India News & Trends


‘Only Scoops, No Oops’: Amul’s Clever Spin on Kiss Cam Moment
Dairy giant Amul once again grabs public attention with its latest topical doodle, this time commenting on the viral “kiss cam scandal” that caused a stir on social media earlier this week. Using its trademark wit and creativity, Amul’s new artwork shows the iconic Amul girl holding a tub of ice cream, with the clever caption: “Only Scoops, No Oops!” The doodle was released on Amul’s official social media handles shortly after a controversial moment during a live sports broadcast became the talk of the internet. The incident, involving an awkward on-screen kiss between two spectators, quickly drew widespread reactions ranging from humor to outrage. True to form, Amul weighed in with a light-hearted take. The illustration shows a stadium backdrop, with the Amul girl cheekily peeking from behind a scoop of ice cream while a heart-shaped kiss cam icon looms in the background. The caption subtly comments on the situation without naming individuals, in line with the brand’s long-standing tradition of blending social commentary with visual satire. Social media users praised the creative for its timely and tasteful response. Many lauded Amul for continuing to reflect pop culture moments with sensitivity and humor. Amul’s topical ads, a staple since the 1960s in Indian advertising, respond swiftly to news, politics, and viral moments with clever wordplay. The “Only Scoops, No Oops” doodle adds to its iconic collection. As the conversation around public conduct at live events continues, Amul’s take offers a moment of levity—reminding audiences that sometimes, the best response is a scoop of humor.
Published 21 Jul 2025 05:54 PM


Social Panga to Handle Social Media for Neo by Nippon Paint
Neo by Nippon Paint has appointed Social Panga as its official social media agency. The collaboration aims to strengthen Neo’s presence across digital platforms and connect more directly with its target audience. Social Panga will be responsible for creating and managing content, developing social media strategies, and enhancing engagement across platforms such as Instagram, Facebook, and LinkedIn. The agency brings experience in handling campaigns for brands in the lifestyle and home improvement sectors. Neo, a brand under Nippon Paint, focuses on products for the modern consumer, offering a range of solutions tailored to today’s design and functional needs. This move is part of its broader push to build a stronger identity and stay relevant in a competitive market. Speaking about the partnership, both teams expressed confidence in their shared vision and strategy. Social Panga aims to translate Neo’s brand values into digital conversations that reflect the brand’s tone and connect meaningfully with its followers.
Published 11 Jul 2025 05:02 PM


The Revanth government awarded Allu Arjun the Gaddar award months after he was arrested in the Pushpa 2 stampede case.
In relation to a case involving the death of a lady in a stampede at Hyderabad's Sandhya theater during the premiere of his film Pushpa 2, Arjun was taken into custody last December.Arjun will formally receive the first "Best Leading Actor" award at a later time for his role in the highly successful sequel Pushpa 2: The Rule, which brought in an estimated Rs 1,800 crore at the box office worldwide.Arjun's prize comes months after he was temporarily detained and arrested by Telangana police, who blamed him and others for the stampede that occurred on December 4 at the film's premiere at the Sandhya theater in this city. In the midst of controversy surrounding the death of 39-year-old M. Revathi in the stampede and the severe injuries sustained by her 9-year-old son, the arrest was announced on December 13. On the eve of the release, Arjun went to the renowned Sandhya theater to support his admirers, and Revathi's family of four attended to see the Pushpa-2 premiere event. As the opposition BRS and BJP denounced "the arrest of a national award winner," particularly the way it was executed, the police action took a political turn. In an X post at the time, Telangana BJP politician and Union Minister of State (MoS) for Home Affairs Bandi Sanjay wrote, "...lifting national award-winning actor Allu Arjun straight out of his bedroom without even giving him time to change is a disgraceful act of mismanagement and disrespect."The police action took a political turn when the opposition BRS and BJP condemned "the arrest of a national award winner," especially the manner in which it was carried out. Union Minister of State (MoS) for Home Affairs and Telangana BJP politician Bandi Sanjay remarked in an X post at the time, "...lifting national award-winning actor Allu Arjun straight out of his bedroom without even giving him time to change is a disgraceful act of mismanagement and disrespect."
Published 31 May 2025 08:00 PM


In a High Court case, Adman Sandeep Goyal wants the government to control surrogate advertisements.
In order to stop surrogate advertising, Sandeep Goyal has petitioned the Punjab and Haryana High Court for a government-led oversight agency. He contends that deceptive advertising of things that are prohibited, such as alcohol and tobacco, cannot be addressed by the self-regulation that is in place at the moment. By acknowledging the issue and sending letters to the appropriate authorities, the court has signaled the start of an important legal discussion over advertising control.The nation is experiencing a health catastrophe as a result of young people developing early alcohol and tobacco addictions. According to the petition, "it is argued that the commercials, which feature well-known celebrities to promote their product, not only encourage the use of alcohol and tobacco but also validate their use through the glamorous representation of these products. "The petition highlights how ineffectual the present self-regulatory frameworks—such as the Advertising Standards Council of India's (ASCI)—are at preventing deceptive advertising. Goyal demands a stronger regulatory framework run by the government to monitor advertising material.Goyal argues that current redressal procedures are not quick to offset the immediate effects of these advertisements, which continue to reach sizable audiences before any kind of regulation is implemented. Additionally, he cites Supreme Court and high court rulings advocating for more stringent regulatory monitoring in the advertising industry.
Published 31 May 2025 07:43 PM


N Venu is appointed Managing Director of Hitachi India.
According to Hitachi India, N Venu will take over as the company's new Managing Director (MD) on June 2, 2025. This significant change in leadership comes when Bharat Kaushal was promoted to Executive Chairman of Hitachi India, effective April 1, 2025.According to Hitachi India, N Venu will take over as the company's new Managing Director (MD) on June 2, 2025. This significant change in leadership comes when Bharat Kaushal was promoted to Executive Chairman of Hitachi India, effective April 1, 2025.The advancement of Bharat Kaushal Hitachi India's first Indian MD was Bharat Kaushal. He has now been elevated to Hitachi India's Executive Chairman position. He works for Hitachi Ltd. as a corporate officer as well. His guidance has been crucial to Hitachi's expansion in India. N Venu's Present Positions N Venu currently occupies significant positions inside the organization. He serves as both the region head for Hitachi Energy in South Asia and the managing director and CEO of Hitachi Energy India. He will assume the additional duty of serving as MD of Hitachi India starting in June 2025.Put Growth and Innovation First In his capacity as MD, N Venu will support Hitachi's growth in India. His objective is to back Hitachi's new management strategy, "Inspire 2027," which emphasizes innovation and growth via digital technology. In order to increase value for customers, he would also try to unite the approximately 28 Hitachi group entities in India. The Vision of Hitachi for India India is a crucial business destination for Hitachi. The business is expanding in sectors like energy, digital services, railroads, financial inclusion, healthcare, and education. Venu's hiring demonstrates Hitachi's strong commitment to making India a significant component of its worldwide business, according to Bharat Kaushal.Venu's History and Accomplishments N Venu has worked for nearly 40 years. Since 2019, he has served as Hitachi Energy's leader in India, accelerating the company's expansion. In 2024–2025, he also held the position of Chairman of the Confederation of Indian Industry (CII) Karnataka Chapter. Venu attended NIT Warangal to study electrical engineering. He also attended the Indian School of Business (ISB) in Hyderabad, IIM Ahmedabad, and IMD in Switzerland to study management.
Published 31 May 2025 08:01 PM


Karnataka Soaps & Detergents Limited (KSDL) has named Tamannaah Bhatia as a brand ambassador.
Actress Tamannaah Bhatia has been appointed as the brand ambassador for Karnataka Soaps & Detergents Limited (KSDL), a well-known state-owned enterprise, for a two-year term. The goal of this program is to increase KSDL's market reach in India and abroad while also increasing its visibility among younger consumers.Renowned actress Tamannaah Bhatia has been named the two-year brand ambassador for Karnataka Soaps & Detergents Limited (KSDL), a century-old state-owned company. This calculated action seeks to increase KSDL's appeal and exposure among younger consumers while broadening its national and international reach. On May 22, 2025, Karnataka's Large and Medium Industries Minister M.B. Patil made the news, emphasizing Tamannaah's widespread appeal and robust online presence throughout India. As KSDL starts a strategic transition to increase brand value, penetrate new markets, and connect with a younger, wider audience, this appointment comes at a critical juncture. With more than 28 million followers on social media and widespread popularity throughout India, Tamannaah is a perfect fit to embody KSDL's fusion of tradition and modern appeal. The action demonstrates KSDL's intention to use celebrity endorsements as a component of its larger marketing and growth plan.
Published 27 May 2025 09:05 PM


The Manipur High Court's Chief Justice is Justice K. Somashekar.
The President of India has chosen Justice K. Somashekar, a former member of the Karnataka High Court, as the Chief Justice of the Manipur High Court. This ruling reflects the Supreme Court collegium's recommendation and comes after Justice D. Krishnakumar's planned retirement.The appointment of Justice Kempaiah Somashekar, a Karnataka High Court judge, as the new Chief Justice of the Manipur High Court is a noteworthy legal move. Chief Justice D. Krishnakumar will retire on May 21, 2025, and this appointment comes after his retirement. More than thirty years of judicial experience and legal service throughout Karnataka are brought to the table by Justice Somashekar. Only a few days after a Supreme Court collegium headed by Chief Justice of India B.R. Gavai endorsed his name, Justice K. Somashekar's promotion to Chief Justice of Manipur High Court was formally announced on May 20, 2025. The appointment and recommendation cover the void left by Chief Justice D. Krishnakumar's retirement.He added, "The President of India, after consulting with the Chief Justice of India, is pleased to appoint Justice Kempaiah Somashekar, Judge of the Karnataka High Court, as Chief Justice of the Manipur High Court in exercise of the power conferred by the Constitution of India." The appointment was made a few days after a three-member collegium led by Chief Justice B.R. Gavai recommended it due to incumbent Chief Justice D. Krishnakumar's May 21 retirement. In December of last year, Justice Krishnakumar was named chief justice of the High Court.
Published 22 May 2025 04:29 PM

