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HUDCO shares jumped 15% to a record high, while multi-bagger PSU stock has increased 369% in just a year.

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HUDCO shares have increased by 141% in 2023. This became the company’s second consecutive year of positive returns in a calendar year; in 2022, it had also gained 34%.

At a record high of ₹233.85 on Friday, shares of Housing & Urban Development Corporation Ltd. (HUDCO) increased by as much as 15%. On Friday, the stock increased for the sixth session in a row.

HUDCO shares Market Live

CompanyValueChange%Change
Tech Mahindra1,280.50₹90.207.58
Divis Labs4,032.60₹188.804.91
LTIMindtree4,790.90₹156.203.37
Bajaj Auto8,951.35₹216.452.48
BPCL610.20₹6.801.13

Other Indices

IndexValueChange%Change
SENSEX73,896.41-443.03-0.60
NIFTY 5022,452.50-117.85-0.52
NIFTY Midcap 10050,637.40408.900.81
NIFTY Smallcap 10016,979.2592.450.55
NIFTY NEXT 5064,147.90443.450.70

Global Indices

NameIndex ValueChange%ChangeOpenHighLow
DAXApr 2618057.61140.330.7817920.7318060.4917920.73
Hang SengApr 2617651.15366.612.0817336.2017758.2417336.20
Taiwan WeightedApr 2620120.51263.091.3120094.1720226.2920087.61
NasdaqApr 2515611.76-100.99-0.6515375.2615644.5115343.91

Share price of Bajaj Finance and Bajaj Finserv fell 8% today; here’s why.

With today’s surge, the state-run company has gained nearly 20% this week and is likely to post its best week since January this year.

HUDCO has had a strong start to 2024. The stock is up 24% in April, followed by an 11% advance in February and a 37% gain in January. The stock had declined 2% in March. On a year-to-date basis, the stock is up nearly 80%.

Shares of HUDCO had gained 141% in the calendar year 2023. This was the second straight year of positive returns in a calendar year for the company, having gained 34% in 2022 as well.

Based on the charts, the Relative Strength Index (RSI), which is currently at 73, indicates that the stock has entered overbought territory. When the RSI exceeds 70, it indicates that the stock has reached the “overbought” zone.

Strong volumes have also contributed to Friday’s advances. Compared to the 20-day average of 76 lakh shares, about 8.1 crore shares of the company had already been traded.

RRB release link for examination fees refund: Check bank details update link and last date here.

HUDCO’s net profit for the December quarter increased to ₹519.2 crore, more than double. Additionally, revenue climbed by 18% for the quarter, reaching ₹2,012.66 crore. By the conclusion of the December quarter of the previous year, gross non-performing assets (NPA) had dropped to 3.14% from 4.27%.

The share price of HUDCO has increased 371% in the last twelve months. The Indian government also recently bestowed a “Navratna” classification upon the stock. The stock’s market capitalization, which is currently at ₹46,454 crore, has increased to around ₹50,000 crores as a result of this jump.

Share price of Bajaj Finance and Bajaj Finserv fell 8% today; here’s why.

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Share price of Bajaj Finance: The non-banking financial firm predicted that its assets under management will increase by 26% to 28% in the fiscal year that began on April 1, 2024, as opposed to 34% growth in the year prior.

Friday’s trading saw a dramatic decline in Bajaj Finance Ltd. shares due to worries over the shadow lender’s growing profits. The stock fell 7.78% from its previous closing of Rs 7,293.90 to a day low of Rs 6,728.

In contrast to the previous year’s 34% growth, the non-banking financial organization predicted that its assets under management would expand by between 26% and 28% in the fiscal year that began on April 1, 2024. Over the next two quarters, the NBFC predicted that its net interest margin would decrease by 30 to 40 basis points (bps).

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Although Bajaj Finance reported a 21% increase in fourth-quarter (Q4 FY24) earnings, it stated that it was “cautiously optimistic” about the potential for additional “rear-ended” profit growth in fiscal year 2025.

Bajaj Finance also caused a roughly 4% decline in the share price of its parent firm, Bajaj Finserv Ltd., through what is known as a “rub-off effect.”

Share price of Bajaj Finance

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Brokerage views

Brokerage Emkay stated that despite the Reserve Bank of India’s (RBI) prohibition on EMI and e-com cards, which reduced PBT by about 4%, Bajaj Finance posted a strong set of results in Q4 FY24.

