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Amid questions on the depleting <keyword id="20776807" type="General" weightage="100" keywordseo="loan-to-deposit-ratio" source="keywords">loan-to-deposit ratio</keyword> in <keyword id="19895091" type="General" weightage="20" keywordseo="Indian-banks" source="keywords">Indian banks</keyword>, a recent report by <keyword id="19896146" type="General" weightage="20" keywordseo="Motilal-Oswal" source="keywords" meta.keywordsubtype="org" meta.entityname="Motilal Oswal" meta.hostid="269" meta.entityid="Motilal Oswal">Motilal Oswal</keyword> suggests that the loan-to-deposit (LD) ratio is likely to subside on its own in the coming months. The debate on loan-to-deposit ratio (LD), particularly concerning sluggish <keyword id="19998084" type="General" weightage="20" keywordseo="deposit-growth" source="keywords">deposit growth</keyword> and potential risks to <keyword id="20089808" type="General" weightage="20" keywordseo="financial-stability" source="keywords">financial stability</keyword> is raised by even the finance minister and the <keyword id="20151998" type="General" weightage="20" keywordseo="RBI-governor" source="keywords">RBI governor</keyword>. However, the report notes that on closer examination, the situation may not be as alarming as it seems. As of 9th August, 2024 the Indian <keyword id="19964544" type="General" weightage="20" keywordseo="banking-sector" source="keywords">banking sector</keyword>'s loan-to-deposit (LD) ratio stood at 77.2 %, which is slightly below its recent peak of 78.2 % on 22nd March 2024, and its all-time high of 78.8 % in September 2013. The report stated that typically a rising LD ratio is indicative of a tightness in the banking sector, potentially indicating overheating. A lower LD indicates that the bank is aggressive in its credit disbursement practises, which could be risky. It highlighted that an analysis of the sector's transactions with the Reserve Bank of India (RBI) through the liquidity adjustment facility (LAF), along with recent trends in the weighted average call rate (WACR), suggests that the current rise in the LD ratio does not indicate tightness, which is why there is no immediate cause of concern. In fact, the report added that the concern over weak deposit growth may be overstated. Historical data show that bank deposits grew at an average rate of 9.5 % during the pre-COVID period (January 2015 to February 2020) and 10.4 % in the post-COVID period (March 2020 to August 2024). Earlier, Finance Minister Nirmala Sitharaman also urged state-run banks to enhance deposit mobilization through attractive offers and focusing on Tier-2 and Tier-3 cities. Loan-to-deposit ratio pegs the total deposits received by the bank against the loans it has offered. It helps in understanding how liquid the bank is. The loan-to-deposit ratio (LDR) is a financial metric that compares a bank's total loans to its total deposits. It's used to assess a bank's liquidity and credit risk, and to inform lending and deposit-taking decisions The report said while the exact measures are unclear, the deposit growth could potentially be increased by making other asset classes less attractive through taxation or interest rates, or by boosting fiscal spending to increase net credit to the government. In its forecast, the report noted that private banks will witness a moderation in their <keyword id="19998083" type="General" weightage="20" keywordseo="credit-growth" source="keywords">credit growth</keyword>, while public sector banks will maintain a healthy credit growth rate. "Our analysis suggests that deposit growth could be raised by either making other asset classes unattractive (through taxation and/or interest rate) or increasing the growth in net credit to the government by pushing fiscal spending higher" the report added. Alternatively, policymakers might consider curtailing loan growth to lower the LD ratio. However, this could slow deposit growth, particularly if corporate credit growth remains weak. Encouraging savers to shift investments from other assets to bank deposits could also be an option, but this carries risks of overreach and potential damage to economic confidence. Das had also flagged the excessive growth, or froth developing in the personal loan space. Notably, while credit growth in unsecured personal loans like credit cards continues to decline, it remains elevated at 23.3% as of June 2024. However, this is a significant reduction from 34.2% witnessed in November 2023. As fiscal spending increases, bank credit to the government is likely to grow, which should elevate deposits and broad money supply. The report said "However, the extent of foreign capital inflows and the RBI's policy for managing these inflows remain uncertain". Last month, RBI governor Shaktikanta Das had also addressed this issue in the 50th meeting of MPC (Monetary Policy Committee). Per him, deposit mobilisation has been lagging credit growth for some time now. This may potentially expose the system to structural liquidity issues. "While there could be a debate regarding ‘deposits funding loans’ vis-à-vis ‘loans funding deposits’, the current regulatory concern stems from the fact that there could be structural changes happening which banks need to recognise and, accordingly, devise their strategies. Households and consumers who traditionally leaned on banks for parking or investing their savings are increasingly turning to capital markets and other financial intermediaries", Das said. Per him, while bank deposits continue to remain dominant as a percentage of financial assets owned by households, their share has been declining consistently, since households are now increasingly allocating their savings to mutual funds, insurance funds, pension funds and other avenues.