In a bureaucratic reorganization, Sanjeev Ranjan was appointed road transport secretary.
New Delhi: According to a personnel ministry order, senior IAS official Sanjeev Ranjan has been appointed secretary, Ministry of Road Transport and Highways (MoRTH), as part of a top-level bureaucratic reorganization carried out by the federal government. Ranjan is currently the chairman of the National Highways Authority of India (NHAI) and was a Tripura-bred IAS officer in 1985. He has been designated as a MoRTH officer on special duty.According to the decision, Yudhvir Singh Malik will be superannuated by the end of this month, and Ranjan will assume the position of MoRTH secretary on April 1, 2019. Ranjan will be replaced as the new head of the NHAI by Nagendra Nath Sinha. The National Highways and Infrastructure Development Corporation's managing director is N.N. Sinha. He will also continue to be in charge of this position.Rakesh Srivastava, who is scheduled to superannuate on March 31, will be replaced as secretary of the Ministry of Women and Child Development by Rabindra Panwar. Until Srivastava retires, Panwar, a special secretary and financial adviser in the Ministry of Home Affairs, will serve as OSD in the Ministry of Women and Child Development. Panwar will be replaced at the Home Ministry as special secretary and financial adviser by Bhupendra Singh, chairman of the National Authority for Chemical Weapons Convention.Anant Kumar Singh, who retires at the end of this month, will be replaced as secretary of the Department of Land Resources by senior bureaucrat Ruolkhumlein Buhril. Buhril is the secretary of the Home Ministry's Inter State Council Secretariat. He will assume the position of OSD at the Ministry of Rural Development's Department of Land Resources.The National Archives of India's director general will be P. Venkata Ramesh Babu, a senior IAS officer. Babu now serves as Rural Electrification Corporation Ltd.'s chairman and managing director. Rajni Sekhri Sibal, who is now an additional secretary in the Home Ministry, will serve as the secretary of the Ministry of Agriculture and Farmers Welfare's Department of Fisheries. The Medical Council of India has nominated Rakesh Kumar Vats as its secretary general. He currently serves as the Ministry of Health and Family Welfare's supplementary secretary and financial adviser.Vats will be replaced by Dharmendra S. Gangwar as the Ministry of Health and Family Welfare's additional secretary and financial adviser. Gangwar holds the same position in the Ministry of Culture. Braj Raj Sharma, a Jammu and Kashmir cadre IAS official, will serve as secretary of the Home Ministry's Department of Border Management. He works in the same department as the special secretary.
Published 21 May 2025 05:32 PM


“Software Was Faulty”: Baba Ramdev’s Take on Shefali Jariwala's Death Upsets Fans
Yoga guru Baba Ramdev has drawn criticism online following his remarks on the sudden death of actress Shefali Jariwala. In a recent interview, he said, "The hardware was fine, but the software was faulty," referring to her internal health. His comment, made during a discussion on lifestyle and health, was seen by many as insensitive, especially so soon after the news of her passing. Shefali Jariwala, known for her role in the music video "Kaanta Laga," reportedly died of a sudden cardiac arrest at her Mumbai home. While investigations are ongoing, it has been reported that she was undergoing anti-aging IV treatments and had recently started fasting for religious reasons. Her unexpected death has sparked conversations about wellness practices and their long-term effects. Following Ramdev’s comments, many users on social media reacted strongly. Some accused him of using the moment to promote his views on natural living, while others asked him to show more compassion. Phrases like "Stop this nonsense" and "Let her rest in peace" were commonly echoed in the responses. Ramdev later clarified that he was trying to highlight the dangers of modern health trends that focus on external appearance rather than overall well-being. He suggested that people are increasingly overloading their bodies with supplements and treatments without understanding the consequences. His point was that even people who appear healthy can have underlying issues if their lifestyle isn't balanced.
Published 04 Jul 2025 03:03 PM


Ramayana Teaser: Ranbir is Ram, Yash is Ravan
The first teaser for Ramayana, Nitesh Tiwari’s much-anticipated retelling of the classic epic, is out now. It offers a brief look at Ranbir Kapoor as Lord Ram and Yash as Ravan—each bringing very different energy to their roles. Ranbir appears composed and steady, while Yash, as the fierce Ravan, makes a powerful impression. The teaser doesn’t reveal much of the story, but its dramatic visuals and grand scale suggest something big is on the way. What’s catching viewers' attention, beyond the cast, is the look and feel of the teaser. With moody lighting, stark battle sequences, and a weighty tone, many are drawing comparisons to Game of Thrones. Even the way the credits roll seems inspired by the fantasy series. With Sai Pallavi reportedly playing Sita, and a strong supporting cast expected, Ramayana aims to blend tradition with a modern cinematic approach. The teaser has already sparked a wave of curiosity—and some debate—on how this retelling will balance faith, fiction, and visual storytelling.
Published 04 Jul 2025 01:08 PM


Box Office Early Update: Housefull 5 Nears ₹175 Crore Mark, Set to Overtake Raid 2
Akshay Kumar's Housefull 5 continues its steady performance at the box office. On its second Tuesday, the film benefited from discounted ticket prices — a strategy repeated by the makers to draw weekday audiences — resulting in a moderate increase in collections. According to early estimates, the film earned between ₹4 crore and ₹4.5 crore on day 12, marking a growth of 5–18% from Monday’s ₹3.8 crore. With these numbers, the film's total domestic collection is now expected to be in the range of ₹170.49 crore to ₹170.99 crore. At this pace, Housefull 5 is likely to surpass the lifetime earnings of Raid 2 (₹177.83 crore) within the next two days, positioning it as the second highest-grossing Bollywood film of 2025. Housefull5 Directed by Tarun Mansukhani, the film has shown consistent performance since its release, and all eyes are now on whether it can maintain momentum heading into its third week.
Published 18 Jun 2025 07:48 AM


The Revanth government awarded Allu Arjun the Gaddar award months after he was arrested in the Pushpa 2 stampede case.
In relation to a case involving the death of a lady in a stampede at Hyderabad's Sandhya theater during the premiere of his film Pushpa 2, Arjun was taken into custody last December.Arjun will formally receive the first "Best Leading Actor" award at a later time for his role in the highly successful sequel Pushpa 2: The Rule, which brought in an estimated Rs 1,800 crore at the box office worldwide.Arjun's prize comes months after he was temporarily detained and arrested by Telangana police, who blamed him and others for the stampede that occurred on December 4 at the film's premiere at the Sandhya theater in this city. In the midst of controversy surrounding the death of 39-year-old M. Revathi in the stampede and the severe injuries sustained by her 9-year-old son, the arrest was announced on December 13. On the eve of the release, Arjun went to the renowned Sandhya theater to support his admirers, and Revathi's family of four attended to see the Pushpa-2 premiere event. As the opposition BRS and BJP denounced "the arrest of a national award winner," particularly the way it was executed, the police action took a political turn. In an X post at the time, Telangana BJP politician and Union Minister of State (MoS) for Home Affairs Bandi Sanjay wrote, "...lifting national award-winning actor Allu Arjun straight out of his bedroom without even giving him time to change is a disgraceful act of mismanagement and disrespect."The police action took a political turn when the opposition BRS and BJP condemned "the arrest of a national award winner," especially the manner in which it was carried out. Union Minister of State (MoS) for Home Affairs and Telangana BJP politician Bandi Sanjay remarked in an X post at the time, "...lifting national award-winning actor Allu Arjun straight out of his bedroom without even giving him time to change is a disgraceful act of mismanagement and disrespect."
Published 31 May 2025 08:00 PM


RBI Can Still Cut Rates Despite Neutral Stance, Says Governor Malhotra
Reserve Bank of India (RBI) Governor Sanjay Malhotra has clarified that the central bank’s current “neutral” policy stance should not be misunderstood as a signal that interest rates cannot be reduced. Speaking to reporters, Malhotra explained that neutrality gives the RBI flexibility—it can raise or lower rates depending on how inflation and the broader economy behave. “There seems to be a misconception that a neutral stance only allows us to hold or hike rates,” Malhotra said. “That’s not the case. We can cut rates if the situation demands.” His remarks come at a time when markets and analysts are closely watching for signs of a rate cut amid easing inflation and global monetary shifts. Since February 2023, the RBI has maintained interest rates, focusing on controlling inflation while monitoring economic growth. Recently, inflation has slowed, increasing expectations that a rate cut might encourage borrowing and investment without exacerbating inflation. Malhotra stressed that the RBI remains data-driven and won’t rush into decisions. “We will act based on incoming data. Our primary goal is to maintain stability while supporting sustainable growth,” he said. This balanced approach, he added, is what the neutral stance is meant to reflect. In short, while the RBI hasn’t cut rates yet, it’s keeping the door open. The message is clear: flexibility is key, and decisions will be shaped by how the economy performs in the coming months.
Published 15 Jul 2025 04:08 PM


