UPS Financial News

Pakistan's Cabinet has relaxed rules to hire foreign consultancy firms to make up for 'unskilled' bureaucrats and speed up official efforts to bring investment for various projects in the cash-strapped country from the Gulf and other nations, according to a media report. The decision was taken to support the Special Investment Facilitation Council (SIFC), the top civil-military body created last year to bring investment into the country. According to The Express Tribune, the Cabinet relaxed the public procurement legal framework to hire foreign consultancy firms to strengthen the SIFC to prepare various projects before offering them to foreign investors.

When facts change, I change my mind. What do you do sir? – Lord Maynard Keynes. But what do you do when information swings like a pendulum that has lost control? Sector and stock rotation is happening at a bizarre pace. For some time, institutional investors tried to ignore hyper-rotational activity as just an irrational retail frenzy that would die down; but they seemed to have thrown in the towel and jumped in. Daily institutional turnover has doubled from INR 25,000-30,000 cr to INR 55,000-60,000 cr since Nov 2023.

BBC News Hindi, she said, “When I saw that people were trolling me, it didn't bother me much. My marks matters, not my facial hair." “When the UP results were announced, my picture went viral; many people trolled me." She also tahnked all those who came in support of her. “At the same time, there were those who supported me.

Why Delhi CM Arvind Kejriwal can't cast a vote in Lok Sabha Elections on May 25? "Today people have come from different parts of Delhi to participate in this walkathon for Arvind Kejriwal. They are showing their support and love, and giving blessings. Delhi people are fighting the election.

Making sense of Tesla’s manufacturing plans increasingly requires a close study and a grain of salt when listening to Elon Musk describe what’s ahead. The chief executive loves to talk about the future of robot cars and what might come. What was less clear this past week, as profit plunged 55% and the company burned through more than $2 billion in cash in the first quarter, was the company’s near-term product plans—“product" being the boring part of the business where metal is bashed together to make cars sold to people who drive themselves.

Marrying two of the most trending concepts in the crypto space – AI and Meme, the brand new WienerAI crypto has garnered attention not only among the memecoin community but also among those interested in AI cryptos.

Bank of Japan kept interest rates unchanged, driving the yen to a fresh 34-year low, while US inflation showed few signs of simmering down. The Japanese yen slumped as BOJ Governor Kazuo Ueda played down the impact on inflation from a weakening currency. While he’s indicated a preference to proceed gradually with rate increases, Ueda is trying to avoid restraining the economy. That’s becoming even more challenging after US data this week indicated inflation accelerated in the first quarter, reinforcing expectations the Federal Reserve is likely to keep interest rates higher for longer.

Mumbai Indians' wicketkeeper-batter Ishan Kishan has been reprimanded and fined 10 per cent of his match fees for breaching the IPL Code of Conduct during their Indian Premier League (IPL) 2024 match against Delhi Capitals at the Arun Jaitley Stadium, Delhi on Saturday. Kishan committed a Level 1 offence under Article 2.2 of the IPL's Code of Conduct. He admitted to the offence and accepted the Match Referee's sanction. For Level 1 breaches of the Code of Conduct, the Match Referee's decision is final and binding. In the match, Jake Fraser-McGurk's powerful knock, followed by Rasikh Dar Salam, Mukesh Kumar and Khaleel Ahmed's supercharged pace attack helped Delhi Capitals (DC) defeat Mumbai Indians by 10 runs in their Indian Premier League (IPL) 2024 match here at the Arun Jaitley Stadium on Saturday.

The town of Drumheller, Alta., is hoping to set a record for the ultimate prehistoric challenge on Saturday.

AdaniConneX, a 50:50 joint venture between AdEnterprises and EdgeConneX, has established India's largest sustainability linked financing to raise up to USD 1.44 billion. In a press release on Sunday, AdaniConnex said the financing has an initial commitment of USD 875 million, with a feature to extend commitment up to USD 1.44 billion. The transaction takes AdaniConneX's construction financing pool to USD 1.65 billion, building on the maiden construction facility of USD 213 million executed in June 2023.

UltraTech Cement is expected to report a net profit of Rs 1,962 crore for the quarter ended March 31, 2024 which will be an 18% year-on-year jump over the corresponding quarter of the last financial year according to average estimates of three brokerages. Sequentially the profit is expected to go up by 13%. The revenue from operations for the reporting quarter is likely to remain at Rs 20,057 crore according to the average estimates, which will be higher by 8.50% on the year-on-year basis. On the quarter-on-quarter basis, the revenue for the January-March quarter is expected to go up by 21.26%.

