The finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government. The Department of Financial Services (DFS) in a communication addressed to heads of public sector banks has asked them to look at their system and processes related to gold loan. "We have asked banks to undertake comprehensive review of the gold loan business," financial services secretary Vivek Joshi told PTI.
Equity benchmark index Sensex on Wednesday crashed over 900 points to sink below the 73,000 level due to widespread selling pressure amid a sharp fall in smallcap and midcap indices. Besides, deep losses in utility, energy and metal stocks and recent selling by foreign investors added to the gloom, analysts said. Benchmark indices started the session on a positive note, but the selling intensified during afternoon trade, with all sectoral indices ending in the red.
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Shares of public sector enterprises have corrected by up to 22 per cent month-to-date until March 19, 2024. Analysts attribute this steep fall to the valuation exuberance seen after a sharp run in these counters last year and suggest investors remain selective regarding the stocks in this space. "The rally in public sector undertaking (PSU) stocks has been stretched and sharp, although it is somewhat justified by improvements seen in earnings, operations, balance sheets, and overall profitability.
Eight days after it was shattered by a blast that left 10 persons injured, The Rameshwaram Cafe in Bengaluru started serving its loyal customers once again on Saturday, throwing open the eatery to the public with heightened security measures.
Among the Sensex firms, Tata Steel, JSW Steel, Tata Motors, Bajaj Finserv, Bajaj Finance, Asian Paints, ITC and Nestle were the major gainers. Mahindra & Mahindra, Reliance Industries, Axis Bank, ICICI Bank and Power Grid were among the laggards.
Indian Oil Corporation Ltd will start manufacturing fuel used in F1 racing in three months' time.
A multi-layer security grid has been enforced in and around Srinagar, aerial surveillance, bomb disposal squads, drones and sharpshooters guarding the Bakshi Stadium are in place for Prime Minister Narendra Modi's Srinagar visit on Thursday, March 7, 2024.
The Reserve Bank on Monday barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. A leading financial services provider, IIFL Finance offers a range of loans and mortgages. The latest directions from the Reserve Bank of India (RBI) pertain to only the gold loan business.
Adani group opened a $1.2 billion copper plant, bought a port in Odisha, raised stakes in a cement company and stitched an alliance with rival Mukesh Ambani's Reliance Industries, all in a matter of one week in signs that the apples-to-airport conglomerate has shrugged off the Hindenburg effect and is back to rapid expansion spree. In the last one week, Adani group has through regulatory filings and press statements announced expansions and investments in its mainstay ports business, diversification into metal refining, fund infusion into a two-year-old cement foray and continuing progress in the commissioning of its mega solar project.
Among the Sensex firms, Tata Steel, Tata Motors, Asian Paints, Wipro, State Bank of India and Larsen & Toubro were the major gainers. ICICI Bank, NTPC, Axis Bank and Mahindra & Mahindra were among the laggards.
With the setting up of doorframe metal detectors, CCTV cameras, drones and deployment of armed commandoes, a banquet in Delhi has turned into a fortress of sorts for the marriage of gangster Sandeep alias Kala Jathedi with 'history-sheeter' Anuradha Choudhary alias 'Madam Minz' on March 12, official sources said on Monday.
Selling in index heavyweights, including Infosys, TCS, ICICI Bank and Reliance Industries, dragged the benchmark indices into the negative for the second straight session, analysts said. Among the Sensex shares, Asian Paints fell the most by 3.9 per cent as analysts expressed concerns over rising competition in the domestic paints market following the entry of Aditya Birla group company Grasim Industries into the paints segment. IT shares Infosys, TCS, HCL Tech, Wipro and Tech Mahindra continued to slide amid inflation concerns in the US market.
Metal and mining companies, such as Tata Steel, JSW Steel, Hindalco, and Coal India, have been among the top-performing sectors on the bourses in recent months. The S&P BSE Metal Index is up 13 per cent in the past three months, rallying 29 per cent in the past year, outperforming the broader market. For comparison, the benchmark S&P BSE Sensex has only seen a 1.7 per cent increase in the past three months, with a 15 per cent gain since the end of September last year.
Once a wanted criminal with a reward of Rs 7 lakh on his head, Sandeep from Sonipat got a six-hour parole for his wedding from a Delhi court.
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
Base metals major Hindalco's overseas subsidiary, Novelis, has submitted a draft registration with the US Securities and Exchange Commission (SEC) for the proposed public offering of promoters' shares. Novelis' sole shareholder, AV Minerals (Netherlands) NV, is a 100 per cent subsidiary of Hindalco. Novelis would not receive any proceeds from the sale. Assuming SEC clearance could go through in about 6 months.
