Target Financial News

CPI print at -0.1% is the lowest in four years. Fed members have been reiterating that they want to be more confident about inflation reaching the 2% target and the latest June inflation print should help in that regard. Deceleration in sequential core services momentum is a positive. Latest jobs report also showed that the unemployment rate crossed 4% for the first time since November'21.

Some 3.3 million steam cleaners are being recalled across North America due to a burn hazard that has resulted in consumers reporting more than 150 injuries

The U.S. government says $325 million in federal funds will be available for solar and battery storage installations across Puerto Rico as the U.S. territory struggles with chronic power outages

India will be the engine of green energy growth for the world as the the country is expected to have an installed electrolyser manufacturing capacity of up to 100 GW by 2030, Union Minister Pralhad Joshi said on Friday. The Minister for New and Renewable Energy made the remarks while inaugurating an electrolyser manufacturing facility of a private company at Doddaballapur, in Karnataka. «India has the potential to be the driver of growth for green energy in the world. The demand for green hydrogen shall fuel demand for electrolysers in India. By 2030, it is likely India shall have installed electrolyser capacity of 60 GW-100 GW,» he added. His comments assume significance as the government has set up a target to have 5 million metric tonne (MMT) of installed green hydrogen mission capacity.

drone strikes by Ukraine, President Vladimir Putin has fortified the defenses surrounding his palace in Valdai, located north of Moscow. Satellite images captured on May 6 reveal at least seven medium-range air defense systems deployed near the extensive forest estate on Lake Valdai's shores, as reported by the US-based think tank, the Institute for the Study of War (ISW). Prioritizing High-Value Targets According to The Telegraph, the ISW stated, «Ukraine's relentless drone strikes have compelled Moscow's military command to prioritize limited air defense assets to cover what it deems high-value targets.» The satellite images also show Pantsir-S1 air defense units, surface-to-air missiles, and a long-range radar station, operational since the spring when Ukraine intensified attacks on Russian infrastructure.

Budget 2024: In the past few years, India's middle class taxpayers have routinely witnessed high pre-budget expectations turning into deep post-budget disappointment. This time, however, some analysts reckon that there appears to be a more realistic chance of budget sops for taxpayers because of the relatively weak mandate that Modi govt got, which apparently underlined the discontent among some key voter groups including the urban middle class. The interim budget tabled by FM Nirmala Sitharaman ahead of the 2024 general elections did not have any significant announcement on tax matters. There, however, were a few initiatives aimed at the common man in areas such as healthcare, housing and power. Here is a look at some of the important Interim Budget announcements in areas that have a direct bearing on the common man.

Paytm on Friday reported a 35% fall in its operational revenue for the quarter ended June at Rs 1,501 crore, down from Rs 2,341 crore a year back. Its net loss more than doubled to Rs 840 crore from around Rs 358 crore a year back.

Union Budget Expectations: The Modi government, in its first Budget of the third term, is expected to stick to the disinvestment target set for this fiscal year in the interim Budget. Finance minister Nirmala Sitharaman set the target for 2024-25 at Rs 50,000 crore. However, in the Interim Budget tabled in February, the 2023-24 disinvestment estimate was revised downward to Rs 30,000 crore from the previously budgeted Rs 51,000 crore. Ahead of the full Budget for 2024-25, scheduled for July 23, SBI Research has suggested that the government may take a clear stance on the disinvestment of public sector banks (PSBs). The report, led by Soumya Kanti Ghosh, Group Chief Economic Adviser at SBI, emphasised the need for a concrete roadmap to attract capital and boost confidence in financial institutions. A recent CareEdge Ratings report noted a total disinvestment potential of approximately Rs 11.5 trillion at current market capitalization, assuming the government retains at least a 51 per cent stake in these public enterprises. Public sector enterprises could contribute around Rs 5 trillion, while public sector banks and insurance firms could potentially add another Rs 6.5 trillion.

fiscal deficit target to 5.0% for FY25 from 5.1% in the interim Budget thus reinforcing the inclination to stick to fiscal consolidation; ii) make higher transfers to states for capex spend iii) increase transfer under PM KISAN from Rs.6,000 p.a. to Rs.7,500 p.a. iv) provide incentive to income tax payers to shift to the new tax regime by providing higher standard and other deductions/higher exemption limit/changes in tax slabs. Measures to bring down the interest rates in the system could trigger higher business activity, new capex announcements, reduce the interest outgo for businesses and expand valuation of stocks. For this, sticking to the fiscal consolidation path and desisting the tendency to turn populist will be appreciated. The government is likely to avoid being populist through handouts and could stick to the path of fiscal prudence although it may make extra efforts to win over a larger population of rural and urban poor by incurring targeted social welfare spending.

