Gap Financial News

By Marc Jones

Embattled fund manager Magellan has appointed former Janus Henderson co-chief executive Andrew Formica to the board as a non-executive director.

NEW DELHI : The India-Australia interim free trade agreement (FTA), in place for six months, has led to a 15% narrowing of India’s trade deficit with Australia on increased exports of drugs, electrical machinery, and iron and steel articles, along with a significant decline in coal imports due to a milder Indian summer. India’s exports to Australia fell by over 32% in the five months to May compared to the year-ago period, while imports shrank by 25%, resulting in a narrowed trade gap of $3.87 billion, representing a 15% decline from the previous year, according to official data.

Fountain Life plans to address this by utilizing artificial intelligence to detect pre-symptomatic heart conditions. They offer an AI coronary artery scan that claims to identify heart attack risks several years before any symptoms first appear.

Santosh Sarangi, IAS, Director General, Directorate General of Foreign Trade, New Delhi, Government of India, today said that currently India's export is USD 450 billion, and to reach USD one trillion mark, the country needs to grow at year-on-year rate of 12%. «Similarly, in service sector we need to grow at 16.6 percent on an average every year,» Sarangi said at the World Trade Day 2023 programme in Bhubaneswar organised jointly by World Trade Centers in four cities, viz. Mumbai, Bhubaneswar, Jaipur and Goa.

Abhishek Gaoshinde, Deputy V-P, Research, Sharekhan By BNP Paribas, says “Bajaj Auto has been consistently maintaining its EBITDA margin above 15% for the last seven-eight quarters and above 19% for the last two-three quarters. After maintenance of this kind of margin, improvement in its product portfolio and filling in the gap in its overall portfolio, we believe the stock demands a re-rating and we have a buy rating on the stock.”What happened to Bajaj Auto this time?On the top line side, the numbers were broadly in line with our expectations. We were expecting roughly Rs 10,500 crore kind of a number and it is just a Rs 200 crore miss.

PI Industries Ltd. fell 1.55 per cent to Rs 3568.5 in Tuesday's session as of 01:49PM (IST) even as the equity benchmark Sensex traded 44.24 points lower at 66340.54. Earlier in the day, the stock witnessed a gap down start to the session.

LTIMindtree Ltd. fell 0.23 per cent to Rs 4869.0 in Tuesday's session as of 01:03PM (IST) even as the equity benchmark Sensex traded 40.24 points higher at 66425.02. Earlier in the day, the stock witnessed a gap up start to the session.

Reliance Jio’s 4G feature phone is expected to drive a higher market share loss among 2G users of Bharti Airtel as compared to Vodafone Idea, further delaying tariff hikes, analysts said. They added that attractive pricing and reasonable device quality will drive market share gains for Jio. “While Bharti's network is better than its other 2G peers, its dominant share in the feature-phone market will lead to higher subscriber losses. We expect Bharti to witness voice subscriber churn of 17 million by March 2026,” Jefferies said in a report. As per estimates, Airtel has over 130 million active 2G subscribers and around 100 million paying voice subscribers, implying a 40-50% share among the 250 million feature-phone market. Earlier this month, Jio had launched the Rs 999 internet enabled feature phone — Jio Bharat, with the aim to capture a majority of the 2G user base in the country. With attractive pricing, those feature phone users who are at the end of their device life, are likely to save 26% on their mobile spends. “This leads to an annual addressable market of 60-65 million users for Jio Bharat and we expect Reliance Jio to gain 55 million subscribers by March 2026,” the report said. Analysts further said that hefty network capacity additions along with Jio Bharat launch underscore the Mukesh Ambani-led company’s rising focus on subscriber gains and it did not bode well for tariff hikes. “Hence, we change our tariff hike assumptions of a 15% hike towards end CY23 to 20% hike in 2Q FY25, which leads to a 3-5% cut to our FY24-25 India mobile Arpu (average revenue per user) estimates,” the report added.

Marico Ltd. traded at Rs 534.85 on BSE at 12:38PM (IST) on Tuesday, down 0.03 per cent from previous close. The scrip quoted a 52-week low price of Rs 462.95 and a high of Rs 559.0.

Tube Investments of India Ltd. traded at Rs 3164.75 on BSE at 11:42AM (IST) on Tuesday, down 0.31 per cent from previous close. The scrip quoted a 52-week low price of Rs 1983.25 and a high of Rs 3394.0.

DLF to outperform while also maintaining an outperform rating on Tata Steel. Morgan Stanley retained its overweight rating on PNB Housing and Nomura has a buy rating on ITC post the demerger. We have collated a list of recommendations from top brokerage firms from ETNow and other sources:CLSA on DLF: Outperform| Target Rs 547CLSA downgraded DLF to outperform with a target of Rs 547.

S&P 500 (SPX) gained 0.7% last week although the bulls weren’t able to secure a strong weekly close after printing a fresh 15-month-high. Still, the last week marked the eighth green weekly candle for the S&P 500 in the last 10 weeks as the generative AI frenzy keeps fueling the equities bull run.

Nifty indicate a gap up opening for the Indian benchmark index. The Gift Nifty was trading flat at around 19,713 level as compared to Nifty’s previous close of 19,672.35. The Nifty index witnessed a bout of profit booking in the previous session after mixed Q1 results from some companies and fell for the second consecutive session.

China, with Russia in tow, found themselves endorsing a document that embraces the Indo-Pacific as a viable regional construct. This goes against the grain of Chinese opposition to Quad.

Asian Paints Ltd report double-digit year-on-year (YoY) growth in profit for the June quarter. The consolidated net profit is seen rising nearly 35% YoY to Rs 1,371.30 crore, according to the average of estimates given by 9 brokerages. The revenue is expected to grow nearly 10% YoY to Rs 9,408 crore, the estimates showed.

A tornado that tore through eastern North Carolina and struck a large Pfizer pharmaceutical plant has damaged its drug storage facility but not its medicine production areas

Shares of ZoomInfo Technologies (NASDAQ:ZI) fell more than 3.7% in pre-open trading Monday after RBC Capital downgraded the stock citing GenAI and intensifying competition.

S&P 500 (SPX) gained 0.7% last week although the bulls weren’t able to secure a strong weekly close after printing a fresh 15-month-high. Still, the last week marked the eighth green weekly candle for the S&P 500 in the last 10 weeks as the generative AI frenzy keeps fueling the equities bull run.

Kingsview Partners has enticed advisors from Edward Jones to open two new offices on the Texas Panhandle in the past two months.

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