All the top-10 most valued firms suffered a combined erosion of Rs 1,93,181.15 crore in market valuation last week, with Tata Consultancy Services (TCS) and HDFC Bank taking the biggest hit, in line with bearish trend in equities. In a holiday-shortened last week, the BSE benchmark tanked 1,614.82 points or 2.46 per cent. The market valuation of TCS plunged Rs 52,580.57 crore to Rs 12,25,983.46 crore, the most among the top-10 firms.
HDFC Bank’s market capitalisation (mcap) slumped Rs 40,562.71 crore to Rs 11,14,185.78 crore. The valuation of Reliance Industries Limited dropped Rs 22,935.65 crore to Rs 15,32,595.88 crore and that of Infosys tumbled Rs 19,320.04 crore to Rs 5,73,022.78 crore.
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The benchmark equity indices edged lower last week. The NSE Nifty 50 tanked 208.4 points or 1.05%, while The BSE Sensex tumbled 885.12 points or 1.33% over the week. “The tone was slightly positive in early sessions however pressure in global markets changed the tone as the week progressed. In line with the index, all major sectors, barring auto, closed in the red wherein realty, metal, FMCG and banking were among the top losers. Meanwhile, a mixed trend on the broader front kept the traders occupied,” said Ajit Mishra, SVP – Technical Research, Religare Broking.
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Ajit Mishra expected the volatility to remain in this week as week is a holiday shortened and due to the prevailing earnings season and scheduled expiry of October month derivatives contracts. “Besides, the tone of global indices, especially the US, would remain on participant’s radar for cues.…
The State Bank of India (SBI) reported an 8% year-on-year (y-o-y) growth in earnings, despite an 8% y-o-y decline in operating profit. This decline was primarily due to increased provisions for wage settlements. 2QFY24, however, exhibited fewer pressure points compared to its peers. SBI maintained a robust return on assets (RoA) of 1% and a strong return on equity (RoE) of approximately 16%.
In 2QFY24, asset quality concerns remained low, and the bank’s credit risk from unsecured loans continued to decrease. Net interest income (NII) increased by 12% y-o-y, driven by similar loan growth, with faster growth in SME loans and a slowdown in unsecured loans. The Net interest margin (NIM) remained flat q-o-q, in contrast to most other banks experiencing higher pressure. Return on equity (RoE) stood at approximately 16%, and Return on assets (RoA) was at 1.0%. The bank also increased provisions related to wage settlements from 10% to 14%Come from The rupee jumped by 29 paise to close at 83.01 (provisional) against the US dollar on Friday following unabated foreign fund inflows and a record-breaking rally in domestic stocks.
Stock markets continued their record run with the benchmark BSE Sensex breaching the new milestone of 71,000. Heavy buying by foreign investors also boosted the rupee sentiment, forex dealers said.
At the interbank foreign exchange market, the rupee opened flat at 83.30 against the dollar. After touching the day’s low of 83.32 in early trade, the rupee reversed the losses and surged to a high of 82.94.
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As the video game industry tried to find its footing after the COVID-19 pandemic, the Entertainment Software Association elected to hold an all-digital E3 in 2021, which let developers and publishers hold online showcases under the show’s banner. Based on public filings of financial records, that choice ended up losing more money than it earned.
Tax documents filed by the ESA in 2021–which are available for public consumption due to its nonprofit status–found by IGN show the organization spent a total of about $7.3 million on “conferences, conventions, and meetings” throughout the year. It was the second-highest expense the ESA reported for 2021, with wages–including $1.5 million to ESA president Stanley Pierre-Louis–being number one.
The form also lists names of contractors paid by the ESA for E3-related duties, which are as follows:
- $3.9 million to Paragon Creative Agency LLC for “trade show management…
Mitko Mitev is an experienced iGaming veteran and part of the 7777 gaming family and will now take the reins over at the supplier. The executive has a long and established track record in the industry and has previously worked with Evolution, helping the global live casino supplier establish itself at the very pinnacle of the vertical.
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He has also worked with some of the largest poker networks in the United States as well as with NetEnt in Malta. His appointment as the new chief executive at 7777 gaming comes after weeks and months of busy expansion for the company, which has secured a number of new partnerships with operators across Europe and beyond.
His appointment was welcomed by Milen Ganev, 7777 gaming co-founder, who said that the company was happy to see Mitev join it at the…
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After Woodbine casino management locked out nearly 1,000 members of the Public Service Alliance of Canada (PSAC), the workers’ representatives, as of May 8, on May 20, they were joined by supporters in a protest outside the said casino. From 12 o’clock on May 8, picket lines were formed, and other people who do not work at Casino Woodbine joined in as the sign of support.
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The main goal of the protest is the possibility of negotiating a collective agreement, which would involve, among other things, guaranteed part-time working hours, additional full-time positions, better salaries and sick leave. However, on April 28, Casino Woodbine applied to the Ministry of Labour, Immigration, Training and Skills Development for a “No Board Report”, which gave them legal permission to lock out their employees. In this regard, Woodbine Casino said: “We have been in negotiations with PSAC trying to r…
Moving forward, both BetMGM’s UK-facing website and LeoVegas dot com will have access to a variety of live casino options developed by the company.
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