“In general, we observe that the company is making good progress toward its long-term strategy goals. We modestly adjust our forecasts to reflect the Q4 developments and management guidance, which will result in a 3–1% PAT change in FY25E–27E. We maintain our ‘Buy’ rating and our unchanged Mar-25E target price of Rs 9,000 per share, the statement continued.

The secured lending segment led the NBFC’s solid rise in AUM (Asset Under Management), according to Religare Broking, while margin continued to decline.

“The increase in cost of funds by 10bps QoQ/47bps YoY to 7.9 percent was the primary cause of the drop in margin. In light of the company’s growing percentage of secured loans in its portfolio, the management anticipates that the margin may fall by 30 to 40 basis points (bps) by H1 FY25.

“The management is waiting for the RBI to lift the card restrictions and anticipates that the credit quality will remain stable. In terms of finances, we project NII/PPOP/PAT to increase at a CAGR of 26%/24%/25% during FY24–26E. We retain our buy recommendation for Bajaj Finance with a target price of Rs 8,861, as we are still bullish on the company,” Religare stated.

Why did Bajaj Finance shares fall 8% in Q4 even though PAT and NII increased by double digits year over year?

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Friday’s intraday trading saw an 8% decline of Bajaj Finance shares. They underperformed the benchmark Sensex, which gained almost 24% during the same period, with gains of only approximately 20% for the past year (through April 25).

The day after the company’s Q4 results were disclosed, Friday, April 26, saw a nearly 8% decline in Bajaj Finance shares. Following a previous closing of ₹7,293.90, Bajaj Finance shares began at ₹7,008.60. However, they plummeted as high as 7.8% to ₹6,728 on the BSE. At ₹6,743.45 a share, Bajaj Finance shares had a 7.55 percent decrease in trading at about noon. At that point, the equity benchmark Sensex was down 0.26 percent, trading at 74,147.56.

Why did Bajaj Finance shares tank?

For Q4FY24, Bajaj Finance reported a growth in net interest income and a solid profit. Nevertheless, it seems that investors were alarmed by the lender’s Q4 net interest margin shrinkage.

Thursday, April 25, after market hours, Bajaj Finance announced a 21% YoY increase in consolidated net profit of ₹3,825 crore for Q4FY24.

In Q4 of FY24, its net interest income (NII) increased by 28% YoY to ₹8,013 crore from ₹6,254 crore in Q4 of FY23.

Nonetheless, compared to Q3, the lender’s net interest margin (NIM) decreased by 21 basis points (bps) in Q4.

Non-performing assets, or gross NPA, were 0.85% and 0.37 percent, respectively, as of March 31, 2024, compared to 0.94 and 0.34 percent, on the same date in 2023.

As of the close on April 25, Bajaj Finance’s share price has gained about 20 percent over the last year, underperforming the benchmark Sensex, which has gained about 24 percent in the same period.

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Motilal Oswal downgrades Bajaj Finance stock

Despite a strong PAT CAGR of almost 25% over FY24-FY26E and a respectable RoA (return on assets) and RoE (return on equity) of 4.3% and 22%, respectively, in FY26E, brokerage firm Motilal Oswal Financial Services downgraded Bajaj Finance stock to a “neutral” after the Q4 results, pegging a target price of ₹7,800.

“Management’s guidance for FY25 is below its long-term guidance on multiple metrics such as AUM growth, credit costs, RoA, and RoE,” Motilal Oswal stated.

“Up until now, the secular growth segments have been Bajaj Finance’s main product categories. Though it has a well-diversified product mix, its entry into several more recent items, including vehicles, tractors, CVs, and even MFI, could (in the future) render its growth subject to cyclicality, according to the brokerage firm.

But Kotak Institutional Equities, which has a target price of ₹7,800, has stuck with its ‘add’ call on the company.

The brokerage firm stated that Bajaj Finance’s Q4FY24 earnings were consistent with the company’s strong 34% loan growth at the end of the year, despite a low base and NIM compression.

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“The normalization in business matrices (growth in the mid-20s, NIM compression due to rising rates and shifting business mix, a reversion in credit costs albeit improving operating leverage) will put near-term pressure and drive earnings cuts, even as overall performance remains healthy,” stated Kotak.

Tech Mahindra paid a 560% dividend, but its Q4 profit fell short of expectations.

