The combined market value of all listed state-owned banks has plunged below that of just one private lender – HDFC Bank – after a massive sell-off in shares of public sector banks in the wake of the biggest banking fraud in India.
Punjab National Bank (PNB), which has been hit by a scam involving gems & jewellery entities of Nirav Modi and Mehul Choksi, seems to have a penchant for taking higher risks to get higher returns.
Budget 2018: The markets went on a roller-coaster ride on Thursday after finance minister Arun Jaitley announced imposition of long-term capital gains tax on equities.
Trading at price-to-earnings multiple of 19.3 times, index is ahead of Dow’s 18.12.
Shares of Asian Paints rose more than two-fold in the second rally of 5,000 points between June 2014 and April 2017. HDFC Bank and HDFC climbed 92% and 74.5% during the same period.
Public listings by a few large companies in 2017 and an extraordinary performance by mid- and small-cap stocks resulted in the reduction in the benchmark’s overall market weight.
Investors have been on a shopping spree this year. The S&P BSE-Sensitive Index (Sensex) has gained 27% since the start of the year – heady returns by any imagination.
With stocks rallying on the back of strong fund flows, India surpassed Canada to become the eighth-biggest equity market in the world on Thursday.
This may even help the BSE Sensex to outperform the more diversified Nifty 50, which most equity mutual fund schemes use as their benchmark, as the two lenders will contribute nearly 5% to the total index weightage.
After two years of successive decline, capital expenditure (capex) by private sector non-financial listed companies grew 11.7% to Rs 2.72 lakh crore in FY17, data sourced from Capitaline shows.
The return on equity (RoE) of BSE-200 companies showed an uptick in FY17 after bottoming out a year ago, as metal companies and state-owned banks turned profitable, Bloomberg data showed.
Cheer plan for fund infusion; FPIs buy $550 m in equity, spending this much for first time in 100 sessions bar one
With HDFC Bank posting its highest ever quarterly net profit for the three months to September 2017, the bank has outdone Infosys for the fourth consecutive quarter in terms of net profit.
With more than four downgrades a day, the debt profile of Indian companies and banks remains fragile. Data from Bloomberg shows there were 807 downgrades in the six months to September compared with 787 upgrades.
Nearly Rs 4.5 lakh cr of investor wealth eroded in five sessions; FPIs turn big net sellers
Since August, DIIs, including insurance companies, banks and mutual funds, have purchased shares worth $3.4 bn, which is one-and-a-half times more than what foreign investors offloaded during the same period.
Life Insurance Corporation (LIC), the largest investor in state-owned lenders, has pared its exposure to these banks. In fact, in the last one year, the average holding in 20 PSBs has come down to 11.9% from 12.7%.
Shares of HDFC Bank hit a fresh life-time high on the Bombay Stock Exchange (BSE) on Tuesday and surpassed Tata Consultancy Services (TCS) during the day’s trade to become the country’s second most valued firm in terms of market capitalisation.
At four a day, it’s still raining downgrades for India Inc. Between January and July this year, 874 companies have seen the quality of their debt lowered, almost as bad as the 2,500 downgrades in 2016.
Shares of Reliance Industries (RIL) on Monday ended at a new lifetime high of Rs 1,616.10 as investors went on a buying spree over an upbeat outlook on its core business and telecom venture.
It may not be raining downgrades but the cloud cover is thick. With more than three downgrades a day, India Inc’s debt profile remains fragile.
On Wednesday, market cap touched $2 trillion for the first time.
As the Sensex drove past the 30,000-mark on Wednesday, Reliance Industries (RIL), the country’s most profitable company, tops the list of the top-5 most valuable firms.
Shares of companies of the Adani Group continued to fall on Wednesday after the Supreme Court’s verdict on Tuesday that Adani Power and Tata Power were not entitled to compensatory tariff for the higher price of imported coal.
With stocks rallying to record peaks and the rupee appreciating to a 20-month high on the back of $13 billion moving into the stock and bond markets this year so far, India’s market capitalisation has hit $1.92 trillion.
After more than nine years, the market cap of BSE-listed firms has inched close to a record high in dollar terms, a peak scaled in January 2008.
While Jindal Stainless and JSW Steel swung from a loss to a profit in the three months to December 2016, Jindal Steel & Power witnessed a contraction in losses during the quarter.