Wellness Financial News

Nikhil Nigania, Director,Bernstein, says “in almost all power shortage cycles, ideally the guy who makes the most money is the person with the merchant power plant. The same thing happened with Jindal Steel and Power last time, which we do not cover. But this time around, there are a few entities who have merchant power plants. JSPL, has moved the merchant plants to the promoter from the listed entity. But entities with merchant plants can make the benefit of the high power price on the power exchange.” When we have to pick out the winners in the power sector, what is going to be a different story this time? Where should one be looking? Nikhil Nigania: If we compare the last power cycle, which went on till 2012, versus the current cycle which started a year and a half back, the primary difference was last time there was consistent power shortage throughout the day because we did not have enough private sector participation. It was largely state-owned enterprises which were setting up power plants back then. This time around, while the private sector participation was strong earlier, now we have a unique situation where, due to addition of largely solar capacity, we have shortage in the non-solar as of today.

funding round led by All in Capital and Anicut Capital. Other strategic investors who participated were Suashish Diamonds, JK Group, among other angel investors. Founded in 2022 by Sonaal Goel, Twishaa Gupta, and Kanishka Garg, Salty targets the younger generation. The fresh funds will be used to expand workforce and launch a new product range, it said.

₹1,000 crore within the next 3-4 months in order to largely focus on inorganic growth of the company in businesses unrelated to aviation sector, co-founder Prashant Pitti told Mint. “This would be the first time the company would be taking any external capital. Till today, the company is bootstrapped.

Shriram Subramanium, Founder & MD, InGovern, says “Polycab is very, very clear that they are not the company, they would have even yesterday said that we have nothing to hide. But that is not what they have said. They have said they have not received a notice. So they are not denying that there was a raid. They are just saying that they have not received a notice, which could be true. So, from that perspective, the Income Tax Department may not have sent a notice yet, but has put out a press release which I would think is a travesty of justice from a procedural perspective.” What is happening with Polycab because clearly the stock markets have been giving the stock quite a punishment and perhaps rightly so. If we are looking at the procedure that has been followed by the IT department of not sending a notice and asking for clarifications from the company first, is the procedure as per the norm? Shriram Subramanium: I would think not. At the end of the day, the income tax department by putting out a press release on 9th, that too late in the evening, saying that there is a wires and cables company on which unaccounted cash has been discovered etc. etc., is doing a disservice to any company for that matter.

A key Flair Airlines investor says a $30-million lawsuit filed against it by plane-leasing firms over claims of missed payments is “premature at best.”

NEW DELHI : State Bank of India (SBI) has long avoided payment transactions for Russian oil bought by state-run refiners to avert US sanctions that came into force on 5 December 2022, two people aware of the matter said. SBI, India’s largest lender, is the authorized dealer bank for foreign transactions of state-run refiners. The sanctions of the US treasury department’s Office of Foreign Assets Control on maritime transportation of the Russian Federation-origin oil took effect on 5 December 2022, and for seaborne transportation of petroleum products on 5 February 2023.

Tata Consultancy Services (TCS) jumped over 3% to the day’s high of Rs 3,860.25 on the NSE after the brokerages remained upbeat on IT bellwether following its Q3 results wherein it beat revenue expectations even as the bottomline trailed Street view. Morgan Stanley upgraded the stock to Overweight while raising its price target post the quarterly performance while Motilal Oswal and Nuvama reiterated their buy stance on the counter. Kotak Institutional Equities reiterated an ‘Add’ rating on TCS shares. TCS on Thursday reported higher-than-expected revenue for the quarter ended December 2023, but the bottomline trailed expectations. India’s largest software service provider reported a 2% year-on-year (YoY) growth in consolidated net profit for the quarter to Rs 11,058 crore, and revenue increased by 4% to Rs 60,583 crore. Also Read: TCS Q3 Results: Profit rises 2% YoY to Rs 11,058 crore; revenue up 4% Here is what they recommend!

Ajay Bagga, Market Expert, says “some of the NBFCs have a lot going in the rural economy where the demand has still not picked up. So, I am a little circumspect on this NBFC segment. I think margins will come down and the growth trajectory of revenues as well as profits will come into single digit this year. I think that is the anticipation.” Fundamentally, how is Shriram Finance looking? Where do you see it headed from here on now? Ajay Bagga: I do not talk about particular stocks, but I will take it to the broader NBFC sector. We are expecting revenues and margins to go down over the year. The growth trajectory to go down. Single digit growth in profits. So, the kind of run up today we are seeing in some select NBFC counters, we should be cautious about it. The cost of capital is increasing and the margins are under pressure. RBI has been putting pressure as well on certain segments of the NBFCs.

Anshu Kapoor, Head of Global Wealth Management, Nuvama Asset Management, says “the demand is there but the supply of high-quality institutional grade products does not exist, so that is our endeavour to be able to serve that demand, to serve that opportunity and give access to the Indian investors to our own commercial real estate assets and create value for them. So, this is the kind of a synopsis of the opportunity.” We understand that as part of the business at Nuvama Asset you guys are now aiming at upping your real estate play. Talk to us about what exactly are the plans, your recent JV with Cushman, how big can be the size of the opportunity for Nuvama here? Anshu Kapoor: Thank you for asking about this JV. So, maybe I can give you a little bit of the size of the opportunity. The commercial real estate sector in India is a $100 billion asset class. This asset class is going to double over the next 10 years to become $200 billion. So, it is a very-very large asset class.

Houthi rebels. The Yemen authorities have now vowed vendetta, saying “America and Britain will have to prepare to pay a heavy price". The attack by the US and UK on Yemen comes weeks after the Houthi rebels allegedly unleashed disruptive attacks on Red Sea hurting commercial shipping on the trade route.

Tata Consultancy Services (TCS) said its consolidated net profit rose 2% on-year to Rs 11,058 crore in the December quarter even as its closest rival Infosys recorded a 7.3% decline at Rs 6,106 crore, due in large part to an unprecedented cyber-attack as well as hefty wage hikes. The muted YoY numbers found an echo in the sequential performance, with TCS reporting a 2.5% QoQ drop in profits in the third quarter of fiscal 2024, while that of Infosys declined 1.7%. Meanwhile, revenue dropped 0.4% sequentially for Infosys, while it rose 1.5% for TCS.

Infosys Q3 results: Revenue guidance to dip in profit — 6 key highlights from IT major's earnings The nervousness in the market was visible as the Nifty IT Index closed 0.28% lower on Thursday. TCS share price ended at ₹3,736.20 per share, up by 0.61% before the announcement of Q3 results, whereas, Infosys shares ended 1.62% lower at ₹1,495.00 apiece on the BSE. TCS posted a 2% year-on-year (YoY) growth in consolidated net profit, reaching ₹11,058 crore, while revenue saw a 4% increase, totaling ₹60,583 crore.

The December inflation report came in slightly hot. So what should financial advisors do if it really catches fire?

Investing.com — Stock futures are exhibiting slightly negative movement on Thursday night, as investors eagerly anticipate the release of the second of two highly significant inflation reports this