UPS Financial News

While it will likely be a relatively quieter week so far as macro data is concerned, North American markets re-open today after a long weekend, and with China also back this week, markets should turn a bit livelier after a quiet period.

The Nifty50 index rose 74 points to close at 22,196. It hit a fresh record high of 22,251 intraday. The S&P BSE Sensex rallied more than 300 points.

Russia has never hurt India’s interests and everyone conducts a relationship based on their past experiences, was External Affairs Minister S Jaishankar’s straight reply to German economic daily, Handelsblatt. “…The relations of powers like Europe, the US, China or Japan with Russia, they have all seen ups and downs. We have had a stable and always very friendly relationship with Russia. And our relationship with Russia today is based on this experience. For others, things were different, and conflicts may have shaped the relationship. We, on the other hand, had a politically and militarily much more difficult relationship with China, for example,” Jaishankar said, adding,” My point is: just as I do not expect Europe to have a view of China that is identical to mine, Europe should understand that I cannot have a view of Russia that is identical to the European one. Let us accept that there are natural differences in relationships.” The interview was conducted during Jaishankar’s recent visit to Munich.

In Canada, renters are more likely than homeowners to experience a lower quality of life, including financial distress and loneliness, according to a new Statistics Canada report.

Moves by major central banks are set to spark trading opportunities in key currency pairs such as EUR/USD, USD/JPY, and GBP/USD.

By Greg Roumeliotis

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Bengaluru has more reasons to cheer for. The Silicon Valley of India is set to get more public charging stations soon. As per reports, Bangalore Electricity Supply Company Limited (BESCOM) has awarded a tender to Reliance BP Mobility Limited for settin up of 225 public charging stations across Bengaluru. As per the tender, 150 charging spots will be in Bengaluru city while 75 in Bengaluru rural. “We had awarded the tender for setting up the charging infrastructure to Reliance BP Mobility Limited in October. They have agreed to set up 150 charging stations in Bengaluru city and 75 in Bengaluru rural. Currently, a survey is ongoing to identify the land for setting up the infrastructure. Once the survey is completed, they will sign a 10-year lease contract with the land owing agency. Reliance will call the bid for INR 2.19 per unit,” a senior BESCOM official was quoted as saying by the Times of India.

Vedanta and Taiwan-based Innolux can begin mass production of LCD displays in India in 18-24 months after receiving government approval, a senior official of Innolux said. Vedanta has formed a joint venture with Innolux as a technology partner to set up a display screen manufacturing unit at an estimated cost of USD 3-4 billion in the country. The JV has submitted the proposal with the Ministry of Electronics and IT (Meity) under the programme for semiconductor and display fab ecosystem for incentives. Innolux President and COO, James Yang, who has an experience of project rollout, told PTI in an interview that the JV can begin the first phase of mass production of LCD displays within 24 months.

Whirlpool Corporation on Tuesday sold 30.4 million shares, constituting a 24% stake in its Indian unit Whirlpool of India through the open market for $468 million. Following the sale, the parent firm’s holding has come down to 51% from 75%.

portfolio companies as a routine, but amidst the flurry of analysis, have you ever paused to reflect on how much of their inner working we truly grasp? How many acclaimed attributes of greatness remain valid, and how much can we discern from a distance? These questions hold significant implications for the valuations we are prepared to endorse, moulding our long-term returns. Permit me to recount the story of Amgen, a leading biotechnology company based in the United States, as an illustrative case study. A notable book that emphasized the importance of corporate culture by looking at successful companies (stock price performance as a guide) ranked Amgen prominently. Amgen's adeptness in «embracing a myriad of possible dangers» was a strategic manoeuvre that propelled the company to a superior standing.

Small investors have started to ease back into crypto, even if they’re not yet rushing in headfirst the way they did during the last bull market three years ago.

FOX Business' Jeff Flock reports from a produce processing center in Philadelphia, where business is getting squeezed by inflationary costs.

Shares of Sona BLW Precision Forgings Ltd.(up 4.08 per cent), Bosch Ltd.(up 0.54 per cent), Ashok Leyland Ltd.(up 0.44 per cent), Samvardhana Motherson International Ltd.(up 0.31 per cent) and Tube Investments of India Ltd.(up 0.28 per cent) ended the day as top gainers in the pack.

Nifty on Tuesday made a fresh peak and ended 75 points higher near the 22,200 mark to form a long bull candle on the daily charts. The index has been making a higher high both on daily and weekly charts. The short-term trend of the Nifty remains up. A decisive move above 22,200 is likely to open a sharp upside towards the upper trajectory of 22,500-22,600 levels in the near term. Immediate support is at 22,080 levels, said Nagaraj Shetti of HDFC Securities.

The NSE Nifty index closed 74.71 points up at 22196.95, while BSE Sensex ended up 349.24 points at 73057.4.

fund body EPFO recorded a net addition of 15.62 lakh members in December 2023, according to payroll data released on Tuesday. An increase of 11.97 per cent has been registered in net member addition during December 2023 compared to the previous month, a labour ministry statement said. Employees' Provident Fund Organisation's provisional payroll data highlighted that the net addition of 15.62 lakh members was up by 4.62 per cent compared to December 2022, it stated. This surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programmes, it explained.

Shares of Swan Energy Ltd.(up 3.14 per cent), Macrotech Developers Ltd.(up 2.25 per cent), DLF Ltd.(up 1.81 per cent), Phoenix Mills Ltd.(up 1.48 per cent) and Godrej Properties Ltd.(up 0.85 per cent) ended the day as top gainers in the pack.

Shares of Tech Mahindra Ltd.(up 0.81 per cent) ended the day as top gainers in the pack.

Shares of HDFC Bank Ltd.(up 2.63 per cent), Axis Bank Ltd.(up 2.42 per cent), Kotak Mahindra Bank Ltd.(up 1.8 per cent), IndusInd Bank Ltd.(up 1.39 per cent) and Bank of Baroda(up 0.95 per cent) ended the day as top gainers in the pack.

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