Loan-to-deposit ratio will subside on its own in coming months, notes Motilal Oswal report

Fintech platform <keyword id="6557529" type="General" weightage="100" keywordseo="kreditbee" source="Orion">KreditBee</keyword> on Friday said it has closed $200 million in its Series D round by raising an additional $100 million in primary funding from <keyword id="312345" type="General" weightage="80" keywordseo="advent-international" source="Orion">Advent International</keyword>, Mitsubishi UFJ Financial Group (<keyword id="380218" type="General" weightage="80" keywordseo="mufg" source="Orion">MUFG</keyword>) and existing investors. Last month, the company raised tranche 1 of Series D from MUFG, Japan's largest bank, along with existing investors Premji Invest, <keyword id="15088227" type="General" weightage="50" keywordseo="motilal-oswal-alternates" source="Orion">Motilal Oswal Alternates</keyword>, NewQuest Capital Partners, and Mirae Asset Venture Investments. KreditBee said the additional capital raised will be deployed towards scaling the existing business and diversifying its product offering by venturing into digitally enabled financial products. "This reinforces the confidence in our profitable business model and its long-term sustainability of it. The latest round will help us to achieve our vision of serving over 400 million middle-income population in the country," said Madhusudan Ekambaram, Co-Founder and CEO, KreditBee. The platform aims to cross-asset under management (AUM) of more than $1 billion over the next 6-9 months. "We believe KreditBee's proprietary underwriting tech stack is one of the best in the industry and helps in its ability to identify and underwrite future prime customers at an early stage," said <keyword id="1581364" type="General" weightage="50" keywordseo="shweta-jalan" source="Orion">Shweta Jalan</keyword>, Managing Partner at Advent International. KreditBee currently has 7 million loan customers, out of which over 3 million are active loan customers. "KreditBee has witnessed several credit cycles and has come out stronger each time reflecting the adaptability and resilience of its business model," said Ashish Dave, CEO of Mirae Asset Venture Investments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/an-aai-and-two-college-dropouts-home-snacks-biz-sends-shark-tank-judges-into-a-bidding-war/articleshow/96784920.cms">An aai and two college dropouts’ home snacks biz sends Shark Tank judges into a bidding war</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/reliance-makes-open-offer-to-acquire-26-stake-in-lotus-chocolate/articleshow/96791043.cms">Reliance makes open offer to acquire 26% stake in Lotus Chocolate</a>

KreditBee closes $200 million Series D from Advent International, MUFG Bank, others

India is likely to promote <keyword id="6358921" type="General" weightage="20" keywordseo="UPI" source="Orion">UPI</keyword>, <keyword id="597447" type="General" weightage="20" keywordseo="rupay" source="Orion">Rupay</keyword> and domestic e-commerce firms further, to de-risk itself from a strategic standpoint, Motilal Oswal Institutional Equities said in a report. "We may see the Government of India move further ahead with <keyword id="10018497" type="General" weightage="20" keywordseo="pli-schemes" source="Orion">PLI schemes</keyword> and provide more sops/opportunities for companies to invest in new age areas such as EV, clean energy (renewables and green hydrogen), robotics, AI, electronics, battery storage, semiconductors, etc", it added. While the current crisis has directly/indirectly impacted most of the sectors from a demand/supply chain perspective, the brokerage said Autos, Consumer, Consumer Durables and Cement have been the most adversely impacted sectors due to the spike in commodity and energy prices. The impact on gross margins for these sectors would be substantial. On the flipside, Metals and O&amp;G have been the direct beneficiaries due to rising prices, while indirect beneficiaries include export-oriented sectors (specifically IT– benefitting from INR depreciation) and non-crude linked sectors. The current <keyword id="2216750" type="General" weightage="20" keywordseo="sanctions-on-Russia" source="Orion">sanctions on Russia</keyword> may lead to a sharp strategic rethinking by countries on their trade and dependence on other countries. From a strategic point of view, more countries are likely to raise their defence spending since this emerges as the single biggest factor in heightened geopolitical situation. Besides, more and more countries may look at promoting their domestic manufacturing capabilities to de-risk themselves from the supply chain disruptions, the report said. Emerging markets have been adversely impacted by the risk-off stance and strengthening USD and these resulted in net FII outflows from most of the markets due to flight of safety. FIIs have sold USD14.2b (net) in equities in CY22 YTD, which is the highest in absolute terms. More importantly, the pace of outflows has accelerated beginning CY22. After selling USD5b each in Jan 2022 and Feb 2022, FII outflows in the first nine days of March 2022 have already crossed USD4.5b. With India running a twin deficit, high energy and commodity prices would weigh on its currency, it said. Russia remains an important global commodity supplier and accounts for nearly 17 per cent of global natural gas production and 10 per cent of global crude oil production. In terms of its share in global minerals trade, Russia currently accounts for 9-10 per cent of the global aluminum trade, 20 per cent of thermal coal exports, 12 per cent of global steel exports (ex-intra-regional trade), and 11-12 per cent of global nickel exports. While the current sanctions have disrupted the supply chain, it would be difficult from a global perspective to immediately find an alternative supplier. This will keep the prices elevated in the short term. Brent has increased 59 per cent in CY22YTD and briefly crossed USD130/bbl while Aluminum and Nickel are trading at their record highs. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/sony-suspends-playstation-store-console-sales-in-russia/articleshow/90119138.cms">Sony suspends PlayStation store, console sales in Russia</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/elections/news/bjp-set-to-return-in-up-with-handsome-win-aided-with-pro-incumbency/articleshow/90119066.cms">BJP set to return in UP with handsome win aided with pro-incumbency</a>

