COST Financial News

(Reuters) -Canadian Imperial Bank of Commerce exceeded estimates for first-quarter profit on Thursday, driven by gains in its domestic personal and business banking unit that offset a blow from higher provisions it set aside for potential bad debts.

Kotak Mahindra Bank’s senior officials on Thursday said that it aims to grow its gold loan book faster than the industry. Speaking to the media, Manish Kothari, president and head of commercial banking, indicated that there is significant scope for them to expand their gold loan book in India since the market is currently dominated by an unorganised sector, which is charging usurious rates to lower-income groups. Shripad Jadhav, president of retail agriculture and gold loans, said there is a scope for the bank to expand the gold loan book since the Reserve Bank of India's rule does not require banks to assign any capital on these loans. Besides, the maximum permissible loan to value is 75% of the value of the gold, and since the gold prices have risen, the credit cost is negligible.

The 85-storey tower at one of Toronto’s busiest intersections was launched in 2015 with an original budget of $1.3 billion and a scheduled completion date of Dec. 31, 2022. The One was envisioned as a multifaceted development encompassing 416 condominiums, a 175-room Hyatt hotel operating under the boutique Andaz brand, an array of retail shops and a diverse selection of restaurants. Topping it off, the flagship retail tenant was going to be an Apple store.

₹31,000 crore capex plan, set to wrap up by FY27, with funding mainly from internal accruals. The company will utilize 75% of the capexfor capacity expansion at Angul (Odisha), 10% is slotted for ACPP-II, 5% for coal mines and 10% for new projects. The capacity expansion at Angul plant will enhance JSPL’s crude steel capacity by over 65% to 15.9 million tonne (MT).

cabinet on Thursday approved PM-Surya Ghar Muft Bijli Yojana for installing rooftop solar in one crore households with a total outlay of Rs.75,021 crore. Prime Minister had launched the scheme on February 13, 2024. Scheme provides a central financial assistance of 30,000 subsidy for 1 kW system, 60,000 for 2 kW systems and 78,000 for 3 kW systems or higher.

UK Visas and Immigration information on gov.uk, the UK sponsor licence was a must for people who want to employ someone from outside the UK, including citizens of EU member countries, Iceland, Liechtenstein, Norway and Switzerland who arrived in the UK after December 31, 2020. Education providers, too, needed a sponsor licence to get overseas students and faculty into the UK.

small-cap mutual funds. The Nifty SmallCap 100 index has already given more than 70% return in 1 year, and we have seen the valuation of some stocks grow to 3-4 times in 1 year only. Now small-cap valuation has come at a dangerously high level," said Ravi Singhal, CEO, of GCL Broking Market regulator Sebi has directed mutual funds to conduct internal stress tests focusing on small-cap stocks.

Stock to buy today: Triveni Turbine shares are one of the multibagger stocks that the Indian stock market has delivered in recent few years. In the post-COVID rally, Triveni Turbine share price has ascended from around ₹50 to ₹480 apiece level on NSE, delivering to the tune of 860 percent return to the bottom fishers. However, some brokerage firms still see some upside in this multibagger stock.

₹850 from ₹760 earlier, implying an upside of more than 14% from its previous close. Analysts at Kotak Institutional Equities do not see a specific tailwind that can cause a re-rating for SBI shares in the short term. However, they expect SBI to outperform other public sector banks, given the sharp convergence in multiples.

By Marc Jones and Olena Harmash

(Corrects to show oil prices fell, not extended declines, in paragraph 1 and headline)

Godrej Consumer Products among large-caps and Zydus Wellness and Emami among midcap FMCG stocks. United Breweries is its sole preferred pick in consumer discretionary and has upgraded the stock to a ‘Buy’. Here are the top FMCG stocks to buy: With a subdued FY24 (favourable base) and early signs of demand revival in rural markets and in the non-food category, Hindustan Unilever should benefit in FY25.

BSE and NSE at around 16 percent premium against the issue price of ₹177 to ₹186 apiece. On BSE, GPT Healthcare share price opened at ₹216.15 per share level and went on touch an intraday high of ₹219.70 apiece. On NSE, GPT Healthcare share price was listed at ₹215 apiece and went on to touch an intraday high of ₹219.90 per share.

Investing.com-- Gold prices kept to a tight range in Asian trade on Thursday, with traders remaining on the sidelines in anticipation of key U.S. inflation data that is expected to factor into the path of interest rates.

Oil prices eased early on Thursday after a larger-than-expected build in U.S. crude stockpiles stoked worries about slow demand, while signs that U.S. interest rates could remain elevated for longer also added to pressure. Brent crude futures fell 22 cents, or 0.3%, to $83.46 a barrel by 0124 GMT. U.S. West Texas Intermediate crude futures were down 30 cents, or 0.4%, to $78.24 a barrel.

Salesforce expanded its stock buyback program by $10 billion and announced a new dividend, but its annual revenue forecast that was below estimates pushed its shares down around 2% in after hours trading. The company's downbeat forecast signals a likely slowdown in cloud and tech spending as clients grapple with high interest rates and rising inflation, compelling them to keep a lid on costs.

By Poonam Behura

By Howard Schneider

Quiver Quantitative — Beyond Meat stock (NASDAQ:BYND) experienced a dramatic surge, jumping as much as 61% in intraday trading, marking its best one-day move since 2019. This leap has placed significant pressure on short sellers, who are now grappling with nearly $74 million in paper losses. The rally in Beyond Meat's shares is not just a reflection of its quarterly earnings report but also sets the stage for a potential short squeeze. Such a scenario occurs when short sellers, those betting against the stock, are compelled to buy back shares to cover their losing positions, further driving up the stock price.

farm subsidies at the World Trade Organization (WTO) remained stuck on the third day of 13th Ministerial Conference (MC13) with countries sticking to their respective positions. Developed countries are not yielding to the «legitimate» demands of developing nations, officials said, adding that an outcome on the ministerial is expected to be delayed to Saturday instead of Friday. The European Union and the United States also blocked pro-development agenda in the draft Abu Dhabi package such as India's proposal, backed by many countries, to lower the cost of cross-border remittances, and a paragraph on debt on «trade-related approach» to mitigate challenges on increasing levels of debt and global financial crises.

Air India has refinanced short-term loans with the State Bank of India (SBI) and Bank of Baroda (BoB) for a three-year loan at an attractive rate, thanks to the conglomerate's strong credit profile. The new Rs 19,000 crore loan will be used to finance the carrier's working capital needs and upgrade its aircraft fleet, people familiar with the details said. The loan has replaced the short-term Rs 18,000 crore bridge loan Air India had availed from SBI and BoB to complete the Tata group's takeover of the erstwhile national carrier in January 2022. It was subsequently renewed for a year in 2023.