Top Growth Stocks Trading at a Discount
In the spotlight: Finance stocks
Last Updated: 7th September 2023 - 05:09 pm
India's financial services sector comprises capital markets, the insurance sector, and NBFCs. It is expected that there will be 6.11 lakh HNWIs in India in 2025, and notable players in the Indian finance sector like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, Bajaj Finance, and SBI Life Insurance will have an important role to play.
The financial sector received the highest investment of over USD 70 billion, followed by the technology sector with investments worth USD 20.4 billion, making it the second most popular target sector. The global agency expects India's GDP to increase at 6.9% in FY24, with tight monetary conditions limiting growth to 6.1%.
Latest developments in the finance sector
Kotak Mahindra Bank's arm on Tuesday announced that it has raised USD 1.25 billion for its second special situations fund. Morgan Stanley and Citi said that the NPCI's latest guidelines on interoperability significantly improve the salience of wallets and open avenues for additional revenue for Paytm Bank. The company had earlier announced that its full KYC wallet customers will be able to make payments on every UPI QR code and online merchant where UPI payments are accepted.
India's central bank launched a digital currency pilot programme, allowing select institutions to use it to settle secondary-market transactions in government securities. Banks exchanged Rs 275 crore in bonds on the first day of the new currency. Nine participating banks completed 24 transactions totalling Rs 1.4 billion in 7.38%, 2027 bonds, 23 transactions totalling Rs 1.3 billion in 7.26% 2032 bonds, and one transaction in 6.54% 2032 bonds.
Following are the top financial stocks recording highest net profit:
Sr.No |
Company Name |
Net Profit |
1 |
38150.9 |
|
2 |
36356.17 |
|
3 |
Standard Chartered PLC |
25883.9 |
4 |
25783.83 |
|
5 |
18790.61 |
|
6 |
15072.34 |
|
7 |
14164.35 |
|
8 |
11931.87 |
|
9 |
10047.51 |
|
10 |
8313.89 |
|
11 |
7700.23 |
|
12 |
7028.23 |
|
13 |
5795.1 |
|
14 |
5208.5 |
|
15 |
4804.63 |
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