Target Financial News

Ashok Leyland with a target price of Rs 168.8. The current market price of Ashok Leyland is Rs 168.7.

Sumitomo Mitsui Financial Group has launched a digital banking service in the United States, as Japan's number two lender aims to tap growth in the US consumer banking market, a bank executive said on Wednesday. Sumitomo Mitsui is providing personal loans through a newly created online banking division of Manufacturers Bank, a California state-chartered bank wholly owned by the Japanese group.

The Gartman Letter Publisher Dennis Gartman on the outlook for Federal Reserve policy.

Asian shares nudged higher and the dollar was at a two-month low on Wednesday ahead of crucial U.S. inflation data that will help gauge whether the Federal Reserve is at the end of its aggressive rate hike policy. The Japanese yen strengthened against most major currencies and last fetched 139.43 against the dollar, its highest in a month.

Gold prices edged higher on Wednesday after the greenback and bond yields retreated as investors cautiously awaited U.S. inflation data that could offer more cues on the Federal Reserve's rate-hike policy path. * Spot gold rose 0.2% to $1,935.39 per ounce by 0053 GMT.

Maruti Suzuki/M&M/Tata Motors: The tweak in the definition of an SUV for attracting a cess over and above the GST rate will provide clarity on the taxation structure for utility vehicles, ensuring that the rate entry is more precise leaving little room for interpretation on the ambit of ground clearance, auto industry experts said on Tuesday. The Goods and Services Tax (GST) Council decided that the definition of an SUV will include only the length (4 metres and above), engine capacity (1,500 cc and more), and ground clearance (unladen ground clearance of 170 mm and more).

Harshvardhan Dole, VP, IIFL Securities, says “the second half should be more promising as the gas production improves and hopefully the O2C business should be much stronger than what we are seeing in the first half. On a broader basis, the call is what possible announcement may come through in the AGM, which probably is say month out.

«So, I think the recent breakout was genuine and I do believe that the banks can lead the market higher from current levels. In fact, our working target on the Bank Nifty is about 47,500 to 48,000,» says Gautam Shah, Goldilocks Premium.What happens to banks now? In the pure play banking space can HDFC Bank now do the magic considering it is a behemoth and a combined entity soon or do you think there is any other banking stock which is going to show leadership?See, a month back, there was this concern that the Nifty was going up and banks were not participating. Remember that six-week period wherein the Bank Nifty was absolutely flat and thereafter, once that 44,000 number got taken out and the way some of these top banks including HDFC Bank which just rebounded from the 200-day exponential moving average, it told you that it was just a resting phase before the next move up.

Spiraling prices of tomato, onion and pulses are emerging as new risks for India’s retail inflation, reaffirming expectations of a hawkish hold from the central bank for the rest of the year. After moderating for four months, consumer price inflation probably accelerated to 4.6% in June, according to a Bloomberg survey of economists. That compares with a 25-month low reading of 4.25% in May. Official data is due 5:30 p.m. local time Wednesday. The gains are broadly in line with the Reserve Bank of India’s projections, but an impact on supply chains and crops due to an erratic weather may fan the prices further. That means the central bank will take longer to reach the mid-point of its 2%-6% target, delaying a pivot to rate cut to support growth. It left the rates unchanged in the last two meetings to see the impact of past hikes on inflation. High borrowing costs may further dent demand in Asia’s third-largest economy where growth has lost pace tracking a global slowdown. It may also pause the rally in India’s stocks which have touched record highs, according to some market watchers. Economists are crunching numbers to gauge the impact of the sharp acceleration in food prices on headline inflation in the coming months. A jump of more than 400% in the prices of tomato since the start of the year will likely push up inflation beyond the RBI’s target ceiling in the July reading due next month. “The weather-related price disruption has also been seen in other vegetables and most notably in onion prices,” said Anubhuti Sahay, an economist with Standard Chartered Bank. She sees the risk of inflation touching 6% in July if the increase in food prices is sustained.

Also read: OECD says 27% of jobs at high risk from artificial intelligence The FCA intends to take a strong stance on this matter, supporting beneficial innovation while implementing proportionate protections. Rathi will emphasise the agency's commitment to maintaining vigilance in mitigating cyber risks and fraud, as these threats are expected to rise with the increased adoption of AI.

Buy or sell stocks today: Indian market will be dictated by the Q1 earnings of major IT firms like Tata Consultancy Services (TCS) and HCL Tech on Wednesday. The market's tone is expected to be positive, however, volatility may occur after the tech players' earnings as the IT industry is likely in for a lackluster first quarter for FY24. In the previous session, markets ended on a positive note, however, resistance was seen as Nifty failed to surpass the immediate hurdle at the record high.

