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“In the past, there was more focus on the margin also because in the last five, six years, the company has turned around on the profitability front. Now there will have to be a correct balance between the right level of profitability and the market share which is what the company’s mantra is going to be going forward.”

Total income during April-June 2022-23 fell to Rs 11,124.36 crore from Rs 11,641.37 crore in the year-ago period as income from other sources was down, Bank of India said in a regulatory filing.The core interest income grew 7 per cent in the quarter at Rs 9,972.64 crore, while other income declined by over 50 per cent to Rs 1,152 crore

"Heavyweights, such as Reliance and Tata Motors, which posted weaker-than expected performance, dragged the Nifty50 earnings," it said, adding that Nifty50 profits, excluding Reliance Industries and Tata Motors, rose 9 per cent YoY against the expectations of 6 per cent growth.

For traders, this is a point of caution. Will this rally really continue further from here? Personally, we have booked out of 80% of our long trading positions and are simply sitting back to see what the market tries to do from here. FMCG is an area where we will continue to see interest medium term.

BSE Sensex swung between gains and losses in the final hour to end the day just 21 points or 0.04 per cent higher at 58,136. Its NSE counterpart, Nifty50, added merely 5 points or 0.03 per cent to close at Rs 17,345.Broader markets outperformed bluechip indices as BSE Midcap and Smallcap gained between 0.35-0.50 per cent. However, the fear gauge India VIX shot up 6 per cent and topped the 18.5 level by the end of the session.

“Most of my friends who manage emerging markets say that clients are now demanding emerging markets or Asia ex-China, because nobody wants to invest in China now. Eventually, India’s weight in the emerging markets will continue to go up as the pressure to perform for these indices go up. So within the overall scheme of things, India is looking very good. The prospects for the next year are looking even better so we are quite bullish.”

Foreign banks bought a net 147 billion rupees ($1.87 billion) worth of government debt in July, their biggest such purchase since February 2020, after having sold net debt worth 400 billion rupees between January and June.

Let’s take another example. In December 2007, economists in the Wall Street Journal forecasting panel predicted only a 38 per cent likelihood of a recession over the next year. We know what transpired, but this was especially remarkable because the data would later reveal that the economy was already in recession at the time of the forecast!

The non-banking finance company will pay an annual coupon of 6.8975%, and had invited bids from bankers and investors earlier in the day, they said.

“When new competition enters our sector, it is important for us to just concentrate on our strength and strategy and to correct if any weakness is there over a period of time. There is no question of feeling threatening here because the industry size is good, the growth is good, and it takes time for any new player to come and create a distribution and relationship network with dealers.”