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Tech Mahindra Q4 Earnings and Dividend Final: The results for the fourth quarter of the 2024 fiscal year have been made public by Tech Mahindra, the top tech business in the nation. In addition, the business declared a final dividend of 560 percent to investors. The stock market was informed that the company’s consolidated profit for the fourth quarter fell short of expectations. In addition, the business had income disappointment for the quarter that ended in March. Not only were the company’s earnings below forecasts, but they decreased from the prior quarter.

Tech Mahindra Q4 Results, Final Dividend: Dividend declared at Rs 28 per share, these members appointed in the board 

At a face value of Rs 5, Tech Mahindra has announced a dividend of Rs 28 per share. Members’ approval will be sought at the company’s annual general meeting. Following shareholder approval, the dividend will begin to be paid on August 9, 2024. Tech Mahindra distributed an 800 percent dividend in its fiscal year 2023–2024. In addition, the business has named Amarjyoti Baruva, Tarun Bajaj, and Neelam Dhawan as Additional Directors (Non-Executive). Mukti Khare, Shikha Sharma, and Hagriv Khaitan have been named as independent directors.

Profit increased from Rs 510 crore to Rs 661 crore, income declined

According to the regulatory filing, the company’s consolidated profit has increased from Rs 510 crore to Rs 661 crore (QoQ) in the quarter ended March. This quarter the company was expecting a profit of Rs 690 crore. The company’s income has declined from Rs 1301 crore to Rs 12871 crore (estimated at Rs 12,900 crore) every quarter. The attrition rate has reduced from 15 percent to 10 percent on an annual basis. There has been a decline of 0.8 percent (QoQ) in CC revenue in January-March.

Tech Mahindra Q4 Results: Decline in business profits, shares gave 19.52 percent return in one year

Tech Mahindra’s trading profit has declined from Rs 703 crore to Rs 639 crore (QoQ) in the fourth quarter of FY 2024. Margin has declined from 5.4 percent to 5 percent in Q4. rose 0.34 percent to close at Rs 1190.10. The 52-week high of the company is Rs 1,416 and the 52-week low is Rs 982.95. Tech Mahindra shares have given a 19.52 percent return to investors in one year. The market cap of Tech Mahindra is Rs 1.16 lakh crore.

RBI action against Kotak Mahindra Bank: What customers should know about the limitations.

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The RBI banned Kotak Mahindra Bank from issuing new credit cards and from obtaining clients online due to a finding of weakness in the bank’s computer systems. What it means for both new and current clients is as follows.

Due to “serious shortcomings” in the bank’s information technology (IT) infrastructure, the Reserve Bank of India (RBI) prohibited Kotak Mahindra Bank from issuing new credit cards and onboarding new customers through online and mobile banking channels on April 24. It is said that these caused frequent outages, one of which was a significant disruption on April 15, 2024.

In line with a press statement issued by the Reserve Bank of India, “the bank’s ongoing inability to adequately and promptly address the serious concerns raised by the Reserve Bank’s IT examination of the bank for 2022 and 2023 is the reason these actions are necessary.”

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In other words, because of issues with the bank’s computer systems, the RBI has essentially suspended a portion of Kotak Mahindra Bank’s online operations. This is an explanation:
The issue: An RBI audit conducted over two years discovered that Kotak Mahindra Bank’s computer systems have been lacking for some time. Customers were inconvenienced by numerous outages as a result, one of which was significant and occurred on April 15.

What the RBI is doing: To protect customers and the overall banking system, the RBI has put in place some restrictions on Kotak Mahindra Bank. For now, the bank cannot do the following:

  • Sign up new customers through online or mobile banking channels
  • Issue new credit cards

If you currently have a bank account with Kotak Mahindra, you shouldn’t be impacted. Your current credit cards and accounts are still valid.
If you were considering registering for a new credit card or creating an online account with Kotak Mahindra Bank, you will need to wait until the bank repairs its computer systems and receives approval from the RBI before renewing these services. For the time being, nevertheless, you can open a new account by going to a Kotak Mahindra Bank branch.

What happens next: Kotak Mahindra Bank will need to hire an outside company to do a full check-up on its computer systems and fix everything that is deficient. Once that is done, and the regulator is happy with the improvements, the RBI can lift the restrictions.

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Explained: Section 35A of the Banking ACT, under which the RBI took action:

The rule: A rule under Section 35A of the Banking Regulation Act allows the RBI to step in if something is going wrong at any bank.

Reasons to step in: There are three main reasons under which the RBI can step in:

  • If it is in the best interests of the public (like protecting bank customers).
  • If it is good for the overall banking system (like keeping digital transactions smooth).
  • If a bank is doing something that hurts its depositors or itself (like having bad computer systems that cause outages).

