Wellness Financial News

India’s biggest asset management company SBI Mutual Fund has announced the launch of its new thematic fund – SBI Automotive Opportunities Fund.

technology solutions provider Redington Ltd has reported a standalone net profit for the January-March 2024 quarter at Rs 160.57 crore, the company said. The city-based company had registered a standalone net profits of Rs 124.91 crore during the corresponding quarter of previous year. For the financial year ending March 31, 2024, the standalone profit stood at Rs 1,081.24 crore, as against Rs 1,071.88 core registered a year ago.

India Today said that the world leaders are confident that his party's government will be formed in the ongoing Lok Sabha elections 2024. «I got a call from (Russian) President Putin for an invitation to a September meeting. I got a call from G-7 as well. The world is fully confident that our government will be formed,» the Prime Minister said in the interview. Although the PM said, «We should never go into the comfort zone. If this becomes comfortable, I will start challenging myself. You must have noticed that there are more accidents on straight highways and where there are curves, there are fewer accidents. I want to keep my team alert and awake. I want to keep them running,» during the interview.

Measuring a country’s growth can be contentious.

FIEO) on Thursday stated that it expects merchandise exports to reach $500-510 billion for the year. In FY24, goods exports had fallen to $437.06 billion. FIEO also said that while meeting the ambitious target of $2 trillion exports by 2030, requiring a CAGR of 12.7%, is challenging, it is within reach and can be achieved. Demand, it stated, is slowly improving and continues to be robust for technology driven sectors such as electronics, machinery, high and medium technology, pharmaceuticals, medical and diagnostic equipment. Expressing concern over the growth of the labour-intensive sectors, FIEO President Ashwini Kumar said we lost the market to competitors in categories like knitted and woven garments, made-ups, footwear, gem and jewellery. “In the knitted garment sectors, for example, India added $200 million to its exports during calendar years 2019-2022, whereas, Bangladesh added $10 billion in the same period. In the footwear sector, while global imports grew at a CAGR of 5%, our exports contracted. Bangladesh exports grew by $750 million in the same period. We need to look into global demand and accordingly modify our manufacturing,” he said at a media interaction in the capital.

UBS Group AG’s new head of asset management reshuffled the unit’s leadership, the latest overhaul at the bank as it integrates Credit Suisse. 

In a stock exchange notice today (16 May), the £2.2bn trust committed to invest a portion of its future cash flows from distributions on its own shares when these are trading at a significant discount to NAV, with effect from 1 June. Allocation to buybacks will be based on the adjusted net portfolio cashflow (ANPC), which is defined as portfolio distributions less investment calls and ongoing charges, as well as near term cash outflows, including debt principal repayments due in the next six months.  The ANPC will be assessed at the end of each of PIP's financial quarters and will be ...

Bharti Airtel has said that the full-scale impact of its deployment of fixed wireless access (FWA) services, which has been deployed across 25 cities so far, will start to show in the second quarter of the current fiscal year which started in April. Airtel’s FWA deployment will happen over standalone architecture (SA), similar to larger rival Reliance Jio, unlike its cellular 5G deployment which happened over non-standalone architecture (NSA), managing director Gopal Vittal said during its recent earnings call. Fixed wireless access (FWA) is being seen as the crucial first use case in 5G that will enable telcos like Airtel and Jio to monetise the huge investments made on deployment of the technology, amidst telcos offering unlimited 5G speeds to mobile phone users.

Chinese electric vehicles (EVs) have sent a scare in the US and Europe. Many have predicted doomsday scenarios. The Alliance for American Manufacturing has said that government subsidized Chinese EVs “could end up being an extinction-level event for the U.S. auto sector". Earlier this year, Tesla CEO Elon Musk told industry analysts Chinese EVs are so good that without trade barriers, “they will pretty much demolish most other car companies in the world.” The US has decided to shield itself from the Chinese EV onslaught. President Joe Biden has announced a series of new and increased tariffs on several Chinese-made goods. He quadrupled the tariff on electric vehicles made in China from 25% to 100%. Chinese lithium-ion batteries for electric cars will now face a 25% tariff, up from 7.5%. Since many European car makers manufacture in China and sell in Europe, they are appealing against similar tariffs on Chinese EVs. Also Read: China may dump EVs, batteries into India with higher US tariffs: GTRI

Oberoi Realty shares extended their winning streak for the fourth consecutive day on Thursday, posting a surge of 8.70% to close at ₹1,711 per share. The stock also registered a new record high of ₹1,727.95 during the session. Investor confidence remained high following the company's strong performance in Q4 and FY24, which was released during Wednesday's trading hours.

₹7.51 in May 2023 to touch its record high of ₹90.19 in intra-day deals today. In the last 5 years as well, the stock has given exceptional returns, rallying 12255 percent from ₹0.73 in May 2019. Meanwhile, it has soared over 6388 percent in the last 3 years from ₹1.39 in May 2021.

