FIVE Financial News

By Munsif Vengattil and Dhanya Skariachan

₹1.5 lakh crore over the next five years towards its transformative initiative, 'Project Aspire'. During the 70th annual general meeting, BPCL chairman G Krishnakumar emphasized the company's commitment to growth, sustainability, and a net-zero future. "As an oil major, we recognize the immense responsibility that comes with our role in powering economies and making India Aatmanirbhar in the domain of energy by year 2047…We also recognize the need for a global effort to reduce global warming and the nation’s objective of achieving net-zero emissions by 2070.

AIIMS was returning to Delhi after attending a medical event in Bengaluru. They were onboard the Vistara flight UK-814. AIIMS Delhi shared the incident on the microblogging site X (formerly Twitter).

₹1.5 lakh crore over the next five years towards its transformative initiative, 'Project Aspire'. During the 70th annual general meeting, BPCL chairman G Krishnakumar emphasized the company's commitment to growth, sustainability, and a net-zero future. "As an oil major, we recognize the immense responsibility that comes with our role in powering economies and making India Aatmanirbhar in the domain of energy by year 2047…We also recognize the need for a global effort to reduce global warming and the nation’s objective of achieving net-zero emissions by 2070.

Reliance Industries Limited (RIL) on Monday held its 46th Annual General Meeting (AGM) for its shareholders. This AGM comes just weeks after the listing of Jio Financial Services on India's stock exchanges.

Larsen and Toubro (L&T) has fixed September 12 as the record date for its Rs 10,000 crore buyback, which will be done through the tender route. The record date will determine the number of shareholders who will be eligible to participate in the buyback. The company has recently received shareholder's approval for the same. Under the proposed buyback of shares, L&T will take back 3.3 crore shares from shareholders at a maximum price of up to Rs 3,000 apiece, a 17% premium from the market price from the date of announcement. «The buyback committee may determine the specific price at which the buyback will be made, at an appropriate time, which will be subject to the final buyback offer price and adjust the number of equity shares within the buyback size,» L&T said. This is the first buyback announced by the company since the listing. The amount required by the company for the buyback is intended to be met out of current surplus or cash balances or cash available from internal accruals. Under a buyback, the company buys back its own shares from shareholders and it is seen as a tax-efficient way to give cash back to investors.

«I think institutions have been selling the stocks since a while. Like if you see in cash market, there are sellers and derivatives also,» says Aditya Arora, Adlytick.Is it just a matter of time that we fall below that level or will it not be as easy as bears are thinking to pull the market towards 18900 or there about?I think institutions have been selling the stocks since a while. Like if you see in cash market, there are sellers and derivatives also.

Karnataka government will launch on Wednesday a scheme offering Rs 2,000 monthly financial assistance to more than one crore women who are heads of their households, in the presence of AICC president M Mallikarjun Kharge and Congress leader Rahul Gandhi in the district headquarters town of Mysuru, officials said on Monday. According to officials, about 1.08 crore potential beneficiaries have enrolled for the 'Gruha Lakshmi' scheme, one of the five pre-poll 'guarantees' of the Congress, which ousted the BJP from power in the May Assembly elections. Chief Minister Siddaramaiah told reporters in Mysuru today that about one lakh people would gather at the function, where the scheme would be launched by Kharge, while he would preside over the event and Gandhi would be present. He said it's government function and added that Kharge and Gandhi would attend the event in their capacity as Leader of Opposition in the Rajya Sabha, and as member of the Parliament, respectively.

Man Infraconstruction’s (MICL) associate company Royal Netra Constructions has entered into an agreement to undertake one of the largest redevelopments with a total 1.7 million sq ft carpet area for sale in Mumbai’s western suburb Goregaon. MICL Group that holds 33.32% stake in Royal Netra Constructions expects the project spread over 10 acres to generate revenue worth around Rs 4,000 crore over the next five years, the company said in a regulatory filing. “The latest addition of the project will expand MICL Group’s real estate portfolio from 4.6 million sq ft to 6.3 million sq ft of carpet area. The project having total construction area of over 50 lakh sq ft is likely to be undertaken by Man Infraconstruction and is expected to be completed within 5 to 6 years,” said Manan P.

The man at the centre of an alleged $15 million fraud scheme targeting Westpac was once linked to a conspiracy to help kill his cousin’s ex-wife.

Kenya's Cabinet Secretary for Defence, Aden Bare Duale, arrived in New Delhi on Monday on a three-day visit to India. During his stay in India, he will hold talks with his Indian counterpart, Defence Minister Rajnath Singh, on Tuesday. The visiting dignitary is expected to visit Indian shipyards and defence industries in Goa and Bengaluru, according to the statement released by the Ministry of Defence. This is the maiden visit of Cabinet Secretary Duale to India and the highest-level stand-alone political visit from Kenya since the new government assumed office in September 2022. «The visit is indicative of the importance India attaches to its relations with African nations and the growing cooperation between India and Kenya, in particular.

