Target Financial News

Central banks are at «the end of the beginning» in their battle against inflation, as several factors keep core prices persistently high, according to top Societe Generale economist Kokou Agbo-Bloua.

New Delhi: Engineering behemoth Larsen & Toubro (L&T) has signed a teaming agreement with Spanish building company Navantia for the P75 (India) submarine programme to deliver six submarines. Valued at over 4.8 billion euros, the P75 (India) submarine programme is the country's largest defence acquisition.

The softer US jobs report for June is only one facet of the risk driver that oil and gold need this week. To complete the picture, Wednesday’s Consumer Price Index, or CPI, report for last month will have to be just as soft to dial down the Federal Reserve’s hawkishness, ensuring the central bank doesn’t go beyond two more rate hikes this year — better still, one.

Citi equity strategists downgraded US and UK stocks to Neutral from Overweight, while on the other hand upgrading Europe stocks to Overweight.

Another day… another price target hike for Tesla (NASDAQ:TSLA). Since its June delivery report last weekend, nine Wall Street firms have raised their price target on the EV giant. Today it was Jefferies analysts' turn.

Mahindra Manulife Investment Management Private Limited has “Power SIP”, a new facility for investors of Mahindra Manulife Mutual Fund schemes. In a statement, the AMC said this facility combines the features and benefits of a Systematic Investment Plan (SIP) and Systematic Withdrawal Plan (SWP), enabling the investors to reap the maximum benefits of the power of compounding (SIP) in the form of a steady flow of income (SWP). 

The 175-member International Maritime Organization (IMO) notified its strategy on July 7 to decarbonise the global shipping sector and achieve net-zero emissions by 2050, the Global Trade Research Institute (GTRI) said. It added that IMO has also set interim targets for reducing emissions by 20-30 per cent by 2030 and 70-80 per cent by 2040, compared to 2008. It added that IMO has also suggested the shipping industry should switch to cleaner fuel. «By 2030 cleaner fuel must account for a minimum 5 per cent of total fuel use. IMO will notify detailed measures next year. While IMO recommendations are not legally binding, countries are expected to achieve the targets set. This year, few countries pushed for a flat tax of USD 100 per tonne of carbon emission by ships, yet IMO ignored the recommendation and set broad targets due to opposition from China and many developing countries,» GTRI co-founder Ajay Srivastava said.

Navantia for submission of a techno-commercial bid for the Indian Navy’s prestigious P75 (India) submarine programme. P75 (India) Submarine Project is expected to be valued at €4.8 billion (over Rs 43,500 crore) and is India‘s largest defence acquisition project.Project 75 (I) requires the Indian bidder to tie up with a Foreign Collaborator (FC) and execute the program for delivery of six conventional submarines equipped with Air-Independent Propulsion (AIP), while achieving targeted Indigenous Content.

InvoCare’s shareholders will have to wait a little longer for the listed funeral group’s private equity suitor, TPG Capital, to firm up its $13 a share bid after due diligence timed out on Monday.

The XRP price has dipped to $0.468321this morning, representing a 3% drop in the past week and a 5% loss in the last 30 days.

Mid-market private equity firm Next Capital has locked in $375 million for its latest fund, which saw domestic investors account for more than half of commitments and a final close ruled off last week.

Magellan is down to managing just $5 billion for institutional clients in its flagship global equities strategy, analysts at Macquarie estimate, after the fund suffered further outflows in June despite a turnaround in performance.

Nifty is expected to test 21,430 levels over the next 12 months — a 2,000-point or 11% upside from the current levels — according to Prabhudas Lilladher. The brokerage is 'overweight' on auto and bank stocks and has raised its weight on HDFC Bank, Infosys and Tata Motors. Nifty has given over 10% return in FY24 on a year-to-date basis, led by resilient domestic demand and $14 billion worth of net inflows by foreign institutional investors (FIIs).

fight against inflation, the state of America’s labour market has taken on extraordinary importance. Its health is a crucial indicator of whether the battle is being won or lost. Initially the covid-19 pandemic was to blame for many of the workforce gaps, since people were less inclined to venture out for employment.

China's producer prices fell at their fastest pace in over seven years in June, while consumer prices teetered on the edge of deflation, adding to the case for policymakers to use more stimulus to revive sluggish demand. The worsening factory-gate price deflation and the move by consumer prices towards deflation for the first time since February 2021 bode ill for China's economic growth. Momentum in China's post-pandemic recovery has slowed from a brisk pickup seen in the first quarter with demand for industrial and consumer products weakening, raising concerns about the health of the world's second-largest economy. «We think the more challenging deflation environment and sharp slowdown in growth momentum support our view that the PBOC has entered a rate-cutting cycle,» said economists at Barclays in a research note. The producer price index (PPI) fell for a ninth consecutive month in June, down 5.4% from a year earlier, the National Bureau of Statistics (NBS) said on Monday, the steepest decline since December 2015. That compared with a 4.6% drop in the previous month and a 5.0% fall tipped in a Reuters poll of analysts.

nonfarm payrolls witnessed the smallest monthly gain in over two years as it increased by 209,000 jobs in June, below the expectations of 225,000. The unemployment rate also slipped to 3.6% from 3.7% in May, indicating a tight labour market. The report comes after the minutes of the US Federal Reserve’s June meeting reiterated that more rate hikes are coming.  “The US 10 year bond yield surged to 4.09% on hopes of aggressive Fed rate hikes especially after the US ADP private sector jobs data surged to the biggest monthly increase since July 2022.

Tata Motors share price rose almost three per cent to its fresh 52-week high of ₹634.60 in intraday trade on BSE on Monday, July 10, looking set to extend its winning run into the third consecutive session. The stock rose after the company said sales of Jaguar Land Rover (JLR) increased significantly on a year-on-year (YoY) basis for the first quarter of FY24. In a BSE filing on Friday, July 7, the company said "wholesale volumes for the first quarter for JLR were 93,253 units (excluding the Chery Jaguar Land Rover China JV), up 30 per cent compared to the same quarter a year ago.

₹5,316 crore. At lower levels, foreign institutional investors (FIIs) may again buy aggressively since India continues to be a consensus favourite destination for FIIs. Due to these factors, the market is likely to move into a consolidation phase.

By Hemen Bhatia

Trains Running On Time Have Been Overtaken By Spee... moreTrains Running On Time Have Been Overtaken By Speed As A Talking Point. When Exactly This Happened Is Hard To Identify.

Indian stock market bourses. Cyient DLM IPO listed on BSE at ₹401 apiece and went on to hit intraday high of ₹424.40 apiece whereas on NSE, Cyient DLM shares opened at ₹403 on NSE and went on to hit intraday high of ₹425 apiece within few minutes of share listing. After this strong listing, Cyient DLM IPO delivered around 51 per cent listing gain to its lucky allottees against the Cyient DLM IPO prie band of ₹250 to ₹265 per equity share.