FIVE Financial News

General Liu Zhenli, the head of the military body responsible for China's combat operations and planning, has emerged as the top contender to replace the country's defence minister, who has not been seen in public for more than six weeks, according to five people familiar with the matter. The appointment of Liu to replace Defence Minister Li Shangfu — which one of the people said was likely to happen before Beijing holds an international security forum later this month — could boost military engagement with the United States amid regional tensions, three military analysts told Reuters. Li was sanctioned by the U.S. in 2018 for an arms deal he secured with Russia in an earlier role.

Wall Street analysts are boosting US earnings forecasts even before results start rolling in, signaling that the worst of the profit slump is likely over as ebbing inflation eases the pressure on a broad swath of industries.

Narendra Modi on Thursday inaugurated and laid the foundation of multiple development projects in Uttarakhand worth nearly Rs 4,200 crore. The projects, numbering 23 in total, will give impetus to infrastructure, education, health, electricity, drinking water, sports, tourism, disaster mitigation and horticulture sectors in the hill state.

Stock split 2023: Shares of Rudra Global Infra Products Ltd are one of those stocks on BSE that has hit upper circuit during Thursday deals. In fact, this small-cap stock has locked-in 5 per cent upper circuit on all sessions this week.

₹11 lakh on him, making it clear that ₹10 lakh should immediately be released to the family members of Sharma. Subsequently, the high court received a reference for confirmation of Khan's death sentence. When a trial court sentences any person to death, its judgement is examined by the high court through hearing arguments for a confirmation of the sentence.

Sheradand, the deserted village of Chhattisgarh’s Koriya district, now has five members eligible to vote in the Chhattisgarh Assembly election that is scheduled to be on November 7 and 17, 2023. For the past 15 years, the Election Commission has spent around Rs 10 lakh on setting up a polling booth for this small village of two members, and this time, the family has grown to five members.

Around 60-70% of the individual taxpayers have likely shifted to the exemption-less personal income tax (PIT) regime, Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said on Tuesday, indicating that the steps announced in the Budget FY24 including making it the “default regime” has worked.

Parents are increasingly prioritising their children’s higher education, driven by a growing awareness of its increasing costs. Consequently, they recognise the importance of diligently planning their investments well in advance to secure the adequate funds.

Pakistan has chosen Erica Robin to represent the nation at the Miss Universe beauty pageant, igniting a wave of controversy. According to the BBC, this decision has not been well-received by several conservatives within the country who argue that Robin, aged 25, is representing a nation that doesn't wish to be represented. Pakistan, a predominantly Muslim nation, rarely participates in beauty pageants, as per the BBC report.

Tamil Nadu government announced an increase in tax rates for new two-wheelers, cars, and other vehicles. As per a TOI report, this move is expected to raise the overall cost of vehicles in the state.

Mukesh Ambani has reclaimed the first position on the 2023 Forbes list of India’s 100 Richest with a net worth of $92 billion. He transformed Reliance Industries into a diversified conglomerate and cemented his succession plan by appointing three children to the company's board. Once again, Mukesh Ambani surpassed Adani Group Chairman Gautam Adani who slipped to the second position and experienced a staggering decrease in weather following the Hindenburg report.

Jyotivardhan Jaipuria, Founder & MD, Valentis Advisors, says “we were negative on IT for the last 18 months. We have not owned a single IT share. But it is now coming on our screen. We typically look at stocks which are non-consensus. We are still not buying IT but if we get a major price cut on some bad news, then we will probably start nibbling into it. It would be probably too late to sell and maybe too early to buy but you want to buy this on some bad news.” We were seeing a bit of consolidation in the last couple of days but there is a bit of a spike as well and a lot of global headlines. How are you approaching the markets right now? Putting money to work or keeping the powder dry? For us, for the last few months we have been saying that the market is going to be in a consolidation phase. We probably had a price correction and more particularly will see a time correction. The largecaps have been like that. In the last three months, the largecaps have done nothing. They are more or less flattish, slightly down and it is the small and midcap space which have done well so far. But a consolidation is due in that space. We have some cash in the portfolio and we are keeping the powder dry in case there is a correction, but otherwise we are 85% invested.

Pramod Gubbi, Co-Founder, Marcellus Investment Managers, says “like always the credit cycles will peak out either because there is an event in the economy or lenders have gone overboard in terms of lending but at this stage, It looks like a Goldilocks situation where demand is pretty strong, asset quality concerns are not that grave. Therefore, we should continue to see this sort of growth in retail credit.” I would like to talk to you about the small ticket loan space. After Q2 updates, Poonawalla Finance was 150% higher YOY. Today, U GRO came out. Five Star Business also recently hiked their guidance. One is getting a sense that after GST, Jan dhan, Aadhaar and mobile phones, small ticket loans for enterprises, SMEs or even individuals, are getting deeper into the country. It is like a satirisation of what happened in the consumer space a few years back with Rs 2 shampoo sachets, Rs 5 biscuit packets. Or do you see this as a risk also because in this business, collection is a bigger issue and not giving loans? A lot of people are scratching their heads around this.

Bharatiya Janata Party leader Mukesh Goyal broke down after being denied a ticket from the Kotputli constituency for the upcoming assembly elections in Rajasthan. Goyal had previously contested in the 2018 Rajasthan assembly elections but was defeated by Congress' Rajendra Singh Yadav by a margin of more than 13,000 votes.

By Gabriel Araujo

One of the two biggest proposed carbon dioxide pipeline projects in the Midwest is being put on hold so the company can reevaluate the route

A massive fire has torn through a newly built parking garage at one of London’s international airports

By Gustavo Palencia

Super Mario Bros. Wonder are releasing in the month of October bringing nostalgia for video game fans. This is month is witnessing release of a number of top-notch and popular games.

₹5 crore. Higher bid prices in the auction reflects surging interest in the game, as teams show their financial prowess.

New Delhi: Aditya Birla Group’s flagship, Grasim Industries Ltd, announced that it will be holding a board meeting on Monday to consider a proposal to raise funds. “A meeting of the Board of Directors of Grasim Industries Limited is scheduled to be held on Monday, 16 October 2023," it said in an exchange filing on Wednesday. “To consider the proposal for raising of the fund by way of equity shares or other securities through a rights issue, qualified institutions placement, preferential issue or any other method as may be permitted under the applicable law, subject to such regulatory/statutory approvals as may be required." This comes at a time when the Kumar Mangalam Birla-led textile manufacturer is set to launch its paint vertical, with a project cost of ₹10,000 crore before the end of the current financial year.