BJP) led NDA government returned back to power. Current market valuations, domestic macroeconomic conditions, global economic outlook and similarity in political situation in 2023 draw a degree of parallels with the situation that existed in August of 2018, noted Kotak Institutional Equities in a report. «We see a fair degree of parallel between the economic and market conditions now and five years back (August 2018).

BEIJING — Chinese electric car company Xpeng said Monday it is buying Didi's smart electric car development business in an exchange of shares worth $744 million.

On Tuesday, the government reports on job openings for July; Pet food and supplies company Chewy reports financial results on Wednesday; On Friday, the Labor Department releases its August jobs report

Inward foreign remittances to India surged by 26% ... moreInward foreign remittances to India surged by 26% to $112.5 billion in the last fiscal year, the highest growth in five years, driven by economic recovery post-pandemic.

«When you are able to make a 5% risk-free rate in the US, then that is obviously going to be something that will put equity valuations all over the world into a question mark, so that is one thing that we need to keep in mind,» says Mahesh Nandurkar, Head of Research & MD, Jefferies.What is your market view after the recent rally, is it time now for markets to consolidate or the upside in the market is still left in the near term?Yes, I think the markets have had a decent run and my sense is that it is not simply because of the reason that there could be a consolidation phase ahead but also the other global risk that we need to keep in mind is the significantly higher US treasury yields. I mean, the risk-free rates in the US have gone back up to the peak levels that we saw back in March. So, when you are able to make a 5% risk-free rate in the US, then that is obviously going to be something that will put equity valuations all over the world into a question mark, so that is one thing that we need to keep in mind. Also, from the India standpoint, I think the Indian inflation itself was a big negative surprise, the last print that is, and my sense is that the inflation will probably stay at an elevated level at least for the next one quarter or so, so that will also push out the rate cut probabilities that some people were building in for the near term. So, yes, those are the reasons why I think there could be a breather, there could be a consolidation phase in the market over the next, say, one to two quarters or so.

Reliance Industries shares last week makes it evident that investors are not expecting Mukesh Ambani to make some big-bang announcement at today's annual general meeting (AGM) of RIL. But if the billionaire reveals the roadmap for any further value-unlocking exercise, it could change the stock's trajectory in the near term. Shareholders of the demerged entity Jio Financial Services (JFSL), which has lost almost 20% from its listing price of Rs 265, are also eagerly waiting for Ambanis to spill the beans on the company's future plans. In FY 2019 AGM, while discussing the company's consumer-facing businesses of retail and Jio, RIL’s management had announced it would “move towards listing of both these companies within the next five years”.

G20 Summit that is scheduled to take place next month, around 6.75 lakh flowering plants and foliage will adorn designated venues and roads in the national capital, said Raj Niwas officials on Sunday. The major locations that have been beautified with potted plants include the Sardar Patel Marg, Mother Teresa Crescent, Teen Murti Marg, Dhaula Kuan-IGI Airport Road, Palam Technical Area, India Gate C-Hexagon, Mandi House, Akbar Road roundabout, Delhi Gate, Rajghat and the ITPO, PTI reported.

Quelle surprise. ASX-listed can and bottle maker Orora is seeking to acquire high-end glass bottle manufacturer Saverglass, which was founded in 1897 in the historic Bresle Valley in France, where glass has been produced since the 15th century.

The S&P BSE Sensex fell more than 300 points while the Nifty50 closed below 19300 levels on Friday. India VIX was up by 3.27% from 11.70 to 12.08 levels in the previous session. Volatility has spiked and moved in swings in the week. On the monthly options front, the maximum Call OI is placed at 19500 and then towards 19300 strikes while the maximum Put OI is placed at 19000 and then towards 19300 strikes. Call writing is seen at 19300 then 19400 strikes while Put writing is seen at 19200 then 19100 strikes. “Options data suggests a broader trading range in between 19100 to 19600 zones while an immediate trading range in between 19100 to 19400 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said. “Nifty formed a small-bodied candle on the daily frame and broke its higher highs formation of the last four sessions on Friday.

Elon Musk on Sunday took on Microsoft-owned LinkedIn, saying he will make sure that the X (formerly Twitter) competitor to LinkedIn is cool. X has already revealed plans to take on the leading professional networking platform, saying that early access to the X Hiring Beta is now available to verified organisations. «People send me LinkedIn links sometimes, but the cringe level is so high that I just can't bring myself to use it, so I ask for the resume or bio to be emailed,» Musk posted. «We will make sure that the X competitor to LinkedIn is cool,» he replied to an X user who posted: «Is there anything worse than LinkedIn?» Meanwhile, verified organisations (those who pay $1,000 a month for the verification status) can now feature job listings on their X profiles with the new feature. «Unlock early access to the X Hiring Beta — exclusively for Verified Organisations,» X said in a post on Saturday. «Feature your most critical roles and organically reach millions of relevant candidates. Apply for the Beta today,» the Elon Musk-run company added. It's not yet a LinkedIn killer but surely a step in that direction to make X an «everything app». «Sign up for early access to X Hiring, currently available for Verified Organisations.