Experts Financial News

Asian Paints on Monday fell 9% to an intraday low of Rs 2,511.65 on the BSE after the company on Saturday reported a 42.5% year-on-year (YoY) fall in its consolidated net profit for the quarter ended September 2024. The company reported the PAT at Rs 694.6 crore vs Rs 1,205.4 crore posted in the corresponding quarter of the previous fiscal year amid muted consumer sentiments.

Donald Trump has offered Republican Representative Elise Stefanik the job as U.S. ambassador to the United Nations, CNN reported on Sunday, citing two unnamed sources. Reuters earlier reported that Stefanik, a fierce Trump ally, was under consideration for the role. «President-Elect Trump will begin making decisions on who will serve in his second Administration soon. Those decisions will be announced when they are made,» Karoline Leavitt, a spokeswoman for Trump-Vance team said in an emailed statement, without confirming or denying the CNN report.

Sensex and Nifty50, opened lower for the third consecutive session on Monday, as concerns over weak earnings and continued foreign outflows weighed on domestic equities. At 9:35 am, the BSE Sensex was down 34.20 points, or 0.04%, at 79,452, while the Nifty50 lost 8.80 points, or 0.04%, trading at 24,139.40.

Global brokerage firm Jefferies has cut FY25 earnings estimates for 63% of 121 companies, its highest downgrade ratio since early 2020. Earnings cut by Jefferies analysts imply a 2.2-2.5% cut in Nifty earnings estimates during the ongoing results season.

Vivek Ramaswamy, top Indian-American aid to President-elect Donald Trump, expressed his support for the mass deportation plan of illegal immigrants and said that the legal immigration system in the country is «broken». He said that those who broke the law while entering the United States have no right to stay here and they need to go. «Do we have a broken legal immigration system? Yes, we do. But I think the first step is going to be to restore the rule of law, to do it in a very pragmatic way,» entrepreneur turned-politician told ABC News in an interview. «Those who have entered in the last couple of years, they haven't established roots in the country. Those who have committed a crime, should be out of this country. That is by the millions. That alone would be the largest mass deportation. Combine that with ending government aid for all illegals. You see self-deportations,» he said. Ramaswamy appeared on multiple Sunday talk shows, the first after the stunning win of Donald Trump in the November 5 presidential elections. He told ABC News that he is having some «high impact» discussions on his future role in the administration, Congress of the party.

Federal Reserve speakers this week, while the yuan nursed a hangover from Beijing's latest underwhelming stimulus package. Highlighting the weak background in China, data out over the weekend showed consumer prices rose at the slowest pace in four months in October while producer price deflation deepened.

Gold prices were little changed in early Asia hours on Monday, as market participants awaited comments from Federal Reserve officials and economic data to gauge the U.S. interest rate path.

Swiggy and Zomato are both assessing several new services as the food and grocery delivery majors diversify beyond their core businesses, people in the know told ET. Bengaluru-based Swiggy is all set to launch a pilot programme for a services marketplace, labelled ‘Yello’, which will host professionals such as lawyers, therapists, fitness trainers, astrologers, dieticians, according to sources in the know. The company, which is slated to list on the bourses on November 13, is yet to decide if this service will be spun off into a separate app or kept on the main Swiggy platform, these people added. It is also testing a premium membership service called ‘Rare’, for affluent customers providing them access to high-end events such as Formula 1 races, music concerts, upscale art exhibitions, in addition to VIP hospitality and priority reservations at luxury restaurants. For Swiggy, these moves mark a clear diversification beyond its core offerings.

Asian Paints announced a disappointing September quarter performance over the weekend. The results were marked by a 5.4% drop in consolidated revenues to ₹8,003 crore and a 480 basis points decline in operating margin to 15.5%. Consolidated net profit dropped 44% to ₹694 crore.

