Reports Financial News

By Ankur Banerjee

NCLAT) is scheduled to hear the plea of IDBI Bank seeking to initiate insolvency proceedings against Zee Entertainment on December 6 (today). The case was earlier brought up for hearing on November 8 and adjourned after the counsel appearing in the matter sought the deferment to complete pleadings, as per a PTI report. IDBI Bank has filed a challenge against the Mumbai bench's ruling at the National Company Law Tribunal (NCLT).

Babri Masjid demolition, security measures have been intensified in Ayodhya, Uttar Pradesh, according to officials on Tuesday. With December 6 marking the 31st anniversary of the incident, the Ayodhya Police have implemented stringent security arrangements in the city to prevent any potential untoward events on the eve of the commemoration. Also Read: Ayodhya in 4 books: The long and winding 'mandir-masjid' trail The destruction of the Babri Masjid in 1992 resulted in widespread violence across various regions of the country.

Global market setup remains positive as Asian markets traded higher while the US shares ended mixed overnight. The equity benchmark indices on Tuesday ended at their record closing highs as market sentiment remained upbeat following strong macro numbers and BJP's victory in the three large states. The Sensex jumped 431.02 points, or 0.63%, to end at 69,296.14, while the Nifty 50 settled 168.30 points, or 0.81%, higher at 20,855.10.

Mint reported that Delhi’s Chief Minister Arvind Kejriwal’s daughter Harshita became a victim of an online scam. She tried to sell an old sofa set at an online second-hand marketplace but was, instead, duped at ₹34,000. Several such cases have come to the fore of late.

Winter Session of Parliament, Union Finance Minister Nirmala Sitharaman will present a statement, in both English and Hindi, outlining the Supplementary Demands for Grants, 2023-24 in the Rajya Sabha. As reported by ANI, “Discussion on short duration notice on the 'Economic Situation in the country', raised by Trinamool Congress MP Derek O'Brien on 5th December to be continued today in the Rajya Sabha." Also Read: Winter session 2023: Discussion to be raised on ‘economic situation in the country’ Meanwhile, Bharatiya Janata Party MP Sumer Solanki and Biju Janata Dal MP Niranjan Bishi will present a copy, available in both English and Hindi, of the Study Visit Report conducted by the Committee on the Welfare of Scheduled Castes and Scheduled Tribes to Havelock Island, Port Blair, Mahabalipuram, and Mumbai from August 24, 2023, to August 29, 2023, to the Rajya Sabha.

HDFC Bank: The private sector lender has sought approval from shareholders for re-appointment of Sashidhar Jagdishan as managing director and chief executive officer of the bank and the appointment of V Srinivasa Rangan as executive director of the bank. State Bank of India: India's largest lender, State Bank of India, is acquiring 20% stake in SBI Pension Funds for ₹229.5 crore. The stake is held by SBI Capital.

The rally propelled the group's market capitalisation to an 11-month high of ₹13.88 lakh crore, a gain of ₹3.61 lakh crore since November 28 after the Supreme Court had reserved its judgment on pleas seeking an investigation into the allegations made by Hindenburg against the Adani Group. Oral observations by the court that the Hindenburg report need not be taken as «gospel truth» had been seen by the market as positive. Group chairman Gautam Adani saw a rise in his ranking among the world's wealthiest individuals on Monday, climbing from 20 to 16, with a net worth of $70.2 billion.

Manipal Technologies (MTL), the largest manufacturer of banking and smart cards in India, plans to bring in a financial partner into the eight-decade-old, Pai family-owned business at a valuation of around ₹4,000-4,200 crore ($500 million), multiple people aware of the initiative told ET. The Pai family is seeking to raise about ₹1,000 crore ($100-125 million) for the Manipal Group business that began as the back office of Syndicate Bank in 1941.

