BUSINESS
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.
Nifty Bank index up over 11% so far this year, BoB outperforms index
Currently, the Nifty Bank index is trading at 39,656.15, as compared to 35,481.70 on December 31, 2021. According to the data compiled by Geojit Financial Services showed, the top three banks that have outperformed the index were Bank of Baroda with YTD returns of 47.90 per cent, Federal Bank with 21.20 per cent, and IndusInd Bank with 21.10 per cent.
81% Indians believe their jobs can be done remotely: Report
The PwC's India Workforce Hopes and Fears Survey 2022 showed that the shift to hybrid work is expected to continue with 31 per cent of those who can work remotely already working in a hybrid way. The report also showed that a significantly higher proportion of Indian employees (71 per cent) are concerned about being overlooked for career advancement as compared to their global peers (21 per cent).
Rupee falls 23 paise to close at 79.67 against US dollar
At Interbank foreign exchange market, rupee ended at 79.67, as against 79.44 close on the previous trading session against US dollar. "It was largely range bound within the range of 79.58 to 79.70. Overall demand was there by importers and corporate outflows," said CR Forex, MD, Amit Pabari. By the closing of market trading hours, Brent crude oil prices were trading at $94.83 a barrel in the international market.
Indices erase losses, end marginally higher
At close on Thursday, Sensex ended 37.87 points or 0.06 per cent up at 60,298.00, while Nifty ended 12.25 points or 0.07 per cent higher at 17,956.50. Kotak Mahindra Bank, Larsen & Toubro, Bharti Airtel and Ultratech Cement, among others, were the major gainers on the BSE. About 1,900 shares advanced, 1,494 shares declined, while 146 shares remained unchanged on Thursday.
Number of domestic air passengers in July dips to 97.05 lakh
According to the DGCA data, the number of passengers carried by domestic airlines during the January-July 2022 period were 669.54 lakh as against 393.44 lakhs during the corresponding period of in 2021, thereby registering an annual growth of 70.18 per cent and monthly growth of 93.82 per cent. The passenger load factor or occupancy of airlines remained in the range of 75 per cent to 85 per cent in July.
India's demand for yellow metal rises 43% in Q2: World Gold Council
Value-wise India's second quarter (Q2) 2022 gold demand value was Rs 79,270 crore, an increase of 54 per cent in comparison with Q2 2021 (Rs 51,540 crore). Total jewellery demand in India for Q2 2022 was up by 49 per cent at 140.3 tonnes as compared to Q2 2021 (94 tonnes). Globally in the jewellery sector, Q2 gold demand increased 4 per cent year-on-year to 453 tonnes, helped by a recovery in Indian demand, up 49 per cent compared with Q2 2021.
LIC Mutual Fund's large and mid cap funds offer 12.49% CAGR since inception
As on July 31, 2022, the compounded annual growth returns performance of LIC MF large and mid cap fund under regular (G) option, for different periods -- 5 years, 3 years and 1 year -- stood at 11.44 per cent, 18.83 per cent and 9.16 per cent, respectively. The funds have Rs 1.17 lakh crore of net assets under management as on July 31, 2022. While LIC MF large and mid cap funds AUM stood at Rs 1,831.26 crore.
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