Why the RBI behaved: It was discovered that Kotak Mahindra Bank’s computer systems were unstable and frequently experiencing outages, hence the RBI opted to use the rule to take action. Customers of the bank as well as the country’s entire digital banking system may have experienced issues as a result of this. “Prevent any possible prolonged outage which may seriously impact not only the bank’s ability to render efficient customer service but also the financial ecosystem of digital banking and payment systems,” according to the RBI’s news statement, is the reason for the bank’s actions.

Since this is a “cease” order, the regulator will take severe legal action against any deviation or non-compliance. When the comprehensive external audit, which the bank will commission with the RBI’s prior approval, is completed and all deficiencies found in the external audit and the observations made during RBI inspections are fixed to the Reserve Bank’s satisfaction, the restrictions will be “reviewed.”

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What did Kotak Mahindra Bank say? In a statement, the bank said it had taken measures for the adoption of new technologies to strengthen its IT systems and would continue to work with the RBI to swiftly resolve pending issues at the earliest.

“We want to reassure our existing customers of uninterrupted services, including credit card, mobile, and net banking. Our branches continue to welcome and onboard new customers, providing them with all the bank’s services, other than issuance of new credit cards,” Kotak Mahindra Bank said in a statement.

Some of the IT problems the RBI found with Kotak Mahindra Bank’s IT infrastructure:

  • IT inventory management
  • Patch and change management
  • User access management
  • Vendor risk management

Data security and data leak prevention: This refers to how the bank protects its customer information. The RBI found weaknesses in these areas.

Business continuity and disaster recovery: This refers to how the bank plans to keep operating in case of a major computer system outage. The RBI found problems with the bank’s plans, which could leave it unable to serve customers during an outage.

Repeated problems: These problems weren’t new. The RBI had found similar issues in its reviews for the previous two years. The bank also failed to properly fix the problems despite being told to do so.

Past cases

This is one of the instances this year when a financial institution has been restricted by the RBI. Kotak Mahindra Bank joins IIFL Finance JM Financial and Paytm Payments Bank, which faced restrictions earlier in 2024.

The restrictions on Kotak Mahindra Bank also follow similar past actions against HDFC Bank and Bank of Baroda. Those restrictions are still in place for Bank of Baroda’s mobile app, Bob World, and it took HDFC Bank almost two years to fix the problems the RBI pointed out in its systems.

Axis Bank Q4 Results: NII increases 11.5% YoY, net profit is ₹7,130 crore, dividend is issued; five major points.

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Axis Bank Q4 Results: Compared to ₹11,742 crore in the same time last year, the private sector lender’s net interest income—the difference between interest collected and paid—rose 11.5% year over year to ₹13,089 crore.

Axis Bank Q4 Results: On Wednesday, April 24, Axis Bank released its January–March quarter results for fiscal 2023–24 (Q4FY24). The bank reported a net profit of ₹7,130 crore, up from a loss of ₹5,728.4 crore during the same period the previous year. Net interest income (NII), which is the difference between interest collected and paid, for private sector lenders increased 11.5% YoY to ₹13,089 crore from ₹11,742 crore in the same period last year.

“Axis Bank mapped out a path of consistent advancement in FY24. We persisted in concentrating on Bharat Banking, Digital, and Sparsh as our top priorities, but we were also quick to seize some exciting new opportunities that presented themselves. “We are approaching the last milestone in the next six months, and our integration with Citi is moving along as planned,” stated Amitabh Chaudhry, MD & CEO of Axis Bank.

Axis Bank Share Price Today Live Updates: Gains in Axis Bank Stock During Today Trade.

Here are 5 key highlights of Axis Bank’s Q4 scorecard:

P&L Account: Net profit, operating profit

Axis Bank’s operating profit for the quarter stood at ₹10,536 crore, rising 15 percent YoY. The core operating profit for the March quarter came in at ₹9,515 crore, rising five percent YoY. The net profit stood at ₹7,130 crore in Q4FY24, compared to a net loss of ₹5,728 crore in Q4FY23, and grew 17 percent quarter-on-quarter (QoQ). The bank’s net interest margin (NIM) for Q4FY24 stood at 4.06 percent and grew five bps QoQ.

Dividend

The private sector lender’s board recommended a dividend of Re 1 per equity share for FY24. ‘’The Board of Directors has recommended a dividend of Re 1 per equity share of face value of ₹2 per equity share for the year ended 31st March 2024. This would be subject to approval by the shareholders at the next annual general meeting,” said Axis Bank in its regulatory filing to the stock exchanges.
 

