Target Financial News

support for Nifty is around 22,300, followed by 22,100-22,000; and any dips should be seen as a buying opportunity as the index could attempt to rally towards new record highs soon, according to technical analysts. Stocks such as M&M, TVS Motors, Coal India, Grasim, ACC, Gail, Concor, National Aluminium, MTAR Tech, APL Apollo, Exide, Aurobindo Pharma and HEG could witness strong buying interest, analysts said. SUDEEP SHAH HEAD — TECHNICAL & DERIVATIVE RESEARCH, SBI SECURITIES

Mahindra & Mahindra (M&M) is set to embark on its next phase of expansion after shedding flab under the stewardship of group MD and CEO Anish Shah. In the past four years, the Rs 1.39 lakh crore group has exited 15 businesses ranging from yachts and helicopters to dairy and special steel as well as loss-making overseas subsidiaries such as SsangYong Motor and Peugeot Motocycles.

Department of Telecommunications (DoT) aims to notify the rules under the Telecommunications Act, 2023 within 100 days of the new government taking charge.

Union minister Dharmendra Pradhan, who is contesting from Sambalpur, said the Opposition shouldn't have a problem if the BJP is ambitious. In an interview with ET, the BJP leader also spoke on Opposition's claims and the party's plan for Odisha. Excerpts:

BlockDAG‘s strategic initiatives have significantly elevated its profile in the cryptocurrency market, attracting a growing number of investors. By earning a remarkable $28.6 million as its presale reached batch 13, BlockDAG showcases the effective allure of its innovative Dashboard, which offers detailed user data and transaction insights. This approach enhances user engagement and instills a robust sense of community and investor confidence, instigating BlockDAG to hit $30 by 2030. TRON exhibits bullish momentum in parallel, navigating market volatility with promising technical indicators and deflationary policies. Meanwhile, Bittensor faces a pivotal moment as its price hits an all-time low, yet a notable increase in trading volume suggests a potential rebound.

A former New York registered investment advisor has been convicted in connection with a scheme to misappropriate more than $1 million from clients – and faces up to 30 years in prison.

One of Wall Street’s most prominent bears has just turned positive on the outlook for US stocks.

Aeronautics Limited (HAL) from ‘Accumulate’ to ‘Buy’ after the company reported 52 per cent year-on-year (YoY) rise in its net profit to ₹4,308.7 crore for the fourth quarter results (Q4 FY24). The brokerage firm has also raised the target price of the PSU defence stock from ₹4,100 to ₹5,590. “We revise to Buy from Accumulate, with a higher TP of INR 5,590 from INR 4,100 based on 45x (from 35x) March 2025E P/E as we roll forward.

Deutsche Bank has raised its 2024 year-end S&P 500 target to 5,500, the highest among major brokerages, banking on strong corporate earnings to support equity valuations. The brokerage previously expected the index to finish 2024 at 5,100 points. The new target, at the top end of its range of 5,100-5,500, is around 4% higher than the index's last close of 5,303.27.

The £203m trust will target capital growth and income, and includes a new 4% dividend target set by the board to focus on dependable income. In addition, the board has introduced a new discount policy and will consider share buybacks if the discount reaches 10%. The relaunch came after shareholders voted in favour of the changes in a meeting on 16 April. The vehicle will be managed by a team of ten people led by Stephen Anness, Invesco head of global equities.  The team will pursue companies with a history of strong dividend yields, companies with low yields but clear per-share value ...

Dogecoin (DOGE) is currently trading at $0.1522, down 1.77% in the last 24 hours, with a 24-hour trading volume of $819 million. Ranking #9 on CoinMarketCap, Dogecoin has a market cap of $22 billion and a circulating supply of 144 billion DOGE coins.

May when S&P BSE Sensex has slipped 566 points or 0.75%, silver has outsmarted not just the headline index but also its shinier peer gold, and Bitcoin. The white metal has jumped by nearly 11.29% or over Rs 9,580 per kg in this month so far as its industrial appeal returns along with renewed hopes of at least two interest rate cuts, this year. Silver's rally over the first fortnight in the ongoing month accounts for nearly 60% of the gains it has recorded in 2024 so far. It is up by 21% or Rs 16,000 per kg. On Friday, July silver futures on the MCX hit a lifetime high of Rs 90,391.

