Financial Financial News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

Raymond James upgraded Prudential Financial (NYSE:PRU) to Strong Buy from Market Perform, with a price target of $125 per share in a note Thursday. The new price target represents a potential 38% upside in the stock.

The prospect of global interest rates remaining higher for longer is tipping the case for many investors to switch into bonds from stocks.

₹213.45 apiece on the BSE with a market capitalization of ₹1.35 lakh crore. On BSE, Jio Financial Services shares were locked at ₹215.90 apiece.

MA Financial’s asset management business logged a record $1.26 billion of inflows in the first half, but firm-wide revenue still fell 12 per cent with its investment banking hamstrung by a lack of deal making.

To paraphrase the famous line from “Jaws,” “We’re going to need a bigger moat.”

Hindalco Industries Ltd (up 2.34%), Axis Bank Ltd (up 2.11%), ICICI Bank Ltd (up 1.58%), Divi's Laboratories Ltd (up 1.55%) and Larsen & Toubro Ltd (up 1.47%) were among the top gainers of Nifty 50. Adani Enterprises Ltd (down 5.89%), Jio Financial Services Ltd (down 4.99%), Adani Ports and Special Economic Zone Ltd (down 2.86%), Sun Pharmaceutical Industries Ltd (down 1.37%), and Tech Mahindra Ltd (down 1.15%) were among the laggards today.

investment bankers in India as the US advisory firm looks to beef up its operations in the world’s most populous nation, people familiar with the matter told Bloomberg. As per the report, the firm is looking to add bankers in ranging from associate to managing director in order to expand its team in India to about 25 people. These new positions will focus on sectors such as infrastructure and industrials, said the people to Bloomberg, who asked not to be identified as the information is private.

Raksha Bandhan, let's explore an array of financial goods that can be gifted to sisters, ensuring their financial security and prosperity this year. SIPs provide an efficient way to invest in Mutual Funds systematically. “SIPs are a powerful tool for achieving financial goals enabling brothers to contribute to their sisters' aspirations, be it travel, business endeavors, or other ambitions," said Amit Gupta, MD, SAG Infotech.

Ashoka Buildcon with a target price of Rs 155.0. The current market price of Ashoka Buildcon.

Jio Financial Services were locked in the lower circuit of 5% for the third straight session on Wednesday, trading at Rs 224.65, amid continued selling by institutional investors. In three days, the market value of the subsidiary of Reliance Industries has eroded by more than Rs 23,700 crore. The traded volumes of 2.3 million shares on NSE were lower than the 7.3 million shares that changed hands in the previous session. On Tuesday, index provider Asia Index Pvt Ltd deferred the decision to remove the stock from all key indices of BSE, including the Sensex by three days, as the stock hit the lower circuit for two consecutive days. Jio Financial is currently part of key indices of the BSE and NSE, including the Sensex and Nifty50. Jio Financial was added to key indices on July 20 for a temporary period, to give passive and active funds holding RIL stock, an opportunity to trade in the demerged entity. It was added at a constant price of Rs 261.8, which was derived through a special pre-open session conducted by the exchanges on RIL stock. Jio Financial will exit all the S&P BSE indices on August 29, provided it does not hit a lower circuit in the 3-day period. If the stock hits a lower circuit again on Thursday, then the removal date will be deferred again by another three days. While selling continues in the domestic market, the inclusion of the stock in the global indices such as FTSE and MSCI provided no support.

₹227.25 apiece as compared to previous close of ₹239.20 on BSE. On NSE, JFSL shares hit a 5% lower circuit at ₹224.65 at the open. Jio Financial Services Limited (JFSL), the demerged financial arm of Reliance Industries, made a lackclustre stock market debut on August 21.

Jio Financial Services: The BSE has deferred the removal of Jio Financial Services Ltd, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance Industries, from all the S&P BSE indices to 29 August from 24 August. Jio Financial Services listed on the bourses on Monday and hit the lower circuit for the second straight on Tuesday. Vodafone Idea: Debt-ridden telecom services provider Vodafone Idea plans to clear about ₹2,400 crore wort of dues to the government by September.

BrightcomSebi has passed a second interim order against the Brightcom Group, restraining Suresh Kumar Reddy and Narayan Raju from holding any directorial positions until further notice.SJS EnterprisesEvergraph Holdings, part of the promoter group, has sold partial stake in SJS Enterprises through multiple bulk deals on Tuesday.Read more: What changed the market while you were sleepingHindalcoHindalco Industries has planned a total investment of Rs 4,000 crore in an extrusion facility for freight wagons and coaches and a copper and e-waste recycling plant.BEMLBEML has bagged order from the ministry of defence for supply of command post vehicles with contact value of Rs 101 crore.Piramal EnterprisesThe Board has approved raising up to Rs 3,000 crore through issuance of debentures in one or more tranches.TVS Supply ChainThe shares of TVS Supply Chain will debut on the exchanges on Wednesday.

Max Financial Services (MFSL), a prominent name in the financial services industry, has risen over 30% in the last 3 months pushing the stock to a fresh 52-week high in August.Short- to medium-term traders can look to buy the stock on the decline for a potential target of Rs 1000 in 4-6 months, suggested experts.The momentum also helped the stock break out from a bullish Flag pattern on the weekly charts, which has opened room for the stock to

Life insurance. The company has allocated a capital basis of Rs. 10 billion for each of the enterprises, according to media reports.

Pakistan's cash-strapped national carrier has grounded 11 aircraft, including three of its Boeing 777s, due to unavailability of funds to carry out replacement of parts. An official in the Pakis-tan International Airlines (PIA) said the top management has grounded 11 planes in the last three years as there was a financial crisis prevailing in the airline and the increase in dollar rates and petroleum products had not helped the situation. The official, who didn't want to disclose his name, said that 11 out of 31 aircraft operated by the PIA on international and domestic routes were grounded at the Karachi and Islamabad airports. «The financial crisis has meant the airlines are not in a position to purchase spare parts since last year leading to the grounding of these aircraft gradually,» he disclosed. The previous government led by Shahbaz Sharif had appointed a new MD in PIA and unveiled its plans to privatise the national airline, an announcement which has been met with fierce resistance from the various unions in the airline. Some of the unions have gone on a strike and the official said this had not helped matters as well. Two of the three wide-body Boeing 777 aircraft were grounded in 2020 and one in 2021.

Cryptocurrencies like Bitcoin (BTC) have failed to reduce but rather have “amplified financial risks” in less developed economies, according to a new study published by the The Bank for International Settlements (BIS).

Nifty ended flat on Tuesday, August 22, as persistent concerns over US interest rates and China's economic health, although the mid-cap index rallied to a fresh record on brighter domestic prospects. The gains in shares of select heavyweights such as ITC, Larsen & Toubro and Axis Bank were offset by losses in those of HDFC Bank, ICICI Bank and TCS. Sensex closed 4 points higher at 65,220 while the Nifty closed the day at 19,396, up 3 points.

Nifty 50 and Sensex on August 28, instead of August 23 as earlier indicated. More to come…Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Jio Financial Services Ltd (JFSL) from all key indices of BSE, including Sensex has been deferred by three days, as the stock hit the lower circuit for two consecutive days, Asia Index Pvt Ltd said in a release. “JFSL will now be removed from all the S&P BSE indices effective prior to the opening of trading on Tuesday, August 29, 2023.