UPS Financial News

Biocon with a target price of Rs 340. The current market price of Biocon Ltd. is Rs 292. Biocon Ltd., incorporated in the year 1978, is a Large Cap company (having a market cap of Rs 34769.38 Crore) operating in Pharmaceuticals sector.

Aditya Birla Group (ABG) chairman Kumar Mangalam Birla said Vodafone Idea (Vi) is a national asset, and the successful conclusion of its Rs 18,000 crore follow-on public offer (FPO), India’s largest, marks one such turning point for the telecom industry. “Vi is not just a telecom company. It’s a national asset with 215 million users and about 8000 MHz spectrum. That so many marquee investors participated in this equity issuance is a testament to the government’s vision of a digital India,” Birla said in an official statement following Vi’s FPO listing on the NSE Thursday. He added that the emphatic oversubscription of Vi’s FPO, with the overall book being subscribed 7 times and the institutional book being subscribed 19 times, demonstrates the tremendous potential of the India digital story and Vi’s role in it. “The robust engagement from both foreign and domestic investors is heartening. Notably, the full subscription of the retail portion is truly commendable, given the sheer scale of the offer.”

Vedanta will report its fourth quarter results later in the day and the company is expected to post muted numbers, according to various analysts' estimates. Adjusted net profit for the March quarter is likely to fall over 30% year-on-year, while revenues are seen falling up to 12% year-on-year.

Siddhartha Khemka, Head-Retail Research, MOFSL, says on a long-term frame, the order book continues to remain strong, the business model is good but in the near term next one or two more quarters of pain is there to be endured by long-term investors. So, for someone looking from a three-six months’ perspective, IT could continue to remain under pressure. What is your opinion of the market right now? Siddhartha Khemka: We continue to remain positive on the overall outlook on the market. We have seen the result season so far being more or less in line to better than expectation, barring some sectors like IT, which has been kind of weak. Consumer was not expected to be very strong, but there was a hope that the commentary would come around the recovery post the monsoon which the IMD has given a forecast of above normal monsoon.

Lupin with a target price of Rs 1770. The current market price of Lupin Ltd. is Rs 1585.25. Lupin Ltd., incorporated in the year 1983, is a Large Cap company (having a market cap of Rs 71997.27 Crore) operating in Pharmaceuticals sector.

Microsoft is closing the gap on cloud-computing market leader Amazon.com as more businesses switch to its services, attracted by a clutch of generative AI features that are powered by OpenAI's technology. The Redmond, Washington-based software giant has beaten rivals Amazon and Google-parent Alphabet to the market with AI services including the Copilot, a set of genAI tools that work in Microsoft's business apps, that was rolled out in November for $30 a month.

Saskatchewan Premier Scott Moe on Wednesday that the Canada Revenue Agency is “very, very good” at getting the money it’s owed.“Having an argument with CRA about not wanting to pay your taxes is not a position I want anyone to be in,” he said at a press conference in Oakville, Ont.“Good luck with that, Premier Moe.”The Saskatchewan premier has pledged his province will not send Ottawa the money it collects from the federal carbon price on natural gas — a move that breaks federal law.The jurisdictional spat began when the Liberals created a temporary exemption to the carbon price for home heating oil.The Saskatchewan government said that’s unfair and politically motivated because the exemption has an outsized impact in Atlantic Canada, where oil is the main fuel source for home heating.Moe’s government has called for a similar exemption on natural gas, the primary home-heating fuel in Saskatchewan.He has also been a vocal opponent of the carbon levy more broadly and counts himself among a majority of premiers who have written to Trudeau seeking a meeting to talk about alternatives to the carbon price.Trudeau has rebuffed calls for such a meeting and challenged premiers to come up with their own climate plans if they don’t like the federal carbon price, pointing to British Columbia and Quebec as examples of provinces with their own system.The prime minister confirmed Tuesday that his government will keep sending carbon rebate cheques to people in Saskatchewan.On Wednesday, he reiterated that most people in jurisdictions that use the federal carbon price get more back in rebates than they pay each year.“CRA is an independent organization that is very, very good at getting money it is owed from Canadians, from businesses and

Nilesh Shah, MD & CEO, Envision Capital, says over the next 5 to 10 years, the pecking order in the Energy, Manufacturing, Infra (EMI) space will still be dominated by ABB, Siemens, L&T. These are essentially the companies which essentially are going to be the enablers of the EMI space. I do not think they are going to get bigger and bigger and you are really not seeing new players coming in there and they have the trust of their customers because these are such critical equipment that you are not going to compromise on anybody else and you are essentially going to go for the established players. It is these kinds of companies which will continue to dominate for the foreseeable future. Shah says: “Within EMI, if I were to use energy as well as infra, Hitachi Energy has been a position that we have now owned for three, three-and-a-half years. In this space, we have been owning KSB, which we have partly exited. We have been owning TD Power. We have been owning Jash Engineering” We currently are a $4 trillion economy. The financial market is about $4-4.5 trillion. In the journey from $4 to $10 trillion, when it will happen, we do not know. What will happen is what we both know, which is that $5-6 trillion will get created in the next three to five years. Do you agree with me? Nilesh Shah: Yes, that is right.

