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HCL Technologies, TCS, Wipro among 28 stocks to hit 52-week low on BSE, 66 scrips at fresh highs

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Benchmark indices were up marginally in noon deals on Friday amid a weak global sentiment on fears of a likely aggressive rate hike by the US Federal Reserve. The BSE Sensex was up 50-odd points at 53,480. The NSE Nifty50 languished around 15,960. The broader markets also held marginal gains. The BSE MidCap and SmallCap indices were up 0.4 per cent and 0.1 per cent, respectively. “The major drag on the market continues to be the FII selling which has exceeded $30 billion, so far this year. But this month, FIIs have been buyers for 2 days including yesterday. This …

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Proxy advisory firms raise flag against Sajjan Jindal’s remuneration

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Two proxy advisory firms have raised flags against certain resolutions proposed by JSW Steel, including fixing remuneration of its managing director Sajjan Jindal, and recommended shareholders vote against them. The advisories by Institutional Investor Advisory Services (IiAS) and Stakeholders Empowerment Services (SES) come ahead of JSW Steel’s AGM on July 20. The e-voting for the resolutions began on July 16 and ends on July 19. “While we support Jindal’s reappointment as managing director, we do not support the proposed remuneration,” IiAS said in its note. “His FY22 remuneration aggregated `140 crore, making him possibly the highest-paid executive in corporate India, …

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Funds outflow has bearing on rupee: Bulk of FPI selling in banks, IT firms

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By Ashley Coutinho A risk-off sentiment has gripped global equities as major central banks have stepped up their fight against rising inflation. In CY22, FPIs have offloaded the most in financial services and information technology stocks, sectors which together have about 50% weightage in key benchmark indices. Assets under custody of IT stocks have fallen 36% to $64.6 billion in the six months to June 30, 2022, while that of financial services firms have shrunk 15% to $162.7 billion, data from NSDL show. “FPI selling, trade imbalance and the strengthening seen in the dollar index have contributed to the fall …

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Rakesh Jhunjhunwala stock: Brokerages bullish on Federal Bank stock, see 32% potential rally

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Rakesh Jhunjhunwala’s portfolio stock Federal bank share price surged nearly 4 per cent to Rs 102.7 apiece on BSE on Monday. The jump comes after the lender posted a 63.5 per cent rise in standalone net profit at Rs 600.6 crore in April- June quarter of FY23, as compared to Rs 367 crore in the same quarter last year. At least three research and brokerage firms are bullish on the stock and see up to 32 per cent upside potential in the stock price Stock talk: Should you buy, hold or sell Federal Bank shares? Motilal Oswal: BuyTarget price: Rs …

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HDFC Bank share price falls after lender reports strong first quarter earnings; should you buy, hold or sell?

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HDFC Bank share price slipped in early trade on Monday after the private lender reported strong first quarter earnings last week. HDFC Bank on July 16 reported a 20.9% on-year jump in consolidated net profit to Rs 9,579 crore for the quarter ended 30 June 2022. Meanwhile, Net interest income (NII) stood at Rs 19,481.40 crore, up 14.5 per cent on-year. HDFC Bank shares were quoting at Rs 1,357.95, down Rs 5.90 or 0.43 percent on the BSE intraday. So far this year, the stock has plunged over 11 per cent, underperforming even benchmark Nifty 50. However, analysts remain bullish …

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Market share of 4 public sector general insurers falls to 37.86% at end of Q1

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State-run general insurers continue to lose market share in terms of gross direct premium underwritten to their private peers. Collective market share of the four public sector general insurance companies fell 426 basis points year-on-year to 37.86% at the end of the first quarter this fiscal. All four PSU insurers — New India Assurance, United India Insurance, Oriental Insurance Company and National Insurance Company — lost market shares during the 12-month period ended June 30. New India Assurance, which continues to have the highest market share in the general insurance space at 17.53%, lost 235 basis points year-on-year during the …

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Maharashtra cuts value added taxes on petrol by Rs 5/litre and by Rs 3/litre on diesel

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The Maharashtra government on Thursday reduced value added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel, a move that will cost the state exchequer Rs 6,000 crore on an annual basis. The decision on reducing the VAT has been taken at a meeting of the Cabinet under newly-appointed chief minister Eknath Shinde. Sources in the oil marketing companies (OMCs) said that they are yet to receive any notification from the state government in this regard as yet. At retail outlets, fuel prices are generally revised in the morning. The prices of …

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LIC’s embedded value at Rs 5.41 trillion in March-end

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Life Insurance Corporation of India’s (LIC) Embedded Value (EV) was at Rs 5.41 trillion at the end of March, significantly higher than Rs 95,605 crore at the end of March, 2021, the insurer said on Thursday. The increase is due to the bifurcation of fund into separate participating and non-participating funds, pursuant to changes in the LIC Act, 1956. Earlier, the insurer had only one fund and the valuation surplus from the participating (par) and non-participating (non-par) business was distributed between policyholders and shareholders in a ratio of 95:5. The LIC stock has lost nearly 25% since it listed on …

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US Stocks: Wall Street skids as bank earnings disappoint

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U.S. stock indexes tumbled on Thursday after weaker-than-expected earnings from big U.S. banks JPMorgan Chase & Co and Morgan Stanley underscored growing fears of a sharp economic downturn. The benchmark S&P 500 was heading for its fifth consecutive session of losses amid fears that aggressive measures by the Federal Reserve to control soaring prices could push the world’s largest economy into a recession. Jamie Dimon, CEO of the largest U.S. bank, flagged a number of concerns including geopolitical tension, high inflation and the “never-before-seen” quantitative tightening as threats to global economic growth. “The big concern is that the slowdown of …

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Current rupee fall way lower than in earlier crises

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The rupee’s depreciation against the dollar in the wake of the Omicron onslaught and the Ukraine war this year is way lower than its slump during earlier crises, according to a finance ministry analysis. While the rupee has depreciated almost 7% against the greenback since January 2022, it had lost as much as 28% during the so-called taper tantrum (May 3-August 28, 2013), 28% during the global financial crisis (February-October 2008) and the 22% during the Asian financial crisis (August 1997-August 1998). To ease pressure on the foreign exchange reserves apart from smoothening volatility in the forex market, the central …

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