UPS Financial News

Shriram Finance Ltd. rose 2.16 per cent to Rs 3352.05 in Thursday's trade as of 10:24AM (IST) even as the benchmark Nifty ruled at 25005.1, up 86.65 points. The scrip had closed at Rs 3281.1 in the previous session. The stock quoted a 52-week low of Rs 1760.9 and a high of Rs 3363.4. The company quoted a market-cap of Rs 125176.69 crore on the BSE.

Previously, the apex court on Wednesday said it will set up a bench to hear subsequent pleas of mineral-rich states like Jharkhand seeking to recover royalty and tax dues on mineral rights and mineral-bearing lands worth thousands of crore of rupees from the Centre and mining firms. Read More: How Tata Steel and JSW Steel will be impacted by SC ruling on mining royalty

Prestige Estates Projects Ltd.(up 2.63 per cent), Godrej Properties Ltd.(up 1.18 per cent), DLF Ltd.(up 0.92 per cent), Sunteck Realty Ltd.(up 0.53 per cent) and Oberoi Realty Ltd.(up 0.44 per cent) were among the top gainers.

Cholamandalam Investment & Finance Company Ltd. gained 2.33 per cent to Rs 1556.55 in Thursday's trade as of 10:15AM (IST). The stock hit a high price of Rs 1563.5 and low of Rs 1545.1 during the session. The return on equity (ROE) for the stock stood at 17.45 per cent. Traded volume on the counter stood at 10:15AM shares and turnover at Rs 2.47 crore around that time. The stock of Cholamandalam Investment & Finance Company Ltd. quoted a 52-week high price of Rs 1563.5 and 52-week low prices of Rs 1011.5, respectively.

Air conditioning company Carrier wants to repeat its China playbook in India by adopting a similar strategy, according to a top executive. “Our strategy is to be in India for the long run,” said Saif Siddiqui, president-APAC at Carrier. “We have been in India for 40 years. We have been in China for many, many decades. We have localised to a large extent in China. In fact, the playbook we are talking in India, we have lived it in China in terms of supplier ecosystem localisation and investing in both R&D and manufacturing to get ourselves the local market.” The Florida-based company plans to invest $800 million in India in the next five years, topping up a $1 billion investment made over the past decade, chief executive officer David Gitlin had told ET in October.

The NSE Nifty index traded 94.21 points up at 25012.65, while BSE Sensex was up 249.11 points at 81772.27 as of 09:58AM(IST)on September 12.

Anshul Saigal, Founder, Saigal Capital, says he follows Druckenmiller. One thing that Druckenmiller says is that when you are having a good year, the tendency is to book profits and hold cash or be defensive, but it is then that you should be stepping on the pedal and going for the home run. Given how this year has gone, the tendency by now is to hold cash and take some profits off the table. But a smart investor should press on the pedal because, between now and year-end, certain segments of the market may deliver outsized returns even from here. What do you make of the market setup? Everything is going our way. First it was crude price, then flows and now the recovery in rural India. Anshul Saigal: Yes, it is an interesting market. Rural economy has been weak for the better part of the last four years. Individual households have been filling their pockets, ensuring that their savings are recovered before they go out and spend and for that reason that market has been weak. But we are at a cusp, we believe at this moment, where this market is likely to turn. Initial signs have been seen over the last two quarters in company results.

Aarti Industries, Aditya Birla Fashion and Retail (ABFRL), Balrampur Chini, Bandhan Bank, Chambal Fertilizers & Chemicals, Hindustan Copper and RBL Bank. Meanwhile, Biocon has moved out of the ban.

Varun Beverages Ltd. traded 5.23 per cent up in Thursday's trade at 09:59AM (IST). Around 195,336 shares changed hands on the counter. The counter opened at Rs 640.15 and touched an intraday high and low of Rs 665.65 and Rs 636.15, respectively, in the session so far. The stock of Varun Beverages Ltd. quoted a 52-week high of Rs 682.84 and a 52-week low of Rs 331.28.

