UPS Financial News

TVS Motor Company fell by 3% to the day’s low of Rs 2,490 on the BSE after the company reported a lower-than-expected quarterly profit, hurt by higher costs, even as demand was stable. The 'Jupiter' scooter maker's profit rose 23.5% to Rs 663 crore in the quarter ended September 2024, which missed analysts' estimate of Rs 697 crore.

The global opportunity for the EV battery chain is estimated to reach USD 300 billion by 2030.

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Subscribe to enjoy similar stories. Less than a mile from Singapore’s luxurious Changi Airport sits a rather less glamorous business park. Residents of the industrial estate include freight and logistics firms, as well as the back offices of several banks.

Subscribe to enjoy similar stories. Lawrence Bishnoi, a 31-year-old vegetarian with a handlebar mustache who authorities say controls a violent gang from his high-security prison cell in India, is at the center of a diplomatic brawl between Canada and India. To Indian law-enforcement officials, Bishnoi is a “dreaded gangster" who over the past decade has made a daring prison break, threatened a Bollywood star, and found his gang accused of killing a rapper considered a rival.

Hindustan Unilever (HUL) fell by 5% to the day’s low of Rs 2,533 on the BSE after reporting a 4% decline in its standalone net profit for the quarter ended September 2024, which reached Rs 2,612 crore, compared to Rs 2,717 crore posted in the same period last year. HUL reported revenue from operations of Rs 15,319 crore, up 2% from Rs 15,027 crore in the corresponding quarter of the previous financial year.

At the COP28 climate talks in Dubai last year, leaders from more than 130 nations agreed to triple renewable power capacity by the end of the decade. It was one of the few tangible agreements at the annual meeting and a goal that’s crucial to cut dependence on fossil fuels that cause climate change. While the target remains achievable, current rates of clean power deployment aren’t sufficient and the rollout of wind turbines is lagging, according to the International Renewable Energy Agency.

SK Hynix on Thursday posted a record quarterly profit as the Nvidia supplier booked strong sales of its advanced chips, and said demand for high-bandwidth memory (HBM) chips would continue to outpace supply next year. The company played down market concerns about an oversupply of the chips used in generative AI chipsets, saying production of higher-margin HBM chips was limited due to technological challenges, while demand was proving stronger than expected. «We believe that it is premature to talk about demand slowdown for AI chips and HBM at this point,» Kim Kyu Hyun, SK Hynix's head of DRAM marketing said on a conference call, citing ever-increasing requirements for computing power.

Hindustan Unilever (HUL) are likely to remain in focus on Thursday following a 4% fall in its standalone net profit for the quarter ended September 2024 to Rs 2,612 crore versus Rs 2,717 crore posted in the year-ago period. On Wednesday the FMCG major reported revenue from operations at Rs 15,319 crore, which was up 2% over Rs 15,027 crore reported in the corresponding quarter of the previous financial year.

Boeing factory workers voted to reject a contract offer and continue a more than five-week strike on Wednesday, in a blow to investor and management hopes of a resolution to the acrimonious dispute. The vote was 64% in opposition to the deal, which offered a 35% rise in wages over four years. The union vote to push Boeing for better terms reflects years of resentment from workers who felt cheated by the company in talks a decade ago and deepens a financial crisis.

Adani Group owned ACC Limited are expected to be in focus on Thursday ahead of the company's Q2FY25 earnings announcement. The cement maker could report an year-on-year and sequential loss in its revenue and net profit figures, according to estimates by a couple of brokerages. Sharekhan has estimated ACC’s net sales figures at Rs 4,263 crore, which could go up by 4% on a YoY basis and 17.3% on a QoQ basis. The profit after tax (PAT) is seen to fall by 49% and 46% on a YoY and QoQ basis to Rs 197 crore.

Gurmeet Chadha, Co-Founder & CEO, Complete Circle Consultants, says wherever there is earning support, one can buy a basket. Complete Circle likes financials and has been dipping into it. Amongst largecaps, they have bought ICICI and added to SBI. In tier II banks, they have added Federal Bank and are also looking at some select NBFCs. They are also adding a few defence names with a 20-30% correction from the peak. Plus, they are adding some auto ancillary stocks, which have been under a lot of pressure. In PSUs, Chadha is gung-ho on PSU banks. SBI trades at book. Bank of Baroda came up with a very good update. In Bank of Baroda, the retail mix is improving. What is your take on the markets at this juncture because it has been a decent sell-off from the high point. Is there any area where you are finding the valuations to be attractive or good opportunities at this price point? Also help us with your take on the PSUs because they have been feeling the heat and do you believe that the PSUs have some headroom for recovery? Gurmeet Chadha: In absolute terms, there is a lot of selling in the market. Nobody really anticipated this kind of selling coming through and in a matter of a few weeks. So, almost $12-$13 billion is gone and the market has still absorbed quite a bit of it.

HSBC’s new CEO, Georges Elhedery, has only been in charge for two months. And like all good new CEOs, he’s dabbled in a bit of wide-sweeping reform – but one of those reforms might have broader consequences for the bank’s employees than they realize.

If you thought working in restructuring was just a way to call yourself a “banker” without working in investment banking, you’d be in for a slight shock. 

HSBC is cutting at least $300m of costs underGeorges Elhedery, its new CEO.  Today's restructuring of the executive committee, which has resulted in the elevation of US banker Michael Roberts as head of corporate and institutional banking, to the detriment of London-based Greg Guyett, suggests how Elhedery plans to achieve this.

If you're hanging out, wondering where the growth in investment banking industry revenues went and waiting for it to come back, you might not want to look too long at the new report from consulting firm BCG. 

This time last year, Citi was preparing to thin the ranks of its investment bank as part of CEO Jane Fraser'sBora Bora cuts. In the wake of those cuts, the bank restructured its debt capital markets (DCM) team in March 2024, and — among other things — made Colm Rainey head of corporate and financial institutions group debt capital markets for UK & Ireland in the process.

Oliver Mudie, the former nicest guy in Bank of America's London equities team, has got a new job.

If you're having a secret affair with a colleague while married, it probably makes to stand on opposite sides of an elevator and to avoid eye contact. It is also inadvisable to exchange romantic poetry on the office system, or to have a memento of a night out encased in plexiglass like a deal toy and placed in your office.  

For very good reasons, most banks discourage people from talking about politics on the trading floor or in the office.  Even more than sports, religion or Bitcoin, it’s an area where really destructive bad blood can be created in a very short space of time.  Jamie Dimon knows this as well as anyone, having had to quickly apologize for making some ill-considered remarks about the Chinese Communist Party in his time.  So it’s unsurprising that, despite his normal willingness to talk about issues of the day, he has a firm policy of never endorsing Presidential candidates.

Millions of Americans can’t afford to buy a home or rent a suitable apartment, making housing a central issue for voters in the upcoming presidential election