India is likely to promote UPI, Rupay to de-risk itself, says Motilal Oswal report

A roller-coaster ride may have fewer ups and downs than what the gold market has had in 2022, industry experts said while looking back at the year that is set to end soon. "A roller-coaster ride has less ups and downs than what the bullion market had in the year 2022. Both the metals, <keyword id="508294" type="General" weightage="100" keywordseo="gold-and-silver" source="Orion">Gold and Silver</keyword>, kept the market participants on edge," <keyword id="377165" type="General" weightage="50" keywordseo="navneet-damani" source="Orion">Navneet Damani</keyword>, Senior Vice-President of Currency &amp; Commodity, Motilal Oswal Financial Services, said. According to <keyword id="630853" type="General" weightage="80" keywordseo="damani" source="Orion">Damani</keyword>, the Comex Gold has made a high of about $1,935 and a low of about $1,630, while silver on other hand made a high of about $25 and a low of about $18. There are a few factors which triggered volatility in the market like, a move in the Dollar Index and yields, aggressive monetary policy stance from major central banks, rising inflationary concern and geo-political tension, which led to this volatility. Concurring with him are Chirag Mehta, CIO and Ghazal Jain, Fund Manager- Alternative Investments, <keyword id="594214" type="General" weightage="80" keywordseo="quantum-amc" source="Orion">Quantum AMC</keyword> who said in a report: "Gold prices approached an all-time high of around $2,070 in March on the back of risk aversion triggered by the Russia-Ukraine war. But later, as the geopolitical risk premium waned coupled with the Federal Reserve's tightening spree to combat sky-high inflation, prices faced heavy downside pressure." Pointing out the repo rate hikes by the Reserve Bank of India (RBI) and the <keyword id="6356435" type="General" weightage="50" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword>, the two experts said the action resulted in the flight of money from risky assets to the US dollar as the real interest rates (indicated by US 10Y Treasury Inflation Protected Securities) turned positive for the first time in two years in May 2022. "This led to a sell-off in gold taking prices down to a two-and-a-half-year low of $1,614. However, as inflation started to moderate sequentially in Q4 2022, investors started anticipating a less aggressive <keyword id="45672" type="General" weightage="80" keywordseo="fed" source="Orion">Fed</keyword> in 2023, and the dollar came under pressure helping gold prices to scale back up," the Quantum AMC report said. "Stepping into 2023, we can't be sure if this reaction is justified given that inflation in the US remains well above the Fed's two per cent target, and the Fed has made it clear that while the pace of rate hikes could slow down from here on, but the slower pace does not mean lower rates which the markets had started anticipating," the Quantum AMC officials said. According to the Quantum AMC report, there can be another 50-75 basis points hike in the first half of 2023 by the US Fed which in turn could result in bouts of volatility in both risk assets and gold as real rates rise in an environment of cooling inflation and higher nominal rates. Damani said the gold's domestic story is quite different, as even after such macro happenings there was not a great on the MCX, amidst factors like sharp depreciation in the rupee coupled with a hike in basic customs duty by five per cent on gold. He said 2022 has definitely given a boost in market participants' confidence as to gold and silver. Along with Russia-Ukraine tensions, inflationary concerns and the Covid scare in China, market participants will also carry the baggage regarding slower global growth into the next year, Damani said. "Going ahead, market participants will keenly focus on the monetary policy stance of major central bankers. A move in the Dollar Index and Yields will also be watched by the market. The gold/silver ratio has also fallen from the recent peak of about 97 to about 75, supporting the move in silver. And also apart from safe-haven bets, advancement in green technology and increase in industrial demand could continue to support silver prices," Damani remarked. According to him, there seems some signs of exhaustion in gold and silver and dips could be used as buying opportunities for any medium-to-long-term investor for the target of Rs 58,000 in gold and Rs 73,000 followed by 82,000 in silver. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/homebuyer-affordability-declines-in-2022-but-still-better-than-pre-pandemic-2019-level-says-knight-frank-india/articleshow/96597187.cms">Homebuyer affordability declines in 2022 but still better than pre-pandemic 2019 level, says Knight Frank India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/coals-and-other-unapproved-fuels-to-be-banned-across-ncr-from-january-1/articleshow/96575746.cms">Coals and other unapproved fuels to be banned across NCR from January 1</a>