Taher Badshah, CIO, Invesco Mutual Fund, points out that the broad triggers for the entire PSU space moving up and the valuation tables expanding irrespective of the sector that they belong to, are perhaps behind us. We now have to deal with the delivery on earnings In the first flash, everything gets re-rated but once the dust settles down, the second phase of execution, performance, and delivery starts to come in. That will probably happen in the PSU space, particularly in the industrial space/the defence sub-segments of the industrial space. Markets will start differentiating between good quality execution and not so good quality execution. You are managing PSU stocks. How are you approaching them given that a time-wise and a price-wise correction has kicked in? Taher Badshah: As far as our PSU strategy and our PSU fund is concerned, it is a strategy that has been around for a very long time.

«Now for FY25, the earnings estimates are still in the range of about 10% to 12% which means that for the second half of the year earnings needs to pick up especially coinciding with the festive season, so there is an expectation of earnings improvement going into the second half of the year and that needs to play out for our markets,» says Shibani Sircar Kurian, Kotak Mahindra AMC It is a day when you would have said that everything was right for India, crude is down, FIIs have started buying, global cues were decent, yet markets are showing tremendous signs of fatigue and keep Nifty out of this situation, the breadth has been rather poor actually. Shibani Sircar Kurian: So, of course, our markets have had a great run. Markets have outperformed the emerging market pack by a mile. But like you rightly pointed out that if you look at the fundamentals of the market, whether it be in terms of macro or earnings, they are largely where we were and largely stable.

sonobuoys to India. This sale aims to enhance India's anti-submarine warfare capabilities, particularly through the use of MH-60R helicopters. Sonobuoys are air-launched sensors that relay underwater sounds to processors, assisting in anti-submarine warfare operations. According to the Defence Security Cooperation Agency, «The proposed sale will improve India's capability to meet current and future threats by enhancing its capacity to conduct anti-submarine warfare operations from its MH-60R helicopters. India will have no difficulty absorbing this equipment into its armed forces.» India's request included AN/SSQ-53O, AN/SSQ-62F, and AN/SSQ-36 sonobuoys, amounting to an estimated cost of $52.8 million. Congress has 30 days to review the sale as per the Arms Export Control Act.

Mint reader asked if he could pay municipal taxes for his son, who lives in the US and owns property in Pune. Bhuta responded: “Payments made by a resident on behalf of a non-resident are prohibited under FEMA unless specifically allowed. Therefore, such payment of taxes on behalf of your son would not be permitted under FEMA." The only legal option is to gift the funds to the son’s NRO account and use a PoA to make the payments.

Mint in an interview. Also read | Zetwerk charts ₹1,000 crore game plan for electronics manufacturing “In the next two quarters, MoUs (memorandums of understanding) with global firms from Korea, Japan and Taiwan will be signed, through which we will get into new sectors of automotive and defence electronics. In the next financial year, we’re looking at making servers locally and we will also expand our laptop manufacturing capacities.

The Insurance Bureau of Canada says a severe hail storm that battered Calgary last month is the second-costliest event in Canadian history.

Mint explains: Customers visiting McDonald’s in southern and western India can now munch on a ‘multi-millet burger bun’, instead of ones made from refined flour. These are not 100% millet buns. Millets—Jowar, Bajra, Ragi, Proso and Kodo—make up 22% of the buns.

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Just months after the shocking unravelling of Silicon Valley Bank and First Republic Bank last year, Michael Barr unveiled a new set of guardrails for the U.S.’s biggest lenders and an uncompromising defence of why they were needed.

Pierre Poilievre, the leader of the Conservative Party and the current favourite to win the next election, attacked former central banker Mark Carney for agreeing to help Justin Trudeau on economic policy.

By Ben Eisen and Tegan Hill

Harris and former President Donald Trump are in a very close race. The fact that both candidates frequently move up in the polls indicates how close the contest is. When President Joe Biden was still in the campaign, Trump first seemed to be in the lead. But Biden's withdrawal in mid-July altered the situation. After stepping up, Harris caught up to Trump and eventually overtook him in August, as per the reports of Yahoo finance.