Target Financial News

By Siddharth Cavale

₹16,372.5 crore in the December quarter as net interest income showed a healthy increase. This figure handsomely beat estimates by 19 analysts polled by Bloomberg, who expected it to post a net profit of ₹15,762 crore in the quarter. The bank’s net interest income–the difference between interest earned and interest expended–grew 23.9% y-o-y to ₹28,471.3 crore.

Also Read: Government cuts windfall tax on crude petroleum to ₹1,700/tonne effective tomorrow Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a January 19 expiry, was last trading 0.72 per cent higher at ₹6,051 per bbl, having swung between ₹5,969 and ₹6,109 per bbl during the session, against a previous close of ₹6,008 per barrel. -Analysts say that oil prices may find a ceiling unless production is shut in. Oil markets are still sensitive to tensions in the Middle East, but the base case remains that we'll see no significant disruption to flows, according to OANDA analysts.

Fitch Ratings Tuesday affirmed India’s rating at ‘BBB-‘ with a stable outlook, underpinned by strong domestic and external fundamentals. “India's rating is underpinned by a robust medium-term GDP growth outlook and sound external finances, which remain intact as the country has effectively navigated a fraught external environment in the past few years,” the global rating agency noted. The global rating agency also revised its growth forecast for the year upwards to 6.9% from the 6% projected earlier. It pointed out that India will remain the fastest-growing economy in the next few years as economic momentum proves resilient, projecting 6.5% growth in the coming fiscal. “Investment is likely to remain a key growth driver, as the government's capex drive is likely to continue, and private investment should accelerate gradually. Consumption is likely to moderate further in the near term due to reduced household savings buffers,” Fitch said. The first official estimates released by the government earlier this month pegged the country’s growth at 7.3%, driven by a higher investment rate. Fitch noted that the government’s infrastructure push, a strong private investment outlook and favourable dynamics will keep the country’s potential growth at 6.2%. “The improved health of bank and corporate balance sheets should pave the way for a positive investment cycle.

Statistics Canada says the annual rate of inflation accelerated to 3.4 per cent in December, thanks to gas prices and still sticky price hikes at the grocery store.

Sen. Markwayne Mullin, R-Okla., reacts to the U.S.-U.K. militaries launching strikes against Houthis in Yemen and weighs in on the Iowa caucuses on 'The Bottom Line.'

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Brent crude futures gained 81 cents, or about 1.04%, to $78.96 a barrel at 1333 GMT. The contract had lost 14 cents on Monday. U.S.

weapon systems, two South American countries have shown interest in the Pinaka multi-barrel rocket launchers. The Defence Research and Development Organisation (DRDO) is also developing rockets that would be able to strike targets at 120 km and 200 km. The Indian-made Pinaka weapon system is named after the bow of God Shiva and has been developed by the DRDO. «We have already achieved success in the exports of the Pinaka MBRLs to Armenia.

US Navy SEALs seized Iranian-made missile parts and other weaponry from a ship bound for Yemen's Houthi rebels in a raid last week that saw two of its commandos go missing, the US military said Tuesday. The raid marks the latest seizure by the US Navy and its allies of weapon shipments bound for the rebels, who have launched a series of attacks now threatening global trade in the Red Sea and Gulf of Aden over Israel's war on Hamas in the Gaza Strip. The seized missile components included types likely used in those attacks.

NEW DELHI : India plans to announce an extension to Prime Minister Narendra Modi's flagship federal housing scheme in next month's budget and an increase in available subsidies for low-cost housing loans, three sources said, ahead of elections this year. Finance Minister Nirmala Sitharaman, who will present an interim budget on February 1, is likely to raise allocations for low-cost housing by more than 15% to ₹1 trillion ($12 billion) for 2024/25 from ₹79,000 crore in the 2023/24 budget, two of the government sources said.

