Category: Market

NSE, BSE to remain closed on these days in May; mark your calendar

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) will remain closed for two days in the month of May. The NSE and BSE will remain closed on May 1 on the occasion of Maharashtra Day.

Also known as the Maharashtra Din, the day commemorates the formation of the state of Maharashtra on May 1, 1960. Maharashtra was formed after the linguistic reorganisation of Indian states.

Apart from May 1, the NSE and BSE will also remain closed on May 20 when all six Lok Sabha seats in Mumbai go to polls in the fifth of the seven-phase general elections.

Here’s a list of stock market holidays in 2024:

Meanwhile, Lok Sabha elections in the state of Maharashtra will be held in five phases. While voting on April 19 and April 26 concluded, the remaining seats in the state will poll on May 7, May 13 and May 20. The counting of votes is scheduled for June 4.

The Lok Sabha elections 2024 began in India with voting in 102 seats in the first phase on April 19. The polls saw a voter turnout of around 65.5%. In the second phase, another 88 seats were polled and the voter turnout was 63%.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IDFC First Bank Q4 Earnings | Net profit of ₹724.3 crore below Street estimates, down 9.8% from FY23

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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IDFC First Bank of Saturday, April 27, reported its fourth quarter earnings for the 2023-2024 financial year. It’s net profit came in at ₹724.3 crore, a little below CNBC-TV18 poll’s ₹738.6 crore.

Its net profit was also 9.8% lower than the previous fiscal’s ₹802.6 crore.

#4QWithCNBCTV18 | #IDFCFirstBank Q4

–Net Profit At Rs 724.3 Cr Vs CNBC-TV18 Poll Of Rs 738.6 Cr pic.twitter.com/TEkUDEANnH

— CNBC-TV18 (@CNBCTV18Live) April 27, 2024

The lender’s net interest income too were below Street estimates. In the March quarter, the bank’s NII was at ₹4,468.9 crore, while the Street had estimated it to come in at ₹4,502.2 crore. However, it was 24% more than the previous year’s ₹3,596.8 crore.

IDFC First Bank’s gross non-performing assets (NPA) decreased by 1.51% at ₹3,718.4 crore, from the previous year’s ₹3,775.4 crore. It’s gross NPA% was down 16 bps in the March quarter at 1.88% from the previous year’s 2.04%.

The lender’s net NPA too decreased by 7.2% to ₹1,160.5 crore from FY23’s ₹1,250.3 crore. Its net NPA% was down 8 bps to 0.6% from the previous year’s 0.68%.

IDFC First Bank shares ended 1.56% higher at ₹84.7 apiece on Friday, April 26. The stock has gained 12.33% in the past month and 37.84% in the past year.

Also Read: ICICI Bank Q4 Earnings | Net profit gains over 17% to ₹10,707.5 crore, up 3.7% from Street estimates

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Once Nifty crosses 22,500 and 22,800, we can see a 5-6% upmove, says Gautam Shah

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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If the Nifty 50 crosses the crucial thresholds of 22,500 and 22,800, investors can expect a significant uptrend ranging between 5% and 6%, Gautam Shah, founder and chief strategist at Goldilocks Premium Research, told CNBC-TV18 recently.

“However, the trade is not about the Nifty and the Bank Nifty. Stay with the outperforming sectors, there is still a lot of money to be made,” he added.

He believes the index is safe till it is above 22,800 and the long-term investors should look at this market and stay with it going forward.

Commenting on the prevailing market sentiment, Shah emphasised that this is a bull market where over-analysis may not be necessary. Instead, he recommended investors to remain steadfast in their positions and refrain from making impulsive decisions. “It is a bull market where you don’t need to overanalyse. I think you just need to say in the bus and not think about getting off on every single correction that happens from time-to-time,” Shah said.

Also Read | Secret to succeed in stock market — Ambit Group CEO Ashok Wadhwa reveals key factors

According to him, general elections 2024 in some sense is a non-event. “In that sense, I don’t think the market is very excited or worried about it,” he said.