The NIFTY50 hovers above 22,800, the SENSEX jumps 1,131 points, and the whole market shines as well.
The NIFTY50 and SENSEX both ended the day at their one-month high. For the first time since February 21, 2025, the 50-share NIFTY 50 index surpassed the 22,800 level. Additionally, the BSE SENSEX leveled off above 75,000.Tuesday, March 18, saw a 1.5% increase in the Indian stock market due to strong buying in the financial and metals sectors and outperformance by the overall market. The encouraging global cues also improved market sentiment. The NIFTY50 and SENSEX both ended the day at their one-month high. For the first time since February 21, 2025, the 50-share NIFTY 50 index surpassed the 22,800 level. Additionally, the BSE SENSEX leveled off above 75,000. The NSE's NIFTY50 index closed 325.55 points, or 1.45%, higher at the 22,834.30 level, while the S&P BSE SENSEX closed at 75,301.26, up 1,131.31 points, or 1.53%. Out of the 3,016 equities that were traded on the NSE, 2,288 scrips rose, indicating that the market attitude continued in favor of bulls. At the end of the day, the smallcap and midcap indices both saw gains of nearly 2.8%. On Tuesday, all sectoral measures ended the day higher.Investors are also anticipating updates about tariffs and the US Fed's interest rate decision.
Published 18 Mar 2025 06:09 PM


How have portfolio managers performed in terms of returns when comparing mutual funds and PMS?
Current Market News Live Updates for Today: Watch the market wrap-up for today! Follow the fluctuations of the Sensex and Nifty 50, as well as the top winners and losers. See which sectors drove the growth (or drop) and how the US and Asian markets performed. Summary: For up-to-date information on your favorite businesses, follow Mint's market blog. This blog provides you with up-to-date information about global markets and Dalal Street.Late September 2024 saw the top of the Indian equity market, with many large-, mid-, and small-cap companies reaching all-time highs. But ever since, the market has been in a gloomy mood as investor morale has been affected by headwinds including high valuations, a slowdown in profitability, uncertainties around international trade, etc. As of February 21, 2025, the BSE Sensex has down 12.2%, the BSE Midcap has fallen 18.6%, and the BSE Smallcap index has fallen 20.5% from its peak.Based on 5-month returns, NAV decreases of 4–26% have been recorded for equity mutual funds across all categories as a result of the market's severe downturn.
Published 01 Mar 2025 07:41 PM


Highlights of the Budget and Economic Survey: As the budget session starts, FM Nirmala Sitharaman presents the Indian economy report.
Highlights of the Budget and Economic Survey: On January 31, Union Finance Minister Nirmala Sitharaman will deliver the Economic Survey, which examines the Indian economy, governmental policies, and prospects for the future. It discusses socioeconomic problems including poverty and education as well as macroeconomic performance.Highlights of the Budget and Economic Survey: On January 31, Union Finance Minister Nirmala Sitharaman will deliver the Economic Survey to Parliament, which will include a thorough examination of the Indian economy with an emphasis on a few important areas. Economic Survey: What Is It? The Indian economy's performance, governmental policies, and prospects for the next fiscal year are all summarized in the Economic Survey. It is separated into two sections: Part A examines economic performance, focusing on fiscal trends and macroeconomic statistics, while Part B discusses socioeconomic concerns like poverty, education, climate change, and the prospects for GDP growth, inflation, and trade.The Economic Survey is created by whom? The Department of Economic Affairs' economic section, led by Chief Economic Advisor (CEA) V Anantha Nageswaran, prepares the Economic Survey. The Economic Survey will be presented by whom? One day prior to the budget speech, on January 31, Union Finance Minister Nirmala Sitharaman will deliver the Economic Survey to the Parliament.
Published 31 Jan 2025 10:22 PM


Indian Railways Launches 'RailOne': A One-Stop App for All Train Travelers
Indian Railways has launched RailOne, a new all-in-one mobile app designed to make train travel easier, faster, and more convenient for passengers across the country. Instead of juggling multiple apps for booking tickets, tracking trains, ordering food, or filing complaints, travelers can now do it all in one place. Available for free on Android and iOS, the app has been developed by the Centre for Railway Information Systems (CRIS) and brings together key services previously spread across different platforms like IRCTC, UTS, Rail Madad, and NTES. RailOne allows users to book both reserved and unreserved tickets, buy platform tickets and monthly passes, check PNR status, track live train movement, find coach positions, and order food directly to their seat. It also offers a journey planner, digital wallet (R-Wallet) for payments, and a built-in complaint and refund system. What makes the app especially user-friendly is the option to log in with your IRCTC or UTS credentials—or simply use an OTP as a guest, which is ideal for occasional travelers or those unfamiliar with railway apps. One of the app's biggest strengths is its clean and intuitive interface. Whether you're a daily commuter or someone planning a long-distance journey, you can find everything in one place without needing tech expertise. A standout feature is the new R-Wallet, a digital wallet built into the app that lets you pay securely and even gives a small discount on certain bookings. RailOne also supports multiple Indian languages and has a clean, user-friendly design, making it accessible for a wide range of users, regardless of their familiarity with technology. Overall, RailOne feels like a much-needed upgrade in how we interact with Indian Railways. It’s convenient, comprehensive, and built with real-world travel needs in mind. Whether you're planning a long journey or just heading to work, this app is a simple way to stay connected to everything you need—without the clutter. While the app is still fresh and may face a few technical hiccups, Indian Railways is actively working to smooth out the experience. They’re also rolling out a powerful new backend system that can handle heavy booking traffic, set to be fully in place by the end of 2025. This means faster response times and fewer delays when booking tickets or checking train status. The RailOne app marks a big step forward in simplifying train travel in India, offering passengers a smoother, smarter, and more connected experience. If you travel by train often—or even just once in a while—RailOne is worth checking out. From booking tickets and tracking your train to grabbing a meal en route or filing a complaint, this app is built to save time and reduce hassle, all from your phone.
Published 02 Jul 2025 06:02 PM


To accelerate development, PM Modi calls on states to cooperate with the center.
Punjab laments "step motherly treatment," T.N. demands a larger portion of Central tax income, and the PM encourages States to create world-class tourism destinations and incorporate women into the workforce at the Niti Aayog Governing Council meeting.Some States, including Tamil Nadu and Punjab, complained to the Center while others offered proposals to accelerate their growth, despite Prime Minister Narendra Modi's call for the States to unite with the Center to accelerate national development.Prime Minister Narendra Modi made a strong case for cooperative federalism on Saturday, emphasizing the value of coordinated action between the federal government and the states. He said that no goal is impossible when India works as "Team India." The Prime Minister, who chaired the 10th meeting of Niti Aayog's Governing Council, emphasized the importance of accelerating development efforts in order to achieve a "Viksit Bharat" by 2047. The purpose of the gathering, which had as its topic "Viksit Rajya for Viksit Bharat@2047," was to synchronize national and state developmental goals. "Every Indian aspires to Viksit Bharat. Bharat will be Viksit once all the states are Viksit. Prime Minister Modi stated, "This is what its 140 crore citizens want."The chief ministers of every state, lieutenant governors of Union Territories, and a number of Union ministers make up the Governing Council, the highest authority within Niti Aayog. The Prime Minister promoted a bottom-up approach to development while serving as the council's head. "Our goal should be to make every state, city, Nagar Palika, and hamlet viksit. We won't have to wait till 2047 to achieve Viksit Bharat if we continue along these lines," he continued.He suggested that every state choose and create at least one internationally renowned tourism destination with all the amenities and infrastructure of today. "One State: One Worldwide Location." The Prime Minister pointed out that it will also result in the growth of nearby cities as tourism destinations.He called for an emphasis on creating "future-ready cities" with development driven by growth, innovation, and sustainability, acknowledging the rapid rate of urbanization in India. In addition, the Prime Minister emphasized the significance of boosting women's employment. He stated that in order for them to be politely included into the labor, rules and procedures must be created.
Published 28 May 2025 07:55 PM


Why the Madhya Pradesh Congress has targeted Shivraj Chouhan's stronghold in order to implement changes
Beginning with the district of Vidisha, the Madhya Pradesh Congress has begun what it describes as its most comprehensive organizational reorganization exercise in decades. In order to restore the party's grassroots presence following a string of election setbacks in the state, the plan creates a new level of panchayat and ward-level committees.This new organizational model has chosen Vidisha as a test project, and if it works, it will be used in all 52 Madhya Pradesh districts. This is part of the state Congress's larger proposal to declare 2025 a year of "organizational renaissance."One and a half years have passed after the Congress' disastrous performance in the 2023 state Assembly elections, in which it only managed to get 66 of 230 seats. With 163 seats, the BJP won a resounding majority and was able to hold onto power for another term. Following this, the Congress was overwhelmingly defeated in the state's 2024 Lok Sabha elections, losing 29 seats—including the Vidisha seat—at the hands of the BJP.
Published 27 May 2025 09:06 PM


Lower bond purchase amounts are accepted by RBI in the first FY26 OMO auction.
Mumbai: Despite market participants' attempts to sell assets worth twice the publicized offer on the table, the Reserve Bank of India (RBI) accepted a lower-than-notified sum to buy bonds during its open market operations on Monday. This most likely means that the central bank is content with the liquidity as it stands right now.At this OMO, the RBI received bids totaling ₹19,203 crore, which was less than the ₹25,000 crore notified amount. Bids of ₹50,369 crore were received by RBI. The RBI has accepted a smaller amount in this first FY26 OMO auction. The actions taken by the RBI have improved system liquidity. The auction on Monday included government notes with maturities in 2029, 2032, 2033, 2034, and 2036. On Monday, the 10-year benchmark yield ended the day at 6.24%. "For the semi-liquid 20, the auction cut-off prices were nearly in line with market levels."It seems that the majority of HTM stock that might be sold in OMOs has either hit or is close to a limit. "Most banks are selective and don't have excess," stated Ritesh Bhusari, joint general manager of South Indian Bank.
Published 20 May 2025 05:10 PM


