COST Financial News

Jefferies downgraded Hertz (HTZ) to a Hold rating (From Buy) and cut their 12-month price target to $8.00 (From $12.00) as they believe EV repair issues, higher opex and DPU may limit the rental car company’s near-term profitability.

Investing.com — U.S. futures edged higher Friday, with positive sentiment in the tech sector boosting the main indices as the earnings season continues.

Check out what's clicking on FoxBusiness.com

Reliance Industries' retail arm Reliance Retail Ventures (RRL) on Friday posted 32% growth in its net profit at Rs 3,165 crore for the quarter ended December 2023. The same stood at Rs 2,400 crore in the year-ago quarter. Revenue from operations in the reporting period rose 24% year-on-year to Rs 74,373 crore. The business posted an EBITDA of Rs 6,258 crore, which was up by 31% year-on-year.

₹74,373 crore, a growth of 23.8% YoY over Q3FY23 revenue of ₹60,096 crore. During the quarter, the company reported the highest-ever quarterly EBITDA of ₹6,258 crore, marking a 31.1% improvement over Q3FY23's EBITDA of ₹4,773 crore and a 7.52% surge compared to the Q2FY24 figure of ₹5,820 crore.

Capterra survey, 82% of organisations with a heightened awareness of cyber threats reported increased cybersecurity spending from 2022 to 2023, while a mere 1% reported a recognition of the critical need for robust cybersecurity measures. Companies across various sectors in India have implemented a range of technical and procedural safeguards such as:1. 61% of surveyed organisations conduct formal cybersecurity risk assessments. 2.

By Joe Cash

reported Business Line. The assets under management of passively managed schemes have rallied 31 percent to ₹8.74 lakh crore last month against ₹6.65 lakh crore logged in January, largely driven by new fund offers and increased inflows into index funds, it said. In fact, passive funds accounted for 21 percent of overall AUM of ₹42.04 ­lakh crore as of December­-end, according to the Association of Mutual Funds in India data, as per the report.

Also Read: Dalal Street bleeds: Mcap of these 5 private sector banks declines by ₹1.44 lakh crore in a day On Tuesday (January 16), HDFC Bank released its December quarter numbers (Q3FY24), missing the street estimates in deposit and liquidity metrics. The rising cost of funds and tight liquidity have impacted the NIMs. The bank reported a drop in net interest margin (NIM) on total assets to 3.4% from 3.65% in the previous quarter (Q3FY23).

₹2,038 crore, compared to ₹2,157 crore in the year-ago period. For the nine months ended December 31, 2023, the firm's revenue declined 7 percent at ₹7,310 crore, compared to ₹7,866 crore in the year-ago period, the firm said in a regulatory filing.

Amid an ongoing worldwide transition towards EVs, the Spectre EV is the first all-electric car launched by the company. Billed as a spiritual successor to the iconic Phantom, the Spectre is a two-door coupe. According to the company, the new car is based on the same ‘architecture of luxury’ platform as its stablemates, the current-generation Phantom and the Cullinan SUV. According to various reports, the Spectre is the most aerodynamic Rolls-Royce to date. The Spectre is powered by a fully-electric powertrain comprising a dual-motor setup. The engine can produce a stunning 577 hp and 900 Nm of peak torque. As per the company's claims, the new EV can deliver a range of 520 km on a single charge. As for pick-up capacity, the Spectre can go from 0-100 in just 4.5 seconds. The front of the Spectre has the broadest Rolls-Royce grille ever, according to reports. The car sports 21-inch alloy wheels and a 102-kWh battery pack. The weight of the car is 2,975 kg. Dimension specs are: 2,080 mm in width, 5,453 mm in length, and 1,559 mm in height. Rolls-Royce has already announced that by 2030, it will phase out all of its ICE models, and thereafter only produce electric cars.