He believes, the big trigger for market is going to be earnings and whether the Indian market can deliver on the fundamentals.

Shah further expressed confidence in State Bank of India (SBI) within the public sector undertaking (PSU) banking segment and ICICI Bank among private banks.

Moreover, Shah identified the metal index as the trade of the year. He believes it is set for another 10-15% upside.

Other high conviction idea that he has is chemicals. “SRF, Tata Chemical, Deepak Nitrite, Aarti Industries are all very good stories coming out of two to two and a half years of consolidation,” he said.

Metals, chemicals, pharmaceuticals and select banks and select PSUs are the spaces that he likes.

In particular, Shah expressed optimism regarding the chemicals sector, noting that the uptrend observed since 2020 has resumed. This resurgence in the chemicals industry indicates promising prospects for investors seeking growth opportunities in the market.

“All the top quality stocks in chemicals should do well over the next 6-12 months,” he said.

From auto sector, he likes Eicher Motors and Escorts Kubota.

“These two stocks could do special things along with Maruti Suzuki,” he said.

He believes these three names could generate alpha for investors over the next 6-12 months.

For more, watch the accompanying video

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ICICI Bank Q4 Earnings | Net profit gains over 17% to ₹10,707.5 crore, up 3.7% from Street estimates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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ICICI Bank on Saturday, April 27, reported its fourth quarter earnings. The lender reported a net profit of ₹10,707.5 crore in the fourth quarter. It was 3.7% more than CNBC-TV18’s poll of ₹10,323.3 crore.

Its net profit was 17.4% higher than the ₹9,121.9 crore it reported in the same quarter in the prior fiscal.

#4QWithCNBCTV18 | #ICICIBank Q4

–Net Profit At Rs 10,707.53 Cr Vs CNBC-TV18 Poll Of Rs 10,323.3 Cr pic.twitter.com/dSkdIEgj4Y

— CNBC-TV18 (@CNBCTV18Live) April 27, 2024

The bank reported a net interest income (NII) of ₹19,092.8 crore, up 0.6% from Street estimates of ₹18,982.3 crore.

Its NII was 8.1% higher than the ₹17,666.8 crore it reported in the previous fsical.

The lender’s gross non-performing assets declined 2.8% to ₹27,961.7 crore, from last year’s ₹28,774.6 crore in the fourth quarter. ICICI Bank’s gross NPA% declined 14 bps to 2.16% in the March quarter from the previous year’s 2.3%.

The lender’s net NPA remained almost unchanged at ₹5,377.8 crore in the March quarter in the 2023-24 fiscal year. On the other hand, its net NPA declined 2 bps to 0.42% from the previous year’s 0.44%.

ICICI Bank’s Sandeep Batra in the lender’s post-earnings concall said the bank is expecting its net interest margin to remain rangebound unless there is a change in repo rate. It also expects the RBI to undertake shallow rate cuts.

#4QWithCNBCTV18 | Expect #NetInterestMargin to remain rangebound unless there is a change in repo rates. Expect #RBI to undertake shallow rate cuts#IT resilience & customer security is of paramount importance to us. Have ongoing discussions with RBI on our IT infra & there is… pic.twitter.com/zDPTphC17e

— CNBC-TV18 (@CNBCTV18Live) April 27, 2024

ICICI Bank shares ended 0.27% lower at ₹1,110.75 apiece on Friday, April 26. The stock has gained 20.09% in the last six months.

Also Read: YES Bank Q4 Earnings | Net profit jumps 124% to ₹454 crore, asset quality improves

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Secret to succeed in stock market — Ambit Group CEO Ashok Wadhwa reveals key factors

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ambit Group CEO Ashok Wadhwa believes that best in class management and good governance in the long run will bring huge success for companies in the future.

In an interview with CNBC-TV18, Wadhwa spoke about the current trend in the Indian markets and how the companies should address the demand from investors for participation in a particular stock.

