Mutual Funds Sahi Hai!
To avail the service, you will be redirected to loans.geojitcredits.com
“Shalini Warrier has resigned as executive director of the bank in order to pursue a potential entrepreneurial opportunity. Warrier has confirmed that there are no material reasons for her resignation, other than those mentioned in her resignation letter,” the bank said.
The board of the lender, in consultation with Warrier, has decided to relieve her on any date between 15 May and 31 May 2025 and has delegated the managing director (MD) and chief executive officer (CEO), KVS Manian, to decide on the actual date of her relieving during this period, consequent to her resignation.
Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking, and other banking operations. The bank has 1,550 banking outlets and 2,054 ATMs and cash recyclers as of 31 December 2024.
The private lender’s standalone net profit decreased 5.1% to Rs 955.44 crore in Q3 FY25 from Rs 1,006.74 crore posted in the same quarter last year. However, total income increased 38.13% year on year (YoY) to Rs 7,724.90 crore in the December 2024 quarter.
Media shares extended losses for the second consecutive trading session.
At 11:30 IST, the barometer index, the S&P BSE Sensex, slumped 2,838.59 points or 3.77% to 72,526.10. The Nifty 50 index tanked 908.40 points or 3.97% to 21,996.05
In the broader market, the S&P BSE Mid-Cap index dropped 3.94% and the S&P BSE Small-Cap index tumbled 5.38%.
The market breadth was weak. On the BSE, 334 shares rose and 3,515 shares fell. A total of 152 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, climbed 58.96% to 21.87.
Economy:
India’s foreign exchange (forex) reserves jumped $6.596 billion to $665.396 billion during the week ended March 28, according to the latest data from the RBI.
For the week ended March 28, foreign currency assets, a major component of the reserves, increased by $6.158 billion to $565.014 billion, the RBI data released on Friday showed.
Gold reserves increased by $519 million to $77.793 billion during the week ended March 28. The special drawing rights (SDRs) were down by $65 million to $18.176 billion, the RBI said.
India’s reserve position with the IMF was also down by $16 million at $4.413 billion in the reporting week, the apex bank data showed.
Buzzing Index:
The Nifty Media index slumped 5.69% to 1,403.80. The index tanked 8.34% in the two consecutive trading sessions.
Zee Entertainment Enterprises (down 8.35%), Dish TV India (down 7.30%), Hathway Cable & Datacom (down 5.93%), PVR Inox (down 5.63%), Sun TV Network (down 5.61%), Network 18 Media & Investments (down 5.43%), Saregama India (down 5.35%), Tips Music (down 4.6%), D B Corp (down 3.59%) and Nazara Technologies (down 2.53%) declined.
Stocks in Spotlight:
Zomato declined 1.73% after Rinshul Chandra, chief operating officer (COO) of food delivery at Zomato-parent Eternal, resigned from his position.
Tata Motors plunges 8.01% after the media reported that Jaguar Land Rover (JLR), its UK-based subsidiary, will temporarily suspend vehicle exports to the U.S. starting April 7.
Federal Bank slipped 2.23% after the bank’s executive director (ED) Shalini Warrier, submitted her resignation on Friday to pursue an entrepreneurial opportunity.
Global Markets:
Dow Jones futures cratered by a jaw-dropping 1,070 points, setting the tone for what could be a turbulent day on the trading floor.
Asian market also registered significant losses following China’s retaliatory tariffs in response to recent U.S. trade measures, deepening concerns about a prolonged trade conflict between the world’s two largest economies.
Last week, President Donald Trump announced a 10% universal import tariff effective April 5. Additional tariffs targeting key trade partners, including China, Vietnam, Japan, and the European Union, are scheduled to take effect on April 9.
In retaliation, China imposed a 34% tariff on a range of American goods, marking a sharp escalation in trade tensions. The European Union, meanwhile, is seeking alignment among its member states to craft a coordinated response, potentially involving further countermeasures.
The escalating trade conflict has raised fears of a global trade war, with potential ramifications for international supply chains, inflation, and economic growth.
In Japan, the Nikkei 225 index fell as much as 9% on Monday, reaching its lowest level since early November 2023. Japan’s export-driven economy, particularly in sectors such as automotive, technology, and manufacturing, is considered especially vulnerable to rising U.S. tariffs.
On Friday, U.S. markets had already reacted negatively to the trade developments. The Dow Jones Industrial Average declined 5.50%, marking its steepest drop in over three years. The S&P 500 fell 5.97%, and the Nasdaq Composite dropped 5.82%, with all three indices closing at six-month lows.
Despite mounting concerns, Treasury Secretary Scott Bessent downplayed fears of an imminent recession in a media interview. Federal Reserve Chairman Jerome Powell also emphasized that there is no immediate need for a change in interest rates. He noted that the administration’s trade policies could simultaneously push inflation higher while slowing economic growth.
Meanwhile, March’s nonfarm payrolls data provided a positive signal, coming in at 228,000 jobs added — a notable increase from February’s revised figure of 117,000.