Trade Financial News

A Malaysian court has dismissed a bid by imprisoned former Prime Minister Najib Razak to serve his remaining corruption sentence under house arrest

Budget Expectations: Finance minister Nirmala Sitharaman concluded her customary stakeholder consultations for the Union Budget, meeting more than 120 invitees across 10 stakeholder groups over two weeks till Friday to gather their inputs. Participants included representatives, economists and experts from industry, agriculture, trade unions, education, health, employment & skilling, MSME, trade & services, financial sector and capital markets, infrastructure, energy and urban sector, the finance ministry said in a statement on Sunday. The full Budget for FY25 will be presented on July 23.

First Abu Dhabi Bank on Thursday clarified that it was not evaluating any possible offer for a stake in Indian private lender Yes Bank, as per news agency Reuters. The Middle Eastern lender was apparently among those evaluating a $5 billion stake in Yes Bank for around 51 per cent, news agency Bloomberg reported on Wednesday citing sources. The other suitors included Japan-based Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. Following this news, shares of Yes Bank jumped as much as 8.5 per cent. The stock has climbed around 25 per cent this year so far. State Bank of India has reduced its stake in Yes Bank, which it rescued four years ago from a crisis of bad loans. Despite the reduction, SBI remains the largest shareholder with a 24 per cent stake. The impending end of SBI Chairman Dinesh Khara’s tenure in August could potentially delay any deals involving Yes Bank. A government-appointed panel has recommended Challa Sreenivasulu Setty as his successor.

Tata Elxsi Ltd. slipped 0.61 per cent to Rs 7035.6 in Friday's trade. It hit a high of Rs 7107.2 and low of Rs 7030.0 during the session. On the technical charts, the 200-DMA of the stock stood at Rs 7719.29, while the 50-DMA was at Rs 7139.87. If a stock trades above 50-DMA and 200-DMA, it usually means the immediate trend is upward. On the other hand, if the stock trades below 50-DMA and 200-DMA, it is considered a bearish trend and if trades between these averages, then it suggests the stock can go either way.

Japan's Nikkei 225 share index has closed at another record high, gaining 0.6% to close Wednesday at 41,831,99

Shares of Bandhan Bank Ltd.(up 2.23 per cent), Federal Bank Ltd.(up 2.13 per cent), State Bank of India(up 0.91 per cent), Kotak Mahindra Bank Ltd.(up 0.81 per cent) and Au Small Finance Bank Ltd.(up 0.55 per cent) ended the day as top gainers in the pack.

Zomato Ltd. traded at Rs 208.5 on BSE at 11:57AM (IST) on Thursday, up 0.16 per cent. The stock quoted a 52-week low price of Rs 73.05 and a high of Rs 213.8. Earlier in the day, the stock saw a gap up opening.

“The overall structure is still bullish for Bank Nifty. The major trigger was HDFC Bank. Though most private banks have done well in the last couple of days, stocks like ICICI Bank, Kotak Bank, and Axis Bank have also participated in this rally,” says Rajesh Palviya of Axis Securities. Edited excerpts:

LIC policy after a few years, you get a portion of the premiums back as surrender value. Life-cover benefit stops immediately. However, a new player has entered the market with a claim of offering a potentially “more attractive” alternative. ACESO Endowment Services recently launched Assignment of Life Insurance Policies or ALIP, a one-of-a-kind programme designed especially for LIC policyholders contemplating surrendering their policies.

budget preparation exercise.Sitharaman will present her seventh Budget on July 23.

investor responses and delivering significant returns following substantial listing gains. About 38 IPOs have taken place so far in 2024 with an average listing gain of 25% and average returns after debuting at 49% till date. Four stocks — Jyoti CNC Automation, Exicom Tele-Systems, JNK India and TBO Tek — have delivered returns of 100-300% over the offer price. Eight — including Bharti Hexacom, Le Travenues Technology, BLS E-Services, DEE Development Engineers and Vibhor Steel Tubes — rallied between 57% and 92%. Another 18 gained between 8% and 44%, with only eight stocks trading below their offer price.

optimistic growth projections for India's GDP. The expectation is that it may surpass many developed countries such as Germany and Japan. Which sector could benefit the most from this anticipated growth in GDP? The wire industry is poised to be a frontrunner.

Shree Cements Ltd. slipped 1.06 per cent to Rs 28077.15 in Tuesday's trade as of 12:28PM (IST). It hit a high of Rs 28519.65 and low of Rs 28020.3 during the session. The stock quoted a 52-week high price of Rs 30710.15 and a low of Rs 23023.05. The return on equity for the stock stood at 11.57 per cent. About 276 shares have changed hands on the counter so far.

Stocks that were in focus include names like YES Bank, which rose 0.34%, DMart, which gained 0.5%, and L&T, whose shares declined 0.32% on Wednesday.

It's not only portfolio managers who have careers circulating between multistrategy hedge funds. These opportunities are open to compliance professionals too. Nathan Perrone, who's been working in equities compliance at Millennium, has availed himself of one.

Nirmala Sitharaman has wrapped up consultations with industry and social sector representatives ahead of presenting her seventh Union Budget on July 23, the Finance Ministry said in a statement on Sunday. The pre-budget consultations for Union Budget 2024-25 began on June 19 and concluded on July 5, 2024, the ministry said. This marks the first full budget of Modi 3.0, aimed at charting the course for a developed India by 2047.

Bharat Electronics Ltd. traded at Rs 330.0 on BSE at 11:57AM (IST) on Tuesday, down 1.24 per cent from previous close. The stock quoted a 52-week low price of Rs 122.5 and a high of Rs 339.75.

SRF Ltd. gained 0.94 per cent to Rs 2403.95 at 12:02PM (IST) in Thursday's trade. The scrip has hit a high of Rs 2404.7 and low of Rs 2372.65 so far during the session. The stock had closed at Rs 2381.45 in the previous session. The counter has had a total traded volume of 1926 shares so far with a value of Rs 0.46 crore on the NSE. It traded at a price-to-earnings multiple of 53.16 and a price-to-book ratio of 6.63.

Crompton Greaves Consumer Electricals Ltd. slipped 0.35 per cent to Rs 426.3 in Wednesday's trade as of 12:58PM (IST). The stock hit a high price of Rs 430.55 and low of Rs 415.5 during the session.

₹3.5-35.0 lakh annually, claims to have several thousand ultra high net-worth individual (UHNWI) memberships in India. "Don't ask us how we get a special confectionery cake from Dubai overnight or how we jump the queue to procure the sought-after Birkin bag or how we can get an extra table put at a Michelin-starred restaurant. That's the trade secret.

Oil prices settled lower on Friday as the rising possibility of a ceasefire deal in Gaza outweighed strong summer fuel demand and potential supply disruptions from Gulf of Mexico hurricanes. Brent crude futures settled down 89 cents, or 1.02% lower, to $86.54 a barrel, after reaching their highest since April earlier in the session. U.S. West Texas Intermediate (WTI) crude futures settled at $83.16 a barrel, down 72 cents, or 0.9%.