Information technology (IT) companies have been on the road to revival in the past one year. From being the worst-hit sector in 2022 with a loss of 26 per cent, the Nifty IT index closed 2023 with gains of 24 per cent. So far in 2024, the index is up around 7 per cent against the nearly flat Nifty 50 benchmark index. The IT index has been on a continuous decline in the last three sessions.
Indian stock markets are expected to be driven mostly by global factors this week amid a lack of local triggers and earnings season largely coming to an end, say analysts. Crude oil prices, rupee movement and US Federal Reserve meeting minutes to be released this week will also influence the market sentiment. "With the earnings season behind us, global cues would largely dictate the trend in the coming week," Ajit Mishra, SVP - technical research, Religare Broking Ltd, said.
In FY23, Indian operations accounted for 41.6 per cent of the consolidated revenue of India's top five multinationals, up from 34 per cent in FY18 and 33.2 per cent and 34.2 per cent in FY21.
Given the gap between budgetary allocation and use, a parliamentary standing committee has asked the Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy (Ayush) to take steps to prevent underutilisation of funds under the National Ayush Mission (NAM) scheme. According to the data, the ministry was allocated Rs 1,200 crore for the mission in the Budgetary Estimate (BE) for FY24. The Revised Estimate (RE) for the year fell to Rs 815 crore, of which Rs 589 crore, or 74 per cent, has been spent till January.
Corporate margins and profits in India remain vulnerable to changes in crude oil prices in the international market. Historical quarterly data from listed companies (excluding banks, finance and insurance, oil and gas, and power sectors) indicate an adverse correlation between corporate margins and crude oil prices.
State Bank of India was the biggest gainer in the Sensex pack, rising 4.24 per cent, followed by Tata Steel, Axis Bank, Maruti, NTPC, PowerGrid, ITC and Nestle India. Reliance jumped 1.15 per cent to end at Rs 2,962.60 apiece on BSE.
While near-term performance is difficult to predict after a huge run-up, fund managers believe the PSU theme's prospects remain sound over the medium to long term.
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Among Sensex shares, Bajaj Finserve, ICICI Bank, Bharti Airtel, Bajaj Finance, Sun Pharma, Maruti Suzuki, ITC, and Nestle were the lead gainers. On the other hand, L&T Wipro, IndusInd Bank and TCS and Tata Motors were the lead losers.
Loan against gold as a product is catching on fast. Let's keep the momentum going, but aim for sustainable growth. A few bad apples should not ruin the brunch, argues Tamal Bandyopadhyay.
Medallists at the Paris Olympics will be rewarded with a piece of the Eiffel Tower, organisers said on Thursday as they unveiled the hexagon-shaped medals forged out of scrap metal from the monument.
'The trajectory of headline indices will be determined by the number of seats the BJP would win.'
Mumbai's Church of St John the Evangelist or Afghan Church looks today as good as it did 158 years ago.
Earlier on Wednesday, the district court ruled that a priest can perform prayers before the idols in a cellar of the Gyanvapi Masjid, a significant development in the legal battle over the mosque adjacent to the Kashi Vishwanath temple.
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India's gold imports, which have a bearing on the country's current account deficit (CAD), increased 26.7 per cent to $35.95 billion during the April-December of this fiscal due to healthy demand, according to government data. The imports stood at $28.4 billion during the same period a year ago. In December 2023, imports of the precious metal jumped by 156.5 per cent to $3 billion, as per the data released by the commerce ministry.
Uttarakhand saw the sharpest decline (of 11 per cent) in the "total persons engaged" in manufacturing in the worst-hit pandemic year of 2020-21 as industrial units shut shop, according to the latest Annual Survey of Industries (ASI) data, released by the Ministry of Statistics and Programme Implementation (MoSPI). This was followed by the decline in the workforce in states such as Jharkhand (8.9 per cent), West Bengal (8.3 per cent), Kerala (8 per cent), and Karnataka (7.8 per cent). The "total persons engaged" in an enterprise is defined as the sum of directly employed workers, supervisory or managerial workers, and the unpaid family members who might be engaged in the enterprise.
Equity benchmark index Sensex buckled under selling pressure for the second straight session to close below the 65k mark on Friday, as investors offloaded IT, teck and metal stocks amid a bearish global trend. Besides, fresh foreign fund outflows also hit investor sentiments, traders said. In a volatile trade, the 30-share BSE Sensex declined 202.36 points or 0.31 per cent to settle at 64,948.66.
The high court has dismissed the Gyanvapi mosque management committee's appeal.
Haryana Police lobbed tear gas shells at farmers from Punjab at Shambhu border between the two states as thousands of protesters stayed put there on Wednesday, the second day of their 'Delhi Chalo' march.
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