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Tokyo stocks opened lower on fears of the Middle East crisis worsening. The benchmark Nikkei 225 index fell 0.47 percent, while the broader Topix index slipped 0.35 percent. Weak corporate earnings from US companies and rising US Treasury yields were also factors contributing to the market decline. Additionally, the ruling party's loss in a by-election and the possible adjustment of the Bank of Japan's policy added to the cautious sentiment. Major Tokyo shares, including Toyota, SoftBank Group, Nintendo, and Fast Retailing, also experienced losses.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/UGZMbIs
The Reserve Bank of India (RBI) has implemented a new regulatory framework for non-banking financial companies (NBFCs), eliminating the classification of 'systemically important' NBFCs. Previously, even smaller finance companies were classified as systemically important, resulting in the application of more stringent regulations. Under the new framework, only larger NBFCs will be subject to stricter regulations. The RBI's master direction also requires the top 15 NBFCs, including Tata Sons, HDB Financial Service, and Bajaj Housing Finance, to list on stock exchanges.
Banks in India are seeing a rise in stress related to small unsecured personal loans as borrowers with low incomes struggle to repay their debts. Yes Bank and Kotak Mahindra Bank report higher delinquencies compared to last year, while ICICI Bank is seeing the most distress in the below Rs 50,000 loan segment. RBI has expressed concerns over the increase in unsecured loans and is closely monitoring the situation.
The market valuation of Reliance Industries plummeted Rs 34,876.78 crore to Rs 15,55,531.53 crore. The valuation of TCS plunged Rs 27,827.08 crore to Rs 12,78,564.03 crore. The mcap of ICICI Bank dived Rs 13,518.4 crore to Rs 6,53,120.67 crore and that of ITC dropped Rs 12,533.27 crore to Rs 5,46,537.83 crore. In the ranking of top 10 firms, Reliance Industries retained the title of the most valued firm followed by TCS, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, ITC, Bharti Airtel, State Bank of India and Bajaj Finance.
