UPS Financial News

Pension fund body PFRDA (Pension Fund Regulatory and Development Authority) has released a new circular stipulating the provisions of withdrawal of pension under the National Pension System (NPS). These provisions will come into effect from Feb 1, 2024.

By Stephanie Kelly and Jeslyn Lerh

Investing.com-- Gold prices rose slightly on Thursday, steadying from a sharp tumble this week as strong U.S. data spurred increasing doubts over early interest rate cuts by the Federal Reserve.

Q3 results today: Amid high volatility on Dalal Street, bulls are expecting Q3 results 2024 to provide some support to the buyers as most of the analysts are recommending stock specific approach in the current market scenario. For such investors who believe in stock stock-specific approach, a total of 22 listed companies are going to declare their respective Q3 results today. Those 22 listed companies include IndusInd Bank, Polycab India, Tata Communications, Poonawalla Fincorp, Metro Brands, Finolex Industries, Mastek, South Indian Bank, etc.

₹3,070.55 apiece on the BSE. On January 17, Asian Paints shares fell 1.66% after the company reported its Q3 results. Asian Paints posted a net profit of ₹1,475.16 crore for the quarter ended December 2023, registering a growth of 34.4% from ₹1,097.06 crore in the year-ago period.

HANOI (Reuters) — Vietnam's legislature on Thursday approved new rules that lower the maximum stake investors can hold in domestic banks, a move aimed at reducing risks of market manipulation, but that could make investment in lenders less attractive.

By Satoshi Sugiyama

ICICI Prudential Life Insurance share price cracked almost 10 per cent in early trade on BSE on Thursday, January 18, a day after the company announced its December quarter (Q3FY24) earnings. ICICI Prudential Life Insurance share price opened at ₹464.90 against the previous close of ₹515 and soon plunged to hit its 10 per cent lower circuit of ₹463.50. ICICI Prudential share price traded 7.52 per cent lower at ₹476.25 around 9:40 am.

Day Two of the annual meeting of the World Economic Forum in Davos was about Ukraine’s Zelenskyy and Chinese Premier Li, Day Three was a mixed treat, with Argentina’s new President Javier Milei getting more mileage at the event. European Central Bank president Christine Lagarde, IMF’s Kristalina Georgieva, and an address by French President Emmanuel Macron were also in focus for their star power.

Chinese warplanes were detected around Taiwan, with 11 crossing a sensitive median line separating the self-ruled island from China, Taipei's defence ministry said Thursday, the first significant show of force since the weekend's presidential election. The ministry, which releases data daily on the Chinese military presence around Taiwan, said Thursday that 24 warplanes and 5 ships had been detected in the 24 hours leading up to 6 am (2200 GMT). «11 of the detected aircraft had crossed the median line of the Taiwan Strait or entered Taiwan's southwest and north (air defence identification zone),» the ministry said in a statement.

Asian Paints with a target price of Rs 3340. The current market price of Asian Paints Ltd.

Saurabh Mukherjea, Founder, Marcellus Investment Managers, says the first big difference is we are optimistic that the private sector capex story revs into high gear. Private sector capex really has not done much in India since FY19. All the heavy lifting has been done by government capex, which has roughly tripled by our estimates since FY19. Private sector capex plays are very different from public sector capex plays and therefore in our portfolio, we have names such as RSI, RHI Magnesita, which is a play on the steel demand in India continuing to run up and all the steel plants in India needing more capacity to be installed. Similarly, Grindwell Norton is a play on private sector capex as an abrasive provider. The public sector capex beneficiaries would be cement, EPC companies. What about some of the compounders in the portfolio, the likes of Trent as well, fifth Tata Group company to top the Rs 1 lakh crore market cap? How do you see that as a performer along with Astral? Saurabh Mukherjea: In retail, what has happened in Indian apparel retailing is very interesting. It has become a very demanding market because of the rise of online and how online and social media have shaped the tastes of the Indian consumers. If you are a run-of-the-mill apparel retailer in India, not on the cutting edge of fashion, you do not have sharp pricing, I think you are finding life very difficult and we will see that in the Q3 results.

