UPS Financial News

U.S. stocks held steady in a calm day on Wall Street, as earnings reporting season ramped up for big companies

Sales of previously occupied U.S. homes fell in June for the fourth straight month as elevated mortgage rates and record-high prices kept many would-be homebuyers on the sidelines

China’s Baosteel says it will acquire Nippon Steel’s 50% stake in their auto steel joint venture for about $242 million

Payment processing giant Visa Inc. said its fiscal third-quarter profits rose 9% on an adjusted basis as it benefits from consumers and businesses moving their payments from cash to credit and debit cards

The political establishment’s failure to fix decades of crisis in Argentina explains the tide of popular rage that vaulted the irascible Javier Milei, a self-declared “anarcho-capitalist,” to the presidency

UPS managed to boost its volume in the U.S. for the first time since 2022 during its second quarter, but profit and revenue fell short of Wall Street’s expectations partly due to a hefty charge

Coca-Cola is raising is full-year sales guidance after a stronger-than-expected second quarter

Viksit Bharat in the full budget. Overall, the Budget 2024 has been an inclusive one, listing out nine priority areas. In fact, inspired by Prime Minister Narendra Modi’s vision, FICCI’s four priority areas, namely manufacturing (Make in India), farm-led growth, women-led development and sustainability, closely mirror the thrust areas highlighted in the budget.

The budget has proposed adjusting the tax slabs under the new tax regime to make it more appealing to taxpayers. The standard deduction has also been proposed to be increased to Rs 75,000 from Rs 50,000 under the new regime. These tweaks will help salaried employees in the new tax regime save up to Rs 17,500 in income tax, Finance Minister Nirmala Sitharaman said in her budget speech.

Blue Dart Express with a target price of Rs 9500. The current market price of Blue Dart Express Ltd. is Rs 7840.3. Blue Dart Express Ltd., incorporated in the year 1991, is a Mid Cap company (having a market cap of Rs 18616.58 Crore) operating in Logistics sector.

Tesla reported a hefty drop in second-quarter profits Tuesday due to the effect of price cuts while spending aggressively on autonomous driving and other technology.

Kajaria Ceramics with a target price of Rs 1670. The current market price of Kajaria Ceramics is Rs 1435.6. Kajaria Ceramics Ltd., incorporated in the year 1985, is a Mid Cap company (having a market cap of Rs 22969.82 Crore) operating in Building Materials sector.

Union Budget, Indian benchmark equity indices opened marginally lower on Wednesday, weighed down by index heavyweights Reliance Industries, banking, and financial stocks. The BSE Sensex was trading 37 points, or 0.05%, lower at 80,396. The Nifty50 was down 28 points, or 0.11%, trading at 24,451 around 9:20 am.

«Now, whether the short-term capital gains tax, short-term transaction tax increase, will it necessarily act as a disincentive for speculative activity or not, obviously one measure is not adequate and if you are looking for gains in hundreds and 200% because of the embedded leverage in derivative assets, you are not going to be swayed by a small increase in the short-term transaction tax,» says V Anantha Nageswaran, CEA. Well, you pointed out in the Economic Survey that a lot of experimenting is happening as far as the investment in the stock market is concerned and today, we saw the LTCG and short-term capital gains, the tweak there. What is your thinking as far as, from here on the stock markets or investment in stock markets is concerned as far as this? V Anantha Nageswaran: Look, I mean, I am not in the prediction business for stock markets.

Mahindra Financial Services Ltd. is Rs 295.05. Mahindra & Mahindra Financial Services Ltd., incorporated in the year 1991, is a Large Cap company (having a market cap of Rs 36553.15 Crore) operating in NBFC sector.

«See, in a country like India which is not a rich country, you have to continuously find avenues to tax and you have to use the tax revenues in the right way and continue the growth momentum and you have to ensure that jobs are created,» says S Naren, ED & CIO, ICICI Prudential AMC. What is your take on budget? S Naren: See, the government over the last decade has managed macro very-very well. Every year, they have looked and seen which are the areas where they can actually afford to increase taxation and not hurt the sectors. So, I think they have done a brilliant job if you look at it. The market can absorb it. Otherwise, the market reaction today would have been quite different, that is the reason why it is a great budget at this point of time.

Dinesh Kumar Khara, Chairman, SBI, says the emphasis on employment, skilling, and MSME is clearly articulated as the key pillars for inclusive growth in the Budget. Additionally, there is a strong focus on enhancing productivity and resilience in agriculture. Addressing youth employment and skilling is crucial for the economy, and maximizing these resources is essential. Furthermore, MSME is a core focus area for manufacturing and services, along with urban development initiatives like PMAY, which will significantly boost the real estate sector in urban areas. This Budget has struck the right chords. It is a Budget which, in a sense, has balanced growth and also government's vision of sab ka saath, sab ka vikas. In your mind, what was the big standout feature? Dinesh Kumar Khara: The Budget is something that is going to focus on the inclusive growth in the economy.

«So, to cut it short, my view is that I hope this is probably from here on is a stable tax rate. If that is the case, then markets in the past have also adjusted to new realities. It is not the extent, but it is more of the principle and I think as the late Rakesh Jhunjhunwala would say, ke paisa kamaya to tax dena padega. So, I think we will take it in that spirit for now and hope that from here onwards, the tax rates remain stable,» says Hiren Ved, Director & CIO, Alchemy Capital Management. Are you also feeling as unsettled that this may not be it and this could perhaps lead to more upping of taxes in the times to come? Hiren Ved: Well, I hope not. I want to be optimistic on that count that hopefully, this for whatever reason was well thought out and from here on there will be stability in tax rates and this is not something that I am saying, I think the government itself on several occasions have mentioned that you need stability in tax rates over the long term. So, my feeling is that they had to rationalise taxes on capital gains across assets and hopefully, they have done that. If you take STP cap gains and cess on that, we are already paying reasonable amount of tax and it is not as if that the government was in need of revenue as such.

Growth@work: The big message from Union budget 2024-25 Micro, medium and small enterprises are the life force of our economy and the flow of credit to them will have a multiplier effect on the economy. The FM announced several measures to simplify credit flow to MSMEs through a credit guarantee scheme and new assessment model for these businesses. The limit for Mudra Loans has also been increased from ₹10 lakh to ₹20 lakh under the Tarun category, which will have a cascading effect on the sector and its ability to create jobs.

Under pressure from the disappointment in the Lok Sabha polls, the government got a massive boost for its 2024-25 budget in the form of a windfall dividend transfer by the Reserve Bank of India (RBI). With help from that revenue gain, the Centre chose to focus on cutting the fiscal deficit, and offer some tax relief to boost consumption, but only with a marginal increase in revenue expenditure. Did the budget manage to fire on all cylinders, or did it just showcase policy continuity? Mint breaks it down: After an unexpected loss of majority in the elections, the temptation to deliver a pro-welfare or a populist Budget could have run high for the ruling party.