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Rupee appreciated 7 paise to 84.22 against the US dollar in morning trade on Tuesday, on a sharp rebound in domestic equities amid improved investor risk appetite. Forex traders said the <keyword id="21663515" type="General" weightage="20" keywordseo="MSCI-equity-index" source="keywords">MSCI equity index</keyword> rebalancing significantly boosted sentiment for Indian equity markets as <keyword id="19932515" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="keywords">foreign institutional investors</keyword> broke a 40-session streak of net selling by purchasing Rs 9,947 crores on Monday, lending robust support to the rupee. Moreover, the win by the incumbent government in Maharashtra, further fueled investor confidence in economic stability, sparking a rally in equity markets. At the interbank foreign exchange, the rupee opened at 84.27 and moved in a tight range and touched an early high of 84.22 against the greenback, registering a gain of 7 paise over its previous close. On Monday, the rupee appreciated 12 paise to close at 84.29 against US dollar. "While Donald Trump's aggressive trade policies loom large, the rupee's outlook remains cautiously optimistic. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword>'s projection of a GDP growth rebound to 7.6 per cent in Q3 has infused fresh confidence in India's economic trajectory. Additionally, a surge in capital inflows is likely to provide robust support," CR Forex Advisors MD Amit Pabari said. Pabari further said that the RBI's vigilant stance will be critical in managing volatility, with interventions likely at key levels to maintain stability. "Given the factors, the USDINR pair appears to face resistance around the 84.50 level, with expectations of trading within a range of 83.80 to 84.50, leaning toward a downside bias," he said. On the global front, US Treasury Secretary nominee Scott Bessent's fiscal deficit reduction agenda capped US Treasury yields, Pabari said. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.28 per cent at 107.11. Brent crude, the global oil benchmark, rose by 0.33 per cent to USD 73.25 per barrel in futures trade. In the domestic equity market, the 30-share equity benchmark Sensex jumped 167.76 points or 0.21 per cent to 80,277.61 points in early trade, while Nifty jumped 55.80 points or 0.23 per cent to 24,277.70 points. Foreign Institutional Investors (FIIs) turned net buyers in the capital markets on Monday, purchasing shares worth Rs 9,947.55 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-oxygenos-15-update-now-rolling-out-with-flux-themes-improved-ai-features-and-more/articleshow/115657313.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-oxygenos-15-update-now-rolling-out-with-flux-themes-improved-ai-features-and-more/articleshow/115657313.cms" target="_blank">OnePlus Open OxygenOS 15 update now rolling out with Flux Themes, improved AI features and more</a><a href="https://www.businessinsider.in/tech/news/microsofts-ai-powered-recall-feature-is-now-rolling-out-to-copilot-pcs/articleshow/115654136.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/microsofts-ai-powered-recall-feature-is-now-rolling-out-to-copilot-pcs/articleshow/115654136.cms" target="_blank">Microsoft’s AI-powered Recall feature is now rolling out to Copilot+ PCs</a><a href="https://www.businessinsider.in/business/telecom/news/jio-airtel-and-vi-lost-nearly-11-million-subscribers-in-september-2024/articleshow/115565541.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/jio-airtel-and-vi-lost-nearly-11-million-subscribers-in-september-2024/articleshow/115565541.cms" target="_blank">Jio, Airtel and Vi lost nearly 11 million subscribers in September 2024</a>

