Electronic Financial News

Stocks closed higher on Wall Street as two economic reports suggested the economy is cooling enough for the Federal Reserve to pause hiking interest rates

Stocks that are trading heavily or have substantial price changes Tuesday: Best Buy, Big Lots rise; NIO fall

One of Australia’s best critical minerals discoveries will cost between $1.6 billion and $2.3 billion to turn into a mine, according to a long-awaited study into future development of Chalice Mining’s Gonneville project.

Tata Motors and Mahindra and Mahindra have received domestic value certificates, a metric key to qualifying for payouts under the nation's production-linked incentive scheme, the government said on Tuesday. Launched in 2020, India's $24 billion production-linked incentive programme covers 14 sectors, ranging from electronic products to autos, and is crucial to boosting jobs in manufacturing, an area where India has struggled. Reuters reported this month that India's top bureaucrat reviewed the scheme, amid a push from industry for faster payouts. The Indian government said on Tuesday that applicants under the scheme for autos had invested 107.55 billion rupees ($1.30 billion) as of the end of June.

Best Buy sales and profits slid in the second quarter as the nation’s largest consumer electronics chain continues to wrestle with a pullback in spending on gadgets after Americans splurged during the pandemic

automobile and electronic companies said sales recovery of mass and entry-level products may get pushed by up to 3-4 months from the earlier expectation of a sales spike during the festive season due to scanty rainfall in August, reports of continued scarcity in September leading to a weak overall monsoon, and inflation remaining higher than what was initially expected. Companies reported sales during Onam — which heralds the festive season in India – was skewed towards premium and high-mid range with mass product sales failing to pick up. To be fair, most companies grew sales by up to 20% in this year Onam over last year, but sales of entry level products remained largely flat, industry executives said. Electronic company Haier India president Satish NS said the scarcity of rainfall will have an impact on rural economy with food inflation not coming down as expected.

Investing.com — U.S. futures traded largely unchanged Tuesday, with investors warily awaiting a deluge of economic data this week, culminating with Friday's monthly employment report.

(Reuters) -Top U.S. electronics retailer Best Buy Co Inc (NYSE:BBY) on Tuesday reported a smaller-than-expected drop in quarterly comparable sales, as deeper discounts encouraged bargain-hunting Americans to shop for high-end products like televisions and laptops.

Chandrayaan-3 lander and rover have spent roughly half of their intended time on the lunar surface. The two are designed to last one lunar day i.e 14 days on earth. Although, there are mechanisms to spring them back to life when the sun rises again after the long night.M Srikanth, Chandrayaan-3 mission operations director, in an interview with TOI said that the performance of Vikram and Pragyan so far and the overall health of all systems have increased hopes of the two coming back to life after the night (14 Earth days) passes. “Our priority is to ensure that the project objective of getting scientific data for one lunar day is achieved.

Bharat Electronics Ltd. slipped 0.03 per cent to Rs 134.8 in Tuesday's trade as of 01:50PM (IST). The stock hit a high price of Rs 135.8 and low of Rs 134.2 during the session. The return on equity (ROE) for the stock stood at 21.53 per cent.

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Lynas Rare Earths blames inflationary pressures, approval delays and deadlines imposed by Malaysian authorities for a big cost blowout on a downstream processing plant under construction in Western Australia.

By Khanh Vu and Phuong Nguyen

Given the longer-term growth story of Indian markets and current reasonable valuation levels, investors have an opportunity to accumulate quality stocks at the current juncture, said Karan Doshi, Fund Manager and Senior Equity Research Analyst of LIC Mutual Fund, in an interview with Mint. He underscored one should invest in companies with good corporate governance, a healthy balance sheet, strong growth potential over the next three to five years and valuations at reasonable levels. Edited excerpts: Indian economy is at an inflexion point that marks the start of a new virtuous growth cycle.

Investing.com — Stocks were rising on Monday after hawkish remarks from Federal Reserve Chair Jerome Powell last week and as investors awaited key economic reports due this week, including the jobs report for August on Friday.

Rishabh Instruments, a maker of a wide range of electrical measurement instruments and process optimisation equipment, plans to raise ₹491 crore from an initial public offer. It comprises a fresh issue of ₹75 crore that would be used for capacity expansion at its Nashik facility and an offer of sale of ₹415 crore from promoters and investors. The promoter holding would drop to 70.6% post-IPO from 80.67%.

Stocks that traded heavily or had substantial price changes on Monday: 3M, Boston Scientific rise; Abcam, NovoCure fall

Rising trade barriers

Isha Ambani, appointed non-executive director on the RIL board, is part of the executive leadership teams at Reliance Retail, Reliance Jio, Reliance Foundation and Dhirubhai Ambani International School. For nearly a decade, she has led the online and offline business of Reliance Retail, India's largest retailer by revenue, profit, reach and scale with presence in grocery, consumer electronics and fashion retail. Under her leadership, it's become the only Indian entity in the global top 100 retailers. Isha Ambani graduated from Yale University in 2013 with a double major in psychology and South Asian studies and completed her MBA from Stanford University in 2018.

global companies for the revised production-linked incentive (PLI) scheme for IT hardware, a top official said. Alkesh Kumar Sharma, secretary, ministry of electronics and information technology (MeitY), said the deadline for applications is August 30, which will not be extended. «We have received 58 applications for IT hardware PLI so far, from both global and local companies,» Sharma said at an industry event Monday. He added all major companies have applied for the scheme. The deadline for the revised PLI scheme was extended for the second time in July, after stakeholders sought more time to file the paperwork. The revised scheme has a financial outlay of ₹17,000 crore, more than doubling the incentives given in the previous version of the scheme. The scheme intends to attract global IT hardware brands such as Apple, Dell, HP and others to set up their manufacturing base in India. The revised scheme not only asks for brands to start assembling IT hardware products such as laptops, desktops, tablets, all-in-one PCs and ultra small form factor PCs, but also includes a localisation schedule to incentivise manufacturing of components such as printed circuit boards, memory modules and more, for which participants will be eligible to receive additional incentives. The applications come with the government imposing import curbs on laptops, tablets and servers, citing national security reasons.

New Delhi: Circular business models can unlock revenue potential of $7 billion by 2035, according to a joint report by India Cellular & Electronics Association (ICEA) and Accenture issued Monday. A total of six circular business models, including circular design, repair, and resell, can reshape the electronics sector, driving economic growth and boosting resilience. "The projected market size for these circular models is valued at $13 billion by 2035.