COST Financial News

Havas Media Network India has appointed Ramsai Panchapakesan as managing partner- investments for Havas Media India.

Reliance Industries share price fell 2.3% to a low of Rs 2,481 in trade on Monday as the street factored in Mukesh Ambani-led RIL’s first quarterly earnings for the fiscal year. Reliance Industries released its first quarter earnings with profit at Rs 16,011 crore, down 10.8% in comparison to Rs 17,955 crore during the first quarter of FY23, on account of softening demand and a drop in petrochemical margins, which have tanked from record highs last year. On account of higher finance cost and increased depreciation. It posted revenue from operations at Rs 2,10,831 crore, down 5.3% on-year.

Greta Gerwig's gender wars "Barbie" and Christopher Nolan's nuclear war "Oppenheimer" blew past already-stratospheric prerelease expectations at the weekend box office to collect a combined $235.5 million in the United States and Canada, an astounding total that sent a clear message to Hollywood: If you want to commandeer the culture, you must give moviegoers something new — not just the same old threadbare franchises. «Original storytelling executed in the right way has broken out in a really remarkable way,» said Richard L. Gelfond, the CEO of IMAX, which accounted for 26% of the «Oppenheimer» turnout in North America, selling out even 4 a.m.

₹1,914.30 apiece on the BSE. The private lender Kotak Mahindra Bank reported a net profit of ₹3,452 crore in Q1FY24, up 67% from ₹2,071 crore in Q1FY23.  On a consolidated basis, the bank’s net profit rose 50.62% YoY to ₹4,150.19 crore  Net Interest Income (NII) during the April-June quarter increased to ₹6,234 crore  from ₹4,697 crore in Q1FY23, up 33% YoY. Net Interest Margin (NIM) was 5.57% for Q1FY24.

Gold prices edged up in early Asian trading on Monday, as investors awaited a key U.S. Federal Reserve meeting that could see the central bank pausing interest rate hikes after July.FUNDAMENTALS * Spot gold rose 0.051to $1,961.27 per ounce by 0049 GMT. Bullion gained nearly 0.3% last week.

«I think clearly the biggest driver is the fact that inflation and interest rates have clearly peaked. You have seen the RBI pausing and this was one of the biggest headwinds for the market over the last many-many months,» says Ashi Anand, Valcreate Investment.Just wanted to understand your overall thought on the market right now. While FII inflows have been intact for us, a lot of sectoral churn at play but a lot of overvalued pockets as well?Broadly in terms of the markets, we have seen a fairly good rally in the midst of kind of a fair amount of concerns globally.

₹1.3 lakh which can be retained by them for personal use after four years, according to the Expenditure Department of the Finance Ministry.  In an office memorandum, the department listed out proper guidelines for the issuance of mobile, laptop, tablet, phablets, notebooks, notepads, ultra-book, netbooks, or devices of similar categories to eligible officers for official work, PTI reported.  All central government officers of the rank of deputy secretary and above will be entitled to such electronic devices, the Expenditure Department guidelines read.  In the case of Section Officers and Under Secretaries, 50 percent of the sanctioned strength can be issued such devices, it added.  The office memorandum, regarding the cost of the devices, said it could be ₹1 lakh plus taxes. However, for devices with a Make-in-India component of more than 40 percent, the price ceiling will be ₹1.30 lakh plus taxes.

Reliance Industries: Reliance Industries Ltd said quarterly profit declined 5.9% from a year earlier. Net profit fell to ₹18,258 crore in the three months ended 30 June from ₹19,405 crore in the year-ago quarter. Profit missed the average ₹18,302 crore estimated by a Bloomberg survey of analysts.

Mining giant South32 has slashed $US1.3 billion ($1.9 billion) from the value of its proposed Hermosa project in the United States, halving the zinc-lead-silver resource’svalue as the miner feels the heat from inflation and operational problems.

Federal Court judge Ian Jackman has made an unprecedented attack on a colleague who failed to deliver a judgment after almost three years, slamming her “inability” and “unwillingness” to do her job.

