Trade Financial News

Mumbai: Spreads in the bond market have tightened significantly, with AAA-rated companies raising funds at some of the lowest rates seen in recent years, underscoring the demand for quality debt issues in an environment where yields are expected to soften after the latest change in the RBI’s monetary policy stance. Yields on a 10-year AAA corporate bond are now below 7.20%, while the 10-year government security (G-sec) yields 6.82% on a semi-annual basis, or 6.94% annualised.

BEIJING — Chinese IPOs in the U.S. and Hong Kong are set to increase next year, analysts said, as some high-profile listings outside the mainland this year raise investor optimism over profitable exits.

Tapestry and Capri Holdings have filed their notice to jointly appeal the decision by a U.S. District judge to temporarily halt the merger between the makers of Coach and Michael Kors handbags, according to a court filing Monday

vehicle demand. The Nifty Auto index has declined over 11% in the past month as against the 5.7% decline in the benchmark Nifty. Analysts said the Auto index could drop at least 10-15% from the current levels. «Post-Covid, auto shares have experienced a bull run, and despite some adjustments over the past six months, valuations remain stretched,» said Krishna Appala, senior research analyst, Capitalmind Research. «If earnings growth doesn't hold up, corrections of around 10-15% are likely, as share prices have already surged over the last three years.»

Philadelphia’s district attorney says he has filed a lawsuit to halt Elon Musk’s $1 million giveaway as part of his political organization’s effort boosting Donald Trump’s presidential campaign

Donald Trump plans to deport millions of migrants, reshape global trade with expensive tariffs and fill the government with loyalists if he wins a second four-year White House term in the November 5 US Presidential election 2024, as per a report.

A port in Vizhinjam was one of former Kerala CM Oommen Chandy's dreams. Multiple governments attempted to construct a port in the PPP mode but failed. IFC, which was roped in to prepare a report, pointed out that the project would not be viable on a standalone basis without substantial government funding of 85% of the cost. Even though the project was financially unviable, both CPI(M)-led and Congress-led political formations were intent on developing the port. They both knew it had the potential to change the economic landscape of Kerala. Planning Commission's help was sought.

Federal Bank on Monday posted an 11 per cent increase in net profit to Rs 1,057 crore in the September quarter. The lender had earned a net profit of Rs 954 crore in the year-ago period. The total income increased to Rs 7,541 crore during the quarter under review against Rs 6,186 crore in the same quarter last year, Federal Bank said in a regulatory filing.

CAMS, which acts as a registrar and transfer agent for mutual funds, on Monday reported a 45 per cent rise in profit after tax to Rs 122.5 crore for the three months ended September 2024. It had a profit after tax (PAT) of Rs 84.51 crore in the same quarter of the preceding fiscal. The company's revenues from operations rose 33 per cent to Rs 365.17 in the July-September quarter of the current financial year (FY25) from Rs 275 crore in the year-ago period, the company said in a statement.

Middle East, India has solid oil reserves sufficient to last 12 days, with additional supplies in refineries that can sustain the country for about 18 days. However, any breakdown in the Strait of Hormuz lasting beyond 30 days could have significant lagging effects on the global economy and Indian markets, said former Indian Foreign Secretary Ranjan Mathai on Monday. “Moreover, there is concern that if a war spreads into the Gulf, it could affect the eight million expatriates living there,” he added. The diplomat made these observations while discussing “The Middle East Quagmire: Will the Iran-Israel War Spiral Further?” at an event organized by Synergia, a Bengaluru-based think tank. Speaking about the recent developments and Israel's decision to scale back its attacks on Iran, Mathai believes that US influence remains a key stabilizer in the region, as its presence deters large-scale conflict. “While Israel has formidable military and technological capacities, its vulnerabilities are showing. It currently needs U.S. assistance and must therefore rely on maintaining a solid line of communication with the decision-making authorities in Washington,” Mathai explained, adding that recent figures indicate as much as 40% of the next supply of missiles for the Iron Dome and Arrow will need to come from American sources.