The Nifty future closed negative with losses of 2.01% at 21587 levels on Wednesday. India VIX was up by 11.13% from 13.57 to 15.08 levels. Positive setup was seen in stocks like LTTS, OFSS, Birla Soft, BHEL, Persistent Systems, L&TFH, Lupin, Torrent Pharma, Coforge, Godrej Properties, and IOC. On the weekly options front, the maximum Call OI is placed at 21800 strikes and then towards 22000 strikes while the maximum Put OI is placed at 21500 strikes and then towards 21300 strikes. Call writing is seen at 21800 then 21700 strikes while minor put writing is seen at 21550 then 21400 strikes. “Options data suggests a broader trading range in between 21200 to 22000 zones while an immediate trading range in between 21400 to 21800 zones,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said. “Nifty formed a Bearish candle on the daily scale on Wednesday and negated the sequence of higher lows of the last four trading sessions,” he said. “Now till Nifty holds below 21700 zones, weakness could be seen towards 21450 and 21300 zones while on the upside hurdle shifts lower at 21700 and 21850 zones,” recommended Taparia. We have collated a list of stocks from the F&O basket along with cash market from various experts for traders who have a short-term trading horizon:

Is Pat Sajak ok?

Your job may disappear altogether as AI will impact 40% jobs, finds IMF analysis 70% of GenZ and 82% of Millenials agreed that AI tools can help them in their career growth. More than 70% of young employees admitted that AI tools will enhance their job-hunting process, pick the right jobs, and boost their confidence by simulating interviews and providing interview tips. Indian employment data generates both misconceptions and puzzles The report, which collated the responses from 1,097 professionals in full-time or part-time employment, added that nearly 9 in 10 (88%) of professionals in India are considering a new job in 2024, up by 4% YoY compared to 2023.

unicorns in India, or startups with valuation exceeding $1 billion, met with commerce and industry minister Piyush Goyal on Wednesday. The discussion focused on the growth trajectory of the Indian startup ecosystem, the role of domestic capital in nurturing and scaling startups and India's position in the international startup landscape.

Ayodhya has emerged as the new branding hotspot for India Inc with companies like Coca-Cola, Reliance, ITC, Dabur, Adani Wilmar, Emami, and Parle Products rushing to get the maximum visibility for their products to capitalise on an anticipated influx in devotees to the holy city. Shops and dhabas or roadside restaurants in the city as well as on highways connecting the major Uttar Pradesh cities of Lucknow, Gorakhpur and Varanasi with Ayodhya are witness to coolers, signboards and vending machines being set up by these firms sporting their branded products. In addition, parks, branded gates, changing rooms for devotees, activity zones, stalls, incense paths, and experience centres are also being opened, executives at these companies said. Coca-Cola said it has swapped its trademark red colour branding with brown colours to go with the "temple theme".

Gold prices edged higher on Thursday, helped by a softer U.S. dollar and lower Treasury yields, but hovered near five-week lows as investors tempered rate-cut optimism after hawkish comments from central bank officials and robust data.

Florida Governor Ron DeSantis has signalled that he would largely bypass the New Hampshire primary next week and instead would focus on South Carolina where the Republican presidential primary is scheduled for February 24. The move makes it a direct contest between former president Donald Trump and Indian American Nikki Haley for the crucial Republican presidential primary in New Hampshire on January 23. The latest poll released Wednesday showed that Trump and Haley are tied in this State with both polling 40 per cent each.

LTIMindtree: India’s sixth largest IT services company reported robust earnings for the December quarter, with 17% year-n-year rise in consolidated net profit to ₹1,169 crore. Revenue from operations rose around 5% to ₹9,016 crore. However, operating margin dropped below its full-year guidance of 17-18% in Q3FY24, as higher than expected furloughs and less working days dented profitability.

Bharti Enterprises chairman Sunil Mittal says Vodafone Idea urgently needs $7-9 billion capital infusion to survive and a patient investor who has the wherewithal to withstand negative cash flows for some years. In an interview with Sruthijith KK on the sidelines of the World Economic Forum Annual Meeting in Davos, Mittal said ARPU (average revenue per user) needs to increase as 5G has been a huge load on telcos without any revenue coming through.