Kotak Mahindra Bank’s loan and deposit growth are likely to be affected after the Reserve Bank of India (RBI) asked the private-sector lender not to take on board new customers through the bank’s online and mobile banking channels and not to issue any new credit cards, according to analysts. Photograph: Adnan Abidi/Reuters The bank’s share price fell 10.85 per cent on Thursday to close the day at Rs 1,643 on the BSE. The RBI’s action came after market hours on ...

With the prediction of an above normal monsoon in 2024, the government is expecting food prices to come down, the finance ministry’s monthly economic report for March has said. Photograph: Amit Dave/Reuters The report, released on Thursday, said robust foreign inflows and comfortable trade deficits were expected to keep the rupee within a comfortable range. “Further easing of food prices is on the anvil as IMD (India Meteorological Department) has predicted above-normal rainfall ...

Deloitte India on Friday said it estimates India's GDP growth at 6.6 per cent in the current fiscal helped by consumption expenditure, exports rebound and capital flows. Photograph: Anushree Fadnavis/Reuters In its India's economic outlook report, Deloitte said the rapid growth of the middle-income class has led to rising purchasing power and even created demand for premium luxury products and services. With the expectation that the number of middle-to-high-income segments will be one in two ...

A cocktail of heatwave and upcoming cricketing events is expected to usher in the peak season for the country’s largest beer maker, United Breweries. Photograph: Rupak De Chowdhuri/Reuters The beer maker, which has gained share in some key markets, will be a major beneficiary as April to July is an important period contributing to 40-45 per cent of its annual beer volumes. Going ahead, the T20 Cricket World Cup in June and the ongoing IPL will have a positive impact on volumes and ...

Equity benchmark indices climbed in early trade on Friday, extending their rally for the sixth day running, on heavy buying in Tech Mahindra and firm trends in Asian markets. Photograph: Adnan Abidi/Reuters The 30-share BSE Sensex climbed 176.47 points to 74,515.91 in early trade. The NSE Nifty went up by 50.05 points to 22,620.40.   From the Sensex basket, Tech Mahindra jumped over 12.50 per cent after the IT services company's CEO outlined an ambitious three-year roadmap to accelerate ...

This could fundamentally transform the industry that had been a major source of employment in countries like India and the Philippines. Kindly note the image has been posted only for representational purposes. Photograph: Kind courtesy Pixabay/Pexels.com   Artificial Intelligence advancements will lead to a significant reduction in the need for call centres within a year, Tata Consultancy Services CEO K Krithivasan, told the Financial Times newspaper. This could fundamentally transform ...

Investment yields could be around 8.1 per cent in FY25 rising to 8.5 per cent in FY26 Photograph: Courtesy, ICICI Lombard ICICI Lombard General Insurance Company reported financial improvement and optimistic commentary in Q4FY24. It reported 17 per cent year-on-year (YoY) growth in Gross Written Premium (GWP) and 115 bps improvement in the Combined Ratio (COR) in FY24, and improved COR guidance with COR going from 104.5 per cent in FY23 to 103.3 per cent in FY24, 102.4 per cent in FY25 and ...

Micron Technology, a global leader in memory and storage, is considering supplying Made-in-India chips from its Gujarat plant to one of its key global clients, Apple, whose vendors assemble iPhones in the country. Photograph: Stephen Nellis/Reuters Micron is setting up an assembly test marking and packaging (ATMP) plant in Sanand, Gujarat. Currently, Apple vendors import chips for manufacturing iPhones. Sources in the know say the aim is to use part of the production to supply to ...

Asset management companies are likely to report strong PAT growth in Q4FY24 on the back of AUM growth Illustration: Uttam Ghosh/Rediff.com Although net inflows into equity mutual funds deteriorated month-on-month (M-o-M) in March 2024 to Rs 22,576 crore (excluding Hybrid), down 15 per cent M-o-M (up 12 per cent Y-o-Y), asset management companies (AMCs) had a great year with robust growth in assets under management (AUMs).   AMCs are likely to report strong PAT growth (30-40 per cent ...

Rising for the fifth straight session, equity benchmark Sensex rallied nearly 500 points to reclaim the 74,000 mark while the Nifty closed above the 22,550 level on Thursday, driven by heavy buying in banking, financial and metal stocks. Photograph: Shailesh Andrade/Reuters Recovering after a sell-off in early trade, the 30-share BSE Sensex climbed 486.50 points or 0.66 per cent to settle at 74,339.44. During the day, it surged 718.31 points or 0.97 per cent to 74,571.25. The NSE Nifty ...