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Total income during the quarter under review stood at Rs 1,394.41 crore as against Rs 1,043.97 crore registered in the same period of last year.

Bank of India announced a 115% rise in its profit after tax for the March quarter to INR 1,388.19 crore ($186m), mainly due to an increase in other income. The state-owned bank also witnessed an increase in its net interest income and non-interest income. In FY24, the bank plans to raise INR 4,500 crore in equity capital and is targeting an 11-12% advance growth for the year. It aims to decrease its gross non-performing assets ratio to 6-6.25% by the end of the financial year. The bank is also looking to decrease the government’s stake in the bank to 75%.

Its revenue from operations stood at Rs 38,152 crore in Q4 FY23, up 17% YoY as compared to Rs 32,709 crore in Q4 FY22.

Asian stock pickers are navigating a difficult environment as a slowdown in the US could trigger a recession. Value is being sought in the tech service and consumer discretionary sectors due to regional demand, while South Korea and Taiwan are viewed as more vulnerable to a US downturn. Indian stocks have been bought by global funds this quarter as they cut their exposure to Taiwan. Financials, along with South Korean and Taiwanese equities, are seen as most susceptible to declining following two years of outperformance before a tightening cycle.

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India is witnessing an increase in the number of wealthy individuals and their corresponding wealth, making the country a beacon of hope for the global economy. Success for wealth management firms depends on navigating the shift in the contours of the wealthy, adapting to the digital interplay, offering more than just performance, and catering to the increased demand for sustainable investing and ESG impact. The industry is seeing the largest transfer of wealth from older to newer generations and an increase in self-made millionaires and billionaires, leading to a change in the playbook on client engagement.

Last week, four out of the top 10 Indian companies lost a total of INR 56,006.15 crore in market valuation due to erosion in the value of their stocks, mainly impacted by HDFC twins, while the remaining six firms, including Reliance Industries and TCS, gained INR 44,540.05 crore in combined market capitalisation. HDFC Bank lost the most out of the top 10 firms with a devaluation of INR 34,547.61 crore. Conversely, Reliance Industries retained its position as the most valuable company in India.

The Nifty50 formed a bearish reversal pattern due to a shooting star pattern on its weekly chart and saw a decrease in FII long-short ratio, which may indicate a bearish movement for Indian markets. The maximum call and put OI strike is at 18,200 for Nifty50, with multiple resistances at that level and support at 17,800. Meanwhile, Bank Nifty is expected to see its resistance level at 43,500 and support at 42,000, with a trading range of 42,500-43,500 in the coming week. Consumer durables rose by 2.5% on the S&P BSE index, while commodities and banks fell.

Several Indian companies will trade ex-dividend this week, including Oracle Financial Services Software, Ramkrishna Forgings, Coforge, Laurus Labs, Indiamart Intermesh, Kewal Kiran Clothing, 360 One Wam and Aptus Value Housing Finance. Oracle Financial Services Software will pay an interim dividend of INR225 ($3.06) per share. Meanwhile, Laurus Labs will pay an interim dividend of INR1.2/share, and Kewal Kiran Clothing INR2/share.

“If the banks have given loans in white goods, they are probably going to have difficulty in recovering. So even the large companies are quietly writing off. The ones that cannot afford to write off are holding them and then defaulting back to the banks. So the smaller banks are definitely going to be affected because they have gone into that sector.”