UPS Financial News

By Caroline Valetkevitch

Coal India Ltd (CIL) plans to acquire rare earth and critical mineral mines including lithium directly from the government, in addition to bidding for Jammu & Kashmir’s lithium reserves in upcoming auctions. “Coal India is looking to directly take certain rare earth mines. Given that it is a PSU, it can apply for certain mines directly.

BENGALURU, NEW DELHI : Extreme caution among clients in the global market has sparked a slowdown across verticals in the IT industry, Debashis Chatterjee, managing director and chief executive officer of LTIMindtree said. The trend is reflected in LTIMindtree’s quarterly earnings as well. The company’s target of achieving 17-18% operating margin by this quarter is being pushed back due to the slowdown, and this could also impact its long-term $10-billion revenue goal, Chatterjee said in a post-earnings interview.

Instant is in, fancy is out

Shares of Humana are tumbling after the health insurer said it was still dealing with higher-than-expected care costs from its Medicare Advantage customers and it chopped earnings expectations

.Job gains and raises helped power solid economic growth in the U.S. last year, but what if those gains were a mirage? The Labor Department overestimated job gains last year by about 13%. That suggests some of Wall Street’s optimism last year was built...

Artificial intelligence is easily the biggest buzzword for world leaders and corporate bosses diving into big ideas at the World Economic Forum’s glitzy annual meeting in Davos

3M has started paying out parts of its $6 billion settlement to U.S. service members who say they experienced hearing loss or other serious injuries after using faulty earplugs made by the company

States are seeing increased demand for their cash amid high interest rates

Poland's lawmakers have approved the key 2024 state budget but it still needs approval from President Andrzej Duda, who is allied with the right-wing opposition

A severe drought that began last year has forced authorities to slash ship crossings by 36% in the Panama Canal, one of the world’s most important trade routes

Democrats in majority control of the Pennsylvania House of Representatives have advanced several gun control measures

For nearly a week, frigid temperatures from Chicago to northern Texas have made life difficult for electric-vehicle drivers

The European Union's institutions are gearing up for a fight over Hungary and a controversial transfer of 10 billion euros or nearly $11 billion in funds to Budapest

France has announced more deliveries of its Caesar artillery system to Ukraine and is accelerating weapons production to avoid depleting its own military stocks while continuing to support the war effort against Russia’s invasion

Emma Raducanu demonstrated incredible resilience in her Grand Slam comeback at the Australian Open, refusing to quit despite facing physical challenges. In a hard-fought second-round match, the 21-year-old British player battled against China's Wang Yafan, ultimately losing 6-4 4-6 6-4, even while dealing with discomfort that included «throwing up» during the match. This match marked Raducanu's fourth appearance following wrist and ankle surgeries that sidelined her for eight months. Despite the adversity, she emphasized her newfound toughness, stating, «Everything I went through last year has made me so much tougher.» Raducanu made it clear that pulling out was not an option, declaring, «There was no way I was going to pull out. She was going to have to beat me — and she did.»

SAEL Ltd, which converts agricultural waste into energy, is close to finalising a fundraise of $1 billion (about ₹8,300 crore) from US and European investors, said people aware of the matter. US International Development Finance Corporation (DFC) and Norfund, which is owned by the Norway government, are likely to participate in the fundraising along with some domestic investors who could collectively pump in funds in a combination of equity and debt in the company, according to the people. The fundraising is likely to include an equity component of $150 million and the remaining $850 million could be raised by way of loans or debt securities issued to investors, they said. DFC recently committed around $500 million of financing to Adani Ports and Special Economic Zone's port terminal project in Sri Lanka. Norfund is an existing investor in SAEL. ET's queries to SAEL, DFC and Norfund did not elicit a response till press time. Delhi-based SAEL, promoted by Jasbir Awla, has established waste-to-energy conversion projects in Haryana, UP, Rajasthan and Punjab and also operates solar power plants. Awla's other business interests include warehousing and agro-processing.

past couple of days. If it was all about cautious optimism and expectations of the global economy managing a soft landing yesterday, the three existentialist threats are ruling the dialogues everywhere I go– Artificial Intelligence (AI), climate change and the wars across the globe. Artificial intelligence in fact is the flavour of WEF – there is no conversation that does not feature it in some way or the other and everybody is an AI expert.

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Tata Communications’ profit for the quarter ended December 2023 fell by 88% to ₹45.1 crore compared to the year before, missing estimates, as it provisioned for the impact of the Supreme Court judgment on treating licence fee paid to the government as capital expenditure instead of revenue expenditure for calculating taxes. “Even though the company is not a party to the above judgment and its case is different and distinguishable from the above judgment, as a matter of prudence the company has assessed and recorded a provision of ₹185.52 crore towards interest which has been disclosed as an exceptional item and a provision of ₹21.09 crore towards tax (net) due to change in effective tax rate on account of adoption of new tax regime," the enterprise connectivity provider said Thursday. The telecom player also accounted for deferred tax on refunds it received from pending tax litigations with the government, said MD and CEO A.S.

₹2,301 crore at the end of the December quarter for FY2024 owing to higher interest income and lower provisions, despite fresh slippages in the quarter. The bank reported a net profit of ₹1,963.64 crore in the same period a year ago. The bank’s core income or net interest income grew 18% y-o-y to ₹5,296 crore at the end of December quarter.