Rupee rises 7 paise to 84.22 against US dollar in early trade

<ul><li>As per a tweet by Motilal Oswal, <keyword id="6808641" type="UNKNOWN" weightage="20" keywordseo="Bandhan-Bank-stock">Bandhan Bank stock</keyword> will be added to MSCI index effective from October 16.</li><li>Bandhan is a long -term compounder and will be able to consistently deliver over 30% growth, said a research report by Axis Capital.</li><li>The merger with Gruh Finance will also allow the rapidly expanding Bandhan Bank with an extended portfolio of loans.</li></ul> Kolkata-based lender Bandhan Bank which has been servicing rural women with small loans, is now expected to hit the big leagues soon. As per a tweet by Motilal Oswal, the bank’s stock will be added to the MSCI index effective from October 16. Investors celebrated the huge feat by a 5-year old bank and the shares jumped nearly 10%, hitting the upper circuit, after which the exchanges halted trading in the company’s shares. MSCI is Morgan Stanley Capital International index is headquartered in New York. It enters a league of top stocks which will also provide by access to global investors, institutions and funds. As per the brokerage firm, this is an effect of its merger with Ahmedabad-based Gruh Finance which recently received an approval from National Company Law Tribunal. Even before the MSCI entry, Bandhan has been one of the rare banking success stories in India. “It is well placed to deliver industry-leading return ratios with a high-yielding assetbook on one side and robust low-cost deposit franchise on the other. Bandhan is a long term compounder and will be able to consistently deliver over 30% growth,” said a research report by Axis Capital in early September. The merger with Gruh Finance will also allow the rapidly expanding Bandhan Bank with an extended portfolio of loans. Currently, around 90% of the bank’s portfolio consists of small loans only. Gruh Finance, as the name suggests, provides housing loans mostly to rural populace. This loan portfolio will provide diversity to the primarily entrepreneurship-based loans that Bandhan currently provides. The shares of Bandhan hit an upper circuit at ₹608 per share in today’s trade, increasing by over 9% in the morning trade. The stock of Gruh Finance also rose by around 7.9% as of 12 pm. <div type="image" title="Coffee Day Global Ltd. is incorporated, in order to start the cafe business (1) (2)" tempid="101146" msid="71541429" hostid="261"></div>

A five-year-old bank lending to poor women in rural India has made it to MSCI in New York

<keyword id="722345" type="General" weightage="80" keywordseo="nifty-bank" source="Orion">Nifty Bank</keyword>, which is comprised of the most liquid and large capitalised Indian banking stocks, is up 11.76 per cent so far this year due to robust earnings growth of banks, return of foreign investors in Indian equities since July and attractive valuations. Currently, the <keyword id="6354813" type="General" weightage="100" keywordseo="nifty" source="Orion">Nifty</keyword> Bank index is trading at 39,656.15, as compared to 35,481.70 on December 31, 2021. According to the data compiled by <keyword id="824141" type="General" weightage="50" keywordseo="geojit-financial-services" source="Orion">Geojit Financial Services</keyword> showed, the top three banks that have outperformed the index were Bank of Baroda with YTD returns of 47.90 per cent, Federal Bank with 21.20 per cent, and IndusInd Bank with 21.10 per cent. On Thursday, <keyword id="46013" type="General" weightage="50" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>, Bandhan Bank, Federal Bank, <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword>, IndusInd Bank, HDFC Bank, AU Small Finance Bank, ICICI Bank, Axis Bank, PNB, <keyword id="6986952" type="General" weightage="50" keywordseo="idfc-first-bank" source="Orion">IDFC First Bank</keyword>, and Bank of Baroda were stocks in the Nifty Bank index. "The banking sector has demonstrated strong resilience so far this year, supported by multiple factors. 1. Strong quarterly earnings driven by robust credit growth, margin expansion, improved asset quality and lower provisioning; 2. FIIs return to buying mode due to favourable economic factors; 3. Attractive valuation. We believe that the rally is still in its early stages and that valuations have room to rise further, given improved fundamentals," said Vinod Nair, Head of Research at Geojit Financial Services. According to the ICICI Securities report, banks under their coverage in Q1 FY23 reported 16 per cent on-year and 2 per cent on-quarter growth in net interest income. Core operating profit grew 17 per cent on-year, while <keyword id="6374832" type="General" weightage="80" keywordseo="treasury" source="Orion">treasury</keyword> loss dragged operating profit lower by 13 per cent on-year and 18 per cent on-quarter. Subsiding credit cost and lower base supported 35 per cent on-year earnings growth. However, earnings of State Bank of India, HDFC Bank and Kotak Mahindra Bank lagged I-Sec expectations due to higher than anticipated treasury loss and elevated opex. G-sec yields surged 65 basis points since March to 7.5 per cent till June and corporate bond yields by 70 basis points. This created pressure on treasury profits for banks that dragged overall earnings growth. Having 25-60 per cent of investment portfolio in AFS/HTM with 1-2 years of modified duration led to a treasury knock. Banks with relatively higher investment in corporate bonds (credit substitute) witnessed above-expected hit. On an average, banks registered treasury loss equivalent to high single digit of revenues and 15 per cent of core operating profit. Banks' upbeat stance on growth was reflected in advance growth of 2-4 per cent on-quarter in Q1 FY23, otherwise a seasonally slow quarter. Growth was primarily led by retail and proportion of unsecured retail advances inched up. Sequential loan growth momentum was dragged by 2-wheeler segment and agri (in few banks). While, inflows of foreign investors in the Indian equities was Rs 21,252.60 so far from July 28. Foreign investors turned buyers since late July after remaining sellers in the equities for almost 9 months. Experts believe that foreign investors have returned to Indian market because India is preferred destination as country has best growth prospects among large economies of the world. FPIs have turned net buyers in autos, capital goods, FMCG, and Telecom. Due to this, the Sensex is now trading above 60,000 mark and Nifty over 17,900. Going forward, profitability of banks is expected to improve with a robust credit growth outlook and improving asset quality. Additionally, in the rising interest rate scenario, banks with a higher proportion of flexible loans will showcase margin expansion. "We expect that the mark-to-market impact of rising bond yields on treasury income will hurt banks, particularly PSUs in the short term, who have higher investments in bonds. We continue to recommend top private sector banks that are better poised to reap the benefits of economic recovery with stronger balance sheets and neat loan books. The sector is currently trading at its 5-year averages, which indicates significant room for expansion. However, the near-term trend will be dictated by the movements in FII activities," Nair added. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/zomatos-quick-commerce-app-blinkit-to-deliver-printouts-at-your-doorsteps-in-11-minutes/articleshow/93651814.cms">Zomato’s quick commerce app Blinkit to deliver printouts at your doorsteps in 11 Minutes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rupee-expected-to-trade-at-around-79/-on-fii-inflows-easing-crude-prices-bob/articleshow/93651698.cms">Rupee expected to trade at around 79/$ on FII inflows, easing crude prices: BoB</a>

