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Business Standard
7 hours ago
- Business
- Business Standard
Nifty ends tad above 25,100 level; PSU bank shares in demand
The key equity indices ended with modest gains today, extending their winning streak to a fourth session, supported by the Reserve Bank of Indias unexpected policy easing and upbeat global cues. The Nifty ended a tad above the 25,100 level. Barring the Nifty Realty index, all the other sectoral indices on the NSE ended in green. As per provisional closing data, the barometer index, the S&P BSE Sensex, added 256.22 points or 0.31% to 82,445.21. The Nifty 50 index rose 100.15 points or 0.40% to 25,103.20. In the past four trading sessions, the Sensex and Nifty advanced by 2.12% and 2.28%, respectively. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 1.03% and the S&P BSE Small-Cap index added 1.19%. The market breadth was strong. On the BSE, 2,809 shares rose and 1,395 shares fell. A total of 131 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.42% to 14.69. Economy: Indias forex reserves dropped by $1.237 billion to $691.485 billion for the week ended May 30, the RBI said on Friday. For the week ended May 30, foreign currency assetsa major component of the reservesfell $1.952 billion to $584 billion, according to the RBI data. The gold reserves increased by $723 million to $84.305 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by $2 million to $18.569 billion, the apex bank said. Indias reserve position with the IMF was also down by $6 million at $4.395 billion in the reporting week, the apex bank data showed. Buzzing Index: The Nifty PSU Bank rose 1.52% to 7,208.45. The index gained 2.3% in the two consecutive trading sessions. Bank of India (up 3.86%), Bank of Maharashtra (up 3.38%), Indian Bank (up 2.79%), Indian Overseas Bank (up 2.37%), Punjab National Bank (up 1.86%), Canara Bank (up 1.69%), Punjab & Sind Bank (up 1.56%), Union Bank of India (up 1.3%), Central Bank of India (up 1.26%) and State Bank of India (up 0.89%) advanced. Stocks in Spotlight: JSW Steel rose 0.24%. The company recorded consolidated steel production of 22.73 lakh tonnes in May 2025, which is higher by 8% as compared with the production volume of 20.98 lakh tonnes reported in May 2024. Mahindra & Mahindra (M&M) shed 0.52%. The company said that its total production jumped 27.56% to 89,626 units in the month of May 2025, compared with 70,261 units produced in the same period last year. HDFC Bank shed 0.01%. The bank said that the Mehta Family, throughthe Lilavatii Kirtilal Medical Trust, has filed an FIR against the bank and its MD and CEO Sashidhar Jagdishan in an attempt to thwart the recovery of the long outstanding loan dues owed to the bank. Persistent Systems added 1.98% after the companys board approved the reappointment of Dr. Anand Deshpande as the managing director (MD) of the company for the next term of 5 consecutive years. Multi Commodity Exchange of India (MCX) jumped 7.22% after the company said it received approval from the Securities and Exchange Board of India (SEBI) to launch electricity derivatives. Capri Global Capital surged 19.52% after the company launched the autopay facility for gold loans, eliminating the need for manual payments or branch visits. This new feature is designed to make gold loan repayments more convenient, secure, and hassle-free for customers. RailTel Corporation of India added 3.10% after the company announced that it has secured two significant work orders worth a total of Rs 259.07 crore from government entities in Bihar and Himachal Pradesh. Afcons Infrastructure added 2.65% after the firm received a letter of award (LoA) from Reliance Industries (RIL) worth Rs 700 crore for the execution of construction works related to the Vinyl Projects at Dahej, Gujarat. Glenmark Pharmaceuticals rose 0.68%. The drug maker announced the upcoming launch of zanubrutinib in India, following approval from the Drugs Controller General of India (DCGI). Larsen & Toubro (L&T) rose 0.69%. The company announced that its heavy civil infrastructure (HCI) vertical has secured a significant order from JSW Energy for the execution of the Bhavali pumped storage project (PSP) in the state of Maharashtra. Global Markets: European markets traded lower on Monday as global investors remained cautious ahead of the upcoming US-China trade talks, which are expected to take place in London. Asian stocks ended higher as investors awaited trade discussions between the United States and China and reviewed the latest economic data from China and Japan. China's consumer price index declined 0.1% year-on-year in May, unchanged from the previous month, according to government data released Monday. The producer price index fell 3.3% year-on-year, marking the sharpest decline in 22 months and following a 2.7% decrease in April. Japan's gross domestic product contracted 0.2% year-on-year in the JanuaryMarch quarter. While better than the preliminary estimate of a 0.7% decline, it reflected a reversal from 2.4% growth in the previous quarter. Reports indicated that China granted temporary approvals for rare earth exports, and Boeing resumed commercial aircraft deliveries to China. In the United States, equities closed higher on Friday following the release of nonfarm payroll data and news of upcoming trade talks. The US economy added 139,000 jobs in May, down from Aprils revised figure of 147,000. March payrolls were also revised lower to 120,000. Average hourly earnings increased by 0.1% on a monthly basis in May, resulting in a 0.4% annual pace, reflecting ongoing wage pressures. President Donald Trump stated that Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer would meet Chinese officials in London on Monday to discuss trade matters.
