Experts Financial News

speeding, avoid abrupt mid-road stops unless absolutely necessary and use indicators. These are some of the expert suggestions to drivers battling dense fog in the winters. The precautions become more important with the India Meteorological Department (IMD) forecasting dense fog days this week over parts of east, northwest and north India, including Delhi-NCR.

Vedanta Resources said on Wednesday it received bondholders' support to restructure some of its near-term debt, easing repayment pressure on the parent of Indian metals conglomerate Vedanta Ltd . Billionaire Anil Agarwal's Vedanta Resources last year proposed restructuring four series of bonds, including two due for maturity in 2024, one in 2025 and another in 2026, to ease its massive debt burden. The group, which has an outstanding debt of $6.4 billion — including a $4.5 billion payment due by fiscal 2025 — has been seeking to extend debt maturities, and amend some bond terms and certain waivers. It received consent from about 97% to 100% of bondholders across the four series of bonds, surpassing the required threshold of 66.67%, it said in a regulatory filing. «The overwhelming consent to the revised terms will take immediate pressure (off) Vedanta to repay the debt obligation,» Vedanta Resources said. The green light from investors came despite S&P Global Ratings' December downgrade of Vedanta Resources, saying the company's restructuring plan was spurred by the high «likelihood of a conventional default». Other rating agencies had also downgraded the firm last year, citing concerns about the group's outstanding debt. Group Chairman Agarwal made several bids to trim the group's debt, including an unsuccessful attempt to take the company private in 2020. In 2023, a deal for unit Hindustan Zinc to buy some of the debt-laden firm's zinc assets ended up being contested by the Indian government, which holds the largest minority stake in Hindustan Zinc, amounting to 29.54%. In December, Vedanta Resources raised $1.25 billion from financial institutions for refinancing, including a new credit facility.

Nifty on Wednesday ended 148 points lower to form a long negative candle on the daily chart placed at the edge of breaking below the immediate support of 10-day EMA. The positive chart pattern like higher tops and bottoms is intact on the daily chart and the present weakness could be in line with the formation of new higher bottoms of the sequence. A decisive move below 21,500 levels could open the next downside of 21,255 (20-day EMA) and the next 20,980 levels in the near term. Immediate resistance is placed at 21,670, Nagaraj Shetti of HDFC Securities said.

NEW DELHI : The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be "extraordinarily generous" to SEBI and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue. In a relief to the Adani Group, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Indian corporate giant to a special investigation team and directed market regulator SEBI to complete its probe into two pending cases within three months.

NMDC Ltd(up 1.21%) and Sandur Manganese & Iron Ores(up 0.63%) stood among the top gainers. Ashapura Minechem(down 1.81%), KIOCL(down 1.81%), 20 Microns(down 1.76%), Coal India(down 1.30%), Pokarna(down 1.03%), MOIL(down 0.98%), Orissa Minerals Development Company(down 0.76%), Gujarat Mineral Dvpt Corporation(down 0.71%), Oriental Trimex(down 0.53%) and Aro Granite Industries(down 0.41%) were among the top losers of the day.

Congress General Secretary and Karnataka incharge Randeep Singh Surjewala on Wednesday urged the union government to immediately release Centre's grants to the State including drought relief without any further delay. He also questioned the «silence» of BJP MPs on the matter. In a statement here, he said the state government had declared 223 taluks among the total 236 as drought-hit, and there is a loss of standing crop in over 48.19 lakh hectare, as per study report from experts.

Shares of Bajaj Auto Ltd.(up 4.82 per cent), TVS Motor Company Ltd.(up 1.46 per cent) and MRF Ltd.(up 0.46 per cent) ended the day as top gainers in the pack. On the other hand, Samvardhana Motherson International Ltd.(down 2.95 per cent), Hero MotoCorp Ltd.(down 2.4 per cent), Tube Investments of India Ltd.(down 1.67 per cent), Maruti Suzuki India Ltd.(down 1.17 per cent) and Balkrishna Industries Ltd.(down 0.62 per cent) finished as the top losers of the day.

Adani group, which is redeveloping Dharavi slums, plans to finance the entire project via internal accruals and possible sale of equity in the special purpose vehicle (SPV) set up for the project, according to sources. Earlier this week, the company had appointed three companies, including noted architect Hafeez Contractor, as city planners to present a draft development plan for the Asia's largest slum cluster. In a statement, the group, which has promised to invest Rs 21,000 crore in the project, said it roped in design firm Sasaki, consultancy firm Buro Happold as design planners for the project as well as some experts from Singapore Housing Development Board. The statement did not mention any timeline for the project. The Adani group had in November 2022 won the bid to redevelop Dharavi, with an initial equity investment of Rs 5,069 crore. Hafeez Contractor is known for revolutionary social housing and slum rehabilitation authority projects in the city, while Sasaki is an interdisciplinary design firm from the US and Buro Happold is a consultancy from England known for its creative and value-driven infrastructure solutions. When asked about the media reports that the company was about to reach financial closure for the project with two lenders agreeing to fund it, a source in the know said the tender conditions are very clear, we cannot raise any debt to fund the project. We will dip into our own finances and look at other innovative financial instruments.

small savings schemes for the fourth quarter of fiscal year 2023-24, which will be effective from January 1, 2024 to March 31, 2024. The government has hiked on the interest rate of 3-year time deposits by 10 basis points (bps) from 7% to 7.10%. Now let us compare interest rates of the 3-year POTD with private banks (HDFC Bank, ICICI Bank, Axis Bank) PSU (SBI, Canara Bank, PNB) banks and Small Finance Banks ( AU SFB, Ujjivan SFB, Equitas SFB). Latest PNB FD rates: Punjab National Bank hikes fixed deposit interest rate by 45 bps on this tenure SBI FD interest rates State Bank of India revised FD interest rates on tenures below 1 year.