Nifty Bank index up over 11% so far this year, BoB outperforms index

<ul><li><keyword id="46013" type="CITY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword>’s share price is up by more than 10% today morning after it posted its earnings yesterday. </li><li>Analysts are optimistic that the bank’s asset quality and decline in provisioning expenses will help it ride through the next year.</li><li>Kotak Mahindra Bank may also possibly be included in the <keyword id="48670" type="CITY" weightage="20" keywordseo="Morgan-Stanley">Morgan Stanley</keyword> Capital Investment (MSCI) Global Indices as the latter revises its foreign ownership limits (FOL). </li></ul>Kotak Mahindra Bank’s share price has skyrocketed by 10% on the back of bullish commentary and target upgrades from brokerages. The bank posted a profit of 27% in the second quarter and its net interest income grew by 17%. <div type="image" title="Copy of KMB1" msid="78887422" hostid="261" caption="&amp;lt;p&amp;gt;Kotak Mahindra Bank&amp;#39;s stock over the last one month&amp;lt;/p&amp;gt;"></div> “We increase our FY21 and FY22 earnings by 27% and 20% (respectively), aided by steady revenues and sharp decline in provisioning expenses,” said brokerage Motilal Oswal in its report. It upgraded its rating of Kotak Mahindra bank to ‘buy’, following a gap of 10 quarters. <div type="Article" hostid="261" msid="78869757" title="Kotak Mahindra Bank still on ‘alert’ as profit improves 27% over the last three months" mstype="2" mssubtype="0"></div> Potential MSCI inclusion boost Kotak Mahindra Bank may also possibly be included in the Morgan Stanley Capital Investment (MSCI) Global Indices as it revises its foreign ownership limits (FOL). This comes after Foreign Portfolio Investor (FPI) limits for Indian companies were relaxed to the sectoral limit. “Stocks that are being included tend to outperform in the run-up in their inclusion in key indices. Further, we observe that MSCI India index tends to outperform before and post the announcement,” the Morgan Stanley report said. It expects MSCI India to see passive inflows of $2.5 billion on the back of this move. Even though Kotak Mahindra Bank’s stock is up nearly 25% over the last one month, it still has to recuperate from the impact of COVID-19. As compared to January — before Prime Minister Narendra Modi announced a nation-wide lockdown to prevent the pandemic from spreading — the share price is down over 5%. <div type="image" title="KMB1" msid="78887454" hostid="261" caption="&amp;lt;p&amp;gt;Kotak Mahindra Bank&amp;#39;s share price since January&amp;lt;/p&amp;gt;"></div> Brokerages bullish post Q2 earnings “With a strong liability franchise in place, high capital and steady asset quality keeps our view constructive, although balance on loan growth has to improve from here on,” Prabhudas Lilladher analysts said in a note. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerages on Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,650 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,634 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Lilladher </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,503 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YES Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,6870 </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/china-launches-three-new-spy-satellites-amid-border-dispute-with-india-and-tensions-in-the-south-china-sea/articleshow/78886330.cms">China launches three new spy satellites amid border dispute with India and tensions in the South China Sea</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-is-looking-to-expand-operations-in-canada-if-h-1b-visa-issues-persist/articleshow/78884838.cms">EXCLUSIVE: HCL Tech is expanding operations in Canada as H-1B visa issues persist</a> <a href="https://www.businessinsider.in/finance/banks/news/kotak-mahindra-bank-q2-results-show-profit-up-by-27/articleshow/78869757.cms">Kotak Mahindra Bank still on ‘alert’ as profit improves 27% over the last three months</a>

