Connect with us
Sunday,21-July-2024
Breaking News

Business

FY22 GDP growth seen at 8.2-8.5%, for Q4 at 2.7%: SBI Ecowrap report

Published

on

The State Bank of India’s (SBI) research report Ecowrap, in its latest edition, projected India’s GDP growth for FY22 to be at 8.2-8.5 per cent.

For Q4FY22, the report projected growth at 2.7 per cent.

“We however believe the GDP projection for Q4FY22 is clouded by significant uncertainties. For example, even a 1 per cent downward revision in Q1 GDP estimates of FY22 from 20.3 per cent, all other things remaining unchanged could push Q4 GDP growth to 3.8 per cent,” the report said.

Early trend of Q4FY22 results for corporates, in the listed space, reported better growth across parameters as compared to Q4FY21 albeit contraction in operating margin due to higher input costs. Sectors such as steel, FMCG, chemicals, IT-software, auto ancillary, and paper reported better growth numbers.

However, automobile, cement, capital goods-electrical equipment, and edible oil reported growth in the top line in Q4FY22, registered negative growth in PAT.

“Meanwhile globally, while the average real GDP Y-o-Y growth in Q1 2022 for 25 economies at 5.5 per cent is a tad higher than the preceding quarter, GDP growth is marking an abrupt reversal in major economies (the US, France, Italy, Sweden). The US economy unexpectedly contracted in the Q1 2022 (on sequential basis) amid a resurgence in Covid-19 cases and drop in pandemic relief money from the government. This is the first decline in GDP since the short and sharp pandemic recession nearly two years ago,” said the report.

Investors are already wary of rising inflationary pressures, however, certain economic data including new jobless claims rising to a four-month high and negative leading index have further sparked concerns that pricing pressures are starting to now take a toll on the economic growth.

On crude oil prices, the report said it was sceptical that prices may not sustain at high levels for a long time.

The Reserve Bank of India (RBI) is expected to hike rates in the June policy meeting and the cumulative rate hike in June and August is likely to be 75 basis points, it said.

The report added that the best thing that has emerged during the pandemic is the coordinated policy response by both the government and the RBI in staving off the health crisis and now the inflation.

“The RBI has largely been successful in communicating to the market about its intentions and seems to have managed the art of managing expectations much better.”

Business

GT Mall Which Denied Entry To A Man Wearing Dhoti, Now Sealed For Defaulting On Rs 3.56 Crore Property Tax

Published

on

By

GT Mall Which Denied Entry To A Man Wearing Dhoti, Now Sealed For Defaulting On Rs 3.56 Crore Property Tax

The G.T. World Mall was closed on Thursday by the Bruhat Bengaluru Mahanagar Palike (BBMP) due to outstanding property tax payments totaling Rs 3.56 crore. The mall has been in the spotlight since a elderly farmer was denied entry for wearing a dhoti on Tuesday evening.

The mall received a notice from the civic organization Bruhat Bengaluru Mahanagara Palike (BBMP) directing them to settle the outstanding balance by July 31. Additionally, the city officials issued a warning, stating that if the payment is not received by the deadline, the mall will close even more.

Additionally, the mall’s trade license has been suspended.

A notice on the mall’s entrance stated, “Your trade license is suspended and your property is sealed for non-payment of arrears property tax, as per Section 156 of the BBMP Act 2020, read with a circular dated 06-12-2023.”

Nevertheless, the GT Mall management asserted that, in contrast to the Rs 3.56 crore indicated in the BBMP notice, two years’ worth of property tax, or Rs 1.78 crore, is due. The BBMP also asked mall management to explain why they wouldn’t let the elderly farmer in a dhoti enter the mall.

Dhoti incident at ‘GT Mall’

A video of an old man and his son pleading with GT Mall employees to let them into the shopping center surfaced on July 17. Even though they had reservations for a movie, they were reportedly refused entry because they were wearing dhotis.

