Provident Financial News

Day trading guide for today: Following strong global market cues on rate cut buzz in near term, key benchmark indices of Indian stock market scaled new highs on Wednesday. Nifty 50 index climbed to a new peak of 20,961 levels, BSE Sensex touched new life-time high of 69,744 whereas Bank Nifty index hit a new high of 47,259. In broad market, small-cap index added 0.18 per cent while mid-cap index touched a new peak of 35,245.

Modi’s expected re-election next year is seen supporting capital expenditure, further boosting their allure. Modi’s government is spending billions of dollars on everything from roads and railways to defense, renewing interest in a sector that has for long been a straggler of India’s $4 trillion stock market. The S&P BSE PSU Index, a gauge that includes some of the nation’s largest power utilities, miners, oil refiners and engineering firms, has surged 44% thus far in 2023. That’s beaten the 14.5% advance in the S&P BSE Sensex Index by the most in two decades, data compiled by Bloomberg show. IMAGE “There is still room for further gains” as valuations are still low compared to non-state players, said Anita Gandhi, strategist at Arihant Capital Markets Ltd.

Reserve Bank of India (RBI) and European regulators are yet to resolve a standoff regarding the treatment of the local platform for government bond trading, Deutsche Bank, one of the affected parties, has had to stump up more than ₹1 billion in capital for central counterparty exposures in the last quarter. The massive increase in risk-weighted assets (RWA) for the German banking giant, which plays a major role in handling overseas investment flows into India, came after the European Securities and Markets Authority (ESMA) de-recognised the Clearing Corporation of India in October 2022. According to regulatory reporting documents seen by ET, Deutsche Bank saw its RWA for risk exposure to an unnamed central counterparty clearing house increase to ₹3.76 billion as on September 30 from ₹997 million as on June 30. RWA essentially implies bank capital that must be set aside in accordance with risks.

OCEAN – a newly launched Bitcoin (BTC) mining pool backed by Jack Dorsey – has updated its mining software to exclude Bitcoin ordinals transactions from the blocks that it generates.

In the constantly evolving landscape of cryptocurrencies, Bitcoin has recently hit a notable milestone, surging past $44,000 and marking a staggering 160% increase this year.

By Idrees Ali

Adani Ports and Special Economic Zone, India’s biggest maritime company by market capitalisation, is in advanced talks to acquire Shapoorji Pallonji Group’s (SP) Gopalpur Ports in Odisha for up to Rs 1,100-1,200 crore in equity value as part of a neatly woven string-of-pearls strategy that involves owning considerable facilities along both the eastern and western water margins. If successful, this will be Adani Port’s sixth acquisition of a multi-purpose facility on the eastern coast, where it already has approximately 247 million tonnes (MT) of capacity. The due diligence process is currently on, people aware of the talks told ET.

Edited excerpts: Yes, it is difficult in a world that has gone from one shot to another with the consequence being fiscal space in countries has shrunk in some countries. The fight against inflation means that interest rates are high, and for countries with a high level of debt that eats up resources. On top of it, with advanced economies now moving towards industrial policy and green subsidies—which overall is a good track to accelerate decarbonization—they become more attractive for private investors because it’s easier to invest in the developed world.

New Delhi: The stock market regulator has issued show-cause notices to about a dozen foreign investors that owned big chunks of Adani group companies as it seeks to lift the veil on their true ownership, two people aware of the matter said. The notices charge the investors with failing to maintain and disclose information about their ultimate beneficiaries. The Securities and Exchange Board of India’s (Sebi) notices to the foreign portfolio investors (FPIs) follow its investigations after US short-seller Hindenburg Research highlighted them in a damning report released in January.

By David Shepardson

The city of Lugano, Switzerland announced on Wednesday that it is ready to start accepting tax payments in cryptocurrency – including Tether (USDT) and Bitcoin (BTC).

By Noel Randewich and Amruta Khandekar

Investing.com — The dow closed lower on Wednesday, extending its sluggish start this week even as further signs of slowing job markets boost hopes that sooner rather later rate Federal Reserve cut is on the horizon.

Mercer Global Advisors, a Denver-based aggregator of registered investment advisors, announced Tuesday that it had acquired Paragon Wealth Management of Jacksonville, Florida, and followed that Wednesday with the news that it had purchased Brighton Financial Planning, which operates in New Jersey and South Carolina.

The digital world of Web3 physically came to life at the recent launch of New Society’s debut book, “Decentralization, Please Save Culture” at the NFT Factory in Paris.

Nova Labs’ Helium Mobile service has launched a nationwide plan in the U.S. with unlimited data, text, and talk that costs $20 a month.

Also Read: Putin to visit Saudi, UAE on December 6 after OPEC+ cuts, host Iran President: What's on agenda? Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a December 18 expiry, was last trading lower by 4.75 per cent at ₹5,791 per bbl, having swung between ₹5,784 and ₹6,068 per bbl during the session so far, against a previous close of ₹6,080 per barrel. -Crude inventories fell by 4.6 million barrels, far exceeding the 1.4 million-barrel drop analysts had expected. There is demand destruction coming in from the fuel side.

MUMBAI : Equity assets of foreign portfolio investors (FPIs) hit a 22-month high at $674.66 billion in the fortnight ended 30 November, driven by a significant revival in their flows after a two-month hiatus, and a 7% rally from the lows of October-end. FPI assets stood at $686.95 billion in the fortnight ended 15 January, 2022.

premier segment, Bastidon said, adding that overall trade volume of EU spirits is €9 billion, and the US and China are major exporting countries. According to Bastidon, the value of EU’s spirit exports to India in 2022 was a mere €59.7 million compared to €875 million to China.

Gold as a hedge: Gold has historically demonstrated its resilience during times of economic uncertainty, often appreciating when other assets falter. Its value tends to hold steady, if not appreciate, during periods of economic uncertainty. The consistent depreciation of the dollar/rupee exchange rate has become a defining characteristic of the Indian financial landscape.

Directorate of GST Intelligence (DGGI) over the secondment issue, sources in the know told ET. Secondment or deputation of expatriates is subject to GST if the expatriate employee is being reimbursed by the Indian company for the services provided to the company. As per the GST law the Indian company is deemed as the recipient of the service, and the services provided by the expatriate will be considered as a «supply of manpower» under the GST law. Thus the Indian company is liable to pay GST on the value of the deemed supply at the applicable rate.