Sustainability Financial News

HDFC Bank Ltd. with a target price of Rs 1,850. The current market price of HDFC Bank Ltd. is Rs 1,630. HDFC Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 1241721.64 Crore).

carmakers pressure profit margins. India’s NSE Nifty Auto Index is down 4.1% in August, more than double the decline in the Nifty 50 Index. Bellwether Maruti Suzuki India Ltd. has slid 6% so far in the month, on track for its worst monthly performance since December 2022.

Narendra Modi has been continuously monitoring the Mpox (monkeypox) situation, the government said on Sunday. PK Mishra, Principal Secretary to the PM, chaired a high-level meeting to review the status of preparedness for Mpox in the country and related public health measures. The meeting was briefed that as of now there is no reported case of Mpox in the country. As per the current assessment, the risk of a large outbreak with sustained transmission is «low». The WHO has declared Mpox a health emergency of international concern.

Narayana Murthy, co-founder of Infosys, highlighted the issue of India's rising population as a major challenge during the convocation ceremony at Motilal Nehru National Institute of Technology in Prayagraj on Sunday. He stressed that inadequate attention to population control since the Emergency period threatens the country's sustainability. «India faces significant challenges related to population, per capita land availability, and healthcare facilities,» Murthy stated. He elaborated by comparing India with other nations, saying, «Since the Emergency period, we Indians have not paid enough attention to population control. This poses a risk of making our country unsustainable. In comparison, countries such as the US, Brazil and China have far higher per capita land availability.»

Gita Gopinath said, while flagging concerns around the growing sentiment against de-globalisation and protectionism. She said countries are certainly becoming more selective about their trading partners. “In that sense, India is in a bit of a favoured position because for many countries, India is an attractive country to work with in terms of diversifying their trading partners… so that plays a beneficial role for India,” Gopinath told ET.

Indian businesses need to align cyber security budgets with their growth objectives to ensure sustainable expansion in the face of increasing digitalisation and associated risks, a top official of Kaspersky has said. The emergence of new-age technologies, including artificial intelligence and GenAI, is critical for companies to boost their businesses. «In order to grow businesses, you need to digitise. If you don't digitise, you are not going to have that business growth value,» Adrian Hia, Managing Director for the APAC region at Kaspersky, told PTI. At the same time, the digitalisation of businesses increases the attack surface area, opening avenues for risks like sophisticated cyberattacks.

resident doctor at Mumbai's Sion Hospital was reportedly physically assaulted by a group of intoxicated attendants, as per Mirror Now. This incident comes even as protests rage on across the country over a rape-murder case in Kolkata. ETOnline could not verify this report independently. «The patient arrived in casualty after midnight in an intoxicated state with 7-8 relatives. He was involved in an assault before he came to the hospital, and had injury marks on his face… Owing to his injuries, he was given an ENT reference around 3:30 am. Our on-call resident doctor in the ENT department was a female. Following a routine procedure, she undressed the wounds to examine them. That is when the patient started verbally abusing her,» Dr Akshya More, General Secretary of Sion-MARD and BMC-MARD told ANI.

Foreign investors continued their relentless selling in the Indian equity markets in August, offloading shares worth Rs 21,201 crore due to the unwinding of the yen carry trade, recession fears in the US and ongoing geopolitical conflicts. This came after an inflow of Rs 32,365 crore in July and Rs 26,565 crore in June, data with the depositories showed. Foreign portfolio investors (FPIs) infused funds in these two months on the expectation of sustained economic growth, continued reform measures, better-than-expected earnings season and political stability.

flight attendant was assaulted by an intruder in her London hotel room earlier this week. The incident occurred at the Radisson Hotel London Heathrow, shortly after midnight. The flight attendant, who was resting after her duty, was attacked around 1:30 a.m. by the intruder. Startled by the attack, she screamed for help, which alerted her colleagues in nearby rooms. They rushed to her aid, causing the assailant to flee, but he was eventually apprehended. The victim, who sustained bruises during the assault, was taken to a hospital for treatment. She has since returned to India, where she is receiving counseling, according to an official statement. An Air India spokesperson confirmed the incident, saying, «We are deeply anguished by an unlawful incident of intrusion at a hotel, operated by a major international chain, that affected one of our crew members. We are providing all possible support to our colleague and their broader team, including professional counselling. Air India is also working with the local police to pursue the matter to the fullest extent of the law, and with the hotel management to ensure such incidents are not repeated.»

Taiwanese contract manufacturer Foxconn is looking to move up the value chain to go beyond smartphones and make products for sectors like information and communication technology (ICT), electric vehicles (EV), batteries as part of their EV strategy and digital health in its next phase of growth in India, its chairman Young Liu told ET on Saturday. “Foxconn is very well known for its vertical integration capabilities. Definitely, we want to move up on the value chain as much as we can in India. That’s what we will be doing in the ICT sector,” Liu said on the sidelines of the inauguration of the company’s massive industrial housing project in Sriperumbudur. “For sectors other than ICT, we think (we will focus on) EVs and energy and also the digital health industry, like wearables for personal use, home use type of medical devices,(and) in hospitals you can have cloud-based digital health systems,” he added. In the case of energy, Foxconn is looking to target batteries, which will be related to its larger EV strategy. Generative artificial intelligence (GenAI) will play a “very big part” in the company’s strategy as it makes “a lot of impossible things possible,” he said.

