UPS Financial News

Sun TV Network on Monday fell 8% to its day’s low of Rs 837.45 on BSE after the company reported a 5% and 3% year-on-year (YoY) decline in its profit after tax (PAT) and revenue from operations respectively for the June quarter. The PAT stood at Rs 559.77 crore for Q1FY25 while the revenue from operations was reported at Rs 1312.40 crore against Rs 1349.22 crore reported in the year-ago period.

Vikas Khemani, Founder, Carnelian Asset Management, says repeated incidences by short-seller Hindenburg, not only in India but in other markets also, are being taken with a pinch of salt. In this case, the narrative is far from the facts. Facts are being manipulated to create a story. The Adanu incident came at a time when there was a lot of scepticism. This is about loss of credibility and markets should not react much to these things. Hindenburg are short sellers. They look at companies where there is a problem in terms of cash flow or mismanagement or corporate governance standards and go short on it and scare the market because that is the deep dive they do in terms of evidence. But on Saturday, they released completely unsubstantiated conjuncture. I think the damage has been done to the brand. Vikas Khemani: Absolutely. First of all, everybody’s credibility is determined by their motivation. We noticed in the previous instances also that nothing came out and of course the first time, the market reacted badly. Repeated incidences not only in India but in other markets also, are being taken with a pinch of salt. In this case, the narrative is far from the facts. Facts are being manipulated to create a story. I think market participants can be fooled once but they cannot be fooled all the time.

Avenue Supermarts Ltd. traded at Rs 5004.0 on BSE at 10:25AM (IST) on Monday, up 0.31 per cent. The stock quoted a 52-week low price of Rs 3493.05 and a high of Rs 5220.0. Earlier in the day, the stock saw a gap up opening.

Voltas Ltd. traded 7.18 per cent up in Monday's trade at 10:00AM (IST). Around 120,193 shares changed hands on the counter. The counter opened at Rs 1502.9 and touched an intraday high and low of Rs 1563.0 and Rs 1465.8, respectively, in the session so far. Shares of the company of Voltas Ltd. quoted a 52-week high of Rs 1563.0 and a 52-week low of Rs 794.15.

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Pixel 7 and Pixel 8 series were launched in early October, almost a month after the iPhone launch that year. Google is also following in Apple's footsteps by launching 4 smartphones during the August 13 event.Rumours suggest that the Pixel 9 will likely have a 6.3-inch display and be available in four colourways: black, light grey, porcelain, and pink.

Mint. While the latest rate hike may not deter Indian corporates from borrowing from Japan, further rate hikes could force them to reconsider their plans. Last week, the Bank of Japan raised its interest rate for the second time in 17 years in another step away from its long-standing ultra-loose monetary policies, setting an interest rate of 0.25%, up from 0-0.1%.

₹10,461 crore, the price-to-earnings multiple works out to 20x for FY25, while the same for peers is over 80x plus. To be sure, the price-to-earnings multiple is not the most preferred valuation metric for life insurance companies. That’s because the expenses in the life insurance business are recognized upfront, depressing the profits in the initial years.

Zydus Lifesciences reported a net profit jump of 31% to Rs 1420 crore in Q1FY25 led by robust sales growth in India and US markets. The drug maker had reported a net profit of Rs 1,087 crore in the April-June quarter of last fiscal.

Key for the Federal Reserve will be U.S. consumer prices on Wednesday where economists look for rises of 0.2% in both the headline and core, with the annual core slowing a tick to 3.2%.

The Investment Adviser (IA) Regulations, 2013, has been around for 11-plus years now, but has been able to attract just about 960 advisors!

What went wrong? The will was written by the husband, indicating that his wife would inherit everything if she survived him, and that the property would be given away in charity if she did not, after his lifetime. When the will was read to the family, the heirs pointed out that she had inherited the wealth from him as per the will, but that there was no will written by her in which she indicated giving away the wealth to charity. His will had specified charity only if she predeceased him. The lawyers seem to agree with this interpretation. The will includes prime property worth several crores in Mumbai and the heirs are unwilling to let go, even if many were not on talking terms with the couple when they were alive. Getting good quality legal help in these matters remains a challenge. A longtime lawyer friend had apparently told the woman that she should will him the properties and that he would settle all dues and donate the money. The sensible lady had spurned the offer.

