UPS Financial News

Gautam Adani, the Chairman of Adani Group, who bounced back within a year from the savage attack by Hindenburg Research in January last year which seemed to have sunk his conglomerate, put his life under the lens for young entrepreneurs at a private event recently. Speaking at a YPO (Young Presidents Organisation) event, Adani narrated how India's economic liberalisation set him off on an adventurous entrepreneurial journey, how he expanded his small export business into a conglomerate, and how he often fell down but then managed to bounce back. Telling YPO members, all young CEOs, how he didn't fear getting lost or falling down and managed to find his way and get back up, Adani gave five principles which could be useful for all of them.

Tata Power Company Ltd. traded 4.93 per cent down in Wednesday's trade at 02:00PM (IST). Around 1,249,969 shares changed hands on the counter. The stock opened at Rs 398.5 and touched an intraday high and low of Rs 399.75 and Rs 373.45, respectively, in the session so far. The stock of Tata Power Company Ltd. quoted a 52-week high of Rs 433.2 and a 52-week low of Rs 182.45.

Vodafone Idea (Vi) has surrendered fractional spectrum in the 900MHz and 1800MHz bands in select circles as the airwaves were incompatible with its latest network technology. "VIL has opted for extension of required spectrum in both Uttar Pradesh (West) and West Bengal circles, releasing only the fractional spectrum that cannot be used with the newer technology and as such not currently required," a Vi spokesperson said. The spectrum was up for renewal this year.

Ambuja Cements Ltd. traded at Rs 562.7 on BSE at 01:55PM (IST) on Wednesday, down 4.08 per cent from previous close. The scrip quoted a 52-week low price of Rs 340.95 and a high of Rs 624.55.

The Canadian mortgage space is already seeing some rates on offer decline heading into the spring market, despite no clear indication yet from the Bank of Canada that interest rate cuts are imminent.

PARIS (Reuters) -BNP Paribas, the euro zone's largest bank, on Wednesday said it will step up its cost-cutting plan by 400 million euros ($437 million) after reporting weak results for the fourth quarter.

By David Milliken and Suban Abdulla

Vedanta-Foxconn joint venture, is expected to have an investment of around $20 billion. In a significant boost to India's efforts to establish a robust semiconductor ecosystem, Prime Minister Narendra Modi on Wednesday laid the foundation stones for three new chip manufacturing plants, two in Gujarat and one in Assam. The event, titled 'India's Techade: Chips for Viksit Bharat,' marked a milestone in the country's endeavour to ramp up its semiconductor industry.

Adani Enterprises and Adani Green witnessed heavy losses in the range of 5% to 10% on Wednesday. All ten Adani Group stocks were trading sharply lower with the flagship Adani Enterprises shares extending decline for the seventh straight session. Adani Enterprises was the top loser on the Nifty 50 index, dropping more than 6%.

When everybody’s talking about a bubble in the stock market, should we worry or relax? The answer from past bubbles seems to be a bit of both—with one big caveat about today’s market. The caveat comes first. While it might feel like everyone in the markets is talking about whether there is a bubble, mentions in the media and searches on Google aren’t especially elevated.

By Harry Robertson

Lithium-ion battery pack maker and recycling firm Lohum on Wednesday said it has secured USD 54 million (Rs 450 crore) in a funding round from a bunch of investors. The investors who participated in the series B funding round of capital infusion include Singularity Ventures, Baring Private Equity, Cactus Venture Partners & Venture East amongst other new and existing venture firms, Lohum said in a statement. The company will use these funds to fuel its market expansion, scaling up recycling operations across India, and also expanding to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia, it said. «The funds will expedite our international expansion, enable us to hire top professionals from talent pools in India, expand our strength, and provide fresh tailwinds to our industry-leading R&D innovation centre,» said Rajat Verma, Founder & CEO of Lohum.

Voltas Ltd. fell 0.09 per cent to Rs 1052.4 in Wednesday's session as of 11:01AM (IST) even as the equity benchmark Sensex traded 104.31 points lower at 73563.65. Earlier in the day, the stock witnessed a gap up start to the session. The stock quoted a 52-week high price of Rs 1139.0 and a 52-week low of Rs 745.0 on NSE. Around 3037 shares changed hands on the counter till 11:01AM (IST).

Following a choppy day in blue-chip crypto markets on March 12 that saw Bitcoin (BTC) hit fresh all-time highs (ATHs) above $73,000 before dropping as low as the $68,000s, markets are stabilizing and traders are turning to on-chain shitcoin markets to hunt for top crypto gainers today.

Russian crypto regulation may be delayed until 2025, as decision-makers in the nation prioritize other matters.

Eris Lifesciences with a target price of Rs 1070. The current market price of Eris Lifesciences Ltd. is Rs 860.15. Eris Lifesciences Ltd., incorporated in the year 2007, is a Mid Cap company (having a market cap of Rs 11707.95 Crore) operating in Pharmaceuticals sector.

SRF Ltd. traded at Rs 2431.35 on BSE at 10:51AM (IST) on Wednesday, up 0.36 per cent from previous close. The scrip quoted a 52-week low price of Rs 2050.0 and a high of Rs 2636.65.

Info Edge (India) Ltd. traded 0.61 per cent up at Rs 5185.75 at 10:46AM (IST) on Wednesday, even as BSE benchmark Sensex gained 47.67 points to 73715.63. The scrip had closed at Rs 5154.0 in the previous session. The stock quoted a 52-week high price of Rs 5536.8 and 52-week low of Rs 3310.0, respectively. As per BSE data, total traded volume on the counter till 10:46AM (IST) stood at 1828 shares with a turnover of Rs 0.95 crore.

Sanjiv Bhasin, Director, IIFL Securities, says “very bullish on Hindustan Copper. We think numbers and the outlook will be very bullish and if China is back, which is evident from the type of government stimulus, then non-ferrous is going to do very well. Hindustan Copper is our top pick there. We are also bullish on HPCL. We like ONGC which is our top pick over there. To sum it up, IRCTC and Concor as well. If you have these five gems, you will create a lot of wealth. ” Bhasin further says they have trimmed exposure in PSU banks and some of the railway stocks.

Benchmark NSE Nifty index rose 28.0 points to 22307.7 amid selling in frontline bluechip stocks.

ITC with a target price of Rs 465. The current market price of ITC Ltd. is Rs 431.3. ITC Ltd., incorporated in the year 1910, is a Large Cap company (having a market cap of Rs 536575.93 Crore) operating in Tobacco sector.