Well-known macro expert and crypto veteran Lyn Alden believes that a peak of $100,000 for Bitcoin (BTC) during the next bull market would be a rather underwhelming outcome for the ongoing bullish cycle.

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stocks witnessed a build of fresh short positions. Lets first understand how this conclusion is reached that whether the stock has seen a buildup of fresh short position or not.

GAIL (India) Ltd. slipped 1.06 per cent to Rs 162.1 in Wednesday's trade as of 01:33PM (IST). It hit a high of Rs 164.35 and low of Rs 160.8 during the session.

gold is anticipated to reach Rs 70,000 per 10 grams in the local market. This projection is attributed to a stable rupee, geopolitical uncertainties, and the deceleration of global economic growth, as indicated by experts. Buying gold in tangible or physical forms such as jewelry, gold coins, or bars can be significantly expensive. In contrast, possessing it in a paper form like gold exchange-traded funds (gold ETFs) is more cost-effective, with prices aligning closely to the actual value of gold. Also read: 6 ways to buy and invest in gold Hence, if your goal is to capitalize on the potential increase in the value of gold in the future, opting for the ETF route is the solution. Comparable to mutual funds, where the investment's value mirrors that of the underlying securities (equity or debt), in the case of gold ETFs, gold serves as the underlying asset.

retail investors gained strong muscle power as a result of their roaring participation in the primary market in 2023. In value terms, retail investors applied for shares worth a staggering Rs 1.49 lakh crore, which was a whopping 203% higher than the total IPO mobilisation in 2022, according to Prime Database. The average number of applications from retail investors in initial public offers (IPO) increased to 13.21 lakh, which was more than double of 5.66 lakh in 2022. The highest number of applications from retail investors were received by Tata Technologies at 52.11 lakhs, followed by DOMS Industries at 41.30 lakhs, and INOX India at 37.34 lakhs. Through initial public offering (IPO), companies raised Rs 54,114 crore in 2023, which includes both the main board and SME. However, this was nearly 12% lower than 2022, primarily due to the mega IPO of insurance major LIC. About 57 corporates raised Rs 49,434 crore through main board IPOs in 2023, which was 17% lower in 2022. However, excluding the mega IPO of LIC, which came out in 2022, mobilisation through IPO increased by 28%. As many as 40 out of the 57 IPOs came in just four months in 2023. The largest IPO in 2023 was from Mankind Pharma, which mopped Rs 4,326 crore, followed by Tata Technologies at Rs 3,043 crore, and JSW Infrastructure at Rs 2,800 crore. While companies from multiple sectors tapped the IPO market in 2023, one key sector that had a limited presence was BFSI with just Rs 6,190 crore. The sector represented just 13% of the total fundraising in 2023 compared to 46% in 2022. New age technology companies too, were few at just two namely Yatra and Mamaearth.

Zee Entertainment Enterprises Ltd. traded 0.45 per cent up at Rs 288.55 at 01:39PM (IST) on Wednesday, even as BSE benchmark Sensex dropped 170.12 points to 72240.26. The stock had closed at Rs 287.25 in the previous session.

Earn up to 7.5% FD interest rate: Bank of India introduces new special fixed deposit with higher interest rates “Extension of ‘Utsav FD’ for 375 Days and 444 Days up to March 31, 2024,” stated the IDBI Bank website.

Colgate-Palmolive (India) Ltd. traded at Rs 2499.5 on BSE at 12:17PM (IST) on Wednesday, down 0.06 per cent from previous close. The stock quoted a 52-week low price of Rs 1434.6 and a high of Rs 2546.45.

Chakri Lokapriya, CIO & MD, TCG AMC, says: “The midcap idea for 2024 is Sterling and Wilson. This company now makes up the solar industry. They benefit from a fall in solar module prices. Reliance Industries owns about 40% of the company itself. Amongst the largecaps, SBI and ICICI Bank have good valuations and strong balance sheets. Among smallcaps, the top idea is a very small chemical company called Gujarat Themis. Valuations are on their side and they are beginning to get some export and other orders.” Give us a sense as to what the outlook is when it comes to PSUs as a whole because a lot of top market experts we have been interacting with seem to be of the view that the year ahead as well could look fairly promising. What is your sense after the heady run up? Chakri Lokapriya: Indeed. As we go into 2024, PSUs are still very well placed. Some of the PSUs, of course, have run very sharply but their evaluations are still not demanding. Now, why have they run up? If you take PSU financials, basically their balance sheets are very strong. NPAs are very low. Credit cycle for corporate government capex has picked up and will continue to do well.

Many big names of India Inc, from Hindustan Unilever to ICICI Bank to LIC, have received tax demand on the eve of new year as authorities sought to meet the deadline to raise claims. Even many smaller GST taxpayers have also received tax demand. The notices range from mismatch of input tax credit, mismatch in turnover for various returns to demand for non-payment of tax on payments made to expats (in case of MNCs) for which demand has been raised. For instance, Life Insurance Corporation of India (LIC) has been slapped with two demand notices recently. One notice of Rs 806 crore for alleged short payment of GST for 2017-18 for Maharashtra, the insurer said in a regulatory filing. The insurer shall file an appeal before Commissioner (Appeals), Mumbai against the said order within the prescribed timelines, it said.

retail investor interest sparked by soaring yields in 2023. Online brokerage Public, wealth management platform Wealthfront and fintech software company Apex Fintech Solutions are among the firms launching new products that aim to make it easier and more affordable for individual investors to gain exposure to fixed-income products like Treasuries and corporate bonds.