Gold & silver markets most likely to see signs of exhaustion in 2023

<keyword id="644986" type="General" weightage="20" keywordseo="Heatwaves" source="Orion">Heatwaves</keyword> somewhere, <keyword id="48088" type="General" weightage="20" keywordseo="floods" source="Orion">floods</keyword> in other parts of the country – India has witnessed extreme <keyword id="14334985" type="General" weightage="20" keywordseo="weather-patterns-in-2022" source="Orion">weather patterns in 2022</keyword> and we are only just halfway through the year. <div type="image" title="India has witnessed extreme weather patterns in 2022" msid="92584664" hostid="261" caption="&amp;lt;p&amp;gt;India has witnessed extreme weather patterns in 2022 &amp;lt;/p&amp;gt;"></div> Erratic monsoon in India India is witnessing <a href="https://www.mid-day.com/lifestyle/nature-and-wildlife/article/erratic-rainfall-pattern-in-india-amid-climate-change-warns-ipcc-report-23223005">erratic</a> rainfall after suffering from intense heat waves in April. On one hand, Assam has received <a href="https://weather.com/en-IN/india/monsoon/news/2022-06-24-southwest-monsoon-to-cover-india-entirely-between-june-30-and-july-6">too much</a> rainfall and on the other, Jharkhand has received around half of what it’s due. The <a href="https://www.businessinsider.in/india/news/the-winds-of-change-are-changing-the-fortunes-of-indian-farmers/articleshow/92487685.cms">easterly winds</a> that bring monsoon to the Northwest India have been absent in June this year, leading to a dry spell in the region. Instead, those winds drifted to Northeast India, leading to <a href="https://www.businessinsider.in/india/news/the-winds-of-change-are-changing-the-fortunes-of-indian-farmers/articleshow/92487685.cms">floods</a>. As June came to an end, as per <a href="https://twitter.com/ANI/status/1542378873492344835">IMD</a>, Southwest monsoon advanced into entire Uttar Pradesh, Himachal Pradesh and Jammu and Kashmiri, some parts of Rajasthan, entire Delhi, some parts of Punjab and Haryana on Thursday. According to the latest EcoScope report from research firm Motilal Oswal, India’s cumulative rainfall has a reported deficit of 7% as of June 26, 2022 after reporting a surplus of 20% in 2021 and 22% in 2020. The deficiency of rainfall is because the northwestern, central and southern parts of India have a shortfall of rains, suggesting that the issue is a lot more widespread than initially expected. <div type="image" title="The northwestern, central and southern parts of India have a shortfall of rains" msid="92584693" hostid="261" caption="&amp;lt;p&amp;gt;The northwestern, central and southern parts of India have a shortfall of rains&amp;lt;/p&amp;gt;"></div> A see-saw summer From long dry spells to excessive rainfall, 2022 has been a year of extremes so far. As per the India Meteorological Department (IMD), April was the <a href="https://internal.imd.gov.in/press_release/20220402_pr_1551.pdf">hottest</a> month for northwest and central India and the third-hottest April the country has seen over the past 122 years, from 1901 to 2022. The daily high temperatures measured each year have also been increasing at a faster rate than daily low temperatures. This indicates that the distribution of temperature is shifting and <a href="https://www.cnbc.com/2022/05/02/india-heat-wave-in-pictures.html">changing</a> the ‘normal’ state. In fact, 12 of the country’s 15 <a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1686173">warmest years</a> on record have occurred in the last 30 years. <div type="image" title="12 of the country’s 15 warmest years on record have occurred in the last 30 years" msid="92584779" hostid="261" caption="&amp;lt;p&amp;gt;12 of the country&amp;#8217;s 15 warmest years on record have occurred in the last 30 years&amp;lt;/p&amp;gt;"></div> These recurring patterns of intense hot spells and erratic rainfall could be a sign of climate change and global warming. Our country is also expected to suffer through more frequent and intense hot spells, extreme rainfall and erratic monsoons in the coming decades as the planet warms, said <a href="https://www.business-standard.com/article/current-affairs/india-s-record-heatwave-to-get-worse-authorities-blame-global-warming-122042900785_1.html">United