UPS Financial News

«This is the best growth they have achieved in several quarters, at least if not for all the quarters, at least for the first quarter start of the year, so this is a great number that they have reported. But I have not seen what their guidance is actually for the year ahead,» says Mahantesh Sabarad, Independent Market Expert. Is it just me who is pleasantly surprised with the numbers or is it you as well who is giving me company here? Mahantesh Sabarad: Yes, I think the top line growth of 2.5% constant currency YoY growth and 3.6% quarter-on-quarter is a great surprise because if I am right 3.6% constant currency quarter-on-quarter growth has not been achieved for the past six-seven quarters. This is the best growth they have achieved in several quarters, at least if not for all the quarters, at least for the first quarter start of the year, so these are great numbers that they have reported.

Sandip Sabharwal, asksandipsabharwal.com, says tax relief for reviving consumption is essential because consumption is one part of the entire growth basket which has been deeply lagging. Consumption growth has been half the GDP growth. Ultimately GDP growth cannot be sustained unless consumption revives, so that is something we need to see. Markets have been rising almost every day. This kind of frenzied rise did not last. So, people who have a short-term orientation need to be very careful right now. The market rally continues to build. One is just waiting for a dip to buy. Do you see that imminent? Maybe after Budget a sell-off is expected or do you think just deploy, do not wait for that dip at all? Sandip Sabharwal: It makes sense to wait; you cannot buy stocks at all prices. You need to buy and wait for the right opportunity. Now the opportunity will come. We are entering into a phase where the markets are going into a frenzied kind of up move and eventually, we will see a sell-off come in. Now whether that happens next week or next month, it is very tough to break the exact timelines, but it could also be correlated to a correction in the global markets and that could also have a rub-off in India.

Bandhan Bank, GMR Airports Infrastructure, Gujarat Narmada Valley Fertilizers and Chemicals (GNFC), Hindustan Aeronautics Limited (HAL), Hindustan Copper, The India Cements, Piramal Enterprises (PEL), RBL Bank, Steel Authority of India (SAIL) and Vedanta. Chambal Fertilizers & Chemicals has moved out of the ban.

ET Intelligence Group: Ahmedabad-based Sanstar is the fifth-largest manufacturer of maize-based speciality products and ingredient solutions. The company is rolling out a ₹510-crore IPO comprising a fresh issue of ₹397 crore and an offer of sale of ₹113 crore. The public offer represents 29% of the post-IPO paid-up capital of the company. The proceeds of the issue will be used to fund expansion and repay debt. Business: Set up in 1982, Sanstar is a third-generation family business involved in manufacturing maize starch, dried and liquid glucose, gluten, fibre, and enriched protein. These ingredients have functionality in the packaged foods industry, animal nutrition products, and industrial products. Sanstar is a supplier to leading FMCG companies such as Hindustan Unilever, ITC and Nestle. Nearly 60% of the company's revenues are earned from the food industry. The company earns over a third of its revenues from exporting to 49 countries. It has an installed capacity of 1,100 tonnes per day through its two manufacturing facilities at Kutch in Gujarat and Dhule in Maharashtra.

Gold prices slipped on Friday, but were on track for a fourth straight weekly gain as expectations that the Federal Reserve was likely to cut U.S. interest rates in September lifted appeal for non-yielding bullion. FUNDAMENTALS

Indian edtech startups have been acquired in the past year, underscoring a challenging funding scenario for smaller firms and fuelling a wave of consolidation across the stressed industry. Google-backed edtech startup Adda247 acquired test prep firm Ekagrata Eduserv, Noida-based Schoolnet bought out Housing.com cofounder Advitiya Sharma's startup Genius Teacher, Allen Career Institute picked up Peak XV-backed Doubtnut, while mid-tier IT services firm Happiest Minds took over Macmillan Learning India, adding to the list of recently-closed deals.

Tata Communications’ overseas revenues have continued to outgrow its India revenues for three consecutive quarters and hold a 58:42 ratio as of end-June 24, chief executive AS Lakshminarayanan told ET. “In the US and European markets, we are a challenger, so there is a much bigger white space for us to chase and that's why two years ago we started making all these investments in sales and marketing and our products. All of that has started to pay dividends, and we are happy to see the results,” the executive said in a virtual conversation after the company declared its first quarter FY25 earnings.

New Delhi: The regulatory scrutiny on beneficial ownership of companies is increasing with the Registrars of Companies (RoCs) issuing adjudicatory orders on as many as 20 companies since the beginning of May, suggesting that the authorities are getting stricter about disclosures of who is controlling corporate operations. If the orders issued since beginning of the year are taken into account, the figure goes up to 27. In all but three cases, penalties were imposed and in these three cases, the submissions made by the companies were accepted, showed the regulatory orders available from the ministry of corporate affairs.