Shiv Chanani, Fund Manager, Baroda BNP Paribas Mutual Fund, says he would probably look for definite signs before fully committing to the IT space. Compared with largecaps, one needs to differentiate among the midcap IT companies. There will be the usual run-of-the-mill IT services companies which are probably in a smaller format of the larger ones and then there are the vertical focused companies which have their own niche and will continue to do well. The largecap IT space overall has shown anaemic growth and nothing great is coming out of the commentary as well. What is your outlook there? Also talk to us about midcap IT where numbers are good, but their valuations are not very cheap either? Shiv Chanani: IT is a pretty interesting space at this point of time where probably the entire space is going through what we call the corridor of uncertainty. So, when you look at one layer below which is the underlying customers of the IT companies, most of them which are in the US, one can perceive the kind of uncertainty that they are going through because you do not know when the rate cuts are going to be, how much of those rate cuts would actually take place.

Motorola Edge 50 Fusion comes in two variants. The base model, featuring 8GB of RAM and 128GB of storage, starts at Rs. 22,999, while the higher-end variant, offering 12GB of RAM and 256GB of storage, is priced at Rs.

A post shared by Mahi Sharma | Traveller (@maahieway) Her video has garnered over 3.7 lakh likes with 3,000 comments. A user commented on her video saying “I love how accurately 'muh toh band karo uncle' fits here." While one user referred to her as “Gen Z Poo", likening her to Kareena Kapoor’s iconic character.

Dividend on Ordinary (Equity) Shares for the year ended 31st March, 2024, as recommended by the Board of Directors and as may be declared at the AGM, will be paid/dispatched after 31st July, 2024 to those Shareholders or their mandates,” said the company filing to the exchanges. M&M announced its Q4 results wherein the company has reported a 32% year-on-year (YoY) spike in its profit to Rs 2,038 crore while the revenue from operations in the reporting period rose 11% YoY to Rs 25,109 crore, compared with Rs 22,571 crore in the corresponding period of last year.

Naukri.com operator Info Edge on Thursday reported an 18% year-on-year (YoY) jump in its March quarter standalone profit to Rs 211 crore while its revenue recorded a 7.9% growth to Rs 608.3 crore. The company also announced a final dividend of Rs 12 per share for FY 2023-24.

Delhi High Court on Thursday sought the stand of the Central Bureau of Investigation (CBI) on BRS leader K Kavitha's bail plea in a corruption case in connection with the alleged excise policy scam. Justice Swarana Kanta Sharma issued notice to the CBI on the plea and listed the matter for further hearing on May 24 along another petition by Kavitha seeking bail in the Enforcement Directorate's (ED) money laundering case. The high court also issued notice and sought the CBI's response on another plea by Kavitha against a trial court order which allowed the probe agency to interrogate her in custody. Kavitha is in judicial custody in both the cases lodged by the ED and the CBI in relation to the alleged scam. She was represented by senior advocate Vikram Chaudhari and lawyer Nitesh Rana.

Hindalco Industries , Vedanta , National Aluminium Co. Ltd (Nalco) share prices have risen 54-133% in last one year. While Hindalco Industries share price scaled 52-week highs on Thursday, Vedanta and National Aluminium Co.

«We had to provide for some arrears of wage revision which is impending, almost about 32 crores, arrears for gratuity. There has been a slight change in the way we calculate gratuity,» says Tribhuwan Adhikari, MD & CEO, LIC Housing Finance. Q4 clearly has been a good quarter for you. Your NII, PPOP all look good, but there is a slight dip in your PAT as well. Help us understand what is really weighing in on the profitability, given that teething issues one was seeing around your new technical software and your organisational structure now seem to have been resolved. I would say we maintained our profit before tax of Q3 as compared to Q4. Yes, for the year the profits have been good. Nothing really weighing on the profits as such. Yes, there were some one-off expenses in Q4 which probably weighed on our net profit.

The firm has removed the £1.6bn Jupiter fund, which was held in MPS 2-6 with a weight of between 3.5% and 6%, ahead of the departure of lead manager Whitmore along with his wider team to set up an asset management business in July. «Ben Whitmore brought a specific value focus that blended well with the rest of the portfolio, helped by his clear investment philosophy and consistent implementation of his process which led to strong returns over time, comfortably outperforming the index,» said Ryan Hughes, interim AJ Bell Investments managing director. «The characteristics are well share...

«I think healthy correction has already happened at the index level and the broader market level and it will be a great time to kind of start accumulating the companies which have reported good numbers,» says Hemang Jani, Independent Market Expert. A lot of news data points and especially a lot of midcap earnings. We were looking at Mankind Pharma, for instance, and then, of course, the new listing and Akash Bhansali now checking into this one as well, Aadhar housing that is. Just wanted to understand what is it that you are making of some of the news flow this morning? After volatility and turbulence that we have had last two weeks, things are settling down. Numbers, by and large, have been good. Have not really seen any major disappointments. In fact, when I looked at the earnings detail, I think far more number of companies are reporting a much better margin profile versus market expectations, which is great news. Globally, also, things are settling down. In fact, US is making new highs and the CPI print surely will held the sentiment.