Target Financial News

inflation rate has edged up and down over the last several months after dropping from its 2022 highs as global price pressures fade and the economy cools.Statistics Canada is set to release its January consumer price index report on Tuesday and forecasters expect Canada’s inflation rate fell. RBC, CIBC and TD all project the annual rate eased to 3.2 per cent, down from 3.4 per cent in December.Nathan Janzan, RBC’s assistant chief economist says the slowdown was likely driven by energy and food prices.“Gasoline prices were lower than a year ago in January and food price growth probably continued to slow on a year over-year-basis,” he said.“I think the attention will be more focused on the other components of CPI, just watching for signs that broader inflation pressures are continuing to slow, if only at a gradual pace.”As high borrowing costs cause consumers and businesses to pull back on spending, inflation is expected to slowly inch closer to the two per cent target by the end of the year.But unlike what’s typical when interest rates rise, the housing market won’t be helping the economy slow.

Vishal Malkan, Malkansview.com, says that in case of HDFC Bank, “the intermediate low has been made at around Rs 1,380 and we can look at rallies back to Rs 1,485 to 1,500 in the next few trading sessions. It could be a good trading call. Again, from a long-term perspective, it has to cross many hurdles before it gets into that bullish mode on the monthly chart. But at least for the daily chart, we can have a good swing trade up to 1500.” What levels to watch out for in Bank Nifty? A grudging move in HDFC Bank seems to be taking the Bank Nifty higher? Vishal Malkan: Yes, Bank Nifty was struggling with 47,000 since the last few weeks. We have seen that it has not been able to cross that. Today, it looks quite positive… Once it closes above that 47,100 mark, we can easily look at another 600 to 700 points which could be a couple of days’ play for Bank Nifty.

S&P Global (SPGI) is close to reaching an agreement to acquire the research platform Visible Alpha, a deal that could push its valuation over $500 million, according to the Financial Times.

Investing.com-- The People’s Bank of China cut its five-year benchmark loan prime rate by a bigger-than-expected margin on Tuesday, loosening monetary conditions further in a bid to support a slowing economic recovery in the country. 

Investing.com-- Most Asian stocks retreated on Tuesday, extending recent losses as persistent concerns over slowing economic growth and high U.S. interest rates largely offset a bigger-than-expected cut in China’s benchmark lending rate.

Investing.com — The U.S. dollar slipped lower in early European trade Tuesday, but remains close to recent highs given the prospects of higher-for-longer U.S. interest rates, while the euro faces a wages test later in the session.

US dollar's 2024 uptrend has shown signs of slowing down recently despite the US CPI and PPI data coming in higher-than-expected last week.

Kaspersky on Tuesday said 34 per cent of users in India were targeted by local threats in 2023, and that its products detected and blocked 74.3 million local incidents. These statistics represent the malicious programmes found directly on users' computers or removable media connected to them (flash drives, camera memory cards, phones, external hard drives) or that initially made their way onto the computer in non-open form (that is, programmes in complex installers or encrypted files). According to the latest report of Kaspersky, 34 per cent of users in India were targeted by local threats in the year 2023.

₹107.80 apiece on BSE. HFCL stock price touched an intraday high of ₹113.25 apiece and a low of ₹107.40.

Coal India share price corrected more than 4.0% in the intraday trades on Tuesday. The Coal India stock that has scaled 52-week highs of ₹487.75 on 16th February after having more than doubled from 52 week lows of ₹207.75 on MArch'2023, has given up some parts of the gains. The volume outlook for Coal India remains strong as was highlighted by the management during the recent investor presentation on 19th February.

The website of major crypto ransomware operator LockBit has been taken down in a coordinated effort by international enforcement agencies. The message displayed on the site confirms it is now “under control of law enforcement.”

One 97 Communications, the parent company of Paytm, have recently shown significant upward movement, consistently hitting upper circuit limits in recent trading sessions. In today's trading session, the stock was locked at a 5% upper circuit limit at ₹376 apiece, marking the third consecutive day of a 5% rally.

Godrej Consumer Products along with one of its wholly owned subsidiaries has entered into an agreement for divesting its entire stake in wholly owned subsidiary viz. Godrej East Africa Holdings Limited, Mauritius to HKG Africa Weave Ltd for $3.5 million. Upon the completion of the deal, Godrej East Africa Holdings along with its step down subsidiaries viz.

Zee Entertainment Enterprises Ltd (ZEEL) rallied over 7% to the day's high of Rs 192 on Tuesday as the media house re-initiated talks for a merger with Sony Group after the $10 billion deal was cancelled last month. In a fresh dramatic twist, which is no less than an unending soap opera, Zee has re-engaged with Sony Group Corp in a last-ditch attempt to revive their merger,ET reported earlier today. According to the report, representatives from the two sides have held meetings across locations in Mumbai and efforts to salvage the deal have gathered momentum over the last fortnight.

Kotak Mahindra Bank has elevated KVS Manian as Joint Managing Director (JMD) of the Bank replacing ex-JMD Dipak Gupta, and Shanti Ekambaram as Deputy Managing Director (DMD) from March 1. Meanwhile, there were reports suggesting that Manian could be one of the candidates for the MD & CEO post at Federal Bank, due to be vacated in September 2024.

Stock market today: On account of the participatory rally in majority segments, the Indian stock market ended higher for the fifth straight session. The Nifty 50 index hit a new high of 22,186 before ending at 22,122 level. The BSE Sensex shot up 281 points and closed at the 72,708 mark while the Bank Nifty index added 150 points and ended at 46,535 level.

Buy or sell stocks for today: On account of the participatory rally in majority segments, the Indian stock market ended higher for the fifth straight session. The Nifty 50 index hit a new high of 22,186 before ending at 22,122 level.

Canada will donate more than 800 drones to Ukraine that will help its military forces detect and identify targets as it continues to fight Russia’s invasion, Defence Minister Bill Blair announced Monday.

climate tax targeting tourists who flock to the Aloha State. If approved, the tax revenue would go towards safeguarding beaches and mitigating the risk of wildfires, providing vital support for environmental conservation efforts across the state, as per a report. Hawaii's proposal to implement a tourist tax aligns with similar measures taken by other popular destinations worldwide. Countries such as Greece, Italy's Venice, the Galapagos Islands in Ecuador, Palau, and New Zealand have all enacted similar fees aimed at tourists, with charges ranging from $1 to $100. This approach reflects a growing trend among tourist hotspots to address the environmental and infrastructural strains caused by large numbers of visitors, according to New York Post report.

As we welcome the year 2024, it’s important to recognise its unique significance in the global political landscape. This year marks a pivotal moment, as 50 nations, including key players like the United States, United Kingdom, Russia, South Africa, and India, embark on the critical process of electing new governments. The democratic exercise of elections not only embodies the foundational principles of democracy but also exerts a profound influence on the corporate sector. The stability and predictability offered by consistent governmental policies are indispensable for fostering long-term economic growth.

₹750 crore in FY22. The top quintile (one-fifth) of this set of companies reported a compound annual growth rate (CAGR) of 15% or higher in revenue, while India’s nominal gross domestic product (GDP) growth rate averaged around 10%, McKinsey said. Based on the findings, McKinsey analysts said companies need to set aggressive growth targets to outperform both peers and the economy.