Cycling Financial News

Shares of Meta Platforms sank nearly 15 per cent on Thursday, sparking a selloff in big tech stocks after the social media giant signaled its costly bet on AI would take years to pay off.

Mumbai, April 24, 2024 - So many organizations have jumped on the generative AI (GenAI) bandwagon in the last year, but are those efforts delivering results yet? If the organization uses the SAS® Viya® data and AI platform, the answer is a resounding yes. Infused with large language model (LLM) orchestration strength, SAS Viya is already helping customers accelerate efficiency and productivity.

Kumar Mangalam Birla, Chairman of Aditya Birla Group, hailed the recent Rs 18,000 crore fundraise by Vodafone Idea as a significant development for the company, describing it as a «fresh lease of life.» This fundraise, achieved through a follow-on public offer, is expected to provide the much-needed financial boost to Vodafone Idea, which has been facing stiff competition from rivals in the telecom sector. Calling it as the beginning of 'Vi 2.0', Birla said the money raised will be invested in the business, which will trigger a cycle of growth. «Vi will stage a smart comeback, this moment marks the beginning of Vi 2.0,» Birla said at the listing ceremony.

Tata Mutual Fund has announced a change in fund managers for its eight passive funds through a notice-cum-addendum. The fund house informed its unitholders that the fund manager of its index funds and ETFs will be changed. The changes will be effective from April 26.

Vodafone Idea’s ₹18,000-crore follow-on public offer, India’s largest FPO to date, marked a turning point for the telecom industry. Calling the third-largest carrier a ‘national asset’, he said Vodafone Idea would stage a smart turnaround on the back of the fundraise and support from banks. “This moment in some ways marks the beginning of Vodafone Idea 2.0.

ethanol to be used in the next cycle, the official added. This decision underscores the government's comfort with the current level of sugar production relative to domestic consumption needs, said the official who did not want to be identified. The directive comes at a crucial time as it aligns with the end of the sugarcane crushing season and supports India's ambitious ethanol-blending targets—E15 by 2023-24 and E20 by 2025-26.

“We believe that each bull run brings forth new leaders due to significant shifts at the company, industry, national, or geopolitical level,” says Anirudh Garg, Partner & Head Research, INVasset PMS. In an interview with ETMarkets, Garg said: “Early in the cycle, we identified that the most significant changes were happening in the Capex and Capex-oriented sectors, and public sector enterprises,” Edited excerpts: Invasset PMS has garnered retention for its impressive performance in the financial year 24, standing out as a top performer. Could you share with us strategies or decisions that led to the success? Anirudh Garg: At Invasset PMS, our approach to the markets is fundamentally quantitative. For most of this financial year, we were in what we call our 'Stage Two — Growth Stage'.

The first wave of trials will involve 10 market participants, six market DLT operators and five central banks, carrying out tests involving actual settlement in central bank money and experiments with mock settlement in a test environment.The use cases mainly explore the securities settlement cycle, such as delivery-versus-payment, secondary market transactions and lifecycle management of securities. Other options under consideration are related to cross-border payments, such as payment-versus-payment.Deutsche Börse’s post-trade business Clearstream is part of the operation through its digital post-trade platform D7, which has been boosted with DLT capabilities. Jens Hachmeister, head, issuer services and new digital markets, Clearstream, says: “Clearstream’s participation in the ECB trials is a significant milestone in our digitisation journey: we are expanding our D7 digital securities infrastructure with DLT components and fostering connections with the main digital payment solutions across the Eurosystem.

The Bitcoin Halving took place last friday, and has positively pumped the cryptocurrency market–but not in the way that many expected. Crypto pundits around the globe have been predicting an immediate and significant surge in the price of BTC. However, so far, BTC has remained steady, gaining slightly in the past few days.

ET Wealth Online explains how to use multiple credit cards.

Sunil Subramaniam, MD & CEO, Sundaram Mutual, says: “ I would play the whole infra, defence story through corporate banks on the one side and through a diversified pick of EPC contractors and all of that and generally building materials, cement, steel and all of that should form part of your portfolio. Having a good diversified portfolio within the infra, capital goods and banks is important. Second, having a slightly longer term, do not expect massive wealth creation to happen in the next few months or years, give it a bit more space and time.” Markets have made a roaring comeback. Now, on the global front, news has deteriorated. On the liquidity front, FIIs have turned net sellers. But if one looks at the market strength purely based on price, for the smallcap, midcap and the largecap, the strength is quite amazing. What is causing this constructive price action in the market? Sunil Subramaniam: I think it is the SIP book flow.

stocks closed higher on Tuesday following positive earnings from top-tier companies and as investors were focused on quarterly results from Magnificent Seven and other megacap growth stocks. Tesla kicked off the earnings cycle for technology heavyweights after markets closed on Tuesday, announcing the launch of new electric vehicle models and quarterly revenue that missed analyst estimates. Its shares jumped 6% in extended hours trading.