Asset Quality

As of March 31, 2024, Axis Bank’s reported gross nonperforming assets (NPA) and net NPA levels were 1.43 percent and 0.31 percent respectively as against 1.58 percent and 0.36 percent as on December 31, 2023. Recoveries from written-off accounts for the quarter was ₹919 crore.

Reported net slippages in the quarter adjusted for recoveries from the written off pool was ₹398 crore. Gross slippages during the quarter were ₹3,471 crore, compared to ₹3,715 crore in Q3FY24 and ₹3,375 crore in the year-ago period. Recoveries and upgrades from NPAs during the quarter were ₹2,155 crore. The bank in the quarter wrote off NPAs aggregating ₹2,082 crore.

Provisions and contingencies

As of March 31, 2024, the bank’s provision coverage, as a proportion of Gross NPAs stood at 79 percent, compared to 81 percent in the year-ago period. Provision and contingencies for Q4FY24 stood at ₹1,185 crore. Specific loan loss provisions for Q4FY24 stood at ₹832 crores. The bank has not utilized Covid provisions during the quarter and these are reclassified to other provisions. The bank holds cumulative provisions (standard + additional other than NPA) of ₹12,134 crore at the end of Q4FY24.

Other income

Other income fee income for Q4FY24 grew 23 percent YoY and nine percent QoQ to ₹5,637 crore. Retail fees grew 33 percent YOY and 12 percent QoQ and constituted 74 percent of the bank’s total fee income. Retail cards and payments fees grew 39 percent YoY and four percent QoQ. Retail Assets (excluding cards and payments) fee grew 20 percent YoY. Fees from third-party products grew 59 percent YoY and 44 percent QoQ. The corporate and commercial banking fees together grew two percent YoY to ₹1,478 crore.

Other key announcements

Axis Bank’s balance sheet grew 12 percent YoY and stood at ₹14,77,209 crore as of March 31, 2024. The total deposits grew 13 percent YoY and six percent QoQ on period end basis, of which savings account deposits grew two percent YoY and four percent QoQ and current account deposits grew five percent YoY and 18 percent QoQ.

The total term deposits grew 22 percent YoY and five percent QoQ of which retail term deposits grew 17 percent YoY and five percent QoQ. The share of CASA deposits in total deposits stood at 43 percent. The bank’s advances grew 14 percent YoY and four percent QoQ to ₹9,65,068 crore as of March 31, 2024.

Axis Bank Share Price Today Live Updates: Gains in Axis Bank Stock During Today Trade.

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The price of Axis Bank stock increased by 4.35% today, April 25, 2024. The share price of the stock concluded at 1063.7. At the moment, a share of the stock is trading for 1109.95. In the upcoming days and weeks, investors should keep a careful eye on the price of Axis Bank’s stock to see how it responds to the news.

Axis Bank Share Price Today: Axis Bank had a high of ₹1069 and a low of ₹1055.45, opening at ₹1055.45, and closing at ₹1056.45. At 328473.66 crore, the market capitalization was recorded. ₹1151.5 was the 52-week high, and ₹853.75, was the low. There were 118,922 shares traded on the BSE.

Axis Bank share price live: Stock Peers

Today, Axis Bank’s stock price increased by 5.02% to reach ₹1117.1. Among its peers, Kotak Mahindra Bank is declining, while State Bank Of India, Punjab National Bank, and Bank Of Baroda are experiencing growth. The benchmark indices Nifty and Sensex are down by 0.23% and up by 0.18% respectively.

NameLatest PriceChange% Change52W High52W LowMkt. Cap (cr)
State Bank Of India786.012.81.66793.5542.95701474.5
Kotak Mahindra Bank1660.45-182.6-9.912063.01666.8329857.79
Axis Bank1117.153.45.021151.5853.75343715.14
Punjab National Bank135.152.11.58138.347.9148813.88
Bank Of Baroda263.94.71.81285.5172.85136472.25

Axis Bank share price live: Consensus analyst’s rating is Buy

The analyst recommendation trend is shown below with the current rating as Buy.

