Experts Financial News

BSE Midcap and Smallcap indices have jumped 21 per cent each. Some small-cap stocks such as Gallantt Ispat, GTL Infrastructure, Kesoram Industries, Inox Green, Wockhardt, Praveg, Inox Wind and Navkar Corporation have jumped over 100 per cent since November. In the midcap space, stocks such as HPCL, Power Fin Corp, BHEL, GlaxoSmithKline Pharmaceuticals, IRFC, YES Bank, New India Assurance Company, GMR Airports and Macrotech Developers have jumped over 50 per cent each in the same period.

By Phil Stewart and Idrees Ali

new tax regime which combines lower tax rates with a very limited number of exemptions. As of now, an individual's contribution of up to Rs 50,000 to the National Pension System (NPS) under Section 80CCD (1B) as deduction under the old tax regime but not under the new tax regime. Promotion of retirement saving is also a stated goal of the government because of which the above-mentioned deduction was allowed over and above the tax saving investment limit of Rs 1.5 lakh under Section 80C in the old tax regime.

The United States Securities and Exchange Commission (SEC) is on the verge of issuing conclusions on multiple spot Bitcoin exchange-traded fund (ETF) applications. This announcement comes at a crucial juncture for the cryptocurrency landscape. If this new breakthrough is successful, it has the potential to drastically alter the way digital assets are traded in the United States.

Gold rate today: Despite swift recovery from the one-month low, gold price ended 0.30 per cent lower in the week gone by. The gold futures contract for February 2024 expiry on Multi Commodity Exchange (MCX) finished at ₹62,390 per 10 gm level on Friday, logging a marginal intraday gain of ₹28 per 10 gm. In the international market, spot gold price closed at $2,048 per ounce level.

Avenue Supermarts Q3 results today: The company results season for the third quarter of the financial year 2023-24 kickstarted on 11th January 2024. After the announcement of Q3 results 2024 by companies like Infosys, Tata Consultancy Services (TCS), Wipro, HCL Technologies, HDFC AMC, HDFC Life, Anand Rathi, JTL Industries, etc, Avenue Supermarts Ltd, which is doing business as DMart, is going to declare its Q3 results today.

BSE 250 Smallcap. According to the data available on Mint, Motilal Oswal Nifty Smallcap 250 Index, Nippon India Nifty Smallcap 250 Index Fund, and Motilal Oswal Nifty Midcap 150 Index Fund are some of the best-performing index mutual funds. These schemes have generated lucrative returns for investors in the last one and three years.

Tesla shares dropped in trade after the carmaker said its lone European factory will be disrupted by attacks in the Red Sea. It also cut car prices in China. The company reduced starting prices of the Model 3 sedan by 5.9% to 245,900 yuan ($34,300) and marked down the Model Y sport utility vehicle by 2.8% to 258,900 yuan, according to its website. Hours earlier, Tesla told Reuters it will suspend most production at its Model Y plant near Berlin from Jan.

rupee closed at its strongest level in four months on Friday, kicking off 2024 as an outperformer among Asia-Pacific currencies, as US dollar flows have poured in ahead of India's inclusion in global bond indices, while an optimistic view on GDP growth burnishes the country's appeal. So far in January, the rupee has gained 0.4%, with the currency closing at 82.92/$1 on Friday, its strongest closing level since September 12, 2023, Bloomberg data showed. The rupee, which closed at 83.03/$1 on Thursday, weakened 0.6% in 2023 on a closing basis.

Zerodha CEO Nithin Kamath sets himself a new fitness goal every quarter — it could be something to do with long-distance running or swimming, the idea is to keep things interesting. “Productivity at work is directly proportional to your quality of health,” he said. “If your body is healthy, your outcome at work will be better.” Emcure Pharmaceuticals executive director Namita Thapar agreed. “I strongly believe in the link between health and work productivity,” she said. “Yoga has been a gamechanger for me. The asanas and breathing have made me a kinder and more focused leader.”

TORONTO — Bitcoin is trading around levels not seen in nearly two years after a U.S. regulator approved 11 exchange-traded funds linked to the cryptocurrency, prompting calls that it’s a new era for digital money, but also for caution among investors.