Newgen Software Share Price: Shares of IT software firm Newgen Software Technologies Ltd were locked at over five per cent upper circuit to hit its fresh 52-week high mark of ₹898.60 on the BSE, after announcing its October-December quarter results for fiscal 2023-24 (Q3FY24) earlier today. Newgen Software Technologies' net profit rose 44 per cent in the December quarter at ₹68.3 crore, compared to ₹47.3 crore in the year-ago period. The software company's revenue from operations in the third quarter of current fiscal stood at ₹324 crore, registering a growth of 27 per cent, compared to ₹255 crore in the corresponding period last year.

JPMorgan Chase & Co. is building up its Canadian asset management team, with new hires planned for Toronto and Montreal, as it looks to tap into growing demand from the wealthy for private investments.

«For a sustained upward movement towards 22,300 level, the index needs to decisively break above the 22,150 mark. On the downside, the immediate support is located at 21,950, and a clear break below this level could trigger further corrections towards the 21,800 mark,» said Kunal Shah, senior technical & derivative analyst at LKP Securities. Here are 2 stock recommendations for Wednesday: Buy BSE at Rs 2,317-2,320 Target Price: Rs 2,450 Stop Loss: Rs 2,250 BSE is seen to be breaking out of a pattern formation and making a bullish candlestick on the daily timeframe, which indicates strength.

strikes in Syria and Iraq, Iran has sought to «flex its muscles» in the fallout of the Israel-Hamas war without provoking a confrontation with the United States, analysts said. In neighbouring Iraq, the strikes by Iran's Revolutionary Guards targeted an alleged Israeli «spy headquarters» in the autonomous Kurdish region in response to the assassination of Iranian and pro-Iranian commanders in recent weeks. In Syria, the strikes targeted the Islamic State jihadist group in response to twin suicide bombings that killed around 90 people at an official memorial event in southern Iran earlier this month.

interim budget on February 1. This means less likelihood of any major announcement or showering of freebies on the poor. The government is also likely to slow the pace of capital expenditure to rein in fiscal deficit. The fiscal deficit target of 5.3% will be set by the government in FY25, keeping in view the fiscal consolidation path till FY26, as it normalises capital spending and refrains from any major announcements in the interim budget before the general elections, Icra and Barclays economists have said. ICRA expects the fiscal deficit target for FY25 to be set at 5.3% of GDP, midway through the expected print of 6.0% for FY2024 and the medium-term target of sub-4.5% by FY26. India has set a target of a 5.9% fiscal deficit for FY24. The interim budget is expected to follow the tradition and just seek a vote on account, Parliament’s nod for a grant in advance to meet the Centre’s essential expenditure for the first four months of FY2024-25. But the government may not totally ignore pressing issues that demand action especially just months before elctions. One such issue of economic as well as electoral importance is sluggish rural demand as the poor in India's rural areas are hit more by rising prices. The government may not wait till the full budget to address the issue and might declare welfare schemes for the rural poor in the interim budget.

Mergers and acquisition chatter in the registered investment advisor market started off at a substantial volume in 2024 as reports of Fisher Investments potentially seeking a buyer kicked off the new year. Fisher Investments, with $236 billion in client assets, denied the reports.

OTTAWA (Reuters) — Canada's annual inflation rate rose to 3.4% in December from 3.1% in November, data showed on Tuesday, a sign of stubborn inflation ahead of next week's interest rate decision.

Qatar’s prime minister has warned of the massive destruction inflicted by Israel’s offensive on Gaza and criticized the Israeli defense minister’s rejection of a cease-fire in the battered enclave

₹1,694.35 in the previous session, on January 15. With that, it has now rallied over 71 percent from its 52-week low of ₹990.25, hit on February 1, 2023. The private sector lender reported a 22 percent year-on-year (YoY) rise in the September quarter standalone net profit to ₹2,181.5 crore on the back of higher income and lower provisions.

Mustafa Al-Bassam, the co-founder and CEO of Celestia, has recently shared insights into his early years as a hacker, including significant hacks targeting entities like the CIA and the Westboro Baptist Church.