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Demand for luxury goods and services has been growing in Tier-2,3 cities, says CEO and Country Manager of Amex India
from | The HinduBusinessLine https://ift.tt/2nSmxYT
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from | The HinduBusinessLine https://ift.tt/2nSmxYT
Indian shares fell for the third consecutive week, with financials and consumer stocks leading the losses. The Nifty 50 index ended 0.59% lower at 19,428.30, while the S&P BSE Sensex dropped by 0.56% to 65,322.65. The RBI's decision to increase the cash reserve ratio (CRR) for banks continued to influence financial stocks, which fell by 0.87%.
The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% for the third time in a row. The decision was unanimous, according to RBI Chief Shaktikanta Das. The RBI has raised repo rates by a total of 250 basis points since May 2012 to tackle inflation and to ensure retail inflation remains at 4% with a margin of 2% on either side.
R Thyagarajan is the founder of Shriram Group, a multi-billion dollar conglomerate that employs 108,000 people and operates in everything from insurance to stockbroking. Thyagarajan built his fortune extending credit to low-income borrowers shunned by banks.
Indian shares rose, driven by metal stocks, before the Reserve Bank of India's (RBI) policy announcement on Thursday. The Nifty 50 index increased by 0.32% to 19,632.55, and the S&P BSE Sensex rose 0.23% to 65,995.81. Hindalco's shares gained 3.11% after falling by 2.17% on Tuesday. The metal index grew by 2.03%.
Moody's downgrade of several lenders, and placing six banking giants including Bank of New York Mellon, US Bancorp, State Street, and Truist Financial under review for potential downgrades, triggered a broad sell-off in Wall Street.
Moody's has downgraded the credit ratings of 10 US banks by one notch and has placed some of the major lenders on review for potential downgrades. Moody's has changed its outlook to negative for several major lenders, which include Capital One, Citizens Financial, and Fifth Third Bancorp, among others.
India, with a population of 1.43 billion, has surpassed China as the world's most populous country, which could lead to a decades-long investment boom. Goldman Sachs expects India's share of global equity market capitalisation to quadruple by 2075, and its economy to grow 6%-7% annually, surpassing China's. However, Indian stocks are expensive, and experts recommend banks and private financial services as safe bets, along with real estate, IT firms and consumer products.
The proposed digital personal data protection law seeks to clamp down heavily on consumer-facing industries such as banks, insurance companies, real estate and automobile sellers, hotels and restaurants and e-commerce as well as social media giants if they compromise vital information of customers by leaking and selling names, phones numbers, or other information to third parties.
HDFC Bank's Sashidhar Jagdishan has emerged as the highest-paid bank chief executive in FY23, grossing over Rs 10.55 crore in overall pay. Jagdishan's colleague Kaizad Bharucha, the deputy managing director of the largest private sector lender, drew Rs 10 crore for the fiscal year and may be the second-highest grossing banker in the country, according to disclosures made in annual reports.
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