Day trading guide for today: Domestic equity benchmarks Sensex and Nifty extended gains for the second consecutive session ending higher on Tuesday amid broadly positive global cues ahead of the US inflation data - which will influence the next move of the Federal Reserve on rate hikes. Sensex closed 274 points, or 0.42 per cent, higher at 65,617.84 while the Nifty ended the day at 19,439.40, up 84 points, or 0.43 per cent. As many as 33 stocks ended in the green while 15 stocks ended in the red in the Nifty index.

Auto component maker Jamna Auto Industries has rallied by about 11% in a month, and a bullish MACD crossover on the weekly charts suggests that the momentum is here to stay.Short- to medium-term traders can look to buy the stock for a possible target of Rs 140 in 4-6 months, suggest experts.The stock rose from Rs 99.10 on June 9 to Rs 110.25 recorded on July 10, which translates into an upside of 11% in a month.The auto component stock with a

Alvarez & Marsal has added two directors from KPMG as part of a push to grow a new corporate finance team in the UK targeting the mid-market.

The leading cryptocurrency, Bitcoin (BTC), has maintained its upward trajectory and remains well above the $30,000 level. 

Verizon will pay $30 million to settle a 2016 lawsuit over an underperforming hedge fund the plaintiffs alleged the company dragged its feet in removing from its retirement plan.

Mumbai: India’s second largest state-owned lender Bank of Baroda on Tuesday denied its officials used phone numbers of strangers to inflate registrations on its mobile banking app bob World.   A report by Al Jazeera alleged that bank officials linked bank accounts to unrelated mobile numbers in order to achieve stiff onboarding targets. The report cited internal emails of the bank to state that that branches were asked to conduct a “discreet inquiry" into the issue and to recommend whether those mobile numbers should be withdrawn.   “The bank has a current mobile banking activated user base of 30 million customers, all of whom are linked to a unique mobile number seeded with their bank account," a spokesperson for Bank of Baroda said in an emailed statement.   The spokesperson said a fully system-authenticated and customer consent-based process has been and is currently being followed for undertaking any mobile banking app registrations in the bank.  Bank of Baroda’s app has seen its base of activated users grow from 19.6 million in FY22 to 30 million in FY23, as per data available on its investor presentations.

New Delhi: The Global Biofuel Alliance (GBA) will boost global trade and secure availability of biofuels, said the union minister for petroleum and natural gas Hardeep Singh Puri. Addressing an event here on Tuesday, the minister said: "The alliance will provide a boost to global trade, secure the supply and availability of biofuels and coordinate internationally recognized standards and codes." The alliance will be a competent organization which will set technical standards for sustainable aviation fuel business in collaboration with relevant industry bodies. It would have a three-category membership structure bringing together member countries, partner organizations and industries.

Sudipta Roy, will need to focus on the execution of retail strategy, improving collection efficiency and ensuring an uneventful reduction in the wholesale loan book, analysts said. While the company has pivoted towards retail loans and despite its fast growth pace, the overhang of the wholesale book means that the company's assets have been shrinking. This comes even as higher-rated peers Bajaj Finance and Cholamandalam Investment & Finance are growing their loans at 20-30%.

Havells India is going to venture into electronic manufacturing service (EMS) or contract manufacturing space for appliances such as air-conditioners and washing machines to cater to the increased demand of global brands to have an Indian manufacturing base, said chairman and managing director Anil Rai Gupta. On a pilot basis, the company has already started manufacturing and product designing of air-conditioners for some of the global brands in markets like the Middle East and the US. Gupta said since Havells is investing heavily into building manufacturing lines and capacities for appliances for its own brand Lloyd, it will utilise the spare capacity for contract manufacturing for brands sold overseas. «We want to cater to China plus-one manufacturing strategy of global brands. We will only manufacture for brands sold overseas since we don't want such products to compete with our own Lloyd brand of appliances. We are also designing the products to ensure they meet the norms of these markets,» said Gupta. Gupta said the company is targeting Rs 1,000 crore revenue from contract manufacturing over the next 3-4 years. He said Havells has started with AC for such manufacturing since it has already built a plant of global standard and has excess capacities. Next will be the washing machine for which it has set up a plant. «As and when we set up plants for manufacturing our own products, we will start contract manufacturing,» he said.

. The agreement will foster collaboration on semiconductors, high performance computing and artificial intelligence, among other key technologies. Freeman indicated that British investments in the Indian semiconductor ecosystem could be seen in the next year or two.