Strategy Financial News

Abrdn's once-mighty Global Absolute Return Strategies will cease to operate as a standalone fund after a sustained period of outflows.

Jupiter Fund Management’s chief executive has said a strategy to build its institutional business has started to pay off after first-half results showed an increase in assets under management and profit, sparking a double-digit rally in its share price.

Westlife Foodworld reported a smaller-than-expected rise in first-quarter profit on Thursday as higher expenses took the shine off increased sales at the operator of McDonald's restaurants in West and South India. The franchisee for the U.S. fast-food chain said consolidated net profit after tax rose to 288.3 million rupees ($3.52 million) for the quarter through June from 235.8 million rupees a year earlier.

₹12 lakh salary and incurred a ₹14 lakh loss in F&O trading. "Filed a salaried ITR with 12 lakhs salary and 14 lakhs loss in F&O. Hope people realise that F&O trading and doing job simultaneously is not everyone's cup of tea," tweeted CA Nilisha Mantri about one of her clients.

Cipla are in talks with top private equity (PE) players to sell a part of their total holding in the company, according to a media report. An investment bank has been hired to advise on the deal, and Blackstone, Baring Asia, among others, are in talks to explore a deal, the report said, citing three independent sources. The promoters own a 33.47% stake in Cipla, and this move is seen as a step towards succession planning for the company, the report said.

435-page report released on Wednesday. It said that while large-scale international assessment data, such as that provided by the Programme for International Student Assessment (PISA), suggest a negative link between excessive use of information and communications technology (ICT) and student performance, less than one in four schools have banned smartphones. UNESCO acknowledges that distance-learning tools deployed via the Internet, television and even radio were crucial during the pandemic, and can also help differently abled children who may struggle in a traditional, in-person setting.

Air India's Maharaja is perhaps the most popular and long-lived advertising icons of India. He carried on with his characteristic elan even when the airline struggled under mounting debt and numerous inefficiencies. Now it's time for him to step down. As the Tata Group embarks on a long-awaited revamp of the airline, the Maharaja will recede to the background, ET has reported. The airline is likely to continue using the Maharajah image for its airport lounges and premium classes but he will retire as the mascot. That the Maharaja's time was up was apparent when Tata Sons roped in London-based brand and design consultancy firm Futurebrands last year to redraw Air India’s branding strategy. Among multiple strategies being considered was creating a new mascot for the airline since the Maharaja appeared outdated. Air India had already stopped using the Maharaja logo in its campaigns of new destination launches.How the Maharaja was born The Maharaja was born in 1946, when Bobby Kooka, Air India's Commercial Director, and Umesh Rao, an artist with advertising agency J.Walter Thompson, together created the brand icon. The Maharaja began merely as a rich Indian potentate, symbolizing graciousness and high living. And somewhere along the line his creators gave him a distinctive personality — his outsized moustache, the striped turban and his aquiline nose, the Air India website had explained. “He can be a lover boy in Paris, a sumo wrestler in Tokyo, a pavement artist, a Red Indian, a monk… he can effortlessly flirt with the beauties of the world. And most importantly, he can get away with it all. Simply because he is the Maharaja,” Kooka had said.

New Delhi: US’s special presidential envoy for climate John Kerry met with Indian officials here during his visit to India to discuss climate cooperation. The talks focus on advancing shared climate and clean energy objectives, such as fostering investment in renewable energy, supporting the rollout of zero-emission buses, and diversifying clean energy supply chains.

Marico will acquire a majority stake in Satiya Nutraceuticals, which owns plant-based nutrition brand Plix, for a consideration of Rs 369.01 crore. The company has signed a definitive agreement to acquire a majority stake of 58 per cent in Satiya Nutraceuticals for a consideration of Rs 369.01 crore, Marico said in a regulatory filing on Wednesday.

Samsung will be making its latest foldable smartphones locally in India, serving a growing base of premium smartphone users, and pursuing an aggressive market strategy with presence across 10,000 retail stores to tap into the hinterlands, senior executives of the company said. «The new devices were made possible because of world class R&D and manufacturing capabilities, especially in India. I am happy to announce that both the Galaxy Z Flip5 and Z Fold5 will be manufactured in our Noida factory in India,» Samsung Southwest Asia CEO, JB Park said. Park added that Samsung is the fastest growing smartphone brand in the premium segment in India. «More and more Indians are looking to upgrade to premium devices,» he said. Now in its fifth iteration, the latest foldables that includes the Samsung Galaxy Z Flip5 and ZFold5 comes with incremental upgrades such as a faster processor, thinner and lighter body, and a brighter display.

By Victor Goury-Laffont and Gilles Guillaume

Tech Mahindra Ltd. fell short of the mark in its June quarter (Q1FY24) earnings, disappointing its investors and sending shares down almost 3% in the National Stock Exchange's early trading on Thursday. The company reported a disheartening 4.2% sequential drop in constant currency revenue, failing to meet analyst expectations.

By Andres Gonzalez and Jesús Aguado

By Davide Barbuscia and David Randall

Gold rate today: Despite US Fed rate hike by 25 bps in the monetary policy meeting held on Wednesday, gold price today continue to ascend. In international market, yellow metal price went up over 0.30 per cent and hit $1,977 per ounce levels in earning morning deals in Asian stock market.

Jack Gance, the billionaire co-founder of Chemist Warehouse and Bubs Australia’s second-biggest shareholder, demanded to know why the board spent what he claimed was $5 million defending itself from a failed governance coup.

Reliance Industries: Jio Financial Services Ltd, the demerged financial lending arm of Reliance Industries Ltd, and BlackRock, the world’s largest asset manager, have joined hands to set up an asset management company with a combined investment of $300 million. On Wednesday, in a joint statement with BlackRock, Jio Financial said that the joint venture (JV), Jio BlackRock, would deliver “tech-enabled access to affordable, innovative investment solutions for millions of investors in India." Axis Bank: Private sector lender Axis Bank reported a 41% y-o-y increase in net profit for the first quarter of the current fiscal, driven by higher net interest income and fee income.

₹922.84 crore as Indian markets rose during Wednesday's trade even against weak global cues. The DIIs invested ₹470 crore in markets on July 26.Mahindra and Mahindra (M&M) Ltd has expressed its interest in acquiring up to a 9.9% stake in RBL Bank Ltd, a private bank.

By Luc Cohen and Jonathan Stempel

Mumbai: A recent instance where a senior official of a broking firm settled a case with the Securities and Exchange Board of India (Sebi) for ‘mirror trading’ has sparked a debate over the legitimacy of such transactions. Mirror trading is a technique that allows an individual to copy the trade of another on a real-time basis. Mumbai-based Aequitas Investment Consultancy, a money manager run by Siddhartha Bhaiya, had alleged that Pawan Agarwal, a broker, executed trades for the fund as its broker while carrying out mirror trading.

AI regulation, said Nick Clegg, President, Global Affairs, Meta. India has currently adopted a wait-and-watch approach to AI regulation, which is prudent, Clegg, the former UK deputy prime minister, told ET. India houses the world's second-largest developer ecosystem, and a huge amount of AI powered innovation is expected from India, Clegg said.