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Rupee trades lower: Indian rupee is trading marginally lower at 73.58, amid buying seen in the domestic equity market. It opened lower by 11 paise at 73.64 per dollar against previous close of 73.53.
SBI Cards and Payment Services: Shares of SBI Cards and Payment Services plunged almost 11 percent in morning trade on BSE on October 23, a day after the company reported a huge spike in bad loans during the September quarter.
SBI Card reported that its gross non-performing assets (NPAs) rose from 1.4 percent in the April-June quarter to 4.3 percent in Q2.
In Q2FY21, SBI Card posted a 46 percent fall in net profit to Rs 206 crore over Q2FY20.
Total income increased by Rs 137 crore, or 5.7 percent to Rs 2,513 crore for Q2 FY21, from Rs 2,376 crore in Q2 FY20.
The management made a provision of Rs 268 crore in Q2 of FY21.
The provision refers to money set aside to cover likely losses. Total gross advances (credit card receivables), as of September 30, 2020, stood at Rs 23,978 crore, against Rs 23,038 crore as of September 30, 2019.
Nifty Auto Index added 1 percent led by the Tata Motors, Maruti Suzuki, Motherson Sumi:
Sensex on firm footing in the month following Diwali in last 5 years; can it hit record high this year?
Historical data for the last five years post-Diwali suggest that Sensex has risen 1-4 percent in the period following Diwali. The Sensex rallied by over 45 post-Diwali in 2019, followed by over 3…
Buzzing:
Cochin Shipyard share price rose 5 percent on October 23 after ace investor Radhakishan Damani picked up a stake in the company.
Radhakishan Damani has acquired half a percent equity stake in Cochin Shipyard, the state-owned largest shipbuilding and maintenance company, via an open market transaction on October 22.
The bulk deals data available on the National Stock Exchange showed that Damani has acquired 6,94,646 equity shares in the company at Rs 349.14 per share on the NSE.
Rupee Opens: Indian rupee opened lower by 11 paise at 73.64 per dollar on Friday against previous close of 73.53, amid buying seen in the domestic equity market.
On October 22 domestic currency ended marginally higher at 73.53 per dollar versus previous close of 73.58.
#MarketsWithMC: Opening Bell 🔔Indices open higher with Nifty around 11,950; Bajaj Auto, Yes Bank in focus. #Stocks #StockMarket #StocksToWatch | LIVE: https://t.co/ZwCPPhF4l5 pic.twitter.com/ChlLOW9ctn
— moneycontrol (@moneycontrolcom) October 23, 2020
SEBI on Divis Lab:
Securities and Exchange Board of India (SEBI) has passed the settlement order in Divis insider trading cases including CFO and 7 others. The order disposed enforcement proceedings w.r.t insider trading case, reported CNBC-TV18.
ICICIdirect:
The US dollar was advancing against the rupee although it is falling vs. its major counterparts as hopes rise that Congress will be able to achieve a US relief package deal. The recent underperformance of the rupee was observed despite continued FII flows.
The dollar-rupee October contract on the NSE was at 73.69 in the last session. The open interest in the October series declined 4.8% while it increased 6.1% in the next series.
