BUSINESS
`Markets offer risk-reward play to build a long term portfolio'
"The recent cool off in key commodity prices viz. metals, crude among others, comes as a breather for global equity markets, which are currently wary of ongoing geopolitical issues and interest rate hikes by central banks to control inflation," the report notes. Management commentary is upbeat on demand prospects and recovery in margin profile amid muted corporate earnings for Q1FY23, which witnessed low single digit QoQ growth in topline and double digit bottomline decline with pressure on gross margins.
Inflation fuels jump in UK govt debt costs
The Office for National Statistics (ONS) said Government borrowing hit 4.9 billion pounds in July, reports dpa news agency. It is significantly ahead of the predictions of analysts, who had forecast 2.8 billion pounds in borrowing last month. Nevertheless, borrowing was 0.8 billion pounds below levels from the same month last year, but represented a 5.9 billion pounds surge from pre-pandemic levels in 2019, when the government reported a surplus of 0.9 billion pounds.
`PSBs privatisation should be gradual and not a big bang approach'
Large scale privatisation of PSBs or the big bang approach will do more harm than good, said Snehal S. Herwadkar, Sonali Goel and Rishuka Bansal of the Banking Research Division, Department of Economic and Policy Research, in an article published in the RBI's monthly bulletin. "The government has already announced its intention to privatize two banks.
Small greed, big loss! Netizens falling prey to web of 'fake clothing websites'
With each passing day, as more people use the Internet, digital fraud has become a dangerous trend. Time and again, the police across the country alert and make the people aware about these online frauds. But every time, the thugs manage to trap people with new techniques. The latest one is fake clothing websites, which are duping customers in the name of providing less expensive products.
Nitin Gadkari launches India's first electric double-decker bus
Taking to his Twitter handle, Gadkari said, "Ushering Sustainable Revolution! It gives me immense pleasure to launch the Ashok Leyland's Electric Double-Decker Bus in Mumbai today." The minister also said the initiative will give a dynamic boost to the sustainable transport sector. "Giving Dynamic Boost to the sustainable transportation sector, such initiatives are cost-effective solutions & achieve PM Shri Narendra Modi Ji's vision of Aatmanirbhar Bharat by cutting down oil imports and promoting indigenous resource & services," the minister said in another tweet.
Government reviews windfall gains tax, cuts cess on crude oil
According to a Finance Ministry notification, export duty on aviation turbine fuel (ATF) has been hiked to Rs 2 per litre from zero. At the same time, a Rs 2 hike was effected on export duty on diesel to Rs 7 per litre from Rs 5 per litre. All these changes will come into effect from August 19.
Interest rates of small savings schemes static due to interest burden on banks
Small savings schemes like Public Provident Fund (PPF), National Savings Certificate (NSC), Post Office Savings Scheme and Sukanya Samriddhi Yojana are vital savings instruments for the common man, as they provide long-term benefits. However, given that both public and private sector banks have raised their term deposit as well as home loan rates drastically since May 2022, keeping the rates of small savings schemes unchanged for the past two years has come as a surprise.
Net profit of banks rose 37.1% to Rs 44,048 cr in Q1FY23: BoB report
The net profit of public sector banks rose 9.2 per cent to Rs 15,307 crore, while that of private banks increased at a faster pace of 54.9 per cent to Rs 28,165 crore in Q1FY23. The report has analysed the financial performance of 35 banks of which 12 are public, 19 private while the remaining are small finance banks."We have looked at the key indicators of profitability, margins and efficiency ratios for the consolidated groups," the report said.
Inflation has eased, but its persistence at elevated levels warrants policy responses
"Easing of supply chain pressures and the recent ebbing of commodity prices are providing some breather from record high inflation," the RBI said in its monthly bulletin. Incidence of unseasonal and excessive rainfall, if any, can impact food prices, especially vegetable prices. Greater transmission of input cost pressures to selling prices across manufacturing and services sectors may also create fresh price pressures.
Block deals worth Rs 11,500 cr took place on BSE this week
Through one block deal, Abrdn Investment Management, formerly Standard Life Investments, divested its 5.58 per cent stake in HDFC Asset Management Company for a little over Rs 2,300 crore. In the second deal, US private equity major KKR sold 27 per cent stake in hospital chain Max Healthcare Institute Limited for Rs 9,185 crore.
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