UPS Financial News

This type of long-term thinking and experience in dealing with tough markets — and there’s no doubt maritime shipping has been brutal historically — will serve both A.P. Moller-Maersk A/S and CMA CGM SA well as the two shipping giants seek to expand into air freight. Both companies took delivery this summer of new Boeing 777 freighters and have lined up deliveries of more Boeing Co. and Airbus SE aircraft as they build out capacity. These new aircraft represent the action behind the pledges to diversify their businesses during the height of the pandemic when customers were desperate for sea and air transportation. Both Maersk and CMA CGM have invested in the trucking side of the logistics business and are now accumulating their first new aircraft to tackle the air-freight market. Shipping rates soared during the Covid-19 lockdowns, and the influx of cash from this once-in-a-generation cycle gave marine operators the cash to diversify. Maersk earned $31 billion of operating profit in 2022 alone.

Mint. The talent war is playing out between Indus Law, Cyril Amarchand Mangaldas, JSA Advocates & Solicitors, Khaitan & Co, Trilegal, Shardul Amarchand Mangaldas & Co and even boutique firms built by erstwhile senior partners of these law firms. There are multiple reasons, including the increase in M&As, regulatory filings, expansion of smaller firms that need legal help to set up different businesses, among other things. As a result, senior partners are setting up boutique firms and offering equities to former colleagues to leave the more established practices and join their new ventures.

SME IPOs are selling like hotcakes with dramatic oversubscriptions even as Sebi’s warnings about malpractices in some listed companies raise red flags.

As the highly anticipated IPO of Bajaj Housing Finance looms, ETMarkets analysed the stock and earnings performance of the Bajaj group’s companies, which revealed a strong performance across sectors.

silver December futures contracts were trading at Rs 85,005/kg, up by 0.06% or Rs 49. In the last 2 days, the prices of gold have gained Rs 500/10 gm while silver has gained Rs 1,440 per kilogram.

Rupee rose by 2 paise to 83.95 against the US dollar in early trade on Friday amid a weaker dollar against major currencies overseas. An upward movement in the international crude oil prices, negative domestic equity markets and outflow of foreign capital capped gains in the local unit, forex traders said. At the interbank foreign exchange market, the rupee opened 1 paisa higher at 83.96 against the greenback. The domestic unit had settled 4 paise higher at 83.97 on Thursday.

Marico Ltd. traded 3.13 per cent higher in Friday's session at 09:59AM (IST). The stock opened at Rs 650.9 and has touched an intraday high and low of Rs 673.2 and Rs 648.9, respectively, during the session so far. The stock quoted a 52-week high of Rs 692.7 and a 52-week low of 486.75. About 56,167 shares changed hands on the counter so far.

Cholamandalam Investment & Finance Company Ltd. traded 0.56 per cent up at Rs 1541.4 on Friday at around 10:15AM (IST), while the benchmark BSE Sensex declined 792.83 points to 81408.33. As many as 105,728 shares changed hands on the counter with a total value of Rs 16.38 crore.

CreditAccess Grameen with a target price of Rs 1555. The current market price of CreditAccess Grameen Ltd. is Rs 1179.5. CreditAccess Grameen Ltd., incorporated in the year 1991, is a Mid Cap company (having a market cap of Rs 18798.64 Crore) operating in NBFC sector.

Sri Lanka will hold its presidential election Sept. 21 in a crucial vote that will decide the future course of the South Asian nation still struggling to recover from its economic collapse in 2022, which provoked mass protests and forced the former pre...

Ujjivan Small Finance Bank with a target price of Rs 52. The current market price of Ujjivan Small Finance Bank is Rs 43.96. Ujjivan Small Finance Bank Ltd., incorporated in the year 2016, is a banking company (having a market cap of Rs 8495.57 Crore).