CO2) emissions from fossil fuels are projected to increase by 1.1% to reach record levels of 36.8 billion tonnes this year from 2022 with emissions in India being estimated to increase by 8.2% and in China by 4% whereas it may decline by 7.4% in the EU and 3% in the USA during the same period, said a Global Carbon Budget report. The analysis shows that the increase in fossil emissions is driven mainly by China and only to a smaller degree by India which still has clear development needs to overcome. Released on the sideline of the UN climate conference (COP28) on Tuesday, the report underlined that there is a 50% chance that global warming will exceed 1.5 degree celsius (Paris Agreement warming limit threshold) «consistently» in about seven years at the current emissions level. «It now looks inevitable we will overshoot the 1.5 degree C target of the Paris Agreement, and leaders meeting at COP28 will have to agree to rapid cuts in fossil fuel emissions even to keep the 2 degree C target alive,» said Pierre Friedlingstein of Exeter's Global Systems Institute, who led the study.

UN climate conference (CO) negotiating team on Tuesday released an ambitious draft text of the global stocktake seeking countries to not only agree to trebling global renewable energy capacity to 11,000 GW by 2030 but also to brainstorm on phasing out fossil fuels. India's points on «sustainable lifestyle and sustainable pattern of consumption» — the bedrock of the country's concept of Mission LiFE (lifestyle for environment) — is also noted in the text as one of the options to address climate change issues. Though the 24-page draft text will see several rounds of updates incorporating countries' viewpoints in the next few days, the formulation on phasing out of fossil fuels (coal, oil and gas) and fossil fuel subsidies will certainly cause deep divides among participants, including India, China and the oil-rich nations, on different points until a landing zone arrives in the final text in terms of «an orderly and just phase-out» or «phase out of unabated use» or «phase-down». India has on several occasions categorically said that the country is committed to substantially increasing its clean energy capacity, but coal would continue to be the mainstay of its electricity needs and development goals. CO is expected to conclude the first ever GST, which is a mandated global report card of climate actions every five years.

Under Erik ten Hag's second season in charge, the Red Devils not only fell short of progressing but also experienced a notable regression from their performance at the end of the previous season. On the other hand, Mauricio Pochettino's Chelsea is beginning to show signs of cohesion. Despite facing challenges like injuries and suspensions, especially in the defensive department, the team is gradually finding its footing, reports stated. United will be without Christian Eriksen, Lisandro Martinez, Casemiro, Jadon Sancho. Chelsea will miss Ben Chilwell, Conor Gallagher, Wesley Fofana, Trevoh Chalobah, as per reports.

A high-speed rail line between Las Vegas and the Los Angeles area is getting a Biden administration pledge of $3 billion to help start laying track

(Reuters) -Cybersecurity firm SentinelOne (NYSE:S) on Tuesday forecast third-quarter revenue above Wall Street estimates and raised its annual revenue outlook, as cybersecurity spending remains strong.

Investing.com -  Toll Brothers reported Tuesday better-than-expected fourth-quarter results despite a tough macroeconomic backdrop amid higher mortgage rates that weighed on new home sales. 

Investing.com — The Dow closed lower Tuesday, but downside momentum was curbed by rising tech stocks as Treasury yields fell after data showed labor demand fell to a two-year low.

Investing.com -- MongoDB reported upbeat guidance Tuesday after third-quarter results topped Wall Street estimates as the data storage company benefited from new business.

Investing.com — U.S. crude inventory unexpectedly increased last week, the API reported Tuesday, adding to concerns about a potential global crude supply surplus following weaker-than-expected pledges to cut output by major oil producers last week.  

Box (BOX) shares dropped more than 11% after-hours today following the company’s reported Q3 results, with EPS of $0.36 coming in worse than the consensus estimate of $0.38. Revenue grew 5% year-over-year to $262 million, missing the consensus estimate of $262.37M.

Security filings show the Federal Trade Commission is investigating ExxonMobil’s $60 billion deal to acquire a Texas oil company, potentially one the largest energy industry mergers in two decades

Federal investigators have concluded that a 2021 rupture of an undersea oil pipeline off the Southern California coast was likely caused by the proximity of anchored shipping vessels