HoYoverse has announced the introduction of a new end-game content called Apocalyptic Shadow in Honkai: Star Rail, according to a Dexerto report. This mode will bring new challenges and rewards for players, adding to the already diverse end-game content lineup.

National Asset Reconstruction Company Limited (NARCL), Srei Infrastructure Finance Limited (SIFL) on Tuesday announced the appointment of Hardayal Prasad as its new Managing Director and CEO. Prasad, with 36 years of experience, is a former Managing Director & CEO of SBI Cards & Payment Services Ltd and PNB Housing Finance Ltd, a company statement said. The Kolkata-based Kanorias previously controlled the twin companies of SIFL and Srei Equipment Finance Company till RBI superseded their boards over alleged mismanagement in October 2021 and subsequently initiated IBC proceedings. However, NARCL successfully acquired the companies under the Insolvency and Bankruptcy Code (IBC) initiated by RBI to resolve over Rs 32,000 crore debt of the NBFCs.

By Niels Veldhuis and Jake Fuss

Morgan Stanley, a global investment banking firm, has expressed optimism about India's economic growth prospects, citing robust domestic demand. The firm remains positive about the growth outlook, expecting India's GDP to grow at 6.8% in the current financial year 2024-25 and 6.5% in 2025-26. Inflation and Current Account Deficit Morgan Stanley predicts that inflation will remain around 5% in the second quarter, before easing to 4.1% in the second half of 2024. For the next financial year, it anticipates retail inflation to average 4.5%. The firm expects the current account deficit to stay within 1-1.5% of GDP in 2025-26, supported by strong service exports.

₹2,958 against its previous close of ₹2,959.70 but soon slipped in the red to the level of ₹2,952.50 on NSE. However, it quickly erased losses and traded 0.35 per cent higher at ₹2,969.95 apiece around 9:25 am. As of April 22 close, Reliance share price has risen about 39 per cent over the last year, outperforming the equity benchmark Nifty 50 which has gained nearly 27 per cent in the same period.

euro on Tuesday, keeping investors on heightened intervention watch ahead of the Bank of Japan's meeting this week, while dovish policy maker chatter left sterling around its softest in months. The euro, which climbed broadly after stronger than expected business activity data in France and Germany, reached 165.62 yen, its highest since 2008.

Tube Investments of India Ltd. gained 0.23 per cent to Rs 3502.7 at 01:33PM (IST) in Monday's trade. The stock hit a high of Rs 3508.5 and low of Rs 3473.2 so far during the session. The stock had closed at Rs 3494.4 in the previous session. The counter had a total traded volume of 01:33PM shares so far with a turnover of Rs 0.89 crore on BSE. The stock traded at a price-to-earnings multiple of 51.28 and a price-to-book ratio of 12.43.

innovation boss for the homecare unit of Unilever Plc. It's a cocktail of emissions that's mostly invisible, meaning that even when clothes aren't stained they may not be clean, he said, speaking at a lab in Northern England. Consumers are increasingly keen to tackle such soiling, Rutherford added, using daily, quick 15- to 30-minute washing machine cycles. And in a bid to cash in on the trend, Unilever has developed a new detergent, which the Anglo-Dutch consumer giant says rinses out more quickly than normal formulations.

BJD), led by Naveen Patnaik, has taken a unique approach to announcing its candidates for the upcoming assembly elections in Odisha. The approach, nicknamed "Formula 9," revolves around the number nine and its multiples, creating an intriguing pattern in the candidate announcement process. It all began with the first list released on March 27, featuring 72 candidates (7+2=9). This pattern continued in subsequent lists, with the number nine serving as a central theme. The initial Lok Sabha candidates' list, also released on March 27, contained nine names. The second list included 27 candidates (2+7=9), and the following rounds saw nine candidates per list. The cumulative numbers after each round were all multiples of nine: 72, 99, 108, 117, 126, and 135. As of now, BJD has 12 candidates left to announce after its sixth list was released on Saturday. While some BJD leaders claimed ignorance of the pattern, BJD insiders suggest there's a strong belief in the auspiciousness of the number nine, which has deep connections with Jagannath culture in Odisha. Prafulla Mishra, a Sanskrit scholar, mentioned, «Lord Jagannath's Rath Yatra (car festival) goes on for nine days, representing nine planets. The chariot of Lord Jagannath has nine Parswa Debatas (side deities).» This connection may explain why Naveen Patnaik chants «Jai Jagannath» before announcing the names of the candidates in every round.