Social media users have taken to criticizing and debating the viral video, with many demanding that the management of GT Mall be held accountable for their “disrespect” for the elderly man. On the matter, BJP opposition leaders criticized the Siddaramaiah administration.

Continue Reading

Business

Bank Of Maharashtra Q1 Earnings: Total Business Rises To ₹4,700,000,000,000

Published

on

By

The Bank of Maharashtra’s Q1 earnings were reported on the exchange on July 15.

The bank reported their revenue at Rs 6768.76 crore in Q1 FY25, a 24.9 per cent jump from same quarter previous year, which was reported at Rs 5,417.87 crore. The net profit stood at Rs 1,293.68 in Q1 FY25, which saw a 46.5 per cent jump quarter-on-quarter. The same quarter of the previous year saw a net profit of Rs 882,49 crore.

Between Q1FY24 and Q1FY25, the bank’s total business increased by 13.43 per cent YoY to Rs 4.76 trillion. However, compared to the same quarter previous year, the bank’s total deposits increased by 9.43 per cent YoY to Rs 2.67 trillion.

Gross and net NPA

Gross non-performing assets (NPAs) decreased marginally during the quarter, from 1.88 percent to 1.85 percent, demonstrating the resilience of asset quality (QoQ). At Rs 3,873 crore, gross non-performing assets (NPAs) were as of the last quarter, down from Rs 3,833 crore.

The bank’s meager 0.20 percent net non-performing assets (NPAs) did not alter. Net non-performing assets (NPAs) came in at Rs 415 crore, which is the same as the Rs 409 crore collected in the previous quarter.

Net NPAs for the bank held steady at a pitiful 0.20 percent. Net NPAs were reported at Rs 415 crore, which is the same as the Rs 409 crore figure from the previous quarter.

Net interest margin

The bank recorded net interest income (NII) of Rs 2,799 crore for Q1 FY25, up 20 per cent YoY from Rs 2,340 crore in the corresponding quarter of the previous year.

Share performance

The Bank of maharashtra’s share was trading around Rs 68.95 per share on Indian bourses, 5.95 per cent jump from the opening of The counter which opened at Rs 65.94 per share today.

Continue Reading

Business

Gold Price Jumps ₹400 To ₹75,050 Per 10 Grams On Jewellers’ Buying

Published

on

By

Gold price on Wednesday jumped by Rs 400 to Rs 75,050 per 10 grams in the national capital on the back of fresh buying from jewellers, according to the All India Sarafa Association.

The precious metal had closed at Rs 74,650 per 10 grams in the previous session.

However, silver prices remained flat at Rs 94,400 per kg.

In sarafa markets, the yellow metal was trading at Rs 75,050 per 10 grams, up by Rs 400 against the previous close, the association said.

Traders said gold prices saw an uptrend due to rise in domestic demand.

In the international markets, spot gold was trading higher at USD 2,380.50 per ounce, up USD 12.60 per ounce.

“Gold prices traded positively. The buying was driven by expectations of weak inflation numbers to be release on Thursday evening in US, which could prompt rate cuts by US Federal Reserve in the September meeting,” Jateen Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said.

Additionally, silver prices was also up at USD 31.25 per ounce globally.

“Spot gold closed with a gain of around 0.20 per cent at USD 2,363 per ounce on Tuesday, as the Fed Chair Powell, in his testimony to the US Senate Banking Committee, offered largely a balanced view on the US economy and the Fed’s monetary policy,” Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.

In his testimony, Fed Chair Powell said that the inflation trend is encouraging; however, the US central bank will need more data to gain confidence in cutting rates.

He (Powell) cautioned that lowering interest rates too little or too late could put the economy and the labour market at risk as inflation is not the only risk the US economy faces now.

“The US Consumer Price Index (June) data will be released on Thursday, which is crucial as traders look for possibility of rate cuts in September,” Singh added.

Continue Reading
Advertisement
Advertisement

Trending