  • The median price target is ₹1263.0, 13.43% higher than the current market price.
  • The lowest target price among analyst estimates is ₹1055.0
  • The highest target price among analyst estimates is ₹1450.0
RatingsCurrent1 Week Ago1 Month Ago3 Months Ago
Strong Buy21212121
Buy15151515
Hold3333
Sell0000
Strong Sell0000

Axis Bank share price update: Hourly Price Movement Update

Axis Bank touched a high of 1119.0 & a low of 1098.3 in the previous trading hour.
The hourly support and resistance levels to watch out for in the next hour are mentioned below.

Resistance LevelsPriceSupport LevelsPrice
Resistance 11116.57Support 11095.87
Resistance 21128.13Support 21086.73
Resistance 31137.27Support 31075.17

Axis Bank Live Updates

Current Axis Bank stock price: Stock Peers

Outperforming its peers, Axis Bank’s stock price rose by 3.93% today to ₹1105.5. State Bank of India, Punjab National Bank, and Bank of Baroda are all seeing value increases, but Kotak Mahindra Bank’s stock is down. Benchmark indices for the Nifty and Sensex are down -0.12% and -0.05%, respectively.

NameLatest PriceChange% Change52W High52W LowMkt. Cap (cr)
State Bank Of India779.86.60.85793.5542.95695941.24
Kotak Mahindra Bank1655.65-187.4-10.172063.01666.8328904.24
Axis Bank1105.541.83.931151.5853.75340145.99
Punjab National Bank134.00.950.71138.347.9147547.61
Bank Of Baroda262.02.81.08285.5172.85135489.69

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Share price of Axis Bank today: Futures are up 3.33%, and open interest is up 0.21%.
An increase in Axis Bank futures prices and open interest suggests that there may be favorable price movement shortly and that traders should think about holding onto their long holdings.

Axis Bank share price update : Axis Bank is trading at ₹1109.95, up 4.35% from yesterday ₹1063.7

Axis Bank share price is at ₹1109.95 and has crossed the key daily resistance price level of ₹1083.58. This indicates that the stock is experiencing significant buying interest and the price can escalate further.

Axis Bank share price live: Price Analysis

Axis Bank’s share price is now trading at ₹1093.15, up 2.77% from its previous close. The price of Axis Bank shares has increased by 21.05% to ₹1093.15, during the last year. On the other hand, in the same year, the Nifty index increased by 26.26% to 22402.40.

Time PeriodPrice Analysis
1 Week1.08%
3 Months-3.41%
6 Months11.28%
YTD-3.54%
1 Year21.05%

Axis Bank Q4 Results: Net profit at ₹7,130 crore, NII rises 11.5% YoY, dividend declared; 5 key highlights

Axis Bank Q4 Results: Compared to ₹11,742 crore in the same time last year, the private sector lender’s net interest income—the difference between interest collected and paid—rose 11.5% year over year to ₹13,089 crore.

Axis Bank share price update: Key support and resistance levels

The key support and resistance levels for Axis Bank on the daily timeframe are given below. Please note these support and resistance levels are derived from the classic pivot table.

Resistance LevelsPriceSupport LevelsPrice
Resistance 11070.63Support 11057.68
Resistance 21076.27Support 21050.37
Resistance 31083.58Support 31044.73

Axis Bank share price live: Consensus analysts’ rating is Buy

The analyst recommendation trend is shown below with the current rating as Buy.

  • The median price target is ₹1263.0, 18.7% higher than the current market price.
  • The lowest target price among analyst estimates is ₹1055.0
  • The highest target price among analyst estimates is ₹1450.0

Axis Bank share price Today: Axis Bank volume yesterday was 5 mn as compared to the 20 day avg of 13796 k

The trading volume yesterday was 58.25% lower than the 20 day average. Yesterday’s NSE volume was 5 mn & BSE volume was 118 k.

Axis Bank share price Live: Axis Bank closed at ₹1056.45 on last trading day & the technical trend suggests Bullish near term outlook

The stock traded in the range of ₹1069 & ₹1055.45 yesterday to end at ₹1056.45. the stock is displaying strong indications of a trend reversal following a downtrend

Byju’s founder obtained private debt to cover employee salaries in the midst of financial difficulties and an NLCT disagreement.

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In the midst of the edtech company’s financial difficulties, Byju Raveendran, the founder and CEO of Byju’s, reportedly obtained a private debt of about ₹30 crore to fund the March salary of staff, according to Business Standard.

According to the report, the company has now partially covered the salary for both February and March. Previously, it had paid out partial compensation for February and postponed payments for March.

According to sources who spoke with the newspaper, Byju’s pays out between ₹40 and ₹50 crore in salaries to its roughly 15,000 workers.

