2024-06-28 06:26:25
Morning Alert..
*Banks' gross NPA ratio falls below 3%, a first since 2012: RBI report*
Asset quality of commercial banks continued to show a downward trend, with their gross non-performing asset (GNPA) ratio falling to a 12-year low of 2.8 per cent at the end of March 2024 from 3.2 per cent in September last year. Net NPA ratio also fell to 0.6 per cent from 0.9 per cent during the same period, the biannual Financial Stability Report of the Reserve Bank of India (RBI) showed on Thursday. Under the baseline scenario of stress tests, the GNPA ratio of all scheduled commercial banks might improve to 2.5 per cent by March 2025, the report said. Macro stress tests for credit risk reveal that all banks would be able to meet the regulatory minimum capital even under a severe stress scenario. “The Indian banking sector recorded sustained improvement in capital positions, asset quality and profitability amid a strong business expansion,” the report said. It noted that among bank groups, public sector banks (PSBs) recorded a substantial reduction in their GNPA ratio (76 bps) during the second half of FY24.
*Indian equity benchmarks hit new highs; Nifty tops 24k, Sensex breaches 79K*
Indian equity benchmarks hit new highs on Thursday, driven by gains in Reliance Industries and strong foreign portfolio investor (FPI) buying. The BSE Sensex ended the session at 79,243, up 569 points or 0.7 per cent over its previous close, while the National Stock Exchange (NSE) Nifty finished at 24,044, gaining 176 points or 0.7 per cent. The Sensex crossed the 79,000 level and Nifty the 24,000 mark for the first time, both indices notching up their 10th record high for the month. The overall market cap of BSE-listed firms increased by Rs 1.4 trillion to about Rs 438 trillion. Despite a sharp correction at the start of the month following the election results, the Bharatiya Janata Party’s return to power with the help of allies have led to hopes of policy continuity. Strong macroeconomic indicators and FPIs turning net buyers have driven the indices’ best monthly gains this year. FPIs on Thursday were net buyers to the tune of Rs 7,658 crore, according to provisional data from exchanges. With this, FPIs have turned net buyers for calendar 2024, too.
* Global market action*
Dow Jones – Up by 0.07% or 28.42 points
FTSE – Down by 0.55% or 45.65 points
CAC – Down by 1.03% or 78.43 points
DAX – Up by 0.30% or 55.31 points
Gift Nifty – Up by 0.30% or 73.50 points
*FII/DII activities*
FII – Bought 7658.77 Cr worth of shares
DII – Sold 3605.93 Cr worth of shares.
*Stocks with high delivery percentage*
DOMS Industries Ltd – 88%
FDC Ltd – 83.4%
KPR Mills Ltd – 82.4%
CCL Products India Ltd – 80.1%
Mankind Pharma Ltd – 78.9%
*Primary market activities*
IPO opening today
Nephro Care India Ltd (NSE SME) – Issue size 41.26Cr
Listing today
Stanley Lifestyles Ltd (Main board) – Subscribed 97.16x
Medicamen Organics Ltd (NSE SME) – Subscribed 993.56x
*Commodities updates*
Gold – Rs 74350/10gm, Silver – Rs 87032/kg, Brcrude – Rs 6807/barrel, Copper – Rs 846.10/kg.
*Corporate News*
UltraTech picks up 23% in India Cements as sector battle hots up.
Jio rings in up to 25% tariff hike; Airtel, Vodafone Idea may follow suit.
BHEL bags Rs 13,300 crore order to set up 1600 MW-thermal power project.
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