Is the 'Caveman Skincare Routine' a hoax in terms of hygiene?
I'm a regular TikTok scroller (the four hours of screen time a day speaks for itself), and I've seen a ton of beauty films, from popular trends to amazing hacks that would put a Victorian kid in a coma. The caveman skincare method, however, may just take the biscuit—or perhaps I should say water—as the most talked-about topic on SkinTok lately.The 'Caveman Skincare Method' is the skincare regimen that TikTok creator Tia Zakher has lately described in a number of videos on the platform. "After 8 years of picking and over-exfoliating, I'm healing my skin barrier by doing the one thing I never tried before... absolutely nothing," Tia explains in a video that has received 9.7 million views. In other words, she has stopped using water in addition to all skincare products (I'm referring about moisturizer, exfoliant, and cleanser). Tia responded to Cosmopolitan UK's inquiry on why she chose to utilize the caveman skincare method by saying, "I decided to do it because I wanted to try a different approach and I do think it's working for me."
Published 28 May 2025 07:49 PM


Doctors express an urgent warning that reels are now causing eye issues after "brain rot."
All age groups, but mainly children and young adults, are experiencing an increase in eye diseases as a result of excessive screen use, especially binge-watching reels on social media sites.Following worries about the effect of short-form films on mental health, medical professionals are now sounding the alarm about a brand-new, rapidly developing issue: "reel-induced eye damage."Across all age groups, excessive screen time—especially binge-watching reels on social media sites like Facebook, YouTube, Instagram, and TikTok—is contributing to an increase in eye diseases, particularly in children and young adults. Leading ophthalmologists discussed this at the Asia Pacific Academy of Ophthalmology and All India Ophthalmological Society's ongoing Joint Meeting, which took place Tuesday at the Yashobhoomi-India International Convention and Expo Centre.Dr. Lalit Verma, president of the Asia Pacific Academy of Ophthalmology (APAO) 2025 Congress, spoke sternly about the "silent epidemic of digital eye strain" brought on by prolonged screen time. "We are seeing a sharp increase in cases of dry eye syndrome, myopia progression, eye strain, and even early-onset squinting, especially in children who spend hours watching reels," he stated. "We recently had a student who came in complaining of blurred vision and ongoing eye irritation. Upon inspection, we discovered that his eyes were not shedding enough tears as a result of spending too much time at home viewing reels on a screen. He was given eye drops right away, and the doctor told him to observe the 20-20-20 rule, which calls for looking at anything 20 feet away for 20 seconds every 20 minutes.The president of the All India Ophthalmological Society and chairman of the organizing committee, Dr. Harbansh Lal, described the gravity of the situation.
Published 17 Apr 2025 08:59 PM


According to Instagram, rubbing raw ginger can help clear up acne. Are dermatologists in agreement?
Another day, another Instagram beauty tip that has gone viral. You surely have a feed full of skincare tips on how to treat acne if you have it, like I do. Social media is using natural components from your kitchen, such as flax seeds for "botox" and raw garlic. This time, raw ginger is the focus, as influencers assert that applying it topically can help eradicate acne. It seems like a simple solution to acne, doesn't it?Innumerable videos of Indian skinfluencers with radiant skin can be found online these days, stating that the key isn't pricey facials but rather applying raw ginger directly to acne outbreaks to treat them right away. But is this spicy suggestion really supported by any science?To find out if this pattern is reliable, let's take a closer look and get some professional guidance.What are the opinions of experts? First, let's get this out of the way. Anything is not necessarily beneficial to your skin just because it is natural. particularly when used undiluted and raw. Senior consultant dermatologist Dr. Gulhima Arora of Mehektagul Dermaclinic states that ginger has only been indirectly shown to be effective in treating acne in scientific studies. It shouldn't be regarded as the primary or first line of treatment. She emphasizes that acne is a complex condition and that not all of its triggers can be addressed by a single spice.Dermatologist and Kaya Limited medical advisor Dr. Saranya B concurs, saying that using raw ginger to the face is not a clinically validated method of treating acne. Despite its antibacterial and anti-inflammatory qualities, direct application may irritate skin. According to Skin Smart Solutions' founder and principal dermatologist, Dr. Bindu Sthalekar, "there is no scientific proof that applying raw ginger topically treats acne." Theoretically, it might be beneficial, but only if taken in conjunction with other drugs and with good tolerance.
Published 17 Apr 2025 08:57 PM


Doctors express an urgent warning that reels are now causing eye issues after "brain rot."
All age groups, but mainly children and young adults, are experiencing an increase in eye diseases as a result of excessive screen use, especially binge-watching reels on social media sites.Following worries about the effect of short-form films on mental health, medical professionals are now sounding the alarm about a brand-new, rapidly developing issue: "reel-induced eye damage."Across all age groups, excessive screen time—especially binge-watching reels on social media sites like Facebook, YouTube, Instagram, and TikTok—is contributing to an increase in eye diseases, particularly in children and young adults. Leading ophthalmologists discussed this at the Asia Pacific Academy of Ophthalmology and All India Ophthalmological Society's ongoing Joint Meeting, which took place Tuesday at the Yashobhoomi-India International Convention and Expo Centre.Dr. Lalit Verma, president of the Asia Pacific Academy of Ophthalmology (APAO) 2025 Congress, spoke sternly about the "silent epidemic of digital eye strain" brought on by prolonged screen time. "We are seeing a sharp increase in cases of dry eye syndrome, myopia progression, eye strain, and even early-onset squinting, especially in children who spend hours watching reels," he stated. "We recently had a student who came in complaining of blurred vision and ongoing eye irritation. Upon inspection, we discovered that his eyes were not shedding enough tears as a result of spending too much time at home viewing reels on a screen. He was given eye drops right away, and the doctor told him to observe the 20-20-20 rule, which calls for looking at anything 20 feet away for 20 seconds every 20 minutes.The president of the All India Ophthalmological Society and chairman of the organizing committee, Dr. Harbansh Lal, described the gravity of the situation.
Published 01 Apr 2025 09:40 PM


Axar Patel leads DC to a decisive victory over Rishabh Pant's LSG on a night that contrasts for the captains.
Returning to Lucknow for the first time since his unsatisfactory dismissal from the team, KL Rahul ended the game with a spectacular six to go undefeated in a run-chase with a 42-ball 57.On a night full of stories at Lucknow's Ekana Stadium, the Delhi Capitals won by 8 wickets in a 160-run chase, solidifying their status as this season's title contenders. KL Rahul, who is making his first appearance in Lucknow after his unsatisfactory dismissal from the team, ended the game with a spectacular six to go undefeated in a run chase with a 42-ball 57. In the twelfth over of their respective innings, LSG and DC both lost their second wicket. Axar Patel entered when a composed Abishek Porel collapsed. At this point, DC was only under a little pressure to take a few wickets, but it might have grown complicated because new batters take time to get comfortable. With two sixes over the midwicket zone, his favorite hit against spin, Axar took out Ravi Bishnoi in the very next over after Avesh Khan had dismissed him after four dot balls.In the following over, facing Avesh once more after being outscored by a few deliveries, he decided to take a chance and hit a four to try to clear the fielder at mid-off. The most impressive stroke came from Shardul Thakur, who took up a not-so-short ball with the weight still on his backfoot and sent it over long on for a six.
Published 23 Apr 2025 08:56 PM


Nitish Rana on RR not selecting him for Super Over against DC despite 51 off 28: "One person never takes the call."
Despite hitting 51 off 28 balls against the Delhi Capitals, Nitish Rana was left out of the Super Over lineup as the Rajasthan Royals entered with Hetmyer and Riyan Parag.Nitish Rana remained in the middle until the 18th over of the chase after smashing 51 off 28 balls. At the Arun Jaitely Stadium in New Delhi on Wednesday, the Rajasthan Royals sent neither batsman to bat despite Yashasvi Jaiswal's 51 off 37 balls in the Super Over against the Delhi Capitals. Eyes were rolling when Shimron Hetmyer and Riyan Parag came out to bat in the Super Over. Rana wasn't even on the list of the three batters for the Super Over, but Jaiswal was chosen to bat following a wicket fall.RR's choice proved to be a poor one as Mitchell Starc of DC cramped the Hetmyer for space with yorkers and the reverse swing, allowing him to begin the Super Over with a dot ball. The Australian bowler was hit for four after missing his mark on the next delivery, but he recovered with another low full toss in the third ball. A single was taken by Hetmyer.Starc's low full toss was hit by Riyan Parag over third man for a boundary, sometimes known as a no-ball. After it appeared that RR would easily reach 15 with three balls left, the game took yet another sharp turn. RR was bowled out for just 11 as Parag and Jaiswal were ran out in the following ball.KL Rahul and Tristian Stubbs smash two sixes in the first three balls of Sandeep Sharma's Super Over to give DC a historic victory, so the total was insufficient. Following the game, Nitish Rana stated that the decision to send Riyan Parag and Shimron Hetmyer instead of him for the Super Over was made by the RR management. Rana said he didn't have an alternative response, adding that if Hetmyer had hit a couple of sixes in the Super Over, the questions would have been different."The call is answered by management, not a single individual. Along with two other senior players and coaches, the captain is present. You wouldn't be asking this question if Shimron Hetmyer had hit two sixes. I'll respond with the same response. I have no other response. Every choice we made was the right one. Everyone knows that Hetmyer is our finisher. During the press conference, Rana stated, "He has previously delivered."
Published 17 Apr 2025 09:05 PM


