HSBC Financial News

Check out the companies making headlines in midday trading.

The digital bank's customers will not be able to make crypto transactions using their debit cards or via outgoing bank transfers starting mid-October. "Customers will receive a declined transaction notification if they do attempt to make a crypto-related transaction," a spokesperson for the firm confirmed on Tuesday.

Despite the challenging first half of the year for the trust, MRCH currently stands as one of the few investment trusts in the market trading on a premium.

Investing.com — U.S. futures fell Tuesday, with investors dealing with the fallout from the Federal Reserve's hawkish policy update last week as well as a potential government shutdown.

One is backed by the “higher-for-longer” rates mantra and the other by what can now be termed “lower-for-longer” rates preference. The odds of the US dollar reaching parity with the euro are still there but charts suggest the greenback will probably hit stiff resistance soon after rising relentlessly since the end of July.

(Exciting news! Mint is now on WhatsApp Channels: Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The five banks will be working with RegTech specialist Droit and a law firm to write a common digital machine-readable code that consortium members can implement to ensure consistent compliance. In some of the recent cases, investors have amassed large stakes in publicly traded companies that, while within the rules, have taken other market participants by surprise.

BEIJING — Europe has launched an investigation into Chinese electric vehicle subsidies, but no assumptions should be made about the probe's outcome, the head of trade for the European bloc's executive branch said Tuesday.

Mutual Fund Nominee Update Last Date: For all existing mutual fund unit holders, it is mandatory to nominate or opt out of nomination before September 30, 2023, failing which the folios shall be frozen for debits, according to the Securities and Exchange Board of India (SEBI).

₹113 to ₹119. Bids can be made for a minimum of 126 equity shares and in multiples of 126 equity shares thereafter. JSW Infra IPO's retail investors portion was subscribed 97%, NII portion was subscribed 27%, and Qualified Institutional Buyers (QIB) portion did not receive much response so far.

₹113 to ₹119 per equity share of face value of ₹2 each. JSW Infra IPO raised ₹1,260 crore from anchor investors on Friday, September 22. JSW Infrastructure Limited IPO has reserved not less than 75% of the shares in the public issue for Qualified Institutional Buyers (QIB), not more than 15% for Non Institutional Investors (NII), and not more than 10% of the offer is reserved for Retail Investors.

₹113 -119 and the bidding for the issue will be open from 25 to 27 September 2023, the company said in a press meet while announcing the IPO. “Some of the key details of the IPO are-the price band ₹113-119 with a bid lot of 126 shares, the total offer size ₹2,800 crore and the entire offering is primary," the company said.

The price band for the IPO has been fixed at Rs 113-119 a share. JSW Infrastructure is the fastest growing port-related infra company in installed cargo handling capacity and cargo volumes handled during FY21-23, and the second largest domestic commercial port operator by cargo handling capacity in FY23. Ahead of the IPO, the company raised Rs 1,260 crore through the allotment of shares to anchor investors. The company has allotted 10,58,82,352 shares to anchor investors at Rs 119 apiece. About 11 mutual funds participated in the pre-IPO placement through a total of 28 schemes. SBI Mutual Fund, ICICI Prudential MF, HDFC Mutual Fund, Nippon India MF, Aditya Birla Sun Life MF, Sundaram MF, Franklin Templeton, UTI MF, Tata AMC, and Baroda BNP Paribas MF are the mutual funds that participated in the anchor placement of shares. Among foreign portfolio investors, the Government of Singapore was allotted 5.6% of the total anchor placement.

TIAA has overhauled the senior leadership of its wealth management business.

₹1,260 crore from 65 anchor investors, a day ahead of its IPO subscription opening for bidding. As per the regulatory statement, Global marquee investors like Government of Singapore, Monetary Authority of Singapore, Morgan Stanley, Fullerton, HSBC Trustee, TA Global, The Master Trust Bank of Japan, Cohesion MK Best Ideas, Goldman Sachs, Theleme India Master Fund, BNP Paribas Arbitrage - ODI, and Principal Global invested in the diversified maritime ports company via anchor book.

IIFL Finance is positioned for a rally of up to 34%, supported by substantial asset expansion and enhanced returns, as indicated in a report by HSFC Global Research. The brokerage anticipates a robust performance from IIFL Finance throughout the fiscal years from 2023 to 2026, underscoring pivotal elements poised to propel this noteworthy upturn. While initiating coverage on the stock with a 'buy' rating and setting a target price of Rs 790, HSBC Global Research said a surge in retail assets under management (AUM) and the prospect of lower volatility in asset quality during the next economic cycle could trigger a positive re-rating for IIFL Finance.IIFL Finance shares, which rallied 22% in the last three months, are currently trading at Rs 583. One of the standout projections is a staggering 25% Compounded Annual Growth Rate (CAGR) in Assets Under Management (AUM), demonstrating the company's potential to attract and manage a growing portfolio.

WARSAW — When it comes to financial crime, banks can often be «one decision away from a huge mess,» Martin Markiewicz, CEO of Silent Eight told CNBC.

As widely expected, the Fed’s Federal Open Market Committee (FOMC) decided to maintain its benchmark rate within a range of 5.25% to 5.5% on Wednesday. The central bank also did not rule out the possibility of a twelfth rate hike.

As widely expected, the Fed’s Federal Open Market Committee (FOMC) decided to maintain its benchmark rate within a range of 5.25% to 5.5% on Wednesday. The central bank also did not rule out the possibility of a twelfth rate hike.

IIFL Finance share price rose over a per cent in morning trade defying weak market sentiment after global financial firm HSBC initiated coverage on the stock with a buy recommendation, pegging the target price of ₹790, implying an upside of as much as 35 per cent from the stock's previous session's close of ₹586.35 on BSE. The stock opened at ₹589.45 against the previous close of ₹586.35 and soon rose over a per cent to the level of ₹592.75. The stock hit its 52-week high of ₹648 on September 11 this year.

₹360.30 crore from 26 anchor investors at the upper price band of ₹222 per equity share on Monday, September 18, according to company's exchange filing. Sai Silks IPO allocated 16,229,707 equity shares to 26 anchor investors and garnered ₹360.30 crore at the upper price band of ₹222 per equity share with a face value of ₹2 per share. The anchor book included well-known investors like Whiteoak Capital, Abakkus, Citigroup Global, SBI MF, ICICI Prudential MF, HDFC MF, Kotak MF, HSBC MF, Aditya Birla Sunlife MF, and UTI MF.

BPCL while Morgan Stanley maintained an overweight rating on HDFC Bank. HSBC initiated a buy rating on IIFL Finance and Axis Securities recommended a buy on Hindalco Industries.We have collated a list of recommendations from top brokerage firms from ETNow and other sources: Jefferies on oil & gas sector: BPCL, GAIL India Jefferies downgraded BPCL to underperform from hold and slashed the target price to Rs 310 from Rs 425 earlier. The global investment bank upgraded GAIL India to buy from underperform and raised the target price to Rs 136 from Rs 105 earlier. The company would be a beneficiary of high crude oil prices. Opec + production cuts and low US inventories are likely to keep oil prices elevated.Morgan Stanley on HDFC Bank: Overweight| Target Rs 2110 Morgan Stanley maintained an overweight rating on HDFC Bank with a target price of Rs 2110.