PhonePes AA service, launched as a mini-app on the main PhonePe Payments App, will allow Indian consumers to consent to and share all their financial data, such as bank statements, insurance policies and tax filings, with regulated financial institutions.
These 5 banks will offer QR Code-based Coin Vending Machines
Coin vending machines that use QR codes will soon be accessible in 12 cities, according to Shaktikanta Das. According to the governor of the RBI, this will make it simpler to get coinage and distribute coins using machines.
Digital Rupee: RBI to expand e-Rupee pilot to include more banks and locations
Touted as the e-Rupee or Digital Rupee, the RBI CBDC is an electronic form of sovereign currency. "The pilot in CBDC-Retail is proposed to be expanded to more locations and to include more participating banks," said RBI.
Nifty Bank hits fresh record high: Check out top gainers in last 1 year
Bank Nifty hit a record high of 44,483.3 on May 17, following the release of strong Q4 results and non-stop Foreign Institutional Investment (FII) buying. Despite falling short of the previous high reached on December 14, 2022, by just 0.10 points, experts remain positive on the banking index as most banks reported stellar earnings in Q4 with improvements in asset quality. The index may remain a market performer and declines towards 43,500 are viewed as a buying opportunity, according to ICICI Securities.
Poonawalla Fincorp trumps Federal Bank in market valuation
Adar Poonawalla-led Poonawalla Fincorp closed at ₹348.15 apiece on the BSE on Wednesday, up 0.61% from the previous close. Shares of Kochi-based Federal Bank closed at ₹123.85, down 1.43% from the previous close.
Rs 43,000 crore-reshuffle! Mutual funds sell 3 bank stocks to pick 5 largecaps
Mutual funds in India sold stakes in the country's 3 largest private banks in April, with ICICI Securities estimating that they sold over INR 14,000 crore ($1.9bn) worth of stakes in Axis Bank, ICICI Bank and HDFC Bank, while buying mortgage lender HDFC which is set to merge with the private bank. According to reports, funds also showed interest in IT firm Infosys after foreign investors dumped stocks in the business calling the recent Q4 earnings report "shocking." Investors are being advised to view their options with caution.
The fundraising could be via debt or equity, or a combination of the two, with the final structure still under consideration, the banks Chief Executive Officer Shyam Srinivasan said in an interview. The capital will fund growth as Federal Bank pushes further into retail banking with plans to open about 100 branches this year, and seeks to buy a microfinance company, he added.
If I had to pick a stock within the banking space, there are couple of names one is Ujjivan Small Finance Bank. It looks very good on charts, even though the stock has run up in trade today but look at the volumes.
Ahead of Market: 10 things that will decide D-Street action on Tuesday
Indian benchmark indices, Nifty 50 and S&P BSE Sensex, rose over 1% on Monday, boosted by financial firms' recovery, strong earnings and positive economic data from the US. This resulted in the benchmarks closing at their highest level in over a month, with the Nifty 50 trading at 18,264.40 and S&P BSE Sensex at 61,764.25. The US inflation report, due on Wednesday, is expected to remain consistent with the March level of 5.0%, according to Head of Research at Geojit Financial Services, Vinod Nair. European shares were also up following gains from energy and bank stocks.
Will Hero MotoCorp and Lupin turn out to be good bets for Rajat Sharma?
Sana Securities' Rajat Sharma, prefers smaller banks like IDFC First Bank, while larger banks don't seem attractive to him. Sharma is negative on the banking space where dispersals and offtake of loans are slowing down due to rising interest rates. He has both Federal Bank and IDFC First Bank in his portfolio and is looking forward to adding more if their prices correct. Sharma has added Hero MotoCorp and Lupin to his portfolio recently, which he believes are attractive stocks to buy.
Pashupati Advani on what to do with HDFC twins, Mannapuram Finance & tyre stocks
“If the banks have given loans in white goods, they are probably going to have difficulty in recovering. So even the large companies are quietly writing off. The ones that cannot afford to write off are holding them and then defaulting back to the banks. So the smaller banks are definitely going to be affected because they have gone into that sector.”
Federal Bank Q4 Results: Net profit rises 67% YoY to Rs Rs 903 crore on retail loan growth
Federal Bank has reported a 67% increase in net profit at INR 903 crore ($121m) for the March quarter. The lenders net interest income rose 25% YoY to INR 1,525 crore, which helped offset the impact of provisions, which rose to INR 117 crore from INR 75 crore YoY. The banks return on equity stood at an all-time high of 17.48%. Federal Banks total advances rose 20% YoY to INR 1.77 lakh crore; deposits grew 17% to INR 2.13 lakh crore.
Q4 Results Today: What to expect from Britannia, Marico, Paytm and Federal Bank?
Britannia Industries may see a 16% YoY increase in its net sales for Q4 ended on March 31, 2023, at INR 4,103 crore, led by a 2-3% growth in volume and a 13% increase in price. Marico's revenue growth is expected to be muted at 3% YoY at INR 2,233 crore. The revenue of Paytm is also expected to improve. Federal Bank is expected to record a rise in NII of 33.2% YoY and 3.8% QoQ.
SGX Nifty down 40 points; here's what changed for market while you were sleeping
While earnings will keep the overall action in the market stock-specific, the underlying tone remains bullish. The lower volatility in the market is also a sign of bulls having an edge over the bears.
Axis Securities leaves out Infosys; Aarti Drugs, Gland Pharma among fresh top picks for May
Indian markets recorded a broad recovery in April with all sectoral indices except for IT ending on a positive note, with significant recoveries in realty, PSU banks and auto stocks whilst IT underperformed. In contrast, Axis Securities' top picks' basket returned 3.6%, and the brokerage anticipates that the earnings season will influence the market direction with fourth-quarter results taking particular precedence. For the IT sector, any growth is likely to be very moderate due to disappointing earnings, a poor outlook and cautiousness in the global market. The current set-up is a "buy on dips" scenario, according to Axis Securities.
PSUs vs private banks: Which side will bulls lean after Q4 show?
Indian public sector banks (PSBs) have seen a significant fall in their stocks so far this year as compared to private banks, which have remained resilient amid the ongoing banking crisis. On a year-to-date basis, Nifty PSU Bank index slumped down 7%, however, Nifty Private Bank managed to limit losses, with its index falling just 2% this year. Rising interest rates and the recent Adani-Hindenburg scandal are the main reasons for PSBs' underperformance, as per V K Vijayakumar of Geojit Financial Services.