NEW DELHI: Why are equity markets rallying globally despite grim economic conditions and weak earnings projections? That's one question haunting small investors and market veterans alike over the past few weeks. Uday Kotak, India’s richest banker and head of Kotak Mahindra Bank, has a simple answer: it's the glut of money from central banks, and markets' habit of discounting the immediate future! “First, there has been a significant monetary expansion by central banks worldwide. Second, investors and analysts have already discounted earnings downside for FY21 and are looking at earnings of FY22 and FY23,” Kotak said. Hopeful buying by retail and institutional investors has lifted the 30-share index Sensex by 41 per cent from March lows while BSE Smallcap index has surged 45 per cent and Nifty Midcap index has climbed 39 per cent. Kotak advised the government and industry to take a cue from stock market investors and not worry too much about the current fiscal … [Read more...] about Govt & industry should take cue from stock market and not worry too much, says Uday Kotak
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NEW DELHI: Shares of TCI Express Ltd. traded 3.4 per cent up in Thursday's trade at 11:46AM (IST). Around 293 shares changed hands on the counter. The scrip opened at Rs 656.85 and touched an intraday high and low of Rs 678.8 and Rs 656.85, respectively, in the session so far. Shares of the company of TCI Express Ltd. quoted a 52-week high of Rs 950.45 and a 52-week low of Rs 491.0. Total market cap of the TCI Express Ltd. stood at Rs 2588.99 crore at the time of writing this report. The logistics services provider said its operations have been severely impacted on account of the coronavirus outbreak and it expects its profitability to be hit in June quarter. Key Financials The company reported consolidated net sales of Rs 237.94 crore for the quarter ended 31-Mar-2020, down 11.34 per cent from previous quarter's Rs 268.38 crore and down 10.5 per cent from the year-ago quarter's Rs 265.84 crore. The net profit for latest quarter stood at Rs 19.01 crore, down 12.6 per cent … [Read more...] about Trending stocks: TCI Express shares climb over 3%
NEW DELHI: Shares of PSU banks were trading higher in Thursday's session. Shares of Indian Overseas Bank (up 9.63 per cent) , J & K Bank (up 4.76 per cent) , Central Bank of India (up 2.01 per cent) , Bank of Maharashtra (up 1.82 per cent) , Punjab & Sind Bank (up 1.76 per cent) , UCO Bank (up 1.08 per cent) , Bank of Baroda (up 0.58 per cent) , State Bank of India (up 0.46 per cent) and Union Bank of India (up 0.46 per cent) were among the top gainers. The Nifty PSU Bank index was trading 0.3 per cent down at 1492.35 around 02:19PM. Benchmark NSE Nifty50 index was up 27.70 points at 10333.0, while the BSE Sensex was up 113.27 points at 34982.25. Among the 50 stocks in the Nifty index, 27 were trading in the green, while 23 were in the red. Shares of Vodafone Idea, BHEL, SBI, ICICI Bank, Bank of Baroda, Tata Motors, RBL Bank Ltd., GAIL and ITC were among the most traded shares on the NSE. … [Read more...] about Share market update: PSU bank shares up; IOB surges 9%
We are not raising any capital; we have an enabling resolution of raising Rs 20,000 crore but I doubt that we are going to use it in the near future, says SBI chairman. Markets liked what you indicated in terms of where the future for State Bank of India is headed. Without getting into specifics of what you have declared for the quarter gone by, let us understand how will life look for SBI once the moratorium gets lifted? Even during this COVID period, I am talking first about the operational part. I will come to the credit quality and other things later on. We have operated at full capacity. All our branches are 98% operational except wherever some local issues are there. All our internet banking, mobile banking, ATMs have performed at the level they were doing pre-COVID-19. And that speaks volumes about the quality, determination and courage of the people who work in State Bank of India. If you have such a committed workforce, then whatever is the situation, we are capable of facing … [Read more...] about Market has been unfair to SBI stock, says Rajnish Kumar
Even as the economic downturn has gravely impacted the Indian auto sector, its affiliated ancillary industry has so been insulated from the impact, thanks to the strong demand from the replacement market. The share of battery manufacturers like Amara Raja Battery has soared more than 100% in the past one year and expected to rise further given the expected demand for replacement batteries in FY '14 that will arise from the cars sold in FY '10 and in FY '11. … [Read more...] about Auto ancillary industry: Is it time to bet on ancillary stocks?