Target Financial News

global economy is on everyone’s mind. In 2023, global growth was quite resilient and inflation also toned down. Several countries such as the US and China did relatively well in the second half of 2023.

Shares of Rivian Automotive (NASDAQ:RIVN) were down by more than 3.5% in pre-market trading Wednesday morning after Deutsche Bank downgraded the automaker to a Hold rating (From Buy) and cutting their 12-month price target to $19.00 (From $29.00).

Instacart (CART) was lifted to Outperform from Peer Perform at Wolfe Research Wednesday with a new price target of $35 per share.

₹1,491.95, hit on December 1, 2023. Despite the muted returns, global brokerage house Jefferies has a ‘buy’ call on the insurance stock with a target price of ₹1,730, implying an over 19 percent upside. The brokerage elevated ICICI Lombard to one of its top picks, citing five compelling triggers for optimism.

UBS Securities bullish on GAIL's profitability and potential stock re-rating; raises target price by over 26% UBS has been making quick progress on integrating Credit Suisse since it agreed to buy the smaller rival in an emergency takeover ten months ago in what was the biggest banking sector tie-up since the financial crisis. Still, the acquisition comes with a raft of potential difficulties from closing out positions to managing the legal liabilities inherited from Credit Suisse, the Bloomberg report added.

DAVOS, Switzerland (Reuters) — Argentina's President Javier Milei will meet British foreign minister David Cameron and IMF chief Kristalina Georgieva on his trip to Davos, where he is expected to pitch his ultra-liberal government programme in a special address later on Wednesday.

By Vera Eckert

Investing.com -- U.S. futures point lower on Wednesday, with traders gauging the potential for Federal Reserve interest rate cuts this year following a hawkish statement from a top official at the central bank. Elsewhere, Walt Disney (NYSE:DIS) rejects a raft of nominees to its board put forward by activist investors, while headwinds against the Chinese economy loom despite the country posting annual growth that beat Beijing's target.

Investing.com-- China’s economy grew slightly less than expected in the fourth quarter amid consistent pressure from weak spending and a property market decline, although growth for 2023 managed to just edge past government targets.

Investing.com — European stock markets fell sharply Wednesday on increased uncertainty over the likelihood of early interest rate cuts as well as disappointing Chinese growth data. 

Investing.com-- Most Asian stocks fell on Wednesday as Federal Reserve officials downplayed expectations for early interest rate cuts, while economic growth figures from China largely underwhelmed markets.

By Leika Kihara

food and fertilizer subsidies for the next fiscal year, indicating fiscal caution ahead of 2024 Lok Sabha elections, said two government sources as quoted by Reuters. During the current fiscal year, which concludes on March 31, India's total budget spending is 45 trillion rupees, of which approximately one-ninth comes from subsidies on food and fertiliser. They said the Ministry of Consumer Affairs, Food and Public Distribution has projected that the cost of food subsidies in 2019 will be 2.2 trillion rupees ($26.52 billion).

Aditya Agarwala, Invest4edu, says: If markets have to sustain these levels, IT will have to chip in. So Infosys is a buy at current levels for a target of 1700 on the upside with a stop loss at 1610 on the downside. The second stock recommendation is MFSL. That too is looking decent for a short up-move, maybe a day trade or a two-day trade. So at current levels, I would initiate a buy for a target of 1,010 with a stop loss at 900 on the downside. Many of the index stocks have gone below 200 EMA moving average. It’s too late to short though. But at what levels would you start buying? Do you think the structure of the market has changed for some time or it’s just a crack? Aditya Agarwala: I believe markets are still making higher highs, higher lows.

HDFC Bank, which is single-handedly responsible for today's market crash, recorded its worst daily performance since May 2020 by falling around 7.9%. Investors in the bluechip lost around Rs 1 lakh crore as the market capitalisation of the Nifty heavyweight fell below Rs 11.75 lakh crore. Following the disappointment in December quarter results, several brokerages have reduced their target prices on the stock which led to the downfall. HDFC Bank's Q3 beat in profit (up 33% YoY to Rs 16,373 crore) was driven mainly by a one-off write-back of Rs 1,500 crore of tax provisions. «While NIM (calculated) at 3.7% was on the mark, it remained flat sequentially on a low base, a contextual disappointment given faster than expected reduction in balance sheet cash and investments. Yields on interest-earning assets stayed flat QoQ despite (i) the drawdown in balance-sheet liquidity and (ii) a reduction of lower-yield wholesale loans in the loan mix. This was the crux of the disappointment,» said Santanu Chakrabarti of BNP Paribas. Also read: HDFC Bank shares at mouth-watering valuation, say contra buyers after $10 billion loss

₹1,476 apiece. This was the stock's biggest intraday jump since May 2023. The notable surge in shares today is attributed to the release of the company's Q3FY24 earnings on Tuesday post market hours, reporting a 22.4% YoY improvement in net profit to ₹431 crore.

interim budget, as seen in the past few decades, has whetted interest in how Finance Minister Nirmala Sitharaman is going to structure it. Read our full Budget 2024 coverage here Coming right before the Lok Sabha elections, an interim budget is an effective vehicle on which an incumbent government's poll priorities can ride. Being a top national event, it gets a lot of eyeballs and remains in the public mind as the responses and debates it generates in different quarters echo for several days. It is the last big government event before elections to please chosen voter segments. On the face of it, the BJP-led NDA government at the Centre seems to be free of the kind of pressures, or promises, an interim budget can generate for a ruling party facing elections just a few months later. It has scored surprising victories in three key states just last month which many see as a strong voter endorsement for the coming Lok Sabha elections, especially when the opposition's alliance has yet to take a potent shape.

Business Today. “There is no such thinking to move towards de-dollarisation... The dollar will continue to be the dominant currency", Shaktikanta Das added.

Yemen, officials said Tuesday, as the Iran-backed rebel group continues to target vessels in the Red Sea.The early morning strikes destroyed four anti-ship missiles that were prepared to launch from Houthi-controlled areas of Yemen, officials said.The Houthis have not stopped their attacks despite two airstrikes by U.S. and British forces last week that targeted the group’s weapons depots, launching facilities and air defence systems.

Bajaj Finance with a Sell rating and a target price of ₹6,800 per share, implying a downside of 9% from Tuesday’s closing price. It expects Bajaj Finance’s yields to be under pressure in urban consumer financing business, which formed 37% of standalone Assets Under Management, 45% of interest earned and over 60% of core fee income in FY23.

Mint. The fund will support fintech, consumer, and B2B platforms, especially those with liquidity needs for inventory build-up, receivables, and book debts, Murali said. “By creating these two sleeves of debt options for founders, we want to ensure founders are able to meet their short - medium term needs to create strong enterprise value".