COST Financial News

Bharti Airtel has waived off its right of first refusal (RoFR) to acquire state-owned Telecommunications Consultants India Ltd’s 30% stake in Bharti Hexacom as it sees no immediate value in such a move, analysts said, quoting the telco’s senior management. Last month, Bharti Airtel subsidiary, Bharti Hexacom, had filed a draft offer document with Securities & Exchange Board of India (Sebi) to sell a 20% stake of TCIL which will provide the government a partial exit. TCIL’s holding will drop to 10% after Bharti Hexacom’s initial public offer (IPO), while parent company, Bharti Airtel, will retain its 70% stake in the unit. “Bharti’s management mentioned that Airtel had a right of first refusal to acquire this 30% stake (in Bharti Hexacom) owned by the government via TCIL, but they waived off this right as of now as the telco doesn’t see any value in acquiring the stake from the market, post-Bharti Hexacom listing),” BofA Securities said in a note seen by ET.

Narendra Modi is set to inaugurate Abu Dhabi's first Hindu stone temple, a momentous occasion showcasing architectural grandeur and cultural unity. The temple, built by the BAPS Swaminarayan Sanstha, stands as a symbol of India's rich heritage and the strong bonds between India and the UAE. Architectural Marvel Situated on a 27-acre site in Abu Mureikhah near Al Rahba, the temple is a stunning display of craftsmanship. The facade features exquisite marble carvings set against a backdrop of pink sandstone from Rajasthan, with more than 25,000 pieces of stone meticulously crafted by skilled artisans from Rajasthan and Gujarat.

Hindalco Industries shares on Wednesday extended their losses to over 13% in two sessions notwithstanding a 71% year-on-year (YoY) jump in its December quarter net profit as the Novelis capex shocker weighed on the stock. However, the intensity of decline was substantially lower on Wednesday with less than 1% fall around 11 am. A clutch of brokerages remains optimistic about the long-term story of Hindalco expecting the company to benefit from Novlis capex, over time. While Jefferies, Motilal Oswal and JM Financial have reiterated their buy views, Kotak Institutional Equities has an 'Add' stance. Nuvama on the other hand has recommended a hold and cut the price target.

Narendra Modi on Tuesday announced the launch of the 'PM Surya Ghar: Muft Bijli Yojana' which aims to light up one crore households by providing up to 300 units of free electricity every month. Modi said the project would entail an investment of over Rs 75,000 crore. In a post on X, Modi said, «In order to further sustainable development and people's wellbeing, we are launching the PM Surya Ghar: Muft Bijli Yojana. This project, with an investment of over Rs 75,000 crore, aims to light up 1 crore households by providing up to 300 units of free electricity every month.» From substantive subsidies, which will be given directly to people's bank accounts, to heavily concessional bank loans, the central government will ensure that there is no cost burden on the people, the prime minister added.

Ajay Kanwal, MD & CEO, Jana SFB, says: “Our September 23 NIM was also 7.8%, March was 7.7%. So, we maintained the flattish NIMs growth. We have seen a small rise in cost of funds but thanks to a product mix we are able to make sure the NIMs remain steady. Depending on the outlook on interest rates which I think is now flattish, we should be able to maintain the NIMs at these levels.” Let us begin with this IPO plan. You have raised Rs 462 crore via the fresh issue. How will that impact your CET ratio? What has been the response from your anchor investors? And congrats on the listing. Ajay Kanwal: We raised Rs 575 crore in total; Rs 472 crore in public issue prior to that, pre-IPO. Our CET ratio was 17.5% as of September. So now, we will go into the early 20s. So 20 to 23% odd, once we add this capital base too. Like we mentioned in our prospectus, the money will be used to augment our tier 1 capital at the bank, which anyway is strong. And of course, it will go towards the growth of the bank.

Flight attendants for major U.S. airlines are holding rallies at airports around the country to push for higher pay

The United Nations' cultural agency says Ukraine will need nearly $9 billion over the next decade to rebuild its cultural sites and tourism industry following Russia’s invasion and war

Lab-created diamonds come with sparkling claims: that they are ethically made by machines running on renewable energy

MS Swaminathan for whom the Central government had announced the Bharat Ratna award. She was addressing an event organized by the Indian Agricultural Research Institute, Pusa. Citing newspaper reports, the Head of Economic Analysis at the Indian Statistical Institute stated that there are barricades and jails are also being prepared for protesting farmers in Haryana.

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Hindalco Industries Ltd share price gained more than 1% in morning trades on Wednesday, however was trading the red thereafter. Hindalco share price had seen sharp correction of more than 12% on Tuesday. Hindalco had posted its December quarter performance on Tuesday.

Kanye West, known for his boundary-pushing creativity in both music and fashion, made headlines yet again with his unorthodox Super Bowl LVIII commercial promoting his Yeezy fashion line. Opting for a stripped-down approach, West's 30-second spot, reportedly costing nearly $7 million, stood out amidst the glitz and glamour typically associated with Super Bowl commercials.

Last year, 79 percent of the polyester in its collections came from recycled materials, and next year it wants it all to be recycled. The Swedish fast fashion giant told AFP that recycled material allows the «industry to reduce its dependence on virgin polyester made from fossil fuels».

₹180.35 apiece on the BSE. Zee Entertainment Enterprises (ZEEL) posted a net profit of ₹58.5 crore in the quarter ended December 2023, up 140% from ₹24.32 crore during the same period a year ago. Zee’s advertising revenue fell 3.3% to ₹1,027.4 crore from ₹1,063.4 crore, while subscription revenue increased 3% to ₹921.3 crore from ₹894.4 crore, YoY.

By Sameer Manekar and Praveen Menon

Investing.com-- Shares of Australia’s four largest banks fell on Wednesday, with Commonwealth Bank Of Australia (ASX:CBA) in the lead after the country’s largest lender warned of worsening margins due to increased economic pressure from high interest rates. 

Sovereign Gold Bonds (SGB) 2023-24 Series-IV is now open for people to buy from February 12, 2024, until February 16, 2024. After you buy, it usually takes seven days for the bonds to be given to you. For this series, that will be on February 21, 2024. The bond is valued at Rs 6,263 for each gram of gold. This value is determined by calculating the average closing prices of gold with 999 purity over the last three working days before the subscription period, which are February 07, February 08, and February 09, 2024.After a discount of Rs 50 per gram less than the nominal value for investors who apply online, the issuance price of the Gold Bond would be Rs 6,213 per gramme of gold. Also read: Latest Sovereign Gold Bond tranche open for subscription: 5 ways to invest in SGB 2023-24 Series-IV

Gold languished near a two-month low on Wednesday, trading below the key $2,000 per-ounce level, after a stronger-than-expected U.S. inflation report dampened expectations for more than three quarter-point rate cuts from the Federal Reserve. FUNDAMENTALS

By Svea Herbst-Bayliss

Instacart reversed course to be down about 5% after the bell following Instacart's lower-than-expected fourth-quarter revenue on slowing advertisement business. As of June 30, Instacart had 3,486 employees, according to a regulatory filing.

popularity of Kate Winslet has increased to a great extent after acting in the 1997 film 'Titanic', which was one of the top-grossing movies in the history of cinema, however, it has arrived at a cost as per a report on USA Today. Kate Winslet said about the hysteria to Porter in an article that came out on Monday that she had the feeling that she had to be looking a certain kind or be a particular thing and due to the encroachment of media which was so important during that time, her life was not very pleasant.