Tag: Geojit Financial Services

Analysts, BFSI News, ET BFSI

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New Delhi: Macroeconomic data, the pace of vaccination and global trends would be the major drivers for the domestic equity markets this week, analysts said. Besides, the progress of monsoon will also be monitored.

“This week marks the beginning of the new month also, so participants will be eyeing the high-frequency indicators like auto sales and manufacturing PMI during the week. Besides, the progress of monsoon will also remain on their radar.

“While the pace of vaccination drive is certainly encouraging as it gives hope of further unlocking by the states, the cases of new COVID variant might derail the plans,” said Ajit Mishra, VP Research, Religare Broking.

“This week, the market is expected to continue its focus on global events as the domestic market lacks key triggers. Manufacturing PMI data is the major domestic economic data awaiting its release this week.” Vinod Nair, Head of Research at Geojit Financial Services said.

Market participants would also monitor the movement of Brent crude, investment pattern of foreign institutional investors and the rupee.

Nirali Shah, Head of Equity Research, Samco Securities said, “Domestic indices are expected to mirror global equities. June auto sales numbers would give investors a fair idea around the revival of ground-level sentiment.”

“Investors will be watching the progress on daily caseload, vaccination ramp-up and monsoon progress in the near term,” said Binod Modi, Head Strategy at Reliance Securities.

During the last week, the 30-share BSE benchmark gained 580.59 points or 1.10 per cent.



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FPIs turn net buyers in Jun; invest Rs 12,714 cr in Indian markets, BFSI News, ET BFSI

Personal Finance

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New Delhi: After remaining net sellers for two months in a row, foreign portfolio investors (FPIs) in June turned net buyers by pumping in a net Rs 12,714 crore into Indian markets. Prior to this, overseas investors had pulled out Rs 2,666 crore in May and Rs 9,435 crore in April.

According to depositories data, FPIs invested Rs 15,282 crore in equities between June 1 and 25.

At the same time, FPIs withdrew Rs 2,568 crore from the debt segment.

The total net inflow stood at Rs 12,714 crore during the period under review.

Bajaj Capital Joint Chairman and MD Sanjiv Bajaj said the inflow in June is on account of “favourable global cues and improving outlook for the Indian economy amidst a sharp fall in the number of COVID-19 cases easing of lockdown restrictions in some parts and a pick-up in vaccination.”

India can witness ‘V’-shaped growth revival amid forecast of a normal monsoon, supportive monetary policy, a deleverage balance sheet of the corporate sector and a well-capitalised banking system, he added.

Geojit Financial Services Chief Investment Strategist V K Vijayakumar said, “High delivery volumes in IT (information technology) and metal stocks indicate strong institutional buying.”

Kotak Securities Executive Vice-President (Equity Technical Research) Shrikant Chouhan said that overall, the MSCI Emerging Markets Index gained nearly 1.49 per cent this week.

Except for India and Indonesia, all key emerging and Asian markets have seen FPI outflows this month to date, he further noted.

Indonesia saw month-to-date FPI inflows of USD 363 million. On the flip side, Taiwan, South Korea, Thailand and Philippines saw month-to-date FPI outflows of USD 2,426 million, USD 1,218 million, USD 124 million and USD 64 million, respectively, he said.

Morningstar India Associate Director (Manager Research) Himanshu Srivastava said, “From the long-term perspective, India would attract foreign investments as the macroeconomic environment improves and the domestic economy starts treading on the recovery path.”

So far, the ultra-loose monetary policy stance by central banks globally to support the economy in the aftermath of the coronavirus pandemic had opened flood gates of foreign money into emerging markets like India, he added.

However, the US Federal Reserve‘s hawkish statement dented sentiments and prompted foreign investors to turn cautious, he said.



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Geojit post 93% rise in net profit in Q3

Banking & Finance

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Geojit Financial Services has posted a 93 per cent rise in net profit at ₹30.60 crore in Q3 of the current financial year, as against ₹15.83 crore in the corresponding period of the previous year.

The profit before tax during the period increased 107 per cent at ₹40.63 crore, compared to ₹19.64 crore. The consolidated revenue increased 34 per cent from ₹78.31 crore to ₹104.61 crore.

As on December 31, the company’s Assets Under Custody and Management is ₹47,000 crore and has 11 lakh clients, the company said in a statement.

Higher volumes in the capital market transactions helped the company to improve performance during the current year, said C.J.George, Managing Director, Geojit Financial Services.

Geojit Financial Services has an extensive presence in the GCC region via joint ventures and partnerships: Barjeel Geojit Financial Services LLC in UAE, BBK Geojit Securities KSC, in Kuwait and QBG Geojit Securities LLC in Oman. The company also has a presence in Bahrain through a business partnership with Bank of Bahrain and Kuwait.

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