Mint analysis, Wipro, which had the highest wage burden among Indian IT companies, spent 60.5% of revenue on employee benefits, down from 61.4% in Q1FY24 and 61.5% in Q2FY24. Tata Consultancy Services (TCS) spent 57.3% of revenue for employees in Q3, compared to 58.8% in Q2,and 59.2% in the first quarter of the current fiscal year. HCL Technologies allocated 55.8% to employee costs in Q3, down from 57.2% in Q2 and 57.1% in Q1, while for Infosys it was at 53.2% in Q3, declining from 53.8% in Q2 and 54.3% in Q1.

Lexdale International on Friday sold around 1% stake in FSN E-commerce through the open market for Rs 495 crore. The asset management firm sold 2,62,37,880 shares of the Nykaa brand owner at Rs 188.83 a share, bulk deals data showed. Shares of Nykaa parent ended 3% down on the National Stock Exchange at Rs 187.60.

Revenue Growth: The revenues of Wipro came in at ₹22,205 crore in Q3, indicating a 4.4% decrease compared to the revenue of ₹23,229 crore reported in the corresponding period last year. Sequentially, revenue also saw a 1.4% drop. In constant currency, revenue dropped by 1.7% QoQ and 6.9% YoY.

Kerala Government has proposed to come out with a comprehensive policy on AVGC-XR (Animation, Visual Effects, Gaming and Comics and Extended Reality), a cutting-edge technology domain with immense potential for the state to emerge as a knowledge-based economy. The draft AVGC-XR policy will be put out in the public domain to elicit views and suggestions from the public, including experts, professionals and investors, before it is finalised, the Kerala Startup Mission said in a statement on Friday.

Reliance Industries' board will meet on January 19 to consider and approve results for the quarter ended December 2023. “The meeting of the Board of Directors of the Company is scheduled to be held on Friday, January 19, 2024, inter alia, to consider and approve the standalone and consolidated unaudited financial results of the Company for the quarter and nine months ended December 31, 2023,” the company said in an exchange filing. RIL’s recently listed subsidiary Jio Financial Services will be releasing its quarterly earnings on Monday.

Rates on some fixed mortgages have dropped by a full percentage point in the past few months, opening up an opportunity for Canadians eyeing the spring housing market or with a mortgage of their own up for renewal.

On the BSE, Intnl Travel(down 9.99 per cent), DAPS Advertising(down 9.99 per cent), Virtuoso Optoelectro(down 9.96 per cent), Sadhna Broadcast(down 9.91 per cent) and Ramchandra Leasing(down 9.62 per cent) stood among the top losers in today's trade. In the Nifty pack, 31 stocks closed in the green, while 19 stocks ended in the red.

Rajshree Sugars & Chemicals Ltd.(up 2.30%), Kothari Sugars & Chemicals Ltd.(up 1.75%), Bannari Amman Sugars Ltd.(up 0.78%), Triveni Engineering & Industries Ltd.(up 0.34%), Mawana Sugars Ltd.(up 0.27%), EID Parry(India)Ltd.(up 0.22%) and Uttam Sugar Mills Ltd.(up 0.08%) stood among the top gainers. DCM Shriram Industries Ltd.(down 2.47%), Ponni Sugars(Erode)Ltd.(down 1.53%), Simbhaoli Sugars Ltd.(down 1.39%), Avadh Sugar & Energy Ltd.(down 1.27%), KCP Sugar & Industries Corporation Ltd.(down 0.97%), Magadh Sugar & Energy Ltd.(down 0.94%), Bajaj Hindusthan Sugar Ltd.(down 0.90%), Balrampur Chini Mills Ltd.(down 0.84%), Dalmia Bharat Sugar and Industries Ltd.(down 0.38%) and Dhampur Sugar Mills Ltd.(down 0.38%) were among the top losers of the day.

Shares of Macrotech Developers Ltd.(up 6.69 per cent), Swan Energy Ltd.(up 3.75 per cent), Brigade Enterprises Ltd.(up 3.09 per cent), Phoenix Mills Ltd.(up 2.3 per cent) and Sobha Ltd.(up 1.58 per cent) ended the day as top gainers in the pack. On the other hand, Oberoi Realty Ltd.(down 0.49 per cent) finished as the top losers of the day.

Wipro on Friday, January 12, reported a 1.8 per cent quarter-on-quarter (QoQ) increase in its net income to ₹2,690 crore ($323.9 million) for the third quarter of the current financial year (Q3FY24). However, its revenue from operations declined year-on-year (YoY) and QoQ and profit also fell year-on-year. “In a seasonally soft quarter, deal booking momentum remained strong.