From a technical analysis perspective, the Nifty index appears to have strong momentum. If the positive sentiment persists, it is plausible to see the index testing its previous highs around the 22800 levels, Dr Ravi Singh,Senior Vice President, Retail Research at Religare Brokingsaid. This analyst spells out the strategy in the previous week’s major movers viz. Hindustan Zinc, Tata Motors, Honasa Consumer (Mamaearth), and three more stocks. Here’s what he recommends: It was a good week for markets with Nifty gaining 2.3% WoW thanks to benign US inflation numbers which lifted the mood on the Street. Is it priced-in now or we can see a further rally?

Honolulu's former top prosecutor has been found not guilty in a bribery case that alleged employees of an engineering and architectural firm bribed him with campaign donations in exchange for his prosecution of a former company employee

Gujarat International Finance Tec-City (GIFT City) will soon take another step to resemble state-of-the art global finance centres as the hub is set to launch its own foreign currency settlement system, K Rajaraman, chairperson of the International Financial Services Centres Authority (IFSCA) told Bhaskar Dutta in an interview. He also listed out the latest steps being taken by the IFSC Authority to «onshore what is offshore». Edited excerpts: Markets have been telling us about the development of an international-style instant foreign exchange settlement system in GIFT City. What is happening on the ground?

₹37,000 crore over the next three years, and targeted capacity expansion to 72,000 units per month by the end of FY26 (up from 49,000 per month in FY24) are the key drivers for the homegrown auto major. M&M's increased focus on EVs is evident from its planned auto capex of ₹27,000 crore, with as much as ₹12,000 crore allocated for EVs. The company plans to launch nine ICE SUVs, seven battery electric vehicles (BEVs), and seven light commercial vehicles (LCVs) by 2030.

Telecom operators are likely to disconnect a record 1.8 million or so mobile connections at one go as part of the government's first countrywide operation to curb cybercrime and online fraud, officials said. This follows a comprehensive investigation by various law enforcement agencies to track misuse of mobile connections for committing cybercrime and financial fraud. «During investigations, it was detected that in many instances, a single handset was used with thousands of mobile connections,» an official privy to the details told ET.

HTech, the newly formed smartphone company which has a licence to sell Honor-branded handsets in India, is looking to raise about $100 million from investors to diversify into manufacturing, co-create India-specific products and improve customer experience, a top executive said. «We've already ploughed in $10 million into the business and are now looking to raise another $100 million, of which $20 million will be raised in the next six months,» Madhav Sheth, chief executive officer of HTech, told ET. The smartphone player will be looking to dilute equity in the company — in which Sheth is now a majority shareholder — to raise the funds. «When you are doing something for the first time, having an equity partner will ensure the scale of growth is much faster,» the executive said. Since inception in August 2023, HTech has launched two handsets across the mid-premium and budget segments, and is looking to launch six more by the end of 2024, targeting the fast-growing premium segment which contributes 20% in volume terms to the smartphone market, according to Counterpoint Research.

JSW Steel's third phase of capacity expansion at its plant in Dolvi will be among the lowest for brownfield expansions for the company, a top official told ET. JSW Steel will spend a little over ₹19,000 crore on this capacity addition, which will help it cater to the demand for value-added special steel products, Jayant Acharya, chief executive officer of JSW Steel, said. «It will be very cost effective since some of the infrastructure facilities are already there (and) some of the equipment are already there as part of phase two,» he said.

Ethanol distilleries in the country are faced with high and rising stock of the biofuel amid a demand-supply imbalance that, they allege, is because state-run oil marketing companies (OMCs) are not buying sufficient quantities. Two executives at OMCs, however, said they are buying as much ethanol as is required to meet the target of blending 15% ethanol in petrol. «The stock at ethanol producers is rising as OMCs are unable to lift enough quantity,» said an ethanol industry executive who didn't want to be identified. «This could be due to limited storage capacity at OMCs' depots,» the person added. State-run oil marketing companies Indian Oil, Hindustan Petroleum, and Bharat Petroleum purchase ethanol from diverse producers to blend it with petrol at their depots before supplying the fuel to pumps. These companies did not respond to ET's request for comment until press time Sunday.