Young Liu on Saturday asserted that the company hires employees regardless of gender but in India women, specially married women, have contributed greatly to its efforts. The chairman of the Taiwan-based iPhone contract manufacturer was speaking at the inaugural ceremony of its women-only residential complex here. The Foxconn chairman said there is an upward trend in all types of hiring by the Taiwanese electronics manufacturing major in India. "Foxconn hires regardless of gender, but women do make up a big part of our workforce here. I'd emphasise that married women greatly contribute to the efforts of what we are doing here," Liu said.

Nirmala Sitharaman on Saturday said that inadequate access to developmental finance is hindering developing economies from achieving Sustainable Development Goals (SDGs) and underscored the urgent need to address this USD 4 trillion annual financing gap. Addressing the third Voice of Global South Summit virtually, Sitharaman said that recent reports reveal that the implementation of many SDGs in developing economies is stagnating, with some indicators even regressing. The SDG financing gap is estimated to be USD 4 trillion annually for developing countries, she said. Observing that the global South is affected by global uncertainties, she said one in four developing countries will be poorer by the end of this year than they were before the pandemic as per a recent World Bank report.

Nifty is showing possibilities of a rebound from current levels, said Sudeep Shah, Deputy Vice President and Head of Technical & Derivatives Research, SBI Securities. «The zone of 50,800-50,900 will be the immediate hurdle for the index as 20- and 50-day EMA are placed in that region. Any sustainable move above the level of 50,900 will lead to sharp upside rally up to the level of 51,700, followed by 52,300 in the short term,” said Shah.

New-age stocks have made a strong comeback of late driven by robust revenue growth and improved profitability through reduced spending. Increased allocations by overseas funds and strong demand for recent public issues have further fuelled the rally. Analysts believe these stocks could continue to perform well so long as they sustain their growth momentum. The ET E-commerce Index, comprising 13 new-age companies, has surged 45% in the past six months, outperforming the 12% gain in the Nifty Index and the 8% rise in the Nifty IT Index.

ACI) the highest Level five accreditation, officials said on Friday. Bangalore Airport has made a remarkable 95.6 per cent reduction in Scope 1 and 2 Greenhouse Gas (GHG) emissions, attaining the highest emission elimination by an Indian airport, achieved seven years ahead of the initial target of 2030, they said. The accreditation comes into effect from May 5, 2024. «BLR Airport has made significant strides in its decarbonisation journey and set new benchmarks by transitioning to 100 per cent renewable electricity and implementing initiatives focusing on sustainable mobility and green infrastructure.

Flights and trains in the Tokyo area were canceled as warnings were issued for strong winds and heavy rainfall from Typhoon Ampil, expected to reach waters near Tokyo in the evening and then continue north, bringing stormy conditions to the northern Kanto and Tohoku regions on Saturday. It had sustained winds of 162 kph (101 mph) with higher gusts Friday morning and was moving north at 15 kph (9.3 mph), the Japan Meteorological Agency said. Ampil was not expected to make landfall and could weaken to a tropical storm by Sunday.

Regarding residential sales, around 51% of respondents anticipate an increase over the next six months. This marks a decline from 73% in the previous quarter, indicating a more cautious expectation among market participants. The dip in confidence highlights a shift in sentiment, influenced by broader economic and political uncertainties. In contrast, the sentiment regarding residential launches has shown a more positive trend. In the second quarter of 2024, 61% of survey respondents expect an improvement in residential launches over the coming months. This figure represents a slight increase from the previous quarter, suggesting a gradual recovery in new project initiations.

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Flights and trains in the Tokyo area have been canceled, and people were warned of strong winds, heavy rains and potential flooding and mudslides as a typhoon swerved near Japan on its way further north in the Pacific Ocean

Niti Aayog has proposed that the government formulate guidelines for assessing the creditworthiness and background verification of those availing of loans under the Pradhan Mantri Mudra Yojana (PMMY), besides putting in place a reward mechanism to incentivise lending institutions to increase the scale of lending. «A set of guidelines for assessing the creditworthiness and background verification must be enlisted to provide a security net to the banks, considering the loans are collateral free and a proper risk check and assessment has a critical role to play in the sustainability of results and success of the scheme,» the Aayog has said in its report submitted to the finance ministry and the Ministry of Micro, Small and Medium Enterprises (MSMEs). As per the report, 'Assessment of PMMY', done by professional services firm KPMG on behalf of the Niti Aayog, e-KYC authentication may be encouraged for loan underwriting to ensure proper assessment checks. ET has seen the report. «A proper reward mechanism is needed for different banks based on their scale of operation and performance to help incentivise well-performing member lending institutions to perform better,» the Aayog has suggested.

Official figures show that Britain’s economy continued its recovery from recession at the end of last year, with its GDP increasing by 0.6% between April and June