Nations’ Intergovernmental Panel</a>, a body for assessing science related to climate change. Cascading impacts of climate change This radical change in the weather is not good news for a country like India, which is heavily dependent on agriculture as it contributes <a href="https://india.mongabay.com/2021/10/extreme-weather-becomes-the-new-normal-in-indias-main-monsoon-season/">16-20% to GDP</a>, according to Finance Ministry data. In a country like India farmers are heavily dependent on monsoons for irrigating their fields, erratic rainfall and hot summer are the bane for their cultivation. According to a <a href="https://data.worldbank.org/indicator/AG.LND.IRIG.AG.ZS">World Bank report</a>, as of 2015, nearly 62% of the agricultural lands in India are dependent on monsoon rains for irrigation. As of 24th Jun’22, <a href="https://www.businessinsider.in/india/news/the-winds-of-change-are-changing-the-fortunes-of-indian-farmers/articleshow/92487685.cms">Kharif sowing</a> is 24% lower than the area sown last year. <div type="image" title="Kharif sowing is 24% lower than the area sown last year" msid="92584805" hostid="261" caption="&amp;lt;p&amp;gt;Kharif sowing is 24% lower than the area sown last year&amp;lt;/p&amp;gt;"></div> The 2022 summer, which was ridden with heatwaves, led to cascading impacts not just on human health, but also on ecosystems such as agriculture, water and energy supplies. Power demand spiked and coal inventories dropped, leaving the country with its worst <a href="https://www.businessinsider.in/india/news/why-are-there-power-cuts-and-heatwave-in-india/articleshow/91177785.cms">power shortage</a> in more than six years. The heat wave also <a href="https://www.reuters.com/world/india/after-five-record-crops-heat-wave-threatens-indias-wheat-output-export-plans-2022-05-02/">threatened</a> India’s wheat output plan. According to a World Meteorological Organization report released in 2020, India lost more than <a href="https://www.hindustantimes.com/india-news/india-lost-87-billion-to-climate-disasters-in-2020-report-101635272896946.html">$87 billion</a> (approx. ₹6.8 lakh crore) due to disasters such as cyclones, floods and droughts. However, there’s still hope to <a href="https://www.ipcc.ch/2022/04/04/ipcc-ar6-wgiii-pressrelease/">control</a> climate change. It will involve a substantial reduction in fossil fuel use, widespread electrification, improved energy efficiency, and use of alternative fuels (such as hydrogen).

SIMPLY PUT: Extreme weather is the new normal in India

Mumbai, Jan 22 () Diversified financial services company Motilal Oswal Financial Services (MOFS) on Wednesday reported an over four fold increase in its consolidated net profit at Rs 165 crore in the quarter ended December, driven by healthy growth in broking and asset management businesses.
 In the year-ago period, the company had reported a profit after tax of Rs 39.6 crore on the consolidated basis.
 "Our strategy to diversify our business model towards linear sources of earnings continues to show results. The capital markets businesses that include broking and investment banking, and asset management businesses showed good progress during the quarter leading to healthy profit," the company's Managing Director and CEO Motilal Oswal told .
 For the nine-month period, profit after tax grew 196 per cent to Rs 437 crore from Rs 148 crore.
 Asset management business (AUM) across mutual fund, portfolio management services (PMS) and alternative investment fund (AIF) grew 7 per cent to Rs 40,096 crore.
 Its asset management business reported a 22 per cent jump in its net profit at Rs 41 crore in the quarter under consideration from Rs 34 crore in the year-ago period.
 Capital markets businesses that comprises of retail broking, institutional equities and investment banking reported a net profit of Rs 47 crore in the third quarter compared to Rs 34 crore last year same period.
 Its housing finance business's profit stood at Rs 16.1 crore in October-December quarter compared to a loss of Rs 94 crore in the year-ago period.
 "Our housing finance business is set for new beginning as all legacy issues are behind with incremental focus on profitable growth," Oswal said.
 As of end-December, loan book stood at Rs 3,779 crore. HV SHW
SHW