Uco Bank and IDBI Bank have hiked their marginal cost of funds based lending rate (MCLR) rates by 5-20 basis points (bps) since June. Whenever there is an increase in MCLR, an internal benchmark, interest rates rise on all loans linked to it. SBI’s overnight MCLR stands at 8.1% and one-year MCLR at 8.85%.

Mint. These reforms are being considered with the prime aim of bringing more foreign capital to the sector as only a few investors have taken advantage of the government’s decision in 2021 to increase the foreign direct investment limit in insurance companies from 49% to 74%. Earlier this year, Switzerland-based Zurich Insurance Group Ltd announcing plans to acquire a 70% stake in Kotak Mahindra General Insurance Co.

Mint. Nykaa owns over 27 brands across skincare, cosmetics, and fashion, including Nykaa Cosmetics, Nykd by Nykaa, and Pipa Bella. Purplle, which recently raised ₹1,000 crore from Abu Dhabi Investment Authority and other investors, runs brands like Carmesi, Good Vibes, NY Bae, and Faces Canada.

Mata Hari of her kind, but different in many other ways too. Sue Mi Terry, a native of Seoul South Korea, who now lives in Manhattan, used her position as a respected foreign policy expert and extracted or stole vital information. She spent more than a decade working as a secret South Korean agent and stole many information on many projects. But contrary to Mata Hari, the German spy during World War I, Sue Mi Terry, received luxury handbags, designer duds and meals at Michelin-starred restaurants.

Cristiano Ronaldo knows how to spend his money in the most lavish and headline-friendly ways. Now, Ronaldo is spending heavily on his new Lisbon mansion that is projected to become the costliest residence ever in the whole of Portugal, says a New York Post report.

Meta, Google, Snap, X (formerly Twitter) and others, to come up with “appropriate technical and organisational measures to ensure effective observance of the provisions" of the law.At present, the DPDP Act has defined the legal age of children as 18. Users below 18 years have to get verifiable parental consent for using social media or other intermediary services.

superconductivity that promises zero resistance to electricity at room temperature continues to be the 'holy grail' of material science. It can be achieved technically by moving electrons as efficiently as possible. This is called improving electron mobility. The scientists at Massachusetts Institute of Technology (MIT) have made a breakthrough in the field but in a different way. They have increased the electron mobility or reduced the resistance to electricity by creating a thin film atom by atom using molecular beam epitaxy to lower the material’s number of impurities and defects.

Reasons to buyReasons to avoidThe Handheld Powerful Filtration Lightweight Accessories vacuum cleaner is a versatile and convenient option for sofa cleaning. Its handheld design allows for easy maneuverability and precise cleaning.

Their versatility allows for various workouts, including inverted rows and muscle-ups, making them an excellent addition to both home gyms and fitness centers. Plus, their compact design means they can easily fit into smaller spaces, promoting consistent exercise without requiring extensive equipment. Overall, dip stands are a fantastic tool for building upper body strength and improving overall fitness.

5G-based fixed wireless access (FWA) services is pushing wired broadband growth in India, with Reliance Jio outpacing its closest rival Bharti Airtel. Between May 2023 and May 2024, Jio's wired broadband user base jumped 34.5% versus Bharti Airtel's 24.2%, latest telco subscriber data collated by the regulator showed. As of end of May, Jio's wired broadband user base stood at 12 million compared to Airtel's 8 million. Analysts say 5G-based FWA services may be seeing traction, which could break the monetisation logjam and open new revenue streams for India's telcos. A key reason for this is monthly average revenue per user (ARPU) from the 5G-based FWA business is seen to be at least three-times higher (at ₹600) than 5G mobile ARPUs.

Vegetable prices, especially potatoes, are likely to stay elevated in the near term, despite rapid progress of the monsoon, according to agricultural experts and economists. Heatwaves in several parts of the country this summer damaged crops, causing demand-supply mismatch, they say. Vegetable inflation remains a major concern for policymakers, reaching 29.3% in June, from 27.4% in May. The increase was broad-based, affecting both TOP (tomatoes, onions, potatoes) and non-TOP vegetables. «Prices of potatoes are expected to be firm for the next few months,» said an agricultural analyst, adding this year's shortage of the tuber is likely to be felt as early as October unlike the general trend of November and December.

South Indian Bank reported a net profit of Rs 294 crore during the quarter ended June 2024, up 45% compared to a net profit of Rs 202 crore in the June 2023 quarter. «The bank recorded a strong growth in net interest income, treasury income besides other income on account of recoveries» said P R Seshadri, MD & CEO of the Bank in a telephonic interaction with ET.

Internet Computer (ICP) has shown a significant bullish trend in crypto. After a decline, ICP has surged by 18%, crossing critical resistance levels and signaling a potential market shift. Similarly, Toncoin investors have seen a dramatic rise in whale activity, with a 983% surge in transactions, indicating strong institutional interest.