Experts Financial News

Stock market today: Despite strong global sentiment on growing UK hopes of interest-rate cuts, the Indian stock market remained sideways throughout the Wednesday session. The Nifty 50 index finished flat at 22,302, the BSE Sensex ended 45 points lower at 73,466, whereas the Bank Nifty index corrected 264 points and closed at the 48,021 mark. The India VIX Index finished at 17.08 after climbing to a new 52-week high of 18.32.

election? Now, a slew of offshore apps and websites — albeit operating illicitly in India — are offering a chance to wager on the outcome of the world’s largest electoral process. Bets that can run into lakhs of rupees are being made across a dozen apps and websites over the results, margins of victory and party showing, an analysis by ET showed.

AI fakery is quickly becoming one of the biggest problems confronting us online

No, Katy Perry and Rihanna didn’t attend the Met Gala this year

Georgia lawmakers vowed they were going to rein in tax breaks for businesses this year, but their efforts came to nothing

With used car prices dropping, it’s crucial to know the best way to maximize your return when you part ways with your current car

Remember the days when the price of oil would go up and the loonie would follow suit?

Dover, DE, USA, May8, 2024 — ChainGPT , the AI-powered Web3 infrastructure providing a diverse suite of tools and services, will exclusively launch the IDO of its latest launchpad project, Engines of Fury : a free-to-play top-down extraction shooter designed for Web3. Developed by talents from AAA titles, Blizzard, Activision, Ubisoft, and Unity, its top-down characteristic makes it a first within Web3’s free-to-play shooter arena. Set for May 8, Engines of Fury’s IDO leverages ChainGPT Pad’s acceleration program enabling the game to perfect its product systems, action plans, and roadmaps while receiving expert marketing and promotional support.

IPL 2024: Cricket mania may be sweeping India over, but the biggest money-makers in the accompanying ad frenzy are not cricketers, but Bollywood superstars. When it comes to TV advertisements, those who seem to have the most firepower are, in fact, two of India's favourites for all seasons — B-Town big guns Shah Rukh Khan and Ajay Devgn. Laughing all the way to the bank with the fattest endorsement cheques is Shah Rukh Khan, who has emerged as the most prominent celebrity this IPL season, commanding a 12% share of ad volumes across the first 37 matches, as per data from TAM Sports. Following closely behind is Ajay Devgn, who secured a 7% share in the overall ad volume.

Trivesh D., Chief Operating Officer at Tradejini, believes the 2024 general election outcome may not greatly influence the stock market in the short run. However, the long-term impact could be significant. He said if the election outcome is unexpected, it could cause market disruptions, which could be short-lived.

Hindalco Industries, the company run by Indian billionaire Kumar Mangalam Birla, is considering seeking about $1.2 billion in Novelis, its US-based division's initial public offering (IPO), Bloomberg news reported. Novelis is the world's biggest manufacturer of flat-rolled aluminium products, which are used in many different goods, such as cars and pop cans. Bloomberg reported that Hindalco may aim for a $18 billion value for Atlanta-based Novelis, citing sources familiar with the matter.

Tata Motors were offset by losses in shares of HDFC Bank, ICICI Bank and Hindustan Unilever. Key equity indices traded volatile during the session, reflecting cautious market sentiment ahead of the Lok Sabha election outcome on June 4.

₹3.25 crore in a private placement round. The firm, which supplies sustainable lighting and power products solutions, has secured the funding while it aims to launch its initial public offering (IPO) to raise nearly ₹30 crore around August this year. "GRE Renew Enertech has successfully secured funding of ₹3.25 crore in a private placement round.

Shares of Bharat Forge jumped over 9% on Wednesday to hit their 52-week high of Rs 1,356.75 crore on the NSE after the company reported a 78% year-on-year (YoY) jump in its consolidated net profit at Rs 227 crore for the quarter ended March 31, 2024, compared to Rs 127.74 crore reported by the company in the year-ago period. For the full financial year, the profit after tax (PAT) jumped to Rs 910 crore, a 79% uptick over Rs 508 crore reported in the year-ago period.

₹93 per share. The IPO lot size for TGIF Agribusiness is 1,200 shares. The company is essentially a horticultural business that engages in open farming of specific fruits and vegetables, as stated in the prospectus.

Indian Energy Exchange (IEX) - BUY IEX above ₹157.40, ADD on dips at ₹150 for a target of ₹185 with a strict stop loss of ₹144. As per the brokerage, technically, the weekly chart suggests that the stock has given the breakout of a downward-sloping channel suggesting a potential upmove in the near term. It is well placed above all the important moving averages on a closing basis.

Rekha Jhunjhunwala portfolio: In the midst of significant volatility in the Indian stock market over the past four sessions, even quality stocks with strong face value have not been immune. A prime example is Titan Company shares.

One 97 Communications are the top losers in the index as they are down nearly 67 per cent from their 52-week high. Stocks such as SPARC, Zee Entertainment, Rajesh Exports and Delta Corp are down 54-56 per cent from their 52-week highs. Stocks such as Vodafone Idea (down 33 per cent), PVR Inox (down 30 per cent), YES Bank (down 30 per cent), Adani Total Gas (down 28 per cent), LTIMindtree (down 27 per cent), HCL Technologies (down 22 per cent), MRF (down 18 per cent), Bajaj Finance (down 16 per cent), Wipro (down 15 per cent), HDFC Bank (down 14 per cent) and ITC (down 12 per cent) have fallen more than 10 per cent from their 52-week highs.

Reserve Bank of India will likely enforce a rule that could dampen the spirits of India’s capital expenditure momentum, a highlight of the Narendra Modi government’s tenure at the Centre. RBI has issued draft guidelines asking lenders in India to increase their provisioning for infrastructure projects which are under construction and has asked them to ensure strict monitoring of any emerging stress. In essence, provisioning entails lenders allocating a specific portion of their balance sheets as reserves to cover expected future losses.

London Drugs said Tuesday that all of its stores stores in Western Canada have reopened.The update came more than a week after a cyberattack closed all 79 of its retail locations.Earlier this week the company said it had previously restored core services in 40 stores but pharmacy customers had not been able to fill new prescriptions.Customers are urged to call their local pharmacy or visit the store in person during regular hours to receive help.Canada Post locations within stores are accessible, the Insurance Services Call Centre is open and optical locations were opened on Monday.London Drugs has not revealed any details about the cybersecurity incident that forced the closure of all stores in Western Canada.In a statement, the company said it continues to “methodically work to ensure systems at each store are working and ready to serve the full range of services and products that we know our customers expect, and we thank everyone for their patience.”“We are only turning on systems after we and our external third-party cybersecurity experts have taken all recommended steps to ensure we have full confidence that the systems being used are safe and secure.”The company said it has not seen any evidence that any customer databases were compromised, including pharmacy patients and LDExtras members.

Stock market today: Despite the persistent rise in the India VIX index, the Indian stock market has shown remarkable resilience, continuing to correct for the fourth straight session. Today, the Nifty 50 opened lower at 22,231 and went on to touch an intraday low of 22,185. The BSE Sensex today opened with a downside gap and touched an intraday low of 73,073 mark whereas the Bank Nifty today registered arouund 0.65 percent fall within an hour of stock market's opening bell.