Monday, September 14
India's upcoming festive season is expected to lift near-term sentiment among auto dealers, but U.S. tariffs could dent consumer confidence, prompting higher household savings and weighing on discretionary spending, including vehicles, the Federation of Automobile Dealers Association (FADA) said on Thursday. Vehicle dealers expect major festivals, including Rakhi, Janmashtami, Independence Day and Ganesh Chaturthi, along with targeted promotional schemes and healthy stock levels to drive sales. However, the anticipated wealth erosion from fresh tariffs by the U.S. could erode consumer confidence, trigger a precautionary rise in household savings and exert pressure on discretionary spending, including on vehicles, FADA said.
Asset management firm OppenheimerFunds on Thursday sold shares of private sector lender Kotak Mahindra Bank for Rs 2,035 crore through an open market transaction. US-based OppenheimerFunds is a part of global investment firm Invesco. According to the bulk deal data on the NSE, OppenheimerFunds through its affiliate -- Oppenheimer Funds Inc A/C Oppenheimer Developing Markets Fund -- sold a total of 1,03,57,024 crore equity shares representing a 0.52 per cent stake in Mumbai-based Kotak Mahindra Bank. The shares were disposed of at an average price of Rs 1,965.20 apiece, taking the transaction value to Rs 2,035.36 crore. Details of the buyers of Kotak Mahindra Bank's shares could not be ascertained on the exchange. Shares of Kotak Mahindra Bank fell 0.41 per cent to close at Rs 1,994.20 apie
Hindustan Petroleum Corporation (HPCL) on Thursday reported a 1,128% jump in its Q1 standalone net profit to Rs 4,371 crore compared to Rs 355 crore in the year ago period. The state-refiner's income from operations stood at Rs 1,20,135 crore which was marginally down 0.6% versus Rs 1,20,878 crore posted in the corresponding quarter of the last financial year.Company's consolidated profit after tax (PAT) stood at Rs 4,111 crore versus Rs 634 crore in Q1FY25, witnessing a 548% jump.Gross Refining Margin (GRM) in the quarter under review stood at $3.08 per barrel versus $5.03 per barrel in Q1FY25.In a company statement, HPCL said that the Q1 quarter witnessed a strong operational and financial performance with the refineries recording quarterly throughput of 6.66 MMT registering a year-on-ye