“Access to capital has been overemphasised. I believe, best in class governance and best in class management will have unlimited access to capital. We should put more emphasis on governance and management. If you follow these two philosophies, long term good governance and good management, I think it’s recipe for a huge success,” Wadhwa said.

He cited the success of icons such as Deepak Parekh and Uday Kotak in building world class financial institutions and how the path shown by them could lead to success.

Ashok Wadhwa on world-class board members, governance and management going miles in the business industry! Check out the full episode of #MarketCafe with @SurabhiUpadhyay, on CNBCTV-18’s YouTube handle, and unlock secrets to succeed in the stock-market! pic.twitter.com/6WdBo70niX

— CNBC-TV18 (@CNBCTV18News) April 26, 2024

“I saw Uday Kotak who started with an NBFC and built a world class banking institution. What we have learnt from Uday Kotak is that it does not matter whether it’s a professionally run company or promoter led company; what is important is governance by inducting best in class board members, truly independent board members, and best in class management.”

Sharing his views on current market trends in an exclusive interview with CNBC-TV18, Wadhwa said that the Indian markets are getting into a new level of maturity. “A mature market creates an environment for private equity to be able to recycle their capital, because their ability to exit is really the basis for them to make larger investments,” he said.

“I think the Indian market today offering these private equity funds an opportunity to exit augers extremely well for access to larger pools of capital for Indian entrepreneurs going forward,” he added.

Wadhwa said that if the market is currently providing such a liquidity opportunity, it signifies positive prospects for the Indian market, private equity investors and the future of private equity investments in the country.

“There are many more retail investors wanting to participate in a particular stock. I think it is incumbent upon the promoter to provide that liquidity so that there is greater activity in the stock of the company. So, I think it’s a very healthy situation. I wouldn’t worry about it or read anything beyond the fact that this is the Indian market getting to a new level of maturity,” he added.

“As far as promoters are concerned, many or some of them do it because they need to create more liquidity in the market. Everybody wants to see if there is a larger pool of capital available,” the Ambit Group CEO explained.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

YES Bank Q4 Earnings | Net profit jumps 124% to ₹454 crore, asset quality improves

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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YES Bank on Saturday, April 27, reported its earnings for the March quarter. Its net profit came in at ₹454 crore, 124.3% more than the ₹202.4 crore reported in the corresponding period in the previous fiscal.

The lender’s net interest income was up 2.3% at ₹2,153.1 crore compared to the fourth quarter of FY23’s ₹2,105.2 crore.

The bank’s gross non-performing assets (NPA) was down 11% at ₹3,982 crore in the March quarter compared to the previous quarter’s ₹4,457.4 crore. The gross NPA% for the fourth quarter was pegged at 1.7% compared to the December quarter’s 2%.

#4QWithCNBCTV18 | #YesBank Q4

▶️Net Profit At Rs 454 Cr Vs Rs 202.4 Cr (YoY)

▶️NII Up 2.3% At Rs 2,153.1 Cr Vs Rs 2,105.2 Cr (YoY) pic.twitter.com/ZhYDQhqXzF

— CNBC-TV18 (@CNBCTV18Live) April 27, 2024

It also reported a 31.4% decline in net NPA at ₹1,329.7 crore in the fourth quarter compared to the ₹1,934.4 crore in the third quarter of the 2023-24 fiscal year. Its net NPA% was at 0.60% compared to the previous quarter’s 0.9%, reflecting improved asset quality metrics.

The company’s provisions for the March quarter were pegged at ₹471 crore compared to the previous quarter’s ₹554.7 crore. In the fourth quarter in FY23, the provisions were pegged at 618 crore.

YES Bank during its post-earnings concall said that it made consistent improvements across metrics int he last year. It added that FY24 marked its third straight year of profitability since its reconstruction.