Who Won CSK vs. RR, Match 11 in Yesterday's IPL 2025 Match?
The outcome of yesterday's IPL 2024 match between CSK and RR: Watch the most recent IPL action as CSK and RR square off in the 2025 season's first game. Get all the match information and updates here, along with the results of the encounter.The highly anticipated Match 11 between the Chennai Super Kings (CSK) and Rajasthan Royals (RR) in the Indian Premier League (IPL) 2025 season was played at the Barsapara Cricket Stadium in Guwahati.Chennai Super Kings (CSK) lost against Rajasthan Royals (RR) by a margin of six runs. First to bowl, RR amassed 182 runs. Despite pursuing the objective, CSK ended up at 176 for 6 in 20 overs. The Rajasthan Royals (RR) defeated the Chennai Super Kings (CSK) by 6 runs in the March 30 IPL 2025 match. After two losses earlier in the season, this victory was RR's first. In contrast, CSK lost this game for the second time in a row.Highlights of the IPL 2025 match between the Rajasthan Royals and Chennai Super Kings: Wanindu Hasaranga takes four wickets to help the Royals overcome the Super Kings by six runs.
Published 31 Mar 2025 08:23 PM

India's bold strategy aids in a quick T20 reconstruction
The world champions are creating an environment where players perform well without worrying about keeping their spots in the squad or taking wickets.Kolkata: Although it's early, the process and outcomes give hope that India would successfully defend the T20 World Cup at home the following year. Despite the pessimism caused by the Test and ODI transition issues, India's T20 trajectory stands out thanks to series victories against South Africa, Bangladesh, Sri Lanka, Zimbabwe, and now England. Even more so when one considers that Kuldeep Yadav, Shubman Gill, Jasprit Bumrah, Rishabh Pant, and Yashasvi Jaiswal have not been parachuted in.This is most likely a greater accomplishment. However, they have approached it virtually undetected. No culture of stars. Verify. No set order for batting. Verify. Just a group of young, talented, and incredibly self-assured cricket players going about their business without worrying about career curves. By the way, all IPL linchpins.Captain Suryakumar Yadav acknowledges his lack of quality as he is left off the Champions Trophy roster. Abhishek Sharma thinks a ball is there to be struck, hence he doesn't count returns. As long as Tilak Varma is at the crease, the second Twenty20 match in Chennai demonstrated that no equation is too difficult. And the fact that India lost to 12/3 and then 79/5 at Pune on Friday, yet still managed to score 181, demonstrated that the previous game's disaster chasing in Rajkot was really a fluke. The realization that not everything can be managed lies at the core of this long-term upsurge. Earlier this week, Sitanshu Kotak, India's new batting coach, said it. "To achieve a score of 200 or 225, and if you are
Published 04 Feb 2025 04:28 PM


Bengal Migrant Workers Detained in Odisha Without Cause, Says Trinamool
The Trinamool Congress (TMC) has alleged that several migrant workers from West Bengal have been illegally detained in Odisha, raising serious concerns about the treatment of laborers working outside their home state. According to the TMC, a group of workers from East Midnapore had travelled to Odisha for construction jobs. Party leaders claim the workers were detained without formal charges and have been missing for several days. “These are poor laborers who went to earn a living. We are deeply concerned for their safety,” said TMC MP Saugata Roy at a press conference in Kolkata. “We urge the West Bengal government to step in and ensure their safe return.” Relatives of the missing workers say they have not heard from their loved ones since early last week. Rina Das, the mother of one of the workers, said, “My son went there to work, not to disappear. We just want to know where he is.” The Trinamool Congress announced it will send a team to Odisha to gather information and assist the families. The party has also written to state authorities demanding an explanation. As of now, Odisha police have not issued an official statement. Sources suggest the matter is being reviewed. This incident has raised fresh concerns about the safety and legal rights of interstate migrant workers in India.
Published 10 Jul 2025 05:57 PM


PM Modi to Visit 5 Countries in 8 Days, Attend BRICS Summit in Brazil
The PM’s eight-day tour from July 2 to July 9 would cover two continents and include visits to Ghana, Trinidad and Tobago, Argentina, Brazil and Namibia. Prime Minister Narendra Modi is set to begin his longest international trip in ten years, starting Wednesday, July 2. The eight-day journey will cover five countries—Ghana, Trinidad and Tobago, Argentina, Brazil, and Namibia—and conclude on July 9. Modi’s visit is expected to boost India’s ties with emerging economies across Africa and Latin America. The tour will begin in Ghana, where discussions will likely center around trade, development, and cultural exchange. In Trinidad and Tobago, Modi will connect with the Indian diaspora and explore bilateral cooperation. The Prime Minister will then head to Argentina to focus on areas such as agriculture, energy, and digital innovation. A key part of the trip will be his participation in the BRICS Summit in Brazil, where leaders of Brazil, Russia, India, China, and South Africa will meet to discuss global economic challenges and cooperation among developing nations. Modi will wrap up the tour with a historic visit to Namibia—the first by an Indian Prime Minister. Talks there are expected to explore opportunities in sectors like mining, green energy, and education. This trip reflects India’s growing diplomatic outreach to the Global South, aiming to strengthen strategic, economic, and people-to-people partnerships.
Published 01 Jul 2025 08:30 AM


Muslim leaders in the Karnataka Congress resign as rage over the Dakshina Kannada killings intensifies
In further trouble for the beleaguered Karnataka Congress, a number of Muslim leaders resigned from their positions on Thursday, including KPCC general secretary M S Mohammed and minority wing president K K Shahul Hameed of Dakshina Kannada district. This was due to an increase in communal violence in Dakshina Kannada.In the most recent incidence, a friend and coworker were gravely hurt when Abdul Rahim was hacked to death in broad daylight on Tuesday in Bantwal, close to Mangalaru. The Home Ministry, led by G Parameshwara, has been accused by the Congress employees who resigned of not doing enough to stop intercommunal violence in the area.In protest of the government's alleged inability to stop the string of "communal murders" in the district and its marginalization of community leaders, a number of Muslim Congress leaders in Dakshina Kannada, ranging from booth-level to state-level, announced their resignations from their party positions on Thursday. Under the direction of M.S. Mohammed, general secretary of the Karnataka Pradesh Congress Committee, the statement was made at an emergency gathering of party workers held at Shadi Mahal in Bolara here. The leaders were compelled to announce their resignations by irate employees as they debated waiting a few more days for the government's response.Shahul Hameed, the president of the Congress's District Minority branch, informed party members that Chief Minister Siddaramaiah had contacted him to caution local leaders against making any snap choices. According to Mr. Hameed, the CM urged him to wait a little while longer and informed him that the matter had also reached the party high command.
Published 31 May 2025 08:03 PM


To accelerate development, PM Modi calls on states to cooperate with the center.
Punjab laments "step motherly treatment," T.N. demands a larger portion of Central tax income, and the PM encourages States to create world-class tourism destinations and incorporate women into the workforce at the Niti Aayog Governing Council meeting.Some States, including Tamil Nadu and Punjab, complained to the Center while others offered proposals to accelerate their growth, despite Prime Minister Narendra Modi's call for the States to unite with the Center to accelerate national development.Prime Minister Narendra Modi made a strong case for cooperative federalism on Saturday, emphasizing the value of coordinated action between the federal government and the states. He said that no goal is impossible when India works as "Team India." The Prime Minister, who chaired the 10th meeting of Niti Aayog's Governing Council, emphasized the importance of accelerating development efforts in order to achieve a "Viksit Bharat" by 2047. The purpose of the gathering, which had as its topic "Viksit Rajya for Viksit Bharat@2047," was to synchronize national and state developmental goals. "Every Indian aspires to Viksit Bharat. Bharat will be Viksit once all the states are Viksit. Prime Minister Modi stated, "This is what its 140 crore citizens want."The chief ministers of every state, lieutenant governors of Union Territories, and a number of Union ministers make up the Governing Council, the highest authority within Niti Aayog. The Prime Minister promoted a bottom-up approach to development while serving as the council's head. "Our goal should be to make every state, city, Nagar Palika, and hamlet viksit. We won't have to wait till 2047 to achieve Viksit Bharat if we continue along these lines," he continued.He suggested that every state choose and create at least one internationally renowned tourism destination with all the amenities and infrastructure of today. "One State: One Worldwide Location." The Prime Minister pointed out that it will also result in the growth of nearby cities as tourism destinations.He called for an emphasis on creating "future-ready cities" with development driven by growth, innovation, and sustainability, acknowledging the rapid rate of urbanization in India. In addition, the Prime Minister emphasized the significance of boosting women's employment. He stated that in order for them to be politely included into the labor, rules and procedures must be created.
Published 28 May 2025 07:55 PM
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All Trending News in India


Apple expands India presence, opens office covering 15 floors in Bengaluru
US-based technology giant Apple expands its presence in India with a new office in Bengaluru, Karnataka. The new Apple office is located at Minsk Square in the center of the city. In its proximity, there are landmarks buildings and spots such as parliament, high court, central library, Chinnaswamy cricket stadium, and one of the largest green parks within Bengaluru. Covering 15 floors, the new Apple office will house up to 1,200 employees and features a dedicated lab space, areas for collaboration and wellness, and Caffe Macs. Its proximity to Cubbon Park metro station means public transit is easily accessible for employees. "Apple is thrilled to expand in India with our new office in the heart of Bengaluru. This dynamic city is already home to so many of our talented teams, including software engineering and hardware technologies, operations, customer support, and more. Like everything we do at Apple, this workspace is created to foster innovation, creativity, and connection. It’s an amazing space for our teams to collaborate” said Apple.From its Bengaluru office, Apple’s teams will work across a wide range of Apple’s business — from software, hardware, services, IS&T, operations, customer support, and others. In line with Apple's global presence, the new Apple office in Bengaluru boasts an interior crafted from locally-sourced materials, including stone, wood, and fabric in the walls and flooring, and the office is filled with native plants. The office is designed with sustainability at the core – will run on 100 per cent renewable energy. With it Apple aims to achieve a Leadership in Energy and Environmental Design (LEED) Platinum rating — the highest level of LEED certification. Apple has been carbon neutral for its corporate operations since 2020, and has run all Apple facilities using 100 per cent renewable energy since 2018. In India, the company has its corporate office footprint in Mumbai, Hyderabad, and Gurugram, and now in Bengaluru.
Published 24 Jan 2024 09:56 PM


