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Financial News 4th August 2023:

1.India's success is case study in using tech to transform lives:

the milestones achieved through Digital India in the past nine years, which catalysed the country's rapid progress towards a five trillion US dollar economy by 2026. 

The Minister, during his interaction with executives from World Bank, spoke about how the Government was revived from dysfunctional Governance that prevented distribution of resources to people living in remote areas. 

2. Karnataka Bank announces net profit of Rs 370.70 crore for June quarter:

Karnataka Bank has posted a net profit of Rs 370.70 crore during the first quarter of the current financial year as against Rs 114.18 crore. 

Karnataka Bank has posted a net profit of Rs 370.70 crore during the first quarter of the current financial year as against Rs 114.18 crore recorded during the corresponding quarter of the previous year, with a year-on-year (YoY) growth rate of 224.66 per cent. 

he business turnover of the bank was at Rs 1,48,449.27 crore as on June 30, 2023, compared to Rs 1,38,936.17 crore in the previous year, registering a YoY growth of 6.85 per cent. The deposits of the bank stood at Rs 86,959.86 crore with a YoY growth of 7.92 per cent and advances at Rs 61,489.41 crore with a YoY growth of 5.36 per cent. 

3. Rupee hits over two month low tracking Asian peers; RBI caps losses:

The rupee ended at 82.7225 against the dollar, down 0.2% compared with 82.5825. 

However, the Reserve Bank of India (RBI) likely sold dollars through some state-run banks at 82.75-82.80 rupee levels, preventing a further fall in the rupee, several foreign exchange traders.

4. RBI intervention to keep rupee in tight range, analysts say:

Expected volatility in the rupee over the next three months was at its lowest in two decades as the Indian central bank continued to buy dollars, adding to its FX reserves of over $600 billion 

After falling over 10% in 2022, the rupee has gained just 0.2% so far this year and is unlikely to recoup those losses anytime soon, despite India retaining its title as the world's fastest-growing large economy. 

The currency was expected to strengthen nearly 2% to 81.00/dollar by the end of July 2024, with forecasts in a 78.83-85.80 range. 

5. FPI inflows hit 11-month high in July, lift benchmarks to fresh highs:

This is the highest monthly FPI inflows since August 2022. 

Foreign portfolio investors (FPIs) bought Indian shares worth Rs 46,618 crore ($5.63 billion) on a net basis in July, data from the National Securities Depository Ltd (NSDL). 

Sustained FPI inflows have powered the uptick in the blue-chip Nifty 50 and S&P BSE Sensex, driving the benchmarks to record highs. The Nifty 50 rose 2.94 per cent in July.  

Between March and July, FPIs have been net buyers of Indian equities in each of the five months, purchasing shares worth Rs 1.5 trillion and triggering a 14.15 per cent rise in Nifty 50 index. 

6. Kotak combines alternate funds, advisory into $18-billion unit:

Billionaire banker Uday Kotak’s eponymous group will combine its alternate fund management and investment advisory businesses into an entity with $18 billion under management. 

The entity, to be named Kotak Alternate Asset Managers (KAAM), will include $8.9 billion in alternate investment funds and the advisory business with $9.1 billion under management. 

7.I-T search ops underway at Kalpataru Group’s premises in Mumbai, Rajasthan:

Income Tax (I-T) department searched real estate development company Kalpataru Group’s premises in Rajasthan and Mumbai on Friday, CNBC-TV18 reported, citing sources. Shares of Kalpataru Projects International, which is a part of Kalpataru Group, fell as much as 3.6% on the report. Both the IT department and Kalpataru did not immediately respond to Reuters’ requests for comment. 

8. India restricts laptop and server import to boost local manufacturing:

India restricted import of laptops, servers and many other consumer-electronic devices on Thursday, saying it will impose a licensing permit for imports in a move analysts say appears to be aimed at boosting the local manufacturing efforts.