Apart from global factors, expensive valuations, especially in the mid-cap and small-cap segments, and the tepid June quarter earnings performance of corporate India are contributing to the rising volatility. The TTM (trailing twelve months) PE of Nifty Midcap 100 and Nifty Smallcap 250 indices is trading at a premium of 28.5% and 35%, respectively, relative to their five-year average, according to the data compiled from Trendlyne. Research by Capitalmind Financial Services indicates a higher probability of correction in the BSE Smallcap 250 index if earnings don’t catch up. “The PE multiple of BSE Smallcap 250 has expanded by 63%, whereas EPS is flat at -3 %. This expansion is mostly due to the price increase. The continued flat trajectory in the earnings could escalate to a high probability of price correction,” states the study. The study is based on one-year data ending 11 July 2024.

Zepto is set to raise another $310 million that will value the quick-commerce firm at $5 billion after the funding, a 40% jump from its last round closed just over a month ago, people in the know said. This will take the total funds raised to nearly $1 billion in two successive rounds for the three-year-old firm. It raised $665 million from a clutch of investors in late June, more than doubling its valuation to $3.6 billion from $1.4 billion in August last year. In a year, Zepto has seen a more than three-and-a-half-time spike in valuation, aided by the rapid rise in demand for quick commerce. Mars Growth Capital, co-run by Mitsubishi UFJ Financial Group Inc and Israel’s Liquidity Group, is set to participate in the next round joining US-based General Catalyst and other existing investors of the Mumbai-based firm for which a term sheet has now been signed, people briefed on the matter said.

IRFC, Vodafone Idea, Adani Enterprises, Honasa Consumer, Siemens, Jubilant FoodWorks among others will be in focus due to various news developments and first quarter results IRFC, Vodafone Idea, NMDC, Hudco, SJVN Voltas Shares of IRFC, Vodafone Idea, NMDC, Hudco, SJVN and Voltas will be in focus as the companies will announce their first quarter results today.

SpiceJet has delayed the June salaries further to a section of its employees, citing «pressing operational financial commitments». In an email to pilots sent on Thursday, Virendra Malhotra, vice president of flight operations at SpiceJet said the salaries, which have been «delayed...this month (June) beyond expectations» would be disbursed «shortly». ET has seen a copy of the letter.

World Leaders Forum (WLF) on August 31 in New Delhi. ET is bringing together the world's brightest minds at a time when India is emerging as a beacon of hope in the global economy, establishing itself as a growing superpower on the international stage amid global conflicts, economic stagnation and shifting power dynamics. Top consultants, including Rich Lesser, chairman of BCG, and Mohamed Kande, chairman of PwC, will provide insights into the global economy and corporate trends, exploring how India can strategically position itself to succeed in this evolving landscape.

shipbuilding policy that includes introducing a recycling credit note scheme, a fixed rate of subsidy for 10 years and the establishment of three maritime clusters in Andhra Pradesh, Gujarat and Odisha, officials said. This is part of the Centre's push to grab a larger share of the global shipbuilding market, they added. It's proposed that a credit note equivalent to 40% of the scrap value of a ship being dismantled in an Indian breaking yard would be given to fleet owners, both Indian and global. This can be reimbursed against the cost of construction of a new vessel at an Indian yard, officials said. «With this scheme, fleet owners will be encouraged to recycle ships in India,» one of them said. «The only condition is that they will have to build new ships in India to get the benefit of the scheme. If they go outside India to order new ships, the credit note will not be applicable. The idea is to promote Indian yards in the global market and help them get more orders.»

Fabricio Bloisi, the newly appointed CEO of Dutch technology investment firm Prosus and its parent Naspers, said he will continue to back early-to-late stage companies in India despite the $500 million write-off incurred due to the collapse of its once high-flying portfolio firm, Byju’s. He added that the valuation reset in the technology world is typical of the funding cycles for the sector and doesn't deter long-term investors from taking bets on India. Prosus doesn’t “live by cycles,” he said in an interview on his first India visit since taking over the chief executive role from interim CEO Ervin Tu. “I founded a startup 20 years ago… I don't get nervous about valuations… it’s part of life,” Bloisi told ET. “In 2001, 2008, everyone thought it was the worst time… Prosus is not a company that lives by these waves,” he said.

US stock market indices S&P 500, Dow Jones Industrial Average, and Nasdaq will look to shrug off volatility as investors are keeping eyes on inflation data, corporate earnings and presidential polls. Following months of placid trading, U.S. stock volatility has surged this month as a run of alarming data coincided with the unwinding of a massive, yen-fueled carry trade to deal equities their worst selloff of the year. The S&P 500 is still down around 6 per cent from a record high set last month, even after making up ground in a series of rallies after Monday’s crushing selloff.