UPS Financial News

rupee was largely flat on Wednesday despite broad weakness in its Asian peers, with traders expecting the local currency to trade in a tight range through the day.

Want to take exposure to a sector which grows much faster than GDP

By Shristi Achar A

JSW Steel and Jindal Steel and Power gained up to 4% while Steel Authority of India Ltd saw its share price rise almost 6% on news flow around China Central Bank to cut reserve ratio requirement and boost economic growth. The People's Bank of China (PBOC) has decided to cut the reserve requirement ratio (RRR) for all banks by 50 basis points (bps) in February to boost the economic growth.

Budget 2024: Finance Minister Nirmala Sitharaman introduced a new tax regime in the Union Budget 2020-21. However, it comes with certain conditions. The government is trying to make the new tax regime attractive for income taxpayers. From 1 April, 2023, the new income tax regime has been made the default tax regime. However, the citizens have the option to avail the benefits of the old tax regime.

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BSE Sensex opened at 70,165.49 against the previous close of 70,370.55 and touched its intraday high and low of 71,149.61 and 70,001.60 respectively. The 30-share pack closed at 71,060.31, up 690 points, or 0.98 per cent. The BSE Midcap and Smallcap indices outperformed the benchmark, jumping almost 2 per cent each.

Mukul Agrawal portfolio: Shares of Gensol Engineering Ltd are one of the Mukul Agrawal portfolio stocks. The engineering company has declared its Q3 results for the financial year 2023-24. Mukul Agrawal's company has declared robust total revenue and EBITDA in the recently ended December 2023 quarter.

₹19,000/sq.ft. (carpet area), Oberoi Realty has sold only 9% of the launched units," said Antique Stock Broking in a report. The brokerage had expected Oberoi to sell around 25% of the launched inventory in Q3FY24.

The final compromise strengthened the main goal to “well below 2°C" and advocated “pursuing efforts" towards 1.5°C. To sweeten things for the 1.5°C brigade, the agreement also asked the Intergovernmental Panel on Climate Change to go and work out how much better the lower target would be. The IPCC reported back three years later: it would be a great deal better—but also much harder.

By Summer Zhen

Investing.com — The U.S. dollar retreated from six-week highs in early European trade Wednesday amid rising risk appetite, while the euro struggled to push higher ahead of this week’s European Central Bank policy meeting.

Anil Rai Gupta, CMD, Havells India, says “Lloyds is improving the margins and that is a sizable part of the overall business. But within Havells, there were massive investments of brand building which will normalise over the next quarter. So we will see improvements in the overall EBITDA margins for the company.”

government will marginally bring down the gross borrowing to Rs 15.3 lakh crore in FY25, as it pegs the fiscal deficit at 5.5% of the GDP in the interim budget, SBI researchers said Wednesday. “We believe in FY25, net market borrowing of the Centre will be around Rs 11.7 lakh crore, and with repayments of Rs 3.6 lakh crore, gross borrowings are expected to be at Rs 15.3 lakh crore. However, the Government will adjust in switches, and this could adjust gross borrowings lower than Rs 15 lakh crore,” the researchers said. They also noted that there might be adjustments to the fiscal deficit in July when the new government releases its full budget. “The final budget to be presented in July could set it at a lower level of 5.3%-5.4% depending on GDP numbers that will be released in May 2024,” it said, noting that government will continue to rely on small saving schemes for financing of fiscal deficit. The government has set a target of bringing down the fiscal deficit to 4.5% of GDP by FY26. “It can give a hard push to Sukanya Samriddhi Yojana through encouraging fresh registrations in a mission drive mode, allowing one-time registrations for all leftover cases up to 12 years,” they said. SBI researchers noted that the government will likely be able to achieve its fiscal deficit target of 5.9% in FY25.

Indian Army deployed snipers and conducted night patrols with the latest technology to guard the Line of Control in Gurez, Bandipora, Jammu and Kashmir ahead of Republic Day. «Using surveillance equipment, we keep an eye on the enemy during all 24 hours,» says an Indian Army personnel deployed on duty to guard the border in Gurez. Indian Army personnel elaborated on how they keep an eye on the enemy. «We use surveillance equipment to observe our enemies. We do it for 24 hours. we keep food with us and perform duties on rotational shifts.» Notably, the Central Reserve Police Force (CRPF) tightened security on the Jammu-Srinagar National Highway ahead of Republic Day celebrations on January 26. A CRPF official said that checkpoints at various locations along the Jammu-Srinagar National Highway (NH-44) have been set up and all vehicles are being checked thoroughly.«The entire highway is also being scanned with metal detectors by patrol teams.

Apple growers in India's prime apple-growing regions of Jammu & Kashmir and Himachal Pradesh are facing a significant drop in production this year due to the absence of snowfall and rainfall in the crucial January period, according to apple growers. This could lead to higher apple prices for consumers and income losses for farmers, as these two regions account for about 95% of India's apple production. “Apple production is bracing for a major impact as it requires a chilling period of around a hundred days for quality apples,” said Mian Naqsh, an apple grower from J&K with a large orchard.

Icra on Wednesday revised upward its bank credit growth projection at 14.9-15.3 per cent this fiscal, but said the same will lose steam and grow at 12 per cent next fiscal. At 14.9-15.3 per cent, the system level credit expansion in absolute terms will be Rs 20.4-20.9 lakh crore, it said, adding this will be the highest ever incremental bank credit growth and would surpass the previous high of Rs 18.2 lakh crore recorded in FY23 at a growth rate of 15.4 per cent.

Mamata Banerjee's decision to pull the plug on any alliance in Bengal has sent the INDIA bloc into a tizzy with other constituents choosing to play down any rift in the alliance. RJD leader and Rajya Sabha MP, Manoj Jha claimed that the statement was given in some particular situation and said that INDIA parties will solve the conflict. «Please wait for some time...Maybe the statement was given in some particular situation...If there is a conflict then the alliance (INDIA) would solve it...» said Manoj Jha The AAP which itself is locked in hectic negotiations with the Congress on seat sharing in Delhi and Punjab also feels that the two parties and the alliance will resolve any differences. AAP leader and Delhi Minister Saurabh Bharadwaj said «TMC is a big party in West Bengal, Congress and the Left has always been fighting against them.