BUSINESS
OMCs pause petrol, diesel price hike on Sunday
In the national capital, petrol was sold for Rs 101.84 per litre, while diesel was also sold at the unchanged price of Rs 89.87 a litre. On Saturday, petrol price was increased by 30 paise, while diesel was kept unchanged. In the city of Mumbai, where petrol prices crossed Rs 100-mark for the first time ever on May 29, the fuel price was at Rs 107.83 per litre on Sunday.
Record broker defaults cause crippling losses to investors
This is the highest number of broker defaults in the past 20 years. Until then, there were 18 broker defaults on the National Stock Exchange (NSE). If the brokers have a membership of the Bombay Stock Exchange (BSE), they are suspended by that exchange too. Ten more brokers have been defaulted or been expelled by the NSE between December 2020 and July 2021.
Higher competition in road sector can impact quality: Ind-Ra
Ind-Ra said that increased competition in the road sector in FY21, resulting from the National Highways Authority of India's (NHAI) initiative to reduce prequalification requirements, may ultimately lead to a moderation in the quality of roads. "Along with higher order inflows, the sector has also witnessed an increase in competition, resulting in lower-than-expected bid prices," the agency said in a report.
Currency Squeeze: Rupee expected to weaken further
Last week, rupee consolidated in a narrow range and has been having a muted reaction despite various data releases. "Indian rupee is expected to weaken against the US dollar in the coming week due to higher crude prices and a possible outflow of IPO money going back to foreign venture capitalists," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities.
Headline CPI inflation might have peaked out
According to MOFSL research, the peak out trend might provide some relief to market participants, especially in the bond segment. "We expect IIP to remain broadly unchanged in YoY terms in June'21, before reporting marginal growth of 1-2 per cent YoY over July-Aug'21." "Overall, we do not see RBI hiking rates in FY22." Recently, CPI-based retail inflation came in unchanged at 6.3 per cent YoY in June 2021.
HDFC Bank Q1FY22 YoY net profit up 16.1%
Besides, the bank's net interest income rose to Rs 17,009.0 crore from Rs 15,665.4 crore for the quarter ended June 30, 2020. "During the quarter, the country was hit by a 'second wave' of Covid-19, with a significant surge in cases following the discovery of mutant coronavirus strains. While there was an improvement towards the end, business activities remained curtailed for almost two thirds of the quarter."
Covid resurgence, OPEC supplies hike could come to India's aid
The increase in Covid cases globally have made the oil market uncertain as it has the potential to erode demand quickly. The benchmark Brent crude declined by 3 per cent to settle at around $73 a barrel, while US crude has fallen by about 4 per cent to settle at about $71 a barrel. The fall this month has come after crude fell in the previous eight months as the global economy recovered from the pandemic.
Restructuring on cards in absence of moratorium: HDFC Securities
Accordingly, HDFC Securities, expects banks to remain selective in restructuring stressed assets. "We believe that NBFCs (lender category) and the MSME sector (borrower category) are likely to witness the highest amount of restructuring," the brokerage firm said in a report. Besides, the firm expects a stop-start pattern in loan disbursements during Q1FY22, particularly in retail.
Q1FY22 earnings ignites interest in L-Caps; markets' seen rising
Accordingly, market observers, opined that healthy earnings announced till now have ignited investors' interest in largecaps and expanded volumes. Lately, Infosys and Wipro have come out with encouraging quarterly numbers. In the upcoming week companies such as ACC, HCL Tech, Asian Paints, Bajaj Finance, Bajaj Auto, HUL, JSW Steel, ICICI Bank and ITC are expected to come out with their quarterly numbers.
SIDBI's FY21 YoY net profit up 3.6%
The institution is engaged in creating an integrated credit and development support ecosystem for Indian Micro, Small and Medium Enterprises (MSME). Declaring the financial results for the year ended March 31, 2021 in its 23rd Annual General Meeting, it said that net profit recorded a growth of 3.6 per cent to Rs 2,398 crore in FY21, from Rs 2,315 crore in FY20.
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