“Stick to value stocks,” the Pacific Investment Management co-founder posted Thursday morning on X, formerly known as Twitter. “Avoid tech for now.”

Minority shareholders of ICICI Securities led by Bengaluru-based investment manager Manu Rishi Guptha have filed a class action suit with National Company Law Tribunal (NCLT) against ICICI Bank's bid to delist its broking arm from the Indian bourses. Last month, nearly 72% shareholders approved the scheme of arrangement for the merger of ICICI Securities with its promoter ICICI Bank.

Bajaj Finance and Jio Financial came out mixed, further complicating the question of which stock one should buy between these two. Bajaj Finance reported a decent double-digit rise in profit and interest income year-on-year. Jio Financial, on the other hand, reported a single-digit sequential rise in profit and interest income.

₹230 crore following raids at four drug manufacturing units in Gujarat and neighbouring Rajasthan, an official said. As reported by PTI, an official said, “The raids were conducted by the Gujarat Anti Terrorist Squad and Narcotics Control Bureau jointly on Friday after the ATS received a tip-off that Ahmedabad resident Manoharlal Enani and Kuldeepsinh Rajpurohit of Rajasthan had set up mephedrone manufacturing units." “A watch was kept on the movements of Enani and Rajpurohit as well as their accomplices, following which the raids were conducted at the units in Sirohi and Jodhpur in Rajasthan and Piplaj village in Gandhinagar and Bhaktinagar industrial area of Amreli district in Gujarat," an ATS release said.

DD Mishra, VP Analyst, Gartner, says, “in 2024-25, we see that AI-led growth is going to come and AI has to play a very critical role. In 2023, AI spending was around $3.5 billion, but we are expecting that this thing is going to grow in 2024-25 significantly. There are other challenges and CIOs are struggling and in this situation, they take a lot of consulting support as well because they do not know what they do not know and this is where they depend on the consulting services which has been growing significantly. We will see disruptions in the short term, but the long term outlook is positive.” Just wanted to get a sense from you with respect to the earnings read through and the commentary that we have heard from the management of the Indian IT majors. It lacks the confidence that a recovery is around the corner. They are still non-committal about it. However, the forecasts coming in from Gartner have been improving consistently. What kind of outlook are you witnessing with respect to client spends, discretionary spends and the pace of ordering. DD Mishra: The way we look at it, there are two perspectives of it. One is the larger perspective where we see how the next four to five years are going to change around IT and that looks quite promising because we see that in 2025, 2026 and 2027, we are going to see double-digit growth and there is no cause of concern as of now.

Amit Khurana, Head of Equities, Dolat Capital, says for the next few months, bottoms-up stock picking should be the preferred mode and look out for names either showing signs of turnaround or names which have visibility even though you may have to pay a little bit of a premium on the valuation side, but the momentum continues to be supportive for those sectors or stocks. You were slightly cautious on the market and by mid of March that caution played out, however, it was short-lived and the market rebounded. What is your current prognosis of the way the earnings season is panning out? Did you request the clients to buy that dip or are they still sitting on the sides? Amit Khurana: Yes, the correction did play out which we were anticipating but the depth of it and the breadth, I did not come as much as one would have wished for.

Nifty ended with weekly gains of 2% amid significant volatility. On Friday it ended in the red breaking its five sessions gaining streak. When markets resume trading on Monday, a host of important domestic and global events lined-up during the holiday-truncated week are likely to impact them. Equity markets will be shut for trading on May 1, Wednesday on account of Maharashtra Day.

RBL Bank on Saturday reported a 30% increase in fourth-quarter net profit to ₹353 crore, boosted by strong loan growth and its efforts to contain bad loans. For the financial year 2023-24, net profit rose 32% to ₹1,168 crore.

ICICI Bank, the second largest non-state lender by assets in India, on Saturday reported a better-than-expected 17% increase in net profit for the fourth quarter, helped by strong demand for loans and lower provisions. The Mumbai-based bank posted a net profit of ₹10,707.5 crore for the quarter ended March 31, compared with the average estimate of ₹10,489 crore by analysts tracked by Bloomberg.

RR vs LSG: Top highlights of the match The well-settled opening pair of KL Rahul and Quinton de Kock opened the innings for LSG at the Ekana Sports City Stadium. The left handed de Kock started the innings with two back to back boundaries until he was knocked over by an inswinging delivery from Trent Boult.