Central Bank of India Q3 net profit jumps 64% on year
Net interest income,or the income a bank earns by giving loans, rose 20% year on year to Rs 3284.46 crore. Other income jumped nearly 94% year on year to Rs 919.16 crore from Rs 474.26 crore.
Buy Central Bank of India; target of Rs 37: LKP Research
LKP Research is bullish on Central Bank of India has recommended buy rating on the stock with a target price of Rs 37 in its research report dated December 07, 2022.
Central Bank of India shares surge 15% after RBI lifts restrictions
Central Bank of India was the only bank under the RBI's PCA framework. It was put under the PCA framework in June 2017 due to its high net non-performing assets (NPAs) and low Return on Assets.
Central Bank files personal insolvency case against promoters of Future Group
Last week, the Bank of India had filed a petition before the National Company Law Tribunal to initiate insolvency proceedings against debt-ridden Future Lifestyle
CMS exceeded the target in FY22 with a 22 per cent jump in its top line despite facing headwinds in the first quarter, its executive vice chairman and chief executive Rajiv Kaul told PTI.
RBI seen prudent in spending forex reserves to defend rupee
The nations forex reserves stood at $598 billion, latest data showed. While that is down 7% from a record high of over $640 billion in September due to a mix of intervention and valuation changes, it still fares well on key metrics, including import coverage and short-term debt obligation, according to DBS Bank Ltd.s senior economist, Radhika Rao.
Sensex, Nifty slide for 3rd straight session; metal pack bleeds 5%
Amid choppy trade, both Nifty and Sensex swung between gains and losses to finally settled in the red, with the 30-share pack falling 106 points to 54,365. NSE barometer Nifty, meanwhile, settled below the 16,250 mark.
Tesla stock down 31% since Elon Musk said he’s buying Twitter
Microsoft's market capitalisation is now below $2 trillion as of Monday, for the first time since June 2021, as the stock is down 21% this year. Amazon's stock has fallen by more than 40% since its high in 2021.
Why the rupee is likely to depreciate even more in coming days
“When the rupee depreciates, given the fact that we still import large volume of oil, that will impact oil price and directly as well as indirectly – through transport – we are going to see the impact of that on inflation. It is never good news because inflation will start hitting not just our export competitiveness but also our growth potential. So sharply depreciating rupee is not good news at all,” says Mythili Bhusnurmath.
Whispers of S&P 500 bear market grow louder as US stock decline continues
Though a bear market is not a foregone conclusion, signs of souring sentiment are everywhere as the Fed tightens monetary policy to fight the worst inflation in nearly four decades.
Gold prices firmed on Tuesday as a decline in U.S. Treasury yields offset pressure on greenback-priced bullion from sustained strength in the dollar. Spot gold was up about 0.1% at $1,854.91 per ounce, as of 0055 GMT. U.S. gold futures were down 0.2% at $1,854.10.
The rupee plunged to a record low Monday, tracking peers in the region, as concerns mount over widening deficits in a large oil importer such as India where the goal of ensuring export competitiveness could determine the extent of central bank intervention in the currency markets.
Central Bank of India March 2022 (Quarterly) Standalone PAT at Rs 310 crore VS Loss of Rs 1349 crore YoY GNPA at 14.84% VS 15.16% Q0Q Net NPA at 3.97% vS 4. .39% Q0Q
US dollar hits 20-year high as risk aversion dominates
The dollar has risen for five straight weeks as U.S. Treasury yields have climbed on expectations the Fed will be aggressive in attempting to tamp down inflation.
Inside out of Rupee's rout hitting all-time low Monday
To be sure, the rupee may have fallen to record lows, but the currency still remains a relative outperformer among Asian emerging market peers, especially when compared with China. The Yuan has fallen 5.52% this year. The rupee lost more than 4% to the dollar this calendar year, ranking sixth among Asian peers.
Canara Bank probes fraud in unit after whistleblower complaint: Source
"We decided to act on this complaint given the severity of the situation and found out that there were frauds in 37 accounts worth 39 million rupees ($504,149.54). We have made provisions of an equal amount," said the source, who declined to be named as the discussions were private.
President Biden to speak on his plan to tackle inflation on Tuesday
Official from the White House stated that President Joe Biden would deliver his remarks on what he thinks about inflation on Tuesday. The Biden administration wants to address this economic concern ahead of the November elections.
India wants Reserve Bank of India to lower bond yields: Government source
"The discussion with the RBI (Reserve Bank of India) is at an advanced stage as current yields are not at comfortable levels," the government official, with direct knowledge of the matter, said on condition of anonymity. The official said government expects the RBI to conduct a switch operation, offering investors a chance to exchange their short-dated bonds for debt with a longer maturity, or to buy back government bonds within the next two weeks.
As central banks hike rates, should you short gold?
After hitting a peak of Rs 53,600 on April 18, the yellow metal has dropped about Rs 2,000 per 10 grams in the domestic market. However, gold has not managed to hold the Rs 51,000 mark so far.