Space Manufacturing and Tech, Satellite and Navigation Systems, Propulsion, and Mission Design. Space startups have also said that they are willing to pay a premium for individuals with the right skill set. TalentSprint's founder, CEO and MD Santanu Paul told ET that the company has consistently anticipated market trends, as seen with AI and fintech when those industries were in their early stages, by launching various executive courses. «This is an attempt to create the talent pool and ‘expertise building’ for the space economy in India,» he said. «If India aims to become a 100 billion USD space economy by 2040, I believe that a 100 billion USD industry will naturally support at least a billion dollars' worth of education.»

content licensing deals with Gen AI companies gain traction, academic book publishers find themselves in a dilemma: ‘Are we be making a deal with the devil?’ While licensing might seem like fair compensation for using authored material to train AI models, experts suggest, this may not be a permanent solution. Once trained, these models can generate new content autonomously, thereby making it difficult to establish the rights of authorship. The Indian Reprographic Rights Organization (IRRO) which represents 113 global and Indian publishing houses like Pearson, Oxford, S. Chand etc. said, it is cautious of these factors as AI companies are approaching the body for content outsourcing rights.

market, but the Nifty may not fall sharply in the absence of major market-moving events. Stocks like Infosys, HCL Technologies, Bank of Baroda, Axis Bank, Federal Bank, Mphasis, LTI Mindtree, M&M, Tata Motors, Sobha, Syngene, and JB Chemicals have formed bullish patterns on the charts, they added. NAGARAJ SHETTI TECHNICAL RESEARCH ANALYST, HDFC SECURITIES

foreign portfolio investors' (FPIs) outflows from the Indian equity market tapered in the first week of November and so did the buying by domestic funds. It followed an unusually busy October which recorded an unprecedented selling by FPIs and equally strong buying by local funds. In the first five trading sessions of November, FPIs sold equities worth ₹19,993.7 crore ($2,374.6 million) net according to the data from NSDL. This compares with a massive selling of ₹44,914 crore ($5,352.1 million) in the first five sessions of the previous month, forming nearly half of the total selling worth ₹94,017 crore ($11,195.4 million) for the whole month.

State Bank of India (SBI) has a 35-basis-point cushion on its benchmark marginal cost of funds-based lending rate (MCLR) that it can choose to pass on to borrowers if deposit rates harden further, Chairman CS Setty told analysts in a post-earnings call. One basis point is a hundredth of a percentage point. India's largest lender has hiked its MCLR by 30 basis points in the first half of this fiscal, responding to higher costs of deposits. The last hike by the bank was effective from October 15. The bank's one-year MCLR rate is currently at 8.95%. One basis point is 0.01 percentage point.

Equal has secured $10 million (about Rs 84 crore) in its first institutional fundraising, led by Prosus Ventures, Tomales Bay Capital and its founder Keshav Reddy. After the round, the startup achieved a valuation of $80 million, the company said in a statement. Reddy, the scion of the GVK family, which runs the GVK Group, founded Equal in 2016 with Rajeev Ranjan, who was previously director of engineering at Swiggy.

Reserve Bank of India (RBI) Governor Shaktikanta Das has said the October inflation print could exceed September's 5.5%, and odds have lengthened on a durable win against inflationary pressures after the Trump victory raised the likelihood of both higher US borrowing and consumer prices — a combination that limits headroom to lower rates more quickly in the world's biggest economy.

Realty firm Godrej Properties' net debt rose 2% during the September quarter to ₹7,572 crore with the company focusing on land acquisition for future growth. Its net debt stood at ₹7,432 crore at the end of the June quarter, according to an investors' presentation. Godrej Properties is one of the leading developers in the country. It has a major presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. Godrej Properties plans to raise up to ₹6,000 crore through the issue of securities. The board had last month approved the proposal. The funds would be raised through the issuance of securities, including equity shares, debentures, preference shares, and/or any other eligible securities. The fundraising could be in one or more tranches through public and/or private offerings, including qualified institutions placement, rights issue, further public offer or any other mode as may be permitted under applicable laws.

Indian aviation space will come down to just one from five in a span of over 17 years. Also, the merger-which will see Vistara's 49% owner Singapore Airlines holding 25.1% stake in Air India post the merger-will mark the sunset of another Indian airline jointly owned by an overseas carrier after the liberalisation of foreign direct investment norms. In 2012, Prime Minister Manmohan Singh-led UPA government allowed foreign airlines to buy up to 49% in a domestic carrier, which later resulted in the now defunct Jet Airways securing 24% stake from Gulf carrier Etihad besides the birth of AirAsia India and Vistara.

A year ago, sales had grown 15% while profit expanded 26%, indicating that P&G's growth rate halved amid falling demand in the Indian consumer goods market after the pandemic-induced boom. P&G India reported sales of ₹17,429 crore and net profit of ₹1,583 crore in FY24 across its four companies-pharmaceuticals firm P&G Health, shaving products maker Gillette, P&G Health & Hygiene and P&G Home Products. In India, P&G competes mostly with Unilever's local unit Hindustan Unilever (HUL), which is over three times its size.