MOFS Q3 net profit jumps to Rs 165 cr

New Delhi, Feb 1 () Investor wealth plummeted by Rs 3.46 lakh crore on Saturday as equity markets came crashing after the Union Budget for 2020-21 failed to live up to expectations.
 The massive sell-off in equity market wiped out investor wealth, which fell by Rs 3,46,256.76 crore to Rs 1,53,04,724.97 crore on the BSE.
 Market capitalisation of BSE-listed firms plunged as BSE Sensex plummeted 987.96 points to close below the key 40,000-mark. It closed at 39,735.53.
 This was the benchmark's biggest drop since October 24, 2008, when it had plummeted 1,070.63 points, and the fourth biggest fall overall.
 "The lack of major growth boosting measures in itself is negative for the equity market. The new income tax regime would also be negative for tax exempt equity savings schemes. Recasting of dividend taxation norms also seem to be on the balance negative for most domestic equity investors. Overall, the budget seems to be negative for the equity market," Anand Rathi Shares &amp; Stock Brokers Chief Economist and Executive Director Sujan Hajra said.
 Motilal Oswal Financial Services Managing Director &amp; CEO Motilal Oswal said, "Markets have taken a cautious view on the Budget, the tax rate cut and DDT (Dividend Distribution Tax) benefit will help economy to grow and corporate payouts to increase. At these levels one should buy for long term."
 The government on Saturday proposed to remove DDT on companies, and henceforth the tax will be shifted to recipients at the applicable rate.
 Currently, companies are required to pay DDT on the dividend paid to shareholders at the rate of 15 per cent plus applicable surcharge and cess, in addition to the tax payable by the company on its profits.
 "The budget is good on intent. However, the key is efficient execution in a time-bound manner. There are many positives to simplify things and encourage entrepreneurs but again, key will be execution in a time-bound manner. Intent needs to be converted into implementation," Nilesh Shah, MD &amp; CEO, Kotak Mahindra Asset Management Company said.
 The finance minister said that improvement in revenue generation gives hopes of lowering fiscal deficit to 3.5 per cent of GDP in the next fiscal from 3.8 per cent in the current.
 From the 30-share pack on BSE, 24 companies suffered losses, led by ITC, Larsen &amp; Toubro, HDFC and State Bank of India.
 According to Krishna Kumar Karwa, Managing Director - Emkay Global Financial Services, investors are disappointed with no relief on long term capital gains (LTCG) tax and lack of big bang sectoral stimulus.
 "The removal of Dividend Distribution Tax seen as a continuation of earlier step of reducing corporate tax is well appreciated and sends the right signals to local and global investors," he added.
 At the BSE, 1,724 scrips declined, while 611 advanced and 126 remained unchanged.
 In the broader market, the BSE SmallCap index fell 2.20 per cent, while BSE MidCap index declined 2.21 per cent.
 "The markets have reacted negatively to the Budget, mainly due to some disappointments on account of non-abolition of LTCG, confusion about the impact of DDT removal and taxing dividends in the hands of recipients. Also the alternative provided to individuals for lower rate of tax, provided they do not claim exemptions/deductions, did not seem too attractive," HDFC Securities MD &amp; CEO Dhiraj Relli said.
 "The alternative tax system discourages investments which market participants do not seem to be comfortable with. The overhang of coronavirus outbreak on our markets also got magnified in the later half of the session. Foreign investors will look for signs of revival of growth before they commit funds," he said. SUM 
RVK

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Loan-to-deposit ratio will subside on its own in coming months, notes Motilal Oswal report

Ira Alok Puranik

KreditBee closes $200 million Series D from Advent International, MUFG Bank, others

IANS

India is likely to promote UPI, Rupay to de-risk itself, says Motilal Oswal report

IANS

Gold & silver markets most likely to see signs of exhaustion in 2023

IANS

SIMPLY PUT: Extreme weather is the new normal in India

MOFS Q3 net profit jumps to Rs 165 cr

PTI

Investor wealth erodes by Rs 3.46 lakh cr as mkts plummet after Budget announcement

PTI

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