One of India’s largest crypto exchanges WazirX suffered a security breach that drained $234 million of users funds yesterday. The incident, which targeted the exchange’s multisig wallet on the Ethereum network, saw the theft of over 200 different crypto assets, including Shiba Inu, Ethereum, Polygon, and PEPE memecoin.

Tata Technologies on Friday fell 2% to the day’s low of Rs 989 on BSE after the company recorded a 15% year-on-year (YoY) decline in its quarterly net profit at Rs 162.03 crore. The company’s net profit was weighed down by an increase in expenses incurred for the purchase of technology solutions. Sequentially, the net profit has increased by 3.04%.

The assassination attempt on Donald Trump stunned the U.S. and has opened debate about dysfunctions in America’s political culture. Troubling too should be the reality that America isn’t alone.

green energy has become a pivotal area of focus. India, with its vast population and burgeoning economy, stands at a critical juncture as our energy consumption patterns evolve, with a noticeable shift towards renewable sources. Today, India's green energy sector is at a nascent stage but poised for exponential growth. The expectation from the upcoming Budget is high as stakeholders anticipate strategic initiatives from the Indian government to accelerate this transition. India's commitment to green energy sector is evident from its ambitious target of achieving 175 GW of renewable energy capacity by 2022, and the more recent goal of achieving 500 GW by 2030. Renewable energy accounts for over 42% of the country's installed power capacity at present with solar and wind energy with the largest share in the green energy mix. However, to sustain this momentum and meet future requirements, a robust policy framework and financial support are imperative. India is the third-largest energy consumer globally and the fourth-largest in renewable energy installed capacity. Many countries are taking aggressive steps to promote green energy. For instance, the US offers tax credits for renewable energy investments, and China has a comprehensive system of subsidies and quotas. In comparison, India's green energy incentives are modest. However, the country's vast market potential and strategic initiatives like the International Solar Alliance (ISA) position it as a significant player in the global arena.

Anand Mahindra, the Chairman of the Mahindra Group, recently lauded the creative ingenuity of Sudhir Bhave, an elderly engineer from Gujarat known for his unique cycle designs. In a heartfelt post on X, Mahindra not only praised Bhave's «irrepressible creativity and energy» but also offered him access to the Mahindra workshop in Vadodara for his experiments.

Gold August futures opened lower by 0.72%, or Rs 534, at Rs 73,621 per 10 grams on Friday, while silver September futures contracts opened down by nearly 1%, or Rs 90,953 per kilogram. The yellow metal has traded flat, gaining only Rs 340 per 10 grams in the last week, while silver has dipped by Rs 2,100 per kilogram in the same period.

Infosys. UBS has issued a sell call on Dalmia Bharat. Jefferies maintained a hold call on Havells while increasing its target price. Additionally, Citi has issued a buy call on ONGC with an increased target price. We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

Israeli military is checking whether an explosion in central Tel Aviv in the early hours of Friday was caused by a drone attack, the army said. Police said the body of a man was found in an apartment close to the explosion and said the circumstances were being investigated. «Earlier tonight (Friday), an explosion sounded in the area of central Tel Aviv. We are looking into the reports that it was an aerial target. The incident is under review,» the military said in a brief statement.

Joe Biden's son Hunter asked federal judges on Thursday to toss out gun and tax cases filed against him, citing a legal argument made by Donald Trump. Hunter Biden, 54, was convicted in Delaware in June on federal gun charges in a historic first criminal prosecution of the child of a sitting US president. He also faces tax evasion charges in California and is scheduled to go on trial in September.

Gold prices slipped on Friday, but were on track for a fourth straight weekly gain as expectations that the Federal Reserve was likely to cut U.S. interest rates in September lifted appeal for non-yielding bullion. FUNDAMENTALS

Fibr, an artificial intelligence-powered personalisation platform, has raised $1.8 million in a funding round led by Accel. The round also saw participation from 2am VC and angel investors such as Cred founder Kunal Shah. Fibr will use the funds for enhancing its AI personalisation platform, expanding its customer base, and hiring talent including engineers, product marketers and sales and go-to-market (GTM) experts, top officials said.

IOC president, Pierre de Coubertin, once said women competing in the Games would be «impractical, uninteresting, unaesthetic and improper.» Over a century later, the 2024 Paris Olympic Games are targeting gender parity in the same city where women made their Olympic debut in 1900. The IOC set a goal of a 50-50 split among the more than 11,000 men and women, including backups, registered to compete from July 26 to Aug. 11. However, the latest numbers from the IOC suggest organizers might fall just short of that target. Slightly more medal events for men than women. There is still a slight edge toward men among the 329 medal events at the Paris Olympics. The IOC has said there are 157 men's events, 152 women's events and 20 mixed-gender events.