Sunday, October 25
NBFC firm Paisalo Digital on Wednesday said it has serviced over 59 lakh customers by initiating transactions worth more than Rs 3,400 crore. This has been achieved within two years with its strong network of business correspondents' collaborations with prominent banking partners, including State Bank of India (SBI) and Bank of India, Paisalo Digital said in a statement. It demonstrates the company's commitment towards financial inclusion by leveraging technology and robust partnerships with leading financial institutions to provide seamless banking facilities to India's under-banked population, it said. Santanu Agarwal, Deputy Managing Director of Paisalo Digital, said, "As we look ahead, this success lays the foundation for achieving our ambitious vision for 2025 - to further expand o
ET Intelligence Group: For a business that contributes 4% of the total revenues and 2.5% of the profits of its parent company, ITC, the hotel unit's demerger is attracting disproportionately high investor interest. For every 10 shares of the parent company ITC, shareholders will get one share of the demerged entity ITC Hotels.As per the merger scheme, ITC itself would retain 40% of the hotel shareholding, and the remaining 60% would be held by the existing ITC shareholders.ITC's share price discovery during the special pre-open session came in at ₹455 - ₹27 lower than its previous close, following adjustments to reflect the ITC Hotels demerger. This price of ₹27 came to be higher than the range of ₹15-23 that market analysts had expected when the demerger was first announced in Jul
Citigroup Inc. is anticipating a 10th straight year of gains for India’s $5 trillion stock market, driven by a recovery in economic growth as well as robust corporate earnings.The brokerage has set a target of 26,000 for the benchmark NSE Nifty 50 index, implying a 10% return from its Dec. 31 close. The gauge ended 2024 about 5% above the Wall Street bank’s forecast of 22,500.“India’s EPS growth outlook remains robust and relatively low risk given the diversified universe of listed companies,” strategists including Surendra Goyal wrote in a note. “With some policy support the economy could return to a ~6.5% growth path in 2025, though a robust private investment recovery could remain elusive.” 117045878Citi joins Morgan Stanley in predicting double-digit returns for th
The Indian rupee weakened 14 paisa on Wednesday and touched a lifetime low of 85.857 per dollar before closing at another record low of 85.845/$1 as strong US economic data led market participants to speculate a slower pace of rate cuts by the US Federal Reserve.Intervention from the Reserve Bank of India (RBI) helped cap excess volatility in the rupee, traders said. The rupee had strengthened 12 paise on Tuesday to close at 85.71/$1.US job openings increased for a second straight month to 8,098,000 in November, defying expectations for a decline to 7,740,000, from October’s 7,839,000. Following strong data, the 10-year US treasury bill yields surged to 4.7%.A peak in yields was last seen in April 2024 at 4.704%“The RBI was present as the rupee touched 85.86 levels as there was constan
Mumbai: India's regulatory landscape could be set for further changes in key personnel, with the crucial role of central bank governor having just been filled. The tenures of the heads of the capital market and insurance watchdogs are scheduled to end soon. It's not clear whether extensions or replacements are around the corner, amid a likely churn in the global economic landscape as Donald Trump assumes the US presidency with a pledge to upend business as usual.Sanjay Malhotra took over as Reserve Bank of India (RBI) governor last month. In addition, three of four RBI deputy governors (DGs) are retiring this year. They include Michael Patra, who will leave later this month after his second one-year extension ends, completing a five-year term in charge of the crucial monetary policy depart