West Bengal Governor Ananda Bose has criticised Chief Minister Mamata Banerjee for failing to send a technical report along with the Aparajita Bill passed by the State Assembly. As per rules, the government is duty bound to send a technical report before a decision is taken on giving assent to the bill. The Raj Bhavan admonished Nabanna (State Secretariat) against allegedly misleading the people to cover up the lapses of the State government. «This is not the first time that the government has withheld technical reports and blames Raj Bhavan for withholding the bills,» a statement by Raj Bhavan said. The Governor has taken swift action on the Aparajita Bill and admonished the Chief Minister. According to the statement, «The governor has pulled up the Chief Minister for failing to send the government's technical report on the bill, which is mandatory under the rules. He has admonished the government and told them to do their homework in important matters like this.»

FMCG sector. Britannia is reportedly in talks to acquire Guwahati-based snacks maker Kishlay Foods. Last year, ITC acquired healthy snacks brand Yoga Bar and there have been reports of some of the leading FMCG players considering buyouts of some snack companies.

Sajad Lone on Thursday released a party manifesto promising to fight for the restoration of Article 370, 35 (A), statehood and setting up a judicial commission to probe into the rigging of 1987 elections. Lone released a 12 point manifesto here is Srinagar and claimed that the party plans to field its candidates on 20 to 25 seats in the upcoming three-phased assembly elections in 90 constituencies, starting from September 18. Lone himself is likely to fight on two constituencies of Handwara and Kupwara in northern Kashmir. “Our main focus of the manifesto is dignity and development. We will undertake all exhaustive measures to pursue the cause of restoration of Article 370, 35 (A) and statehood,” said Lone. He further said that the political parties will have to unitedly agitate for restoration of Article 370. “I also feel that Article 370 has been defamed and blemished for ever. I hope that a day will come when J&K will have a solution at par with Article 370,” he said.

Tanvee Gupta Jain, UBS Chief India Economist. In an interview with ETMarkets, Tanvee said: “The potential growth I estimate is somewhere between 6.5% to 7%. What we’re seeing is that India’s potential growth is benefiting from digitalization adoption, increased services exports, and now a manufacturing push” Edited excerpts:

debt firm VentureSoul Partners has completed the first close of its Rs 600 crore maiden fund, raising Rs 146.5 crore. The fund plans to make debt investments in approximately 25 startups, with an average cheque size of Rs 20-25 crore, founder Kunal Wadhwa told ET. VentureSoul Partners, founded by former banking professionals Anurag Tripathi, Ashish Gala, and Wadhwa, is a Sebi-registered Category II Alternative Investment Fund (AIF). The firm is targeting a corpus of up to Rs 300 crore, with an additional Rs 300 crore in greenshoe options.

Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by. The World Bank upgraded its FY25 GDP forecast for India and Adani group is looking to acquire multiple FMCG businesses. Meanwhile, GST on health and life insurance premia could be discussed at the GST council meeting on Monday.

Varun Saboo, Head, Equities, Anand Rathi, says he is positive on OMCs. Crude prices are expected to slide further from here, which will help all the oil sensitives, so that was number one. Second, he believes one stock that is a theme in itself is PVR-Inox. That is one of the ideas that still leaves massive upsides from here. Multiplex is a big theme and PVR-Inox is a very high-conviction call. Third, cement is a big theme that Anand Rathi is positive about. Finally, Saboo talks about rate-sensitives as a theme. He is extremely positive about the NBFCs like Chola and Shriram Finance. Where do you stand when it comes to crude sensitives? We have seen quite a bit of a move in paints, some of the tyre names, and OMCs as well. It is not quite the same for ONGC or Oil India, but do you sense that this is a meaty move and could be sustained? Varun Saboo: When it comes to the crude sensitives, as a house we think that crude prices will soften further. So, be it the OMCs, paints, be it anything related to them will continue to rally. I am excited about the opportunity this is providing and I think everything is falling in place for India as a market. We are extremely dependent on crude as such. This helps us further on an overall basis also. This helps the overall market as well.

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...

New Delhi: Startups and entrepreneurs working on blockchain applications and products appear to have perked up, after more than two years of subdued enthusiasm for web-3 technologies. This much-needed booster for India’s blockchain upstarts has come in the form of the National Blockchain Framework, unveiled on Wednesday by information technology secretary S.