#4QWithCNBCTV18 | As a bank, we made consistent improvements across metrics last year, FY24 marks the third straight year of profitability for the bank since its reconstruction

Gross slippages for Q4FY24 at Rs 1,356 cr vs 1,233 cr in Q3FY24@YESBANK Concall pic.twitter.com/wuOmpxbPRE

— CNBC-TV18 (@CNBCTV18Live) April 27, 2024

YES Bank shares ended 0.39% higher at ₹26.05 apiece on Friday, April 26. The stock has gained 12.53% in the past month and 63.32% in the last six months.

Also Read: RBL Bank reports ₹352.5 crore net profit in fourth quarter, above Street estimates

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

RBL Bank reports ₹352.5 crore net profit in fourth quarter, above Street estimates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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RBL Bank on Saturday, April 27, reported its fourth quarter results. It’s net profit came in at ₹352.5 crore, which was more than CNBC-TV18’s poll of ₹320.7 crore.

The lender’s net profit in the March quarter was also 30.1% more than the ₹271.1 crore net profit it reported in the corresponding period in the previous fiscal.

RBL Bank’s net interest income (NII) of ₹1,599.8 crore in the fourth quarter was lower than Street estimates of ₹1,604.7 crore. However, it was 17.9% higher than the fourth quarter of the previous fiscal’s ₹1,357.3 crore.

The lender’s gross net performing assets decreased 11% to ₹2,271 crore in the fourth quarter of the 2023-2024 fiscal, compared to the previous year’s ₹2,551 crore. RBL Bank’s gross NPA% came down to 2.65% from the previous year’s 3.12%

Its net NPA too witnessed a 2.6% decrease to ₹619.3 crore in the March quarter from the previous year’s ₹635.6 crore. The lender’s net NPA% was down 6 bps to 0.74% in the March quarter from the previous year’s 0.8%.

It’s net interest margin (NIM) for the March quarter was 5.45%. In the previous quarter the same was 5.52% and in the fourth quarter in FY23 it was 5.62%.

RBL Bank in a media call stated it expects the first quarter margin for FY25 to be flattish and it expects the NIM to rise by the year-end. The lender added that it will do lateral hiring against deaprtment head resignations that have taken place.

#4QWithCNBCTV18 | Expect a flattish margin in Q1FY25; expect NIM to rise by year-end. Will do lateral hiring against dept head resignations that have taken place

Used to take business correspondence, netted from interest income; In the Middle of last year, started grossing it… pic.twitter.com/H1AieV67r4

— CNBC-TV18 (@CNBCTV18Live) April 27, 2024

RBL Bank shares ended 1.27% higher at 266.3 apiece on Friday, April 26. The stock has gained 11.87% in the past month, 17.73% in the last six months and 67.12% in the past year.

Also Read: Mastek Q4 Earnings | Net profit increases 22%, EBITDA down nearly 6% from previous quarter

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mastek Q4 Earnings | Net profit increases 22%, EBITDA down nearly 6% from previous quarter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mastek, a digital engineering and cloud transformation company, on Friday, April 26 reported its earnings for March quarter.

It reported a 22% increase in its net profit to ₹92 crore from the previous quarter’s ₹75.3 crore.

However, the company’s revenue was down 0.5% at ₹780 crore from third quarter’s ₹784 crore.

Its earnings before interest, taxes, depreciation and amortization (EBITDA) too witnessed a fall of 5.9% to ₹125.5 crore. In the previous quarter, the company had reported an EBITDA of ₹133.3 crore.

#4QWithCNBCTV18 | Mastek Q4

▶️Net profit up 22% at Rs 92 Cr vs Rs 75.3 Cr (QoQ)
▶️Revenue down 0.5% at Rs 780 Cr vs Rs 784 Cr (QoQ)
▶️EBITDA down 5.9% At Rs 125.5 Cr vs Rs 133.3 Cr (QoQ)
▶️Margin at 16% vs 17% (QoQ) pic.twitter.com/sbQWGkBXMb

— CNBC-TV18 (@CNBCTV18Live) April 27, 2024

Mastek’s margin too slid to 16% from 17% in the previous quarter.