Locked funds cause a delay during an investor dispute.
Byju’s began paying salaries for March earlier on April 8, following a two-month delay. The edtech company informed its staff via email that it had set up a backup credit line to ensure that salaries were paid on schedule.

“On Saturday, the salaries were credited. Byju Raveendran increased his personal debt this month in order to cover his salary. Foreign investors continue to obstruct the money for the rights offering. The firm may ask the National Company Law Tribunal (NCLT) to release the funds at tomorrow’s session, according to one source.

Byju’s had stated in the employee email as well that it had not yet received approval to access the monies from the rights problem. Adding that the money from the newly raised rights offering cannot be used by the company. Employees at Byjus, including Raveendran, were given the assurance that their March income would be paid through a line of credit, regardless of the court’s decision.

NCLT Conflict: The Specifics
Prosus NV, Peak XV Partners, General Atlantic, and Sofina SA are among Byju’s investors who have filed a plea contesting the company’s choice to raise $200 million at a $225 million post-money value.

On April 5, an arbitrator ordered Byju’s to refrain from selling group company shares after the company violated the conditions of $42 million in loans.

In an effort to stop further insolvency proceedings against the ailing edtech company, the NCLT Bengaluru bench on April 18 also gave Byju’s a week to seek a resolution with Teleperformance Business Services regarding its payment default.

An operating creditor, Teleperformance Business Services, filed for bankruptcy when Byju’s failed to pay ₹5 crore.

In the midst of a barrage of accusations and countercharges between his ailing edtech company and its investors, Byju Raveendran was granted an extended reprieve by the Karnataka High Court, allowing him to continue leading Byju’s.

Due to mismanagement, a number of significant Byju’s investors, including Prosus NV, Peak XV Partners, General Atlantic, and Sofina SA, decided to remove Raveendran from his position as CEO of the business he created. According to Byju, the meeting was void if at least one of the original members was absent.

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Byju’s founder received personal loans to cover employee salaries amid economic struggles and an NLCT discord.

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Byju’s With this, the tech unicorn has finally paid employees a portion of their salary for February and March despite earlier delays.

Amid the tech company’s financial difficulties, Byju Raveendran, the founder and CEO of Byju’s, reportedly obtained a private debt of about ₹30 crore to fund the March salary of staff, according to Business Standard.

Teachers and lower-level personnel received full compensation for March, while senior-level staff received reduced compensation, it continued.

According to the report, the company has now partially covered the salary for both February and March. Previously, it had paid out partial compensation for February and postponed payments for March.

According to sources who spoke with the newspaper, Byju pays out between ₹40 and ₹50 crore in salaries to its roughly 15,000 workers.

Locked funds cause a delay during an investor dispute.

Salary payments have been delayed because of cash obtained from a recent rights issue that has been placed in a separate account because of a continuing disagreement with investors.

Byju’s began paying salaries for March earlier on April 8, following a two-month delay. The tech company informed its staff via email that it had set up a backup credit line to ensure that salaries were paid on schedule.

“On Saturday, the salaries were credited. Byju Raveendran increased his debt this month to cover his salary. Foreign investors continue to obstruct the money for the rights offering. The firm may ask the National Company Law Tribunal (NCLT) to release the funds at tomorrow’s session, according to one source.

Byju had stated in the employee email as well that it had not yet received approval to access the monies from the rights problem. Adding that the money from the newly raised rights offering cannot be used by the company.

Employees at Byju, including Raveendran, were given the assurance that their March income would be paid through a line of credit, regardless of the court’s decision.

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NCLT Dispute – The Details

Prosus NV, Peak XV Partners, General Atlantic, and Sofina SA are among Byju’s investors who have filed a plea contesting the company’s choice to raise $200 million at a $225 million post-money value.

Staff wages were then postponed as a result of the NCLT’s decision for Byju to hold onto the rights issue monies in an escrow account until the plea was settled. Arbitration was also requested by the business in its conflict with its principal investors.

Byju has been granted ten days by the NCLT to submit its answer to the case. The matter will next be discussed on April 23. On April 5, an arbitrator ordered Byju to refrain from selling group company shares after the company violated the conditions of $42 million in loans.

To stop further insolvency proceedings against the ailing tech company, the NCLT Bengaluru bench on April 18 also gave Byju a week to seek a resolution with Teleperformance Business Services regarding its payment default.

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An operating creditor, Teleperformance Business Services, filed for bankruptcy when Byju failed to pay ₹5 crore.

