RBI curbs on Patym to have major impact but valuation remains attractive
Q&A | Commendable eschewal of populist schemes: Motilal Oswal Fin Services CEO
Nifty, Bank Nifty: Wait for confirmed breakout from trading range
The Nifty 50 Index, currently at 21,853.80, faces a notable resistance zone around 22,200. Should the index breach this level, a near-term correction on the charts becomes plausible.
Stocks to Watch today, Feb 5: Paytm, SBI, TaMo, IndiGo, ZEE, Airtel, VBL
State Bank of India: The country’s largest lender, reported a net profit of Rs 9,164 crore in the October-December quarter (Q3FY24), down 35.5 per cent from Rs 14,205 crore in the same period of the previous year (Q3FY23), due to a Rs 7,100 crore provision for pension liabilities. Sequentially, the public sector lender’s profit was down by 36.05 per cent.
Paytm (One97 Communications): The company, which has been under the Reserve Bank of India’s line of fire, may react to multiple news reports.
First, a report in the Hindu BusinessLine suggests the company is in exploratory talks with a few interested investors to sell the wallets business, which is housed under Paytm Payments Banl. HDFC Bank and Jio Financial Services are said to be among the forerunners to acquire the same, the report added.
Second, the RBI had reportedly found hundreds of thousands of accounts at the bank created without proper identification. The central bank is concerned some of these accounts may have been used to launder money.
Paytm Payments Bank, however, has clarified that neither the firm nor Vijay Shekhar Sharma, One97 CEO, were under enforcement directorate scrutiny for money laundering.
Third, stock exchanges have revised the circuit limits for Paytm to 10 per cent from 20 per cent, after the stock crashed 36 per cent in two days
Tata Motors: On Friday, the Tata group company reported a 137.5 per cent Y-o-Y jump in consolidated net profit at Rs 7,025 crore for Q3FY24. READ
Bond traders pin hopes on dovish RBI pivot to extend Budget rally
Bond traders in India are anticipating that a fiscally prudent budget may prompt the central bank to signal a dovish monetary policy tilt, and extend the best rally in more than year.
China securities regulator vows to guide more funds into equity market
This comes after Chinese shares sank to a five-year low in chaotic trading on Friday, but policymakers offered no specifics on how they plan to end a selloff that’s erased more than $6 trillion of value and dented confidence in the world’s second-largest economy.
Fed Powell: To be cautious with beginning rate cuts
US 10-year bond yield extends gains on Fed comments
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