Business Standard
29-05-2025
- Business
- Business Standard
RBI to explore commencing CBDC pilots on cross-border payments
The Reserve Bank of Indias annual report has note as part of its agenda for 2025-26 that it will explore commencing central bank digital currency (CBDC) pilots on cross-border payments both on bilateral and multilateral basis to overcome key challenges related to turnaround time (TAT), efficiency and transparency, considering India being the worlds largest recipient of remittances. The Reserve Bank would further expand the scope and coverage of ongoing pilots in e₹-Retail and e₹-Wholesale by introducing new use cases and features, besides bringing improvements to technological aspects of the account aggregator framework to enhance transparency, customer convenience and efficiency, the report noted in its prospects for year ahead. The value of central bank digital currency (CBDC) or e-rupee in circulation jumped to Rs 1,016 crore at the end of March 2025 from Rs 234 crore in the year-ago period, the Reserve Bank said on Thursday.
Business Standard
30-04-2025
- Business
- Business Standard
IndusInd Bank slips as top brass resign amid derivatives accounting probe
IndusInd Bank shares slipped 2.42% to Rs 817, following the abrupt resignation of its managing director and CEO, Sumant Kathpalia. The move comes as the bank grapples with an ongoing probe into accounting discrepancies in its derivatives portfolio. Kathpalia's exit, effective immediately, brings to a close his five-year tenure at the helm of the bank. Deputy CEO and whole-time director Arun Khurana had also resigned a day earlier, citing the adverse accounting impact on the banks profit and loss due to incorrect accounting for internal derivative trades. Khurana had previously held oversight of the banks treasury front office, a key function tied to the issue. The leadership exits come after a series of senior-level changes in the bank's finance division. Khurana had been promoted to chief financial officer in January, following the resignation of former CFO Gobind Jain, who left citing personal reasons. In the wake of the crisis, the banks board has sought the Reserve Bank of Indias (RBI) nod to form a committee of executives under Section 10B(9) of the Banking Regulation Act, 1949. This interim team would assume CEO responsibilities until a permanent appointment is made. The PWC report engaged by IndusInd Bank to quantify the losses due to discrepancies in its derivative portfolio has put the final number of the negative impact on the bank's net worth at Rs 1979 crore. Based on the report, the IndusInd Bank said it has assessed an adverse impact (on a post-tax basis) of 2.27% to the banks net worth as of December 2024 on account of these discrepancies. The final number by PWC is slightly lower than the 2.35% of net worth hit, the bank had estimated in March. The bank received the report from the external agency on April 15. IndusInd Bank offers a wide range of products and services for individuals and corporates, including microfinance, personal loans, personal and commercial vehicle loans, credit cards and SME loans. The banks standalone net profit declined 39% to Rs 1,401.28 crore while total income increased 8.5% YoY to Rs 15,151.01 crore in Q3 FY25 over Q3 FY24.