Amid a barrage of accusations and countercharges between his ailing tech company and its investors, Byju Raveendran was granted an extended reprieve by the Karnataka High Court, allowing him to continue leading Byju’s.

Due to mismanagement, several significant Byju’s investors, including Prosus NV, Peak XV Partners, General Atlantic, and Sofina SA, decided to remove Raveendran from his position as CEO of the business he created. According to Byju, the meeting was void if at least one of the original members was absent.

China is front and center of gold record-breaking rally this year.

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China and India have historically competed to be the largest global purchasers. However, that changed last year when Chinese coin, gold, and bar consumption surged to all-time highs.

This year, gold has surged to record highs above $2,400 per ounce, captivating markets around the world. The nation that produces and consumes the most precious gold worldwide, China, is at the forefront of this remarkable rise.

Gold’s image as an investment is enhanced by rising geopolitical concerns, such as the conflict in the Middle East and Ukraine, and the possibility of a drop in US interest rates. Unrelenting Chinese demand, however, is driving the increase since bullion is viewed as a reliable store of value in uncertain times by ordinary buyers, fund managers, futures traders, and even the central bank.

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Biggest Buyer 

India and China have historically competed to be the largest global purchasers. However, that changed last year when Chinese coin, jewelry, and bar consumption surged to all-time highs. Demand for gold jewelry decreased by 6% in India but increased by 10% in China. Investments in Chinese bars and coins, however, increased by 28%.

Furthermore, according to Philip Klapwijk, managing director of Hong Kong-based consultant Precious Metals Insights Ltd., there is still potential for demand to increase. A weaker yuan, unstable stock markets, a lengthy property sector crisis, and restricted investment opportunities in China are all pushing capital toward safer assets.

“The weight of money available under these circumstances for an asset like gold – and actually for new buyers to come in – is pretty considerable,” he said. “There isn’t much alternative in China. With exchange controls and capital controls, you can’t just look at other markets to put your money into.”

Imports Jump 

Although China mines more gold than any other country, it still needs to import a lot and the quantities are getting larger. In the last two years, overseas purchases totaled over 2,800 tons — more than all of the metal that backs exchange-traded funds around the world, or about a third of the stockpiles held by the US Federal Reserve.

Even so, the pace of shipments has accelerated lately. Imports surged in the run-up to China’s Lunar New Year, a peak season for gifts, and over the first two months of the year are 53% higher than they were in 2023.

Bank Central

For the longest period, the People’s Bank of China has been buying nonstop for 17 months in an attempt to diversify its reserves away from the dollar and protect against currency devaluation.

Among the several central banks that are supporting gold, it is the most enthusiastic buyer. The official sector bought up nearly all of the precious metals last year, and it is anticipated that they will continue to do so in 2024.

Shanghai Premium 

It’s indicative of gold’s allure that Chinese demand remains so buoyant, despite record prices and a weaker yuan that robs buyers of purchasing power.

As a major importer, gold buyers in China often have to pay a premium over international prices. That jumped to $89 an ounce at the start of the month. The average over the past year is $35 versus a historical average of just $7.  

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For sure, sky-high prices are likely to temper some enthusiasm for bullion, but the market’s proving to be unusually resilient. Chinese consumers have typically snapped up gold when prices drop, which has helped establish a floor for the market during times of weakness. Not so this time, as China’s appetite is helping to prop up prices at much higher levels.

That suggests the rally is sustainable and gold buyers everywhere should be comforted by China’s booming demand, said Nikos Kavalis, managing director at consultancy Metals Focus Ltd.

China’s authorities, which can be quite hostile to market speculation, are less sanguine. State media have warned investors to be cautious in chasing the rally, while both the Shanghai Gold Exchange and Shanghai Futures Exchange have raised margin requirements on some contracts to snuff out excessive risk-taking. SHFE’s move followed a surge in daily trading volumes to a five-year high.

ETF Flows 

A less frenetic way to invest in gold is via exchange-traded funds. Money has flowed into gold ETFs in mainland China during almost every month since June, according to Bloomberg Intelligence. That compares with chunky outflows in gold funds in the rest of the world.

The influx of money has totaled $1.3 billion so far this year, compared with $4 billion in outflows from funds overseas. Restrictions on investing in China are again a factor here, given the fewer options for Chinese beyond domestic property and stocks.

Chinese demand could continue to rise as investors look to diversify their holdings with commodities, BI analyst Rebecca Sin said in a note.

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