RBI intervenes to defend rupee as currency slides to record low
The Reserve Bank of India sees its foreign-currency reserves of about $600 billion as a formidable stockpile that it will put to use against speculators, the person said, asking not to be identified as the deliberations arent public. The RBI is seeking an orderly depreciation, the person said.
Markets must face up to tightening financial conditions
Michael Howell, managing director at consultancy Crossborder Capital, noted that U.S. equity declines have tracked a 14% drop in effective liquidity provision by the Fed since December.
Central Bank of India Q4 Results: Lender returns to black with Rs 310 crore net profit
The lender improved on its asset quality and brought down the gross non-performing assets (NPAs) to 14.84 per cent of the gross advances at the end of March 2022, as against 16.55 per cent in the year-ago period.
Central Bank of India to close 13% of its branches: Report
The bank is looking to reduce the number of branches by 600 by either shutting down or merging loss-making branches by the end of March 2023, according to the copy of a document reviewed by Reuters.
View: Will the market understand Shaktikanta Das' motivations and trust him again?
So, what changed? A congeries of thoughts linked to the economy as well as political economy could have prodded him to take the plunge. Das probably sensed that the time to take tough actions was fast running out. Someone who knows the minds of politicians and understands their priorities, Das may have realised that the next 10 months is the only window he has to tighten rates and impact the markets before the general elections of 2024.
Australian central bank decides first rate hike in 11 years
A rise was widely expected after official data released last week showed that Australia's inflation rose to 5.1% in the year through March. It is the highest annual rate since 2001, when a newly introduced 10% federal consumption tax created a temporary spike.
RRA recommends withdrawal of 225 more circulars: RBI
The RRA had recommended the withdrawal of 150 circulars in the first tranche of recommendations in November 2021 and 100 circulars in the second tranche of recommendations in February 2022.
India's jobless rate rises to 7.83% in April - CMIE
The urban unemployment rate rose to 9.22% in April from 8.28% the previous month, while the rural unemployment rate slipped to 7.18% from 7.29%, the data showed.
Wondering where the economy is headed? Brace for higher inflation, fiscal risks
Providing a snapshot of how key macro-economic variables may play out in coming months, Nomura predicts higher inflation, higher terminal rates and fiscal risks on the horizon.
Rupee settles 4 paise higher at 76.53 against US dollar
At the interbank forex market, the rupee opened at 76.60 against the greenback and moved in a range of 76.43 to 76.71 in the day trade. It finally closed at 76.53, registering a rise of just 4 paise over its previous close of 76.57.
The continent-wide STOXX 600 rose 0.6% after plunging nearly 2% on Monday on worries of an economic slowdown in China and rapid U.S. interest rate hikes.
Global supply chain crisis flares up again where it all began
China accounts for about 12% of global trade and Covid restrictions have idled factories and warehouses, slowed truck deliveries and exacerbated container logjams. U.S. and European ports are already swamped, leaving them vulnerable to additional shocks.
Banks putting more of surplus funds in commercial papers as rates rise
Commercial papers (CPs) are shorter duration debt instruments generally issued by companies with maturities up to one year. One basis point is 0.01 percentage point.
Dollar's rally may be nearing 'tipping point' as Fed readies big hikes
"It is entirely possible that the dollar overshoots on the high side, revisiting levels we saw eight-nine years ago, but we think we are getting pretty close to a tipping point," said Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management.
Crypto-asset service providers that deliver critical functions should be licensed or authorised. These would include storage, transfer, settlement and custody of reserves and assets, among others, similar to existing rules for financial service providers....
IDBI Trustee allows vote in RHFL after Bombay HC go ahead
In a notice to the stock exchanges IDBI Trusteeship has called for a meeting of debenture holders of RHFL on May 13. Lenders to RHFL led by Bank of Baroda (BoB) and Yes Bank had already approved Authums plan in June last year but bond holders constitute 41% of the debt.
At the same time, he favoured stabilising the krone at its current value rather than its pre-war parity. These measures would bolster the confidence of foreign investors, on whom Schumpeter pinned his hopes...
Grant loans to real estate sector after ensuring govt approvals for project: RBI to NBFCs
Besides, the regulator said NBFCs should not grant loans and advances totalling Rs 5 crore and above to their own directors, including the chairman and managing director or their relatives and other related entities.
Rupee falls 22 paise to close at 76.51 against US dollar
At the interbank foreign exchange market, the rupee opened at 76.34 against the American currency and settled at 76.51, down 22 paise from the previous close.
RBI's surplus liquidity policy helped rein in forward premia: Study
Regression analysis suggests that surplus liquidity has a sobering impact while greater uncertainty hardens the forward premia, more so in the short term, according to a study titled "What Drives the Forward Premia – An Analytical Perspective" published in its latest monthly bulletin.
More Chinese cities impose COVID curbs as Shanghai cases rise
The Zhengzhou Airport Economic Zone, a central Chinese manufacturing area that includes Apple Inc supplier Foxconn, announced a 14-day lockdown on Friday "to be adjusted according to the epidemic situation".