yen was pinned on the weaker side of 155 per dollar on Thursday as the Bank of Japan (BOJ) kicks off its two-day rate-setting meeting, leaving traders nervous as to whether Tokyo will intervene while policy deliberations are still underway. Having traded in a tight range over the past few days, a buoyant dollar finally broke above the 155 yen level for the first time since 1990 in the previous session, and was last steady at 155.34 yen in early Asia trade.

yen's slide to fresh 34-year lows is likely to force Bank of Japan Governor Kazuo Ueda to walk a delicate line in guiding monetary policy this week as he tries to maintain a calibrated path to exiting ultra-easy rates without upending the currency. The BOJ chief will be mindful of avoiding the episode of 2022, when his predecessor's dovish remarks triggered a yen plunge that forced Tokyo to intervene to prop up the currency.

Gold prices were stuck in a tight range on Thursday as investors looked to U.S. economic data for further clarity on the Federal Reserve's interest rate path.

Aditya Birla Fashion & Retail (ABFRL), Hindustan Copper and state-run Steel Authority of India (SAIL). The F&O contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market wide positions limits or MWPL. The ban is reversed only if the open interest falls below 80%.

The XRP (XRP) Price has been falling back over the past two sessions, despite daily trading volumes surging above $1 billion for a third successive session.

Indian Grandmaster D Gukesh was swamped by fans as he returned to the country here on Thursday after becoming the youngest challenger to the world title by winning the Candidates Chess Tournament in Toronto. Hundreds of students from the Velammal Vidyalaya, the school where Gukesh studies, lined up at the airport at least one hour before his flight landed to greet their 17-year-old fellow student. A sizeable general crowd also built up as his arrival time drew closer and the area around the arrival gate was jam-packed in no time. The youngster walked out at around 3am and he was immediately flanked by the jubilant mass. In no time, he had garlands around his neck even as the police jostled to escort him out safely.

Meta Q1 Results: Meta Platforms Inc., the parent company of social media majors Facebook and Instagram announced its first quarter results on April 24. The tech giant reported a significant surge — more than doubling numbers — in its Q1 profit, AP reported. The profit increase was driven by increased advertising revenue and a 6 percent rise in average ad prices on its platforms, it added.

Also read: PM Modi makes big announcement on Kashmir: ‘J&K will get the status...’ The Lok Sabha elections are being held in seven phases. The first phase commenced on April 19.

Mint spoke with said the contribution of automotive firms to revenue from manufacturing or engineering, research and development (ER&D) services of IT companies is now 25-35% compared to 15-20% four years ago. (IT companies do not divulge automotive numbers separately, apart from clubbing them under manufacturing or ER&D heads.) Automotive clients comprise at least 10% of the global ER&D market, which is worth $1.8 trillion, said Kumar Rakesh, India analyst for IT and automotive sectors at financial services firm, BNP Paribas.

Sensex gained 114.49 points, or 0.16%, to close at 73,852.94, while the Nifty 50 settled 34.40 points, or 0.15%, higher at 22,402.40. “We expect this bullish momentum to continue in the markets. Further, a sharp decline in India’s VIX amid the start of elections indicates lower market volatility in the near term.

Buy or sell stocks for today: On account of strong global market sentiments, the Indian stock market finished higher for the fourth straight session on Wednesday. The Nifty 50 index gained 34 points and closed at the 22,402 level, the BSE Sensex surged 114 points and ended at the 73,852 mark whereas the Bank Nifty index went up 218 points and closed at the 48,189 level.

Narendra Modi is in Uttar Pradesh to hold rallies in Aonla, Bareilly and Shahjahanpur ahead of the Phase 3 of the Lok Sabha elections 2024. In his recent rallies, PM Modi has lately doubled down on the Congress alleging the party's “appeasement policy". It is likely that the showdown continues between the prime minister and the Congress.

Bajaj Finance, Nestle, Tech Mahindra, IndusInd Bank, Axis Bank, HUL, Kotak Bank among others will be in focus due to various related developments or quarterly earnings. Bajaj Finance, Nestle, Tech Mahindra, IndusInd Bank Shares of Bajaj Finance, Nestle, Tech Mahindra and IndusInd Bank will be in focus as the companies will announce their quarterly results later in the day.