Abhay Bhutada, MD, Poonawalla Fincorp, says “in the last eight quarters, there is a consistent performance in terms of disbursement as well as AUM growth. The most important thing here is that the base is very low. It is easy to achieve this number. And we have given a guidance of 35-40%. Considering the current base, I think in the future, we will stick to our guidance of 35-40%. The focus will be on to achieve the asset quality, maintaining superior profitability and at the same time maintain this 35 to 40% AUM growth. The one thing that struck the most was your highest ever quarterly disbursement figure, highest ever profit, lowest NPA and GNPAs. Before getting into details, what were the drivers for this kind of growth especially at a time when some are saying that the environment is showing some slowdown in the lending space? Abhay Bhutada: See, this is the outcome of efforts of the last 2.5 years. Post-acquisition, we have clearly articulated our strategy. Our chosen segment is pre-owned car, loan against property, personal loan, business loan, supply chain finance, machinery loan, medical equipment loan, consumer finance. The segment which we are targeting is a very different kind of segment. It is a combination of FinTech, bank, and NBFC.

medical insurance policy year after year. Those policyholders who bought their insurance policy four to five years ago should make sure that the sum assured of their policy is in tune with growing inflation and rising medical costs. There are several ways to expand your sum assured.

Also Read: Budget 2024 brew: Alcobev players pitch for uniform tax, excise duty cuts; ENA price relief, input tax credit hold key The Gem & Jewellery Export Promotion Council (GJEPC), representing India’s global gem & jewellery trade, has proposed several recommendations to the government ahead of the upcoming budget. “Gem and Jewellery exports have been facing a challenging time on account of the economic downturn in key export markets, geo-political concerns, supply and demand side constraints in the global diamond industry, and unavailability of precious metal in the country among others.

₹1,777 crore in Q3 FY24, an increase of 68% compared to a net profit of ₹1,058 crore in the same period last year. In the preceding quarter, the company posted a net profit of ₹1,281.45 crore. The revenue from operations rose 7.85% to ₹16,739.97 crore during the quarter from ₹15,520.93 crore in the corresponding period of the last fiscal.

₹200 crore ($24 million) from Zee. Compounding these challenges, Zee's business has experienced a downturn in recent months, partly attributed to escalated streaming costs. In December, acknowledging its inability to meet the deal closure deadline, the company's admission led Sony officials to express their readiness to abandon the agreement.

₹370 were higher compared to ₹357 in the previous quarter and ₹359 in the year ago quarter. The quarter also saw some moderation in raw material costs. Though demand in certain pockets and regions saw temporary impact due to state elections, labor availability in festive season, rains and floods in the South India, and construction bans in Delhi NCR and some other regions to curb pollution.

₹450-500 per tonne increase in domestic iron ore prices has led to spot steel spreads contracting by $75-80 per tonne. Also Read: IndusInd Bank share price falls over 2% after Q3 results; Time to buy the stock? Here’s what analysts say It forecasts coking coal prices to average $270 per tonne, however it expects prices to decline materially only in H2CY24, thus, cost pressures are likely for the H1CY24.

Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities, believes that any populist measure in the Budget which can increase the fiscal deficit will be seen in a negative light by the market participants. In an interview with MintGenie, he noted that any increase in taxes related to the capital markets like STT, Capital Gains, etc. can lead to a negative impact on the markets.

the S1 X. While there is no specified timeframe for when S1 X owners can expect to receive this update, the electric vehicle manufacturer has assured that it will be available to them in the near future. The MoveOS 4 from Ola marks the third significant software update released by the electric two-wheeler manufacturer in the past two years.

Kotak Mahindra Bank is expected to report a double-digit growth in net profit for the quarter ended December, led by strong interest income, healthy loan growth, lower credit costs, and stable asset quality. The private sector lender’s net profit for the quarter is seen rising 15.3% year-on-year (YoY) to Rs 3,219 crore, and net interest income is likely to grow by nearly 14% YoY to Rs 6,416 crore, the average of estimates given by 12 brokerage firms showed. Sequentially, the growth is likely to have slowed down sharply, with net profit seen rising 0.9% and net interest income about 2%. The lender is scheduled to release its quarterly earnings on Saturday. Here’s summarising analysts’ expectations on the third quarter earnings scorecard front: Nuvama Institutional Equities Given the low base of unsecured loans for Kotak and lower than peers’ CD ratio, we estimate the bank to continue with its strong growth in Q3 FY24. We expect 6% QoQ/19% YoY growth in loans and 4% QoQ/21% YoY growth in deposits. However, Kotak’s deposit franchise is weaker than the top three private banks. As such, the risk of slower-than-expected deposit growth, in turn, leading to slower loan growth is high for this quarter given soft business updates from other banks. Management had pointed to a negative one-off of 14-15 bps in NIM in Q2FY24. We anticipate NII growth of 2% QoQ.