Kotak Mahindra Bank surges 10% on earnings upgrades and potential MSCI inclusion

<ul class="summary-list"><li>S&amp;P Dow Jones Indices said Friday that it will remove all Russia stocks from its benchmarks next week.</li><li>The change will take effect March 9 and will apply to all stocks listed or domiciled in Russia as well as ADRs and GDRs.</li></ul>S&amp;P Dow Jones Indices said Friday that it will remove all Russia stocks from its benchmarks next week following the country's invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>.The change will take effect before the market open on March 9 and will apply to all stocks listed or domiciled in Russia as well as American depositary receipts and global depositary receipts.The overseer of the <keyword id="11907242" type="UNKNOWN" weightage="60" keywordseo="dow-jones-industrial-average" source="Orion">Dow Jones Industrial Average</keyword> and the S&amp;P 500 will also strip Russia of its emerging-market status and reclassify it in a standalone category."Given the deterioration in the level of accessibility of the Russian market which may impact the ability of market participants to replicate S&amp;P DJI Indices containing Russian securities, S&amp;P DJI will reclassify Russia," <keyword id="13310388" type="UNKNOWN" weightage="60" keywordseo="sp-global" source="Orion">S&amp;P Global</keyword> said.The announcement from the company follows <a href="https://markets.businessinsider.com/news/stocks/russian-stocks-uninvestable-ukraine-invasion-msci-ftse-russell-indexes-2022-3">similar moves from MSCI and FTSE</a> earlier this week. Russia stocks will be deleted from all <a href="https://research.ftserussell.com/products/index-notices/home/getnotice/?id=2603553">FTSE Russell Equity Indices</a> on March 7, and <a href="https://www.msci.com/eqb/pressreleases/archive/PR_Russia_Classification.pdf">MSCI Russia Indexes</a> will be reclassified on March 9 from emerging market status to standalone <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> status "at a price that is effectively zero," the index providers said in separate statements Wednesday. Russia's war on Ukraine and the waves of Western sanctions that have followed are leaving Moscow increasingly shut off from global markets.Top Russian banks have been kicked out of the SWIFT messaging system that is considered the backbone of world finance. Foreign currency assets of its central bank have been frozen. More and more companies are announcing they are exiting Russia.Meanwhile, the country's stock market has been closed all week. The London Stock Exchange has suspended trading in Russian companies. The New York Stock Exchange and Nasdaq have also halted trading in Russian stocks.

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Rupee rises 7 paise to 84.22 against US dollar in early trade

PTI

A five-year-old bank lending to poor women in rural India has made it to MSCI in New York

Katya Naidu

Nifty Bank index up over 11% so far this year, BoB outperforms index

IANS

Kotak Mahindra Bank surges 10% on earnings upgrades and potential MSCI inclusion

Prabhjote Gill

S&P Dow Jones to remove Russia stocks from its indexes in wake of Ukraine invasion, joining MSCI and FTSE

Jason Ma

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