-
Currency
S&P 500 reclaims the 4000 mark, as US equities record its best month since 2020
The three major US equity indices advanced between 0.97% and 1.88%. A risk-on impulse since last Wednesday underpinned US equities, lifted by US corporate earnings of Amazon and Apple. The US Dollar Index fell below 106.000, while the US 10-year T-note yield finished around 2.654%. US equities finished the week on a higher note, as Amazon and Apple soared as…
Read More » -
Bonds
Axis MF probe: IT raids former fund manager Viresh Joshi
The Income Tax Department carried out searches at premises linked to Viresh Joshi, a former chief trader and fund manager of Axis Mutual Fund, a few middlemen and several brokers over the weekend over suspected tax evasion. Joshi, who was sacked by the asset management company in May amid allegations of wrongdoings including front-running and receiving kickbacks from brokerages, is…
Read More » -
Top News
IDFC First Bank reports highest ever net profit at Rs 474 cr in Jun qtr
New Delhi, on Saturday reported its highest ever net profit of Rs 474 crore for the quarter ended June 2022, mainly driven by lower provisioning and higher income. The private sector lender had posted a net loss of Rs 630 crore in the year-ago quarter. Sequentially, the net profit rose by 38.2% from Rs 343 crore in the March…
Read More » -
Stock Market
Bank of Baroda profit surges on strong loan growth, fall in provisions
(BoB) reported a 79% jump in net profit on the back of strong loan growth and fall in provisions as asset quality improved. Net profit increased to Rs 2,168 crore in the quarter ended June 2022 from Rs 1,209 crore helped by a 12% rise in net interest income (NII) to Rs 8,838 crore as both corporate as well…
Read More » -
Global Stocks
Emergency savings are minimal or nonexistent for many households. Lawmakers want to change that — and boost retirement savings in the process
Nirunya Juntoomma | Istock | Getty Images It’s no secret that households with sufficient emergency savings are more the exception than the norm. Two proposals in the Senate aim to change that. And, experts say, tackling the problem could lend itself to workers saving more for their golden years. “One of the best ways to protect retirement savings is to…
Read More » -
Bonds
After a 3-month lull; it’s raining mutual fund NFOs in July
After a three-month halt, new fund offerings (NFOs) have made a strong comeback with asset management companies launching over two dozen mutual fund schemes in July. The new funds have been launched across the board — actively managed equity funds, debt, index funds and exchange-traded funds (ETFs). Interestingly, passively managed funds, particularly ETFs, continue to dominate the NFO market. There…
Read More » -
IPO's
Utkarsh Small Finance Bank re-files DRHP with Sebi for Rs 500 cr-IPO
Utkarsh Small Finance Bank (SFB) has refiled its draft red herring prospectus (DRHP) to float its initial public offering (IPO) with the capital markets regulator Sebi. The company has slashed its issue size by 63% to raise Rs 500 crore via its initial stake sale. According to the latest DRHP, the issue consists of only fresh equity shares with a…
Read More » -
Stock Market
DLF cuts net debt by 16% QoQ to Rs 2,259 cr in Apr-Jun
Realty major ‘s net debt reduced by 16% during the April-June period to Rs 2,259 crore from the previous quarter on the back of strong housing sales. Its net debt stood at Rs 2,680 crore at the end of the last fiscal. In an investor presentation, DLF said the company is “committed to further debt reduction in the medium term”.…
Read More » -
Mutual Fund
Motilal Oswal Mutual Fund launches 2 index funds and ETFs. Details inside
Motilal Oswal Mutual Fund has announced the launch of two factor-based funds, i.e. Motilal Oswal S&P BSE Quality ETF & Motilal Oswal S&P BSE Quality Index Fund and Motilal Oswal S&P BSE Enhanced Value ETF & Motilal Oswal S&P BSE Enhanced Value Index Fund. The new fund offer (NFO) will open on 29 July and close on 12 August 2022.…
Read More » -
Commodities
Demand for Indian steel in key export markets down 17-48% in June quarter
Export of finished steel from India to its key markets that include Europe, and West Asia, saw a fall 17–48% fall in April – June period (Q1FY23), due to factors such as high export duty (imposed in May), competitive price from China and global consumption slowdown. Steel export in Q1FY23 was down by 39% y-o-y. Data of steel shipments from…
Read More »