South Korea’s KEB Hana Bank is set to work with the central Bank of Korea (BOK) on the latter’s CBDC pilot and stablecoin alternatives, such as tokenized deposits.

Investing.com-- Gold prices fell slightly on Monday as anticipation of a key Federal Reserve meeting kept investors wary at the beginning of the week, while copper prices nursed steep losses on concerns over slowing demand in China.

Fed Chairman Jerome Powell and his colleagues look locked in to raising interest rates by a quarter percentage point this week. The aim: To slow the economy enough to reduce inflation to its 2% target over time, without crashing the US into a recession — a proverbial soft landing. The big question facing policymakers and financial markets is what comes next.

New Delhi: Energy Efficiency Services Limited (EESL) has forged partnerships worth ₹700 crore during the recent 14th Clean Energy Ministerial (CEM) meeting in Goa, said statement from EESL. As part of the event, EESL unveiled its new Energy Efficiency Strategy crafted in close collaboration with USAID India, which reinforces its pivotal role in driving India’s net-zero aspirations.  “Additionally, EESL solidified its commitment to decarbonization by signing a strategic MOU with the United States Agency for International Development (USAID), India to shape forward-looking strategies and programs," it said.

NEW DELHI : Former diplomat and current US-India Business Council (USIBC) chief, Atul Keshap, emphasized the importance of India-US defence cooperation and the need for joint efforts to develop a defence industrial base in India. Keshap, who was the top American diplomat in India in 2020, identified advanced technologies and cybersecurity as target areas for cooperation between the two nations. Additionally, emerging initiatives such as INDUS-X, which seek to boost collaboration among startups, will be a key focus, he said.

Hindustan Unilever, India's biggest consumer goods company, said volume recovery could take at least 2-3 quarters even as it has slashed prices, increased grammages and hiked ad spends over the past two quarters. «Typically this takes two to three quarters for the whole thing to stabilise. When we do price cuts and price changes, it goes to trade which has high price inventory, and they liquidate that first and it goes to consumers.

United Spirits, the country's biggest liquor firm, said price tags for its brands will go up by 14-17% in Karnataka after the state announced a 20% increase in additional excise duty (AED) on Indian-made liquor (IML) from August. With annual sales of 68.4 million cases, Karnataka is the largest alcohol consuming state accounting for 18% of India's overall sales. This is despite the state having the highest tax rate on liquor in the country.

Apollo Hospitals plans to have a transplant programme in all its locations along with collaborations with hospitals outside its network, as it sees rising demand from within India and overseas. In an interview to ET, Preetha Reddy, executive vice-chairperson of Apollo Hospitals said, every location Apollo is present will do kidney and liver transplant, but heart and lungs transplants will be done at its large hospitals in metro cities due to infrastructure and talent acquisition issues.

The airline had filed for voluntary insolvency proceedings on May 3 before the Mumbai bench of the NCLT, attributing the decision to protracted delays in sourcing airworthy engines from Pratt & Whitney (P&W). The Insolvency and Bankruptcy Code (IBC) provides for priority funding after a company has been admitted in NCLT at higher rates. This is considered in corporate insolvency resolution process (CIRP) costs and remains above banks' in the priority list of repayment, people familiar with the matter said.Bank of Baroda (BoB) and Central Bank of India (CBI), the two lead lenders for the grounded airline, have in principle agreed to lend Rs 450 crore, but needs approval from their board.

₹1,000 crore, before foraying into the video streaming space. It was relaunched as an ad-supported video streaming application. The firm raised around $111 million in a funding round led by Chinese Internet giant Tencent in 2019, has not been able to generate enough cash for a while to fund its expansion.

₹1.40-1.76 trillion to establish pumped hydropower storage capacities of 20,000-22,000 MW across India over the next few years. According to Rajendra Prasad Goyal, director, finance, it will require to have a capex of ₹7-8 crore for each megawatt. “We are planning to set up large pumped hydro projects.