Mastek shares ended 1.17% higher at ₹2,768 apiece in the previous trade session. The stock has gained 10% in the past month, 28.77% in the last six months and 62.04% in the past year.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IDFC First Bank Q4 earnings preview: Analysts predict 25.2% surge in NII, 8% dip in PAT

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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IDFC First Bank is set to report its financial performance for the quarter ended March 2024 (Q4FY24) on Saturday, April 27.

According to a CNBC-TV18 poll, analysts anticipate the bank’s net interest income (NII) to witness a significant uptick, projecting a robust growth of 25.2% year-on-year (YoY) to reach ₹4,502.2 crore. Moreover, sequentially, the NII is expected to climb by approximately 5%.

However, the profitability may take a slight dent as the profit after tax for Q4FY24 is anticipated to dip by 8% to ₹738.6 crore compared to ₹802.6 crore reported in the corresponding quarter of the previous fiscal year.

However, broking firm Motilal Oswal expects deposit growth to be strong at 32.8% YoY, coupled with a sequential increase of 5.3%. Additionally, the firm anticipates a rise in loan growth, pegging it at 23% on a YoY basis.

According to Morgan Stanley, the bank may see improvements in certain key metrics. They anticipate net interest margin (NIM) to witness a positive uptick, potentially improving by 41 basis points. However, this optimism is tempered by expectations of a 17 basis points increase in credit costs compared to Q4FY23.

Meanwhile, the street expects IDFC First Bank’s asset quality to remain stable or improve on a sequential basis. In Friday’s trading session, the stock of IDFC First Bank rose by 1.56% to close at Rs 84.70.

The Mumbai headquartered bank has a market capitalisation of ₹59,964.28 crore and has delivered a negative return of around 1% in the past six months.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Software companies put up their worst show since FY18

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The combined net profit of the country’s largest information-technology firms grew at the slowest pace in six years after clients across the globe cut back their discretionary spending due to an uncertain business environment. What is more worrying is that the sector is not out of the woods yet as most of them have lowered their margin aspiration for the next year as well.

Six software firms which form part of the Nifty50 Index saw their aggregate earnings increase by 4.1% to ₹1.06 lakh crore in FY24. That compares with the 6.3% rise reported in the previous year. The growth in the bottom line for the year was the lowest after 2018 when they together reported a 3.5% rise, according to data collated by CNBC-TV18. In fact, the net profit has been growing at a single digit over the last seven years, except FY19 and FY22 in which their aggregate profit surged by 13% and 18%, respectively.

While the net profit of Wipro and Tech Mahindra continued to decline for the second year in a row, the growth has almost halved for HCL Technologies. Similarly, Tata Consultancy Services (TCS) reported 9% growth in FY24 against an increase of 10% in FY23. The two largest IT firms — TCS and Infosys — account for 68% of the aggregate profit and close to 60% of the total revenue of the sample.

Also Read: Synopsys to buy engineering software firm Ansys in $35 billion deal

Further, the revenue of these IT companies increased by 5% in FY24 to ₹6.8 lakh crore. In contrast, the six companies — TCS, Infosys, HCL Technologies, Wipro, Tech Mahindra and LTIMindtree — together had reported 19% growth in their top-line in FY23.

Vetri Subramaniam, Chief Investment Officer at UTI AMC, argues that the global picture is more tricky as there has been a very big shift in the kind of expectations for interest rate policy by the US Federal Reserve. According to him, one should watch out for management commentaries of these companies with respect to their growth strategy and hiring. “Tech capex spending in the US hopefully signals better times for the Indian IT sector,” said Subramaniam.

Even though TCS expects the current fiscal year will be better than the previous one, the second-largest outsourcing provider — Infosys has cut its FY25 revenue target to 1 % to 3% on a constant-currency basis. That was a revision from its earlier guidance of 4% to 7% a year ago due to prevailing weak demand in the sector.

Also Read: Alphabet in talks to acquire marketing software firm HubSpot

The gauge for IT stocks — the Nifty IT index has declined as much as 5.2% so far in 2024, against 3.2% gains generated by the benchmark Nifty50 during the same period.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow