59 crore last week, with HDFC Bank and Life Insurance Corporation of India taking the maximum hit in line with weak equities. Last week, the BSE benchmark tanked 1,213.68 points or 1.64 per cent. The market valuation of HDFC Bank slumped Rs 60,678.26 crore to Rs 10,93,026.58 crore. LIC's valuation tanked Rs 43,168.1 crore to Rs 5,76,049.17 crore. Reliance Industries faced an erosion of Rs 36,094.96 crore to Rs 19,04,643.44 crore from its market valuation. The market capitalisation (mcap) of ICICI Bank declined by Rs 17,567.94 crore to Rs 7,84,833.83 crore, and that of State Bank of India went lower by Rs 11,780.49 crore to Rs 7,30,345.62 crore. ITC's valuation dipped by Rs 3,807.84 crore to Rs 5,40,838.13 crore. However, the mcap of Hindustan Unilever climbed Rs 33,270.22 crore to Rs 5,53,822.16 crore. Tata Consultancy Services (TCS) added R...

[hfe_template id='11223'] [ad_1] Indian headline indices returned to their winning ways after a one-day hiatus, led by strong buying action in banks. While the S&P BSE Sensex rallied 990 points to hit the day's high of 74,721.15, the broader Nifty50 climbed by over 230 points to hit 22,655 mark. Finally, the Sensex on Monday settled at 74,671.28, up 941.12 points or 1.28%, while Nifty 50 closed at 22,643.40, gaining 223.45 or 1%. Volatility remained high as India VIX closed at 12.24%, gaining 12% over Friday’s closing. Here are a few factors that led to the surge in Nifty and Sensex: 1) Banks and financials shine Banking stocks which corner the highest weight in the 50-stock Nifty were trading with strong momentum. ICICI Bank, SBI, HDFC Bank and Kotak Bank were four of the top five index contributors today.The Nifty Bank index hit a fresh lifetime high today, rising 1,200 points. Barring IDFC First Bank and Bandhan Bank, the remaining 10 counters in Nifty Bank we...

[hfe_template id='11223'] [ad_1] Equity markets rallied last week mainly due to relief from the middle-east tensions coupled with a correction in oil prices. In today's trade shares of ICICI Securities, ICICI Bank, YES Bank, Ultratech Cement, HCL Tech will be in focus due to various earnings and news developments. ICICI Securities Minority shareholders of ICICI Securities led by Bengaluru-based investment manager Manu Rishi Guptha have filed a class action suit with National Company Law Tribunal (NCLT) against ICICI Bank's bid to delist its broking arm from the Indian bourses. YES Bank Yes Bank reported a standalone net profit of Rs 452 crore for the quarter ended March 2024, which jumped 123% year-on-year. Read more: Here's the trade setup for today's session ICICI Bank ICICI Bank reported a standalone net profit of Rs 10,707 crore for the quarter ended March 2024, which was up by 17.38% year-on-year. UltraTech Cement, Trent, UCO Bank Shares of UltraTech...

[hfe_template id='11223'] [ad_1] Mumbai: Minority shareholders of ICICI Securities (I-Sec) led by Bengaluru-based investment manager Manu Rishi Gupta have filed a class action suit with the Delhi bench of the National Company Law Tribunal (NCLT) against ICICI Bank's bid to delist its broking arm. The private lender's scheme of arrangement to delist ICICI Securities received approval from the subsidiary's public shareholders in a voting process last month. Gupta has confirmed filing the suit under Section 245 of the Companies Act, stating that more than 100 investors have already consented to take legal action to halt the delisting process. He mentioned that more investors are joining each day to support the legal battle. "Our primary contention is to question the process followed for delisting, mismanagement during the voting process, the oppression of minority shareholders through the valuations at which the swap ratio was decided, and moreover, how ICI...

[hfe_template id='11223'] [ad_1] On a sequential basis, HDFC Bank, ICICI Bank, and Axis Bank reported a faster growth in deposits for the March quarter compared with the credit growth while IndusInd Bank and Yes Bank showed marginally lower growth in deposits than advances. Synopsis While these lenders were able to increase deposits at a faster clip during the quarter, the growth was accompanied by higher interest outgo, thereby contracting net interest margins (NIMs) year-on-year. The sample includes HDFC Bank, ICICI Bank, Axis Bank, IndusInd Bank and Yes Bank. Kotak Mahindra Bank is expected to declare quarterly numbers on May 4. ET Intelligence Group: The deposit growth of banks has resumed after falling behind the growth in advances over the previous few quarters, showed an analysis of the March 2024 quarter results of top private sector banks.While these lenders were able to increase deposits at a faster clip during the quarter, the growth was accompanied by higher ...

[hfe_template id='11223'] [ad_1] Despite enjoying a higher valuation premium on risk management and overall governance practices, Kotak Mahindra Bank has now lost its status as the fourth largest banking stock on Dalal Street to rival Axis Bank in market value terms. While Axis Bank shares were trading 4% higher on better-than-expected Q4 results, those of Kotak were trading 10% lower following a ban by RBI on digital sourcing of customers and issuance of fresh credit cards. As a result, Kotak's market capitalisation fell to Rs 3.3 lakh crore while that of Axis Bank was higher at Rs 3.4 lakh crore. In Dalal Street's pecking order, HDFC Bank remains India's most-valued bank at about Rs 11.5 lakh crore, followed by ICICI Bank at Rs 7.76 lakh crore and SBI at Rs 7 lakh crore. Kotak and Axis have often been pitched against each other. In terms of market value, both private lenders were at similar levels of Rs 1.5 lakh crore in 2015. Gradually, a sharp rally in Ko...

[hfe_template id='11223'] [ad_1] Mumbai: A group of investors led by Bengaluru-based investment manager Manu Rishi Gupta is planning to approach the National Company Law Tribunal (NCLT) against ICICI Bank's bid to delist its broking arm from the Indian bourses. The private lender's scheme of arrangement to delist ICICI Securities received approval from the subsidiary's public shareholders in a voting process last month. Some individual investors of ICICI Securities have formed a 'joint action group' with a plan to object to this scheme of arrangement in the NCLT. According to a person familiar with the development, over 200 retail shareholders of the brokerage have already joined this group and have begun raising funds through crowdfunding. These shareholders have been asked to give a Power of Attorney, nominating Gupta as their representative to execute the legal proceedings. The group has yet to appoint lawyers to file the lawsuit. Quantum Mutual Fu...

[hfe_template id='11223'] [ad_1] Tracking a rebound in global markets, Indian benchmark equity indices opened higher for the third straight session on Tuesday, led by financial and IT stocks, along with Reliance Industries, following the conglomerate's fourth-quarter profit estimates beat. The BSE Sensex was trading 314 points or 0.42% higher at 73,947. Nifty50 was trading at 22,426, up 90 points or 0.40% at around 9.22 am. Bharti Airtel, HDFC Bank, Reliance Industries, Infosys, Titan, and HCL Tech emerged as the top Sensex contributors, driving the index higher. Conversely, Power Grid, M&M, and ICICI Bank weighed on the index. Among individual stocks, Tejas Networks shares surged over 15% after the company reported consolidated profit after tax of Rs 147 crore in the March quarter versus a loss of Rs 11.5 crore year-on-year. Rallis India shares dipped by 3% in early trade after the company reported a net loss of Rs 21 crore in the March quarter. On the sectoral ...