Subscribe to enjoy similar stories. Treasury Secretary Janet Yellen warned that the West Bank’s economy could collapse if Israel doesn’t preserve its banking relationship with Palestinian financial institutions in the territory it occupies, highlighting another potential source of instability as Israel also fights foes in Gaza, Lebanon and Iran. In a letter to Prime Minister Benjamin Netanyahu, Yellen and several of her global counterparts urged the Israeli leader’s government to approve a waiver that would continue to allow Palestinian and Israeli banks to correspond.

Sun Pharma reported a 28% year-on-year (YoY) jump in net profit to Rs 3040 crore in Q2FY25 led by higher sales growth in domestic formulation and global specialty portfolio. The company reported net profit of Rs 2375.5 crore during the corresponding quarter of the previous year.

Citigroup on Monday offloaded private sector lender HDFC Bank's shares worth Rs 275 crore through an open market transaction. Citigroup, through its arm Citigroup Global Markets Mauritius, sold 15,79,953 shares of HDFC Bank, as per the block deal data available on the BSE. The shares were disposed of at an average price of Rs 1,742.6 apiece, taking the transaction value to Rs 275.32 crore.

In a trading statement today (28 October), managers Richard Watts and Nick Williamson said the sale of Featurespace to Visa and Klarna's upcoming IPO, which they expect in the first half of 2025, could generate a total £200m of potential liquidity.  This amount, which represents 38% of the trust's market cap, would be in addition to the trust's current £109m liquidity position, following $57m proceeds from the sale of Graphcore to SoftBank and the drawdown of a £70m loan facility from Barclays Bank.  According to Chrysalis, the forthcoming liquidity from the Featurespace sale and Klar...

Indian Prime Minister Narendra Modi and his Spanish counterpart Pedro Sanchez have inaugurated India’s first private military aircraft plant

French President Emmanuel Macron is arriving in Morocco, where he is scheduled to meet with the North African kingdom’s leaders and discuss partnerships regarding trade, climate change and managing immigration

CarTrade Technologies reported a six-fold increase in consolidated net profit at Rs 30.72 crore for the second quarter ended Sep 30, 2024. The company had posted net profit of Rs 5.04 crore in the corresponding period of the last financial year.

The recent surge in the prices was a momentum play following an escalation in the Middle East conflict, with Israel preparing to act on Iran’s missile attack. The US Fed Reserve’s interest rate cut, central banks' gold buying, upcoming US election and geopolitical risk are continuing to remain the key supportive factors for bullion prices. Investors may look for accumulation on any decline in the prices. The current market environment could be favourable for a strategic allocation in gold as an investment in the portfolio, said Tapan Patel, Fund Manager-Commodities, Tata Asset Management.

Bharti Airtel’s consolidated net profit for the fiscal second quarter jumped 168% on-year on the back of strong average revenue per user (ARPU) growth and subscriber adds, although a Rs 318 crore exceptional loss caused it to miss estimates. The nation’s second-largest telco posted a consolidated net profit of Rs 3,593 crore, which missed estimates as analysts were expecting a consolidated net profit of around Rs 4,311 crore in the September quarter.

BharatPe is working on introducing new investment and wealth management features on its peer-to-peer lending application 12% Club. The 12%Club app has been renamed Invest BharatPe and is available on the Google Play Store. It has launched digital gold for investments as its first product, the company said in a statement on Monday. Responding to ET's queries, BharatPe said that it has halted fresh deposits for its P2P lending product but the existing users will be able to access their investments through the new app.

Gillette India Ltd on Monday reported a 43.5 per cent rise in profit to Rs 133.01 crore for the quarter ended September 2024, led by a broad-based growth. The company, which follows the July-June financial year, had reported a profit of Rs 92.69 crore in the corresponding quarter of the preceding year, according to a BSE filing from Gillette India. Its revenue from operations increased 17.11 per cent to Rs 781.82 crore during the July-September quarter. It was at Rs 667.55 crore in the corresponding period a year ago.