Extreme Financial News

El Nino weather pattern is set to last until at least April 2024, the World Meteorological Organization (WMO) said on Wednesday, pushing up temperatures in a year already on track to be the warmest on record. The WMO said there was a 90% likelihood that the naturally-occurring event will continue through the northern hemisphere winter, following a similar projection last month from a U.S. government forecaster. El Nino is a warming of ocean surface temperatures in the eastern and central Pacific, and it can provoke extreme weather phenomena from wildfires to tropical cyclones and prolonged droughts.

Bihar caste survey presents a bleak portrayal of the poverty situation in the state as the government informed the state Assembly that one-third of the families survive on ₹200 per day, which is ₹6,000 a month, or less. It says 34.13 per cent of all families in Bihar earn up to ₹6,000 per month while 29.61 per cent survive on ₹10,000 or even less. Only four per cent of the total population earns above ₹50,000 per month, with 28 per cent falling in the income range of ₹10,000 to ₹50,000.

India and Malaysia are firming up a framework for conducting trade in national currencies and initiating a process to review the 12-year-old comprehensive economic cooperation agreement to include new domains and items, Malaysian Foreign Minister Zambry Abdul Kadir said. At the end of a three-day visit to India, Kadir told PTI that both sides are keen to expand trade engagement in new and emerging areas such as electronics, semiconductors, fintech, renewable energy, new technology and startups.

The nation’s once dominant consulting firm, PwC Australia, will cut 344 roles, or more than 4 per cent of its 8000-strong workforce, as fallout from its tax leaks scandal and the economic slowdown reduce demand for its services.

Royal Bank of Canada report.The RBC analysis of the October resale market argues higher interest rates have the fall housing market “stuck in a low gear.”Inventories are still growing, but not at the pace seen for the past few months in Toronto, Vancouver and the Fraser Valley. Buyers are still finding they have more options to choose from, leading to a “rebalancing of market conditions.”Those buyers who are able to qualify for a mortgage amid higher interest rates have been able to extract lower prices in some Ontario, Quebec and British Columbian markets, according to the report from RBC’s Robert Hogue and Rachel Battaglia.Toronto, Montreal, Vancouver and the Fraser Valley all saw price declines month-to-month in October.Toronto’s October was the quietest in nearly 25 years, the report said, with buyers taking the “upper hand” in negotiations.

El Nino, U.S. forecasters say — if past years are any indication.Officials at the U.S.

Piyush Goyal. Speaking at the ISA Steel Conclave, he said, “Let us not be scared of it and find solutions to our advantage going forward.

CM Kumar cited that reservations for the OBCs need to be raised from 50% to 65% while for the SCs and STs, which together account for a 17% quota, the limit should be raised to 22%. “We will do the needful after due consultations.

social media companies and reiterated the existing advisory, sources said on Tuesday. According to the sources, the advisory reiterated the existing rules including 66D of the Information Technology Act, 2000: Punishment for cheating by personation by using computer resources: imprisonment of up to 3 years and a fine of up to Rs 1 lakh. «IT Intermediary Rules: Rule 3(1)(b)(vii): Social media intermediary shall observe due diligence including ensuring the rules and regulations, privacy policy or user agreement of the intermediary inform users not to host any content that impersonates another person,» sources said.

Atul Limited's Board of Directors approved a share buyback worth Rs 50 crore at a buyback price of Rs 7,500 per share, the company informed in its filing to the exchanges. The pre-buyback holding of promoters stood at 45.06% as on November 3 which is expected to go up to 45.16% post the buyback. The stock fell 3.5% on the NSE following the announcement. On Tuesday, the board approved the buyback of fully paid up equity shares with face value of Rs 10 per share from the open market through stock exchanges. The price for the buyback will be payable in cash and it represents 1.20% and 1.19% of the total paid-up equity share capital and free reserves (including securities premium account) as per the audited standalone financial statements and audited consolidated financial statements for the financial year ended on March 31, 2023. The company will buyback shares from the equity shareholders and beneficial owners other than the promoters or promoter entities. At the maximum buyback size and the maximum buyback price, the indicative maximum number of equity shares to be bought back under the buyback will be 66,666 shares which represents 0.23% of the total number of outstanding equity shares of the company. Though the actual number of equity shares bought back during the buyback will depend upon the actual price of the share on the buyback date. The number of equity Shares bought back under the buyback will not exceed 25% of the total number of equity shares, the company filing said. The Board has also constituted a committee for the purpose of buyback. Atul is an integrated chemical company serving about 4,000 customers in 30 industries across the world, the company claims.