Govt may earmark Rs 4 trillion for next years food, fertiliser subsidies
India may earmark about Rs 4 trillion ($48 billion) for food and fertiliser subsidies for the next fiscal year, two government sources said, indicating fiscal caution ahead of this year's general election. Food and fertiliser subsidies account for about one-ninth of India's total budget spending of Rs 45 trillion during the current fiscal year that ends on March 31. The Ministry of Consumer Affairs, Food and Public Distribution has estimated next year's food subsidy bill at Rs 2.2 trillion ($26.52 billion), the two sources said. That is 10 per cent higher than a projected outlay of nearly Rs 2 trillion ($24.11 billion) for the current 2023-24 fiscal year. Additionally, next fiscal year's fertiliser subsidy is expected to be Rs 1.75 trillion ($21.10 billion), down from the current 2022-23 fiscal year estimate of nearly Rs 2 trillion, one of the sources said.The sources, which are directly involved in the decision making on the subsidies, did not wish to be named as they were not authorised to speak to the media.Finance Minister Nirmala Sitharaman will unveil the 2024/25 budget on Feb. The Ministry of Finance, the Ministry of Chemicals and Fertilizers and the Ministry of Consumer Affairs, Food and Public Distribution ministries of finance did not reply to requests for comment. Maintaining the combined subsidies at their current level would be unusual for a government facing a national election in just a few months, but Prime Minister Narendra Modi is widely expected to win a rare third term in elections scheduled for April and May. Also, containing food and fertiliser subsidies is crucial for managing India's fiscal deficit, which Modi's government is targeting at 5.9 per cent of gross domestic product this year and planning to lower by at least 50 basis points in the fiscal year 2024/25. The food subsidy bill is likely to go up next year as Modi's administration late last year extended its flagship free food welfare programme for the next five years.
Published 24 Jan 2024 09:55 PM


L&T Technology retains full-year forecast after all units post Q3 growth
Indian tech services provider L&T Technology Services retained its revenue growth forecast for the current financial year on Tuesday as all its five business verticals posted year-on-year growth for the third quarter.This comes as Infosys and HCLTech tightened their revenue guidance for the year last week citing no change in the demand environment for the year, marred by high inflation and clients cutting down on discretionary spending.However, better-than-feared numbers by the top four firms have triggered a rally in IT stocks this week, helping the country's benchmark indices hit fresh lifetime highs. L&T Technology's consolidated net profit rose 3.36 billion rupees ($40.43 million) from 2.97 billion rupees a year earlier, marginally above analysts' estimate of 3.31 billion rupees.Revenue from operations rose 12 per cent to 24.22 billion rupees, on the back of double-digit growth in telecom and medical devices verticals, below analysts' estimate of 24.45 billion rupees.Indian tech services provider L&T Technology Services retained its revenue growth forecast for the current financial year on Tuesday as all its five business verticals posted year-on-year growth for the third quarter.The Mumbai-based firm expects revenue for the current fiscal year ending March 31 to grow 17.5 per cent-18.5 per cent in constant currency."All five segments grew positively for the second quarter in a row giving us 1per cent sequential growth despite the seasonal softness," CEO Amit Chadha said in a statement.Two units - the industrial products segment and Europe region - have scaled a $200 million run-rate on annualised basis, he added. This comes as Infosys and HCLTech tightened their revenue guidance for the year last week citing no change in the demand environment for the year, marred by high inflation and clients cutting down on discretionary spending.However, better-than-feared numbers by the top four firms have triggered a rally in IT stocks this week, helping the country's benchmark indices hit fresh lifetime highs.Revenue from operations rose 12 per cent to 24.22 billion rupees, on the back of double-digit growth in telecom and medical devices verticals, below analysts' estimate of 24.45 billion rupees.The subsidiary of infra giant Larsen and Toubro won six deals that are more than $10 million each in size, it said in a filing. This included one deal each of sizes $40 million and $20 million.
Published 24 Jan 2024 09:54 PM


Adani Group set to start mapping famous Mumbai slums Dharavi in weeks
The conglomerate owned by tycoon Gautam Adani won a government contract to redevelop Dharavi in late 2022 and will begin surveying the roughly 600 acre densely packed neighborhood in March, according to people familiar with the matter, who asked not to be identified because they aren’t authorized to speak publicly. The Times of India reported Tuesday that the survey will kick off in two weeks. His bid to revamp Dharavi has received considerable attention thanks to the slum’s fame with tourists and backdrop to multiple films, including 2008’s Slumdog Millionaire. But Adani Group faces considerable political opposition and legal hurdles to completing the renovation, which has been sounded out with little progress for decades. Adani, one of India’s richest and most powerful businessmen who is seen to enjoy strong ties to Prime Minister Narendra Modi, is expected to complete the estimated $3 billion project over the next seven years, the people said. Last year, the billionaire said he intends to turn Dharavi into a modern hub and support the small industries based there. His bid to revamp Dharavi has received considerable attention thanks to the slum’s fame with tourists and backdrop to multiple films, including 2008’s Slumdog Millionaire. But Adani Group faces considerable political opposition and legal hurdles to completing the renovation, which has been sounded out with little progress for decades. In a statement issued on Monday, Adani said that eligible residents will get a 350 square foot flat in the area once the project is completed, while ineligible residents will be rehoused in areas across the city.But with few other details about Adani’s plans for the slum yet to be made public, many of Dharavi’s estimated million residents believe Adani will gut their community, shunting them into poor quality apartments or rehouse them miles from Mumbai’s center.Adani is also locked in a legal battle in the Bombay High Court with a Dubai-based consortium of developers and investors called SecLink Technologies Corp., which won a 2018 bid to revamp Dharavi. That tender was later canned and reissued by the state government of Maharashtra, which counts Mumbai as its capital and holds a 20% stake in the Adani-controlled entity pursuing the project. Adani’s team are aware they will have to win trust of residents and may face violent protests while conducting the survey, which will determine who is eligible for new apartments and commercial spaces, the people said.They added that the survey will help build out Adani’s master plan for the slum, which is expected to be submitted to local authorities by March — a delay from an original December deadline, according to the original tender documents.While local firm Genesys International Ltd. will map the area, UK consultancy Buro Happold Ltd. will outline the physical infrastructure needs, while Boston-based Sasaki Associates Inc. will be in charge of the overall re-design, said one of the people.
Published 24 Jan 2024 09:37 PM


Bond market expects RBI to change policy stance in February review
Bond market participants are expecting the Reserve Bank of India (RBI) to change its stance in the February policy review to neutral from withdrawal of accommodation, citing the continuous variable rate repo (VRR) auctions. “RBI is trying to adjust liquidity and bring it close to neutral or zero. The way RBI spoke in the last policy, it doesn't look like it wants a hike anytime soon,” said Naveen Singh, vice-president of ICICI Securities primary dealership.“If they don't want to cut now, but they also don't want to hike, then what's the point of keeping withdrawal of accommodation stance? They can very well come to a neutral stance. And, a neutral stance doesn't stop RBI from hiking if it wants to. Consequently, the market has been strategically taking long positions in government bonds, said dealers. “A majority of the people, if not everyone, is taking long positions (buying) because the market is factoring in that the RBI would change its stance in February,” said a dealer at a state-owned bank.Consequently, the market has been strategically taking long positions in government bonds, said dealers. “A majority of the people, if not everyone, is taking long positions (buying) because the market is factoring in that the RBI would change its stance in February,” said a dealer at a state-owned bank.Yield on the benchmark 10-year government bond has fallen by 3 basis points (bps) in January so far. In December, the yield had fallen by 11 bps. “A minority section of the market thinks that a change in stance in February is possible. The general view is that April is when the change in stance happens,” said Vijay Sharma, senior executive vice-president at PNB Gilts.“Even after this Rs 1.75 trillion VRR, the liquidity is still in deficit mode. It is apparent that through the recent consecutive VRR auctions, RBI is ensuring that tightness in liquidity is not stretched. However, it is too early to say that RBI is taking an accommodative stance. So, it is still a wait-and-watch situation.” he added. The central bank has been conducting VRR auctions in order to infuse liquidity into the banking system. In the 13-day VRR auction conducted by the RBI on Friday, bids were received for Rs 3.92 trillion, against a notified amount of Rs 1.75 trillion.In the preceding VRR auctions, the central bank received a strong demand, with banks submitting bids ranging between 2.5 and 3.2 times of the bidding amounts. This is due to tight liquidity conditions in the system. Liquidity remained largely in deficit mode in the third quarter. The central bank had conducted a VRR auction after six months on December 15.Market participants observed that despite the higher-than-expected US consumer price index (CPI), the US Treasury yield softened. This reinforced the anticipation of a rate cut by the Federal Reserve in March.
Published 24 Jan 2024 09:36 PM


MC Exclusive | Capacity addition, lower AT&C losses top RK Singhs wishlist for Modi 3.0
With the general elections scheduled in April-May, Union Minister for Power and New and Renewable Energy RK Singh listed out his top priorities with the hope that the Narendra Modi government will return for the third consecutive term. "The top priority once the government led by Modi is back in power will be increasing our electricity generation capacity. The other priority will be to reduce the aggregate technical and commercial (AT&C) losses of distribution companies (discoms) to about 10 percent," Singh said during a fireside chat at Moneycontrol's Policy Next Summit in Delhi on January 18. "Rest, India is already a leader in energy transition, so I am not worried about the country's renewable energy targets. We will overachieve it anyway," he said. He said capacity addition is important to keep up with India's growing energy demand. “Since our country is going to continue growing at 7.5 percent or more for the next three decades, we will have to ensure enough electricity. In 2030, our peak demand is going to go up from 241 GW today to 366 GW. Our established capacity has to go up to 900 GW, from about 427 GW today," the power minister said. Giving an overview of the ongoing capacity additions in the power sector, the Union minister said the government is adding around 99,000 megawatt (MW) of renewable energy capacity, which is under construction. Another about 32,000 MW is under various bidding processes. Besides, the government has decided to bid 50,000 MW of renewable energy projects every year.On thermal capacity addition plan, Singh said the government will add 87,000 MW (87 GW) by 2030. "About 27,000 MW is under construction. In addition, we have bid out about 12,000 MW of thermal capacity. Another, 21,000 MW coal-fired capacity is under survey and investigation. Further, about 22,000 MW are under initial stages, where we have identified the land," he said. Singh said the government intends to increase India's hydropower capacity from the current 47,000 MW to about 90,000-100,000 MW. Talking about reduction of AT&C losses of discoms, the Union minister said he has set a fresh target of reducing it to 10-11 percent.AT&C losses are a combination of energy loss and commercial loss. While energy loss may comprise technical loss, theft, and inefficiency in billing, commercial loss constitutes default in payment and inefficiency in the collection. In 2021, the government had set the target to bring down AT&C losses to 12-15 percent by the financial year 2025. However, going by the latest provisional data, the government is likely to have achieved this target two years in advance.According to data from the power ministry, AT&C losses were as high as 25.5 percent in FY13. Till FY21, the AT&C losses stood at 22.3 percent. However, in FY22 it drastically declined to 16.4 percent. As per provisional data, in FY23, India's average AT&C losses have further come down to 13.5 percent.
Published 24 Jan 2024 09:32 PM


HNIs chase mid, small caps, IEX under bear attack, I-Pru Life tumbles, NHPC in focus
“Current earnings, future prospects, management, marketability are all factors more or less independent of assets which contribute their share to the intrinsic value.” - Benjamin Graham. Sentiment has turned cautious after three successive sessions of fall, but two days of gains could change that. In the past, mid and small caps would take a battering during market corrections and investors would flee to the safety of large caps. But now exactly the opposite is taking place — large caps are sliding harder than second-line stocks when the market falls.Whispers in market is that many of the mid and small cap companies say they have good earnings visibility for the next few quarters. And that is giving HNIs the comfort to hold on their positions in the stocks. The stock prices so far indicate that the market is willing to believe the earnings story. They would flag when there's still a couple of quarters of earnings growth left. Bull argument: Spot LNG prices have softened. Strong demand for LNG across sectors of late, and this trend is likely to strengthen going forward.Bear argument: Competition is rising, also domestic gas production is increasing. The capex on its proposed petrochemicals foray could weigh on margins. Stock has fallen 16 percent in last couple of trading sessionsBear argument: Huge build up of speculative positions in F&O segment. Uncertainty over the market coupling policy for power exchanges an overhang on the stock.Bull argument: Stock has good support in the Rs 120-125 band. Also, concerns about the market coupling have already been priced in. Stock under pressure as government to sell 2.5 percent stakeBull argument: Seen benefitting from India’s commitment to net-zero as hydro power not polluting like thermal power. Capacity expected to go up sharply in the coming years.Bear argument: Increase in floating stock could be an overhang in the short term. Right now, power is a fancied sector and there is unusually high demand for PSU stocks. This could change. Earnings could be volatile because of dependency on monsoon. GQG Partners upped its stake in ITC to 2.79 percent from 1.58 percent.Bull argument: A good defensive bet if the market continues to correct further. Cigarette volumes increased in Q2 and the trend is likely to sustain.Bear argument: Revenues from agri-business is under stress in FY24 due to a ban on the exports of wheat and rice. Re-rating story is largely over. Further gains will depend on ability to grow earnings.
Published 24 Jan 2024 09:32 PM


IndusInd Bank Q3 results impress analysts. Should you buy or sell?
IndusInd Bank impressed the street with a healthy set of number for the December quarter and analysts remain bullish on the counter, counting steady margins, improving retail deposit mix and strong loan growth as some of the key positives. In the past year, the stock has jumped more than 31 percent, outperforming Bank Nifty index which is up 8 percent. The stock hit a 52-week high of Rs 1,694 on January 15.The bank's net profit grew 17 percent on-year to Rs 2,301 crore, aided by healthy net interest income (NII) growth of 18 percent and lower provisions, the private lender said on January 18. At a time when banking sector is grappling with higher cost of funds, its net interest margin (NIM) saw a modest expansion of two basis points (bps) YoY to 4.29 percent in the December quarter. Analysts at Jefferies shared a "buy" call for IndusInd, with a target price of Rs 2,070, saying the lender's NII growth was among the best across coverage. "IndusInd's profit met estimates but they used Rs 200 crore of contingent buffers. We see 20 percent profit compounded annual growth rate (CAGR) in FY24-26, with return of equity (RoE) of 16 percent in FY25," they wrote in their result review. HSBC, too, shared a "buy" call, with a target price of Rs 2,040 apiece on the back of in-line Q3 operating performance, but remain wary of higher slippages. "We forecast CAGR of 23 percent for operating profit and 21 percent earnings per share (EPS) over FY24-26," they said. The rise in fresh slippages, or bad loans, however, remained a key concern during the quarter, analysts at Morgan Stanley said, trimming EPS by 0.5 percent for FY24 and a percent for FY25. The brokerage firm, however, shared an "overweight" call with a target price of Rs 1,850 per share. IndusInd Bank's fresh slippages rose 20.5 percent on a sequential basis to Rs 1,700 crore in the December quarter due to a elevated slippages in corporate and vehicle finance books. However, the management guided that they will normalise to Rs 1,200 crore going ahead. Gross non-performing asset (GNPA) and net NPA ratios were stable at 1.9 percent and 0.5 percent, respectively, due to asset reconstruction company (ARC) sale of Rs 3,100 crore. On the business front, analysts at Macquarie said 24 percent on-year growth in retail book was encouraging during the quarter. "The retail book growth was driven by vehicle book growth. As per liquidity coverage ratio classification mix, retail deposit improved to 45 percent YoY," the brokerage firm said, sharing an "outperform call" with a target price of Rs 1,900 a share. The lender's loan growth was up by 20 percent YoY, while deposits grew by 13 percent YoY. The management expects loan growth to be in the range of 18-23 percent, with the retail loan mix at 55-60 percent. "We estimate 21 percent earnings CAGR over FY24-26, leading to RoE of 16.2 percent in FY25," analysts at Motilal Oswal Financial Services said, reiterating a "buy" rating for IndusInd Bank with a target price of Rs 1,900. Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Published 24 Jan 2024 09:28 PM


Interim Budget 2024 Expectations: Govt to target fiscal deficit at 5.3% of GDP for FY2025, says ICRA
ICRA expects the fiscal deficit target for FY2025 to be set at 5.3 per cent of GDP, midway through the expected print of 6.0 per cent for FY2024 and the medium-term target of sub-4.5 per cent by FY2026.With the the Union Finance Minister Nirmala Sitharaman all set to present the interim Budget for the fiscal year 2024-25 on February 1, 2024, an analysis by ICRA suggested that the government is likely to target fiscal deficit at 5.3 per cent of GDP for FY2025, entailing a reasonable degree of fiscal consolidation amid slower capex growth. The upcoming Budget will be an interim one and is said to have no major announcements as it is coinciding with the general elections year which is scheduled for this year. The full budget for the fiscal year 2024-25 will be presented after the formation of the new government following the general elections. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year.However, the expansion in the Government of India’s (GoI’s) capex and the extent of fiscal consolidation would be scrutinised closely, given the implications for growth and G-sec yields, respectively. ICRA expects the fiscal deficit target for FY2025 to be set at 5.3 per cent of GDP, midway through the expected print of 6.0 per cent for FY2024 and the medium-term target of sub-4.5 per cent by FY2026. “This, along with our projection of an appreciable dip in the revenue deficit, would allow for a capex target of Rs 10.2 trillion for FY2025, 10 per cent higher than the expected level for FY2024 vis-à-vis the 20 per cent-plus YoY expansion seen during FY2021-FY2024. A higher capex target would impinge on the GoI’s ability to bridge half the required fiscal consolidation in FY2025, thereby making the task of reaching medium-term fiscal deficit target by FY2026 even more challenging,” ICRA said in a report. Given the favourable macroeconomic backdrop and expectations of the benign domestic environment sustaining in the next fiscal, per the analysis by ICRA, the GoI is expected to continue on the fiscal consolidation path in the Union Budget for FY2025. However, it added that this is likely to entail a slower expansion in capex vis-à-vis that seen in the post-Covid years, which could weigh on the growth in economic activity. Additionally, with the upcoming Budget set to be an interim one for the purpose of a vote-on-account, major policy changes and announcements are unlikely at this juncture, it said.“We expect the GoI’s gross tax revenues (GTR) to grow by a healthy 11 per cent in FY2025, led by direct taxes and GST collections, even as the growth in excise and customs duty collections is likely to be subdued,” it said. The disinvestment target is likely to be pegged at sub-Rs 500 billion for FY2025. Given the uncertainties involved in market transactions, it would be prudent to set a moderate target of sub-Rs 500 billion for FY2025, instead of a higher aim that may disrupt the budget math if there is a large shortfall in such receipts by the end of the fiscal, based on the past year trends. Furthermore, ICRA expects the revenue expenditure to increase by a modest ~4 per cent in FY2025, led by a moderate growth in interest payments amid a slight moderation in allocation for subsidies and a continued focus on curtailment of other expenses. It added, “We estimate the GoI to budget for a capex of Rs 10.2 trillion in FY2025, implying a relatively sedate YoY expansion of ~10 per cent, compared to over 20 per cent expansion seen in each of post-Covid years. The slowdown in capex growth is likely to have some bearing on economic activity and GDP growth.” As already mentioned above, ICRA expects the GoI to target a fiscal deficit of 5.3 per cent of GDP in FY2025, midway through the expected print of 6.0 per cent in FY2024 and the medium-term target of 4.5 per cent for FY2026.
Published 24 Jan 2024 09:27 PM