Deven Choksey, MD, DRChoksey FinServ Pvt. Ltd, says “L&T on one hand, shows extremely high competitiveness in bidding and winning the contracts. On the other hand, the input cost control has to be there. In a given situation, which remains quite fluid, it is difficult for companies to maintain the margin beyond a point. Of course, they have got a pass over clause in most of their contracts. But all said and done, there are certain challenges in the margin. As a result of which, the margins have remained relatively more competitive. That is where they are probably not getting a higher valuation.” Do you think a large part of the rally in the capex theme is done because in the last few weeks, we have seen sideways moves from the likes of Siemens and ABB. The big rally that we were witnessing a few months ago seems to have subsided, with the exception of L&T? I guess a few things need to be observed. While most of the companies are continuing to take advantage of a good capex cycle in the country because of the government spending, the spending by the industry, etc. I feel the more important part is that these companies would have a probability of growth rate moderated between 15% and 20%.

By Selena Li

Anuj Poddar, MD & CEO, Bajaj Electricals, says «Q3 is definitely looking better. It has started on a stronger note and the two factors that have impacted Q2 one is just a general weak environment for consumer demand that we saw particularly in September but also there was also a shifting of the festive season this year from Q2 to Q3, which is why the base effect kicked in. I do see a better start to Q3 and hopefully a better end to Q3 as well.» In your commentary after Q2 results, you have mentioned a weak consumer demand sentiment which might have impacted your consumer products and lighting solutions revenues in the quarter gone by. Has the demand recovered from those low levels or are you still seeing it impact in this quarter as well? Yes Q3 is definitely looking better. It has started on a stronger note and the two factors that have impacted Q2 one is just a general weak environment for consumer demand that we saw particularly in September but also there was also a shifting of the festive season this year from Q2 to Q3, which is why the base effect kicked in. I do see a better start to Q3 and hopefully a better end to Q3 as well.

Devang Mehta, Director-Equity Advisory, Spark Private Wealth, says: “Most of this high-end discretionary luxury demand for cars, real estate, as well as capex, is bound to come in and most of these industries will do very well. So on the sector front, auto, auto components, a lot of building material/home improvement/capital good type of businesses is what we recommend to our clients in building the portfolios.” Why don’t you start by giving us one of your top Diwali recommendations given the fact that there are cheers all around with Nifty hitting that 19,400 mark. I would not be able to recommend any single specific idea but yes, as a theme, we clearly like something in the auto and auto component universe. We know that it is a part of discretionary consumption and India Inc., has been seeing sales of passenger cars over the last complete festive weekends, may it be Navratri or the start of Diwali season.

₹549.37 crore, according to NSE data. DIIs bought equities resulting in an inflow of ₹595.70 crore, the exchange data showed.Oil held a modest advance after Saudi Arabia and Russia’s announcements that they would prolong supply cuts through the end of the year was balanced by a worsening demand outlook.The yield on the 10-year Treasury rose to 4.64%.

Stocks are drifting as Wall Street’s wild recent moves calm a bit

Climate change is increasing billion-dollar disasters, many of them from intensifying hurricanes

Crypto, the buzzword in the world of finance. There are currently around 31 million users of these digital assets in Europe, according to estimations from cryptocurrency payment gateway TripleA.

Stocks surged aggressively last week as investor bets rose that rates have peaked in the aftermath of the FOMC’s decision to leave rates unchanged. Moreover, the labor market data cooled, signaling the Fed is done hiking.

Also Read: 'Extremely scary': Rashmika Mandanna Flags 'identity theft' Issue as deepfake video goes viral In a first look, the AI-fabricated video shows Pushpa actress wearing a black dress and entering an elevatorto. However, the video is of another lady and was created by using an AI technology called deepfake. From top actors like Amitabh Bachchan to Union Minister Rajeev Chandrasekhar, a lot of people have reacted on the video.

Having achieved a valuation of over Rs 250 crore in about two years of its inception in 2021, Rise Infraventures, a Gurugram-based leading real estate consultancy firm with a strong presence in north and west India, expects to achieve Rs 3000-crore business in FY 2023-24 with 5 operational verticals, and aims to clock sales of Rs 6800 cr by 2025. The firm had achieved sales of Rs 1428 cr in FY 2021-22 as against the targeted Rs 1250 cr and sales of Rs 2182 cr as against the targeted Rs 2000 cr in FY 2022-23, with a growth 52.5%.