Dense fog impacts flight operations at Delhi airport
The IGI airport experienced dense fog with visibility ranging between 50 and 100 metres from 12.30 am to 6.30 am, which improved and currently the visibility is 300 metres at 8 am today. Several flights were delayed at Delhi International Airport due to dense fog and low visibility. A few flights were also cancelled due to severe fog conditions in several parts of the country, Flight Information Display Board (FIDB) at Indira Gandhi International (IGI) Airport showed. The IGI airport experienced dense fog with visibility ranging between 50 and 100 metres from 12.30 am to 6.30 am, which improved and currently the visibility is 300 metres at 8 am today, India Meteorological Department (IMD) mentioned in a tweet while adding that Runway Visual Range (RVR) is between 600-1200 metres. According to the weather forecast agency, very dense fog is when visibility is between 0 and 50 metres, between 51 and 200 metres is dense, between 201 and 500 metres moderate, and between 501 and 1,000 metres shallow. Several flights were also delayed and a few were cancelled due to the prevailing fog. Arrived from Bahrain and my (connecting) flight is delayed by one hour,” a passenger at Delhi’s IGI airport said. People in Delhi woke up to a foggy Thursday morning with the minimum temperature settling at 6.6 degrees Celsius, one notch below the season’s average, the weather department said. The Financial Express logoThe Financial ExpressSign inInterim Budget 2024 Expectations: Govt to target fiscal deficit at 5.3% of GDP for FY2025, says ICRARam Mandir inauguration date draws closer: Find out the top stocks with Ayodhya connection to bet onThe regional Lala Land! From cinemas to TV, OTT, regional content catches the imagination of viewersWhere to invest for your child’s higher educationBusiness NewsBusinessAirlines AviationFlight Operations Hit! Dense Fog Delays Several Flights At Delhi Airport – Details InsideFlight operations hit! Dense fog delays several flights at Delhi Airport – Details insideThe IGI airport experienced dense fog with visibility ranging between 50 and 100 metres from 12.30 am to 6.30 am, which improved and currently the visibility is 300 metres at 8 am today. The IGI airport experienced dense fog with visibility ranging between 50 and 100 metres from 12.30 am to 6.30 am, which improved and currently the visibility is 300 metres at 8 am today, India Meteorological Department (IMD) mentioned in a tweet while adding that Runway Visual Range (RVR) is between 600-1200 metres.Planned model of Rajmata Vijayaraje Scindia Airport in Gwalior (Image/@MoCA_GoI)Gwalior soars higher! Jyotiraditya Scindia boosts regional connectivity with new flights to 3 cities including Ayodhyapenalties for IndiGo and MIAL; Air India, SpiceJet finedMumbai Airport tarmac incident leads to rare high penalties for IndiGo and MIAL; Air India, SpiceJet fined Rs 30 lakh each – Here’s what happenedHindustan 228 aircraft HALHAL to unveil Hindustan-228 aircraft, upgraded Dhruv helicopter at Wings India 2024Air India Express Gwalior to Bengaluru direct flightAir India Express expands footprint: Daily direct flight from Gwalior to Bengaluru takes offAccording to the weather forecast agency, very dense fog is when visibility is between 0 and 50 metres, between 51 and 200 metres is dense, between 201 and 500 metres moderate, and between 501 and 1,000 metres shallow. Several flights were also delayed and a few were cancelled due to the prevailing fog.“I arrived from Bahrain and my (connecting) flight is delayed by one hour,” a passenger at Delhi’s IGI airport said.Dense fog prevails in parts of the country People in Delhi woke up to a foggy Thursday morning with the minimum temperature settling at 6.6 degrees Celsius, one notch below the season’s average, the weather department said.The Indian Meteorological Department has issued a yellow alert for moderate to dense fog at isolated places in the city for the next two days.According to an official release by the IMD, ‘very dense fog’ was observed in isolated parts of Punjab, Haryana, West Rajasthan and Bihar at 5.30 am on Thursday.Similar heavy fog was also reported in isolated parts of Delhi, West Uttar Pradesh, Jharkhand, Odisha and Assam while moderate fog was observed in isolated parts of Sub-Himalayan West Bengal and Sikkim, as per IMD.
Published 24 Jan 2024 09:26 PM


HUL Q3 preview: Price cuts may hit topline, weak festive demand to limit volumes
FMCG leader Hindustan Unilever Ltd (HUL) is expected to report flat sales and volume growth in the December quarter of the current financial year with price cuts hitting the topline and a weak pick-up in festival demand impacting volumes. HUL’s EBITDA margin is expected to increase 77 basis points to 24.1 percent. Brokerages expect a 470 basis points YoY increase in gross margins as input costs like palm oil, tea, and coffee declined.EBITDA is short for earnings before interest, tax depreciation and amortisation. One basis points is one-hundredth of a percentage point.Volumes have remained weak for the lifebuoy and Dove manufacturer since the September quarter of the previous financial year, ranging from 2-5 percent. Volume growth has been slow due to a weak pick-up in rural demand even as small and regional players eat into its market share.The company's home-care category is expected to report a modest 0.5 percent growth in sales YoY due to price cuts in the laundry portfolio, Kotak Institutional Equities said in its Q3FY24 results update.The personal care and food and refreshments category is estimated to grow 3.5 percent and 3 percent YoY, respectively, BNP Paribas said. FMCG leader Hindustan Unilever Ltd (HUL) is expected to report flat sales and volume growth in the December quarter of the current financial year with price cuts hitting the topline and a weak pick-up in festival demand impacting volumes.HUL’s EBITDA margin is expected to increase 77 basis points to 24.1 percent. Brokerages expect a 470 basis points YoY increase in gross margins as input costs like palm oil, tea, and coffee declined.EBITDA is short for earnings before interest, tax depreciation and amortisation. One basis points is one-hundredth of a percentage point.Volumes have remained weak for the lifebuoy and Dove manufacturer since the September quarter of the previous financial year, ranging from 2-5 percent. Volume growth has been slow due to a weak pick-up in rural demand even as small and regional players eat into its market share.The company's home-care category is expected to report a modest 0.5 percent growth in sales YoY due to price cuts in the laundry portfolio, Kotak Institutional Equities said in its Q3FY24 results update. The price of palm oil, an essential raw material for the FMCG sector, fell fallen 10 percent YoY and 3 percent QoQ in the December quarter, Kotak Institutional Equities said. Palm Oil is used in making soaps, shampoos, biscuits, and other products.In its last earnings call, HUL said it was facing competition from local players in the tea and laundry categories. Tea prices have fallen further, which may lead to increased competition, analysts say. In a situation of easing inflation, small players start entering the market and gain market share from big and listed players.Advertising and promotional spends for the FMCG company is estimated to be around 10 percent of Q3FY24 sales, BNP Paribas said.
Published 24 Jan 2024 09:24 PM


HDFC Bank tremors rock banking stocks, Nifty Bank plunges 4%
Banking stocks saw heavy selling on January 17, as all 12 Nifty Bank index names traded with cuts in the afternoon after negative commentary on heavyweight HDFC Bank's below-par December numbers weighed heavy on sentiment for the sector. HDFC Bank, which takes up over 29 percent of weightage in Nifty Bank, plunged nearly 7 percent, putting pressure on the sectoral index, which was down nearly 4 percent. The weakness also rubbed off on other lenders, pulling them down by up to 4 percent. Other index heavyweights, IndusInd Bank, ICICI Bank, Kotak Mahindra Bank, SBI and Axis Bank, which have a cumulative weightage of nearly 49 percent in Nifty Bank, lost 2-4 percent. HDFC's Q3 net profit came largely in-line with Moneycontrol's estimates but there was a twist. Brokerage firm Jefferies noted that the net profit was lifted with a lower tax expense in the third quarter. Brokerage firm Citi also issued a cautious outlook for private lenders, as it lowered FY25/26 net interest margin estimates for Kotak Mahindra Bank, HDFC Bank, Axis Bank, Federal Bank and ICICI Bank.The firm said that quarterly business updates reflected further loan-to-deposit expansion and loan-to-credit contraction, which points towards further downside to net interest margin.The brokerage downgraded state-lender SBI to “sell” and lowering its price target for the stock by over 14 percent to Rs 600. Citi also initiated a 90-day negative catalyst on SBI. It also downgraded Federal Bank to “neutral” and reduced the target price by 20.5 percent to Rs 135.Manish Gunwani, fund manager at Bandhan AMC, warned against being overweight on private banks, saying the segment doesn't offer great risk-reward at the current juncture. Banking stocks saw heavy selling on January 17, as all 12 Nifty Bank index names settled with sharp cuts after negative commentary on heavyweight HDFC Bank's below-par December numbers weighed heavy on sentiment for the sector. HDFC Bank, which takes up over 29 percent of weightage in Nifty Bank, dived over 8 percent, putting pressure on the sectoral index, which was down 4.3 percent. The weakness also rubbed off on other lenders, pulling them down by up to 4 percent.HDFC's Q3 net profit came largely in-line with Moneycontrol's estimates but there was a twist. Brokerage firm Jefferies noted that the net profit was lifted with a lower tax expense in the third quarter.Other index heavyweights, IndusInd Bank, ICICI Bank, Kotak Mahindra Bank, SBI and Axis Bank, which have a cumulative weightage of nearly 49 percent in Nifty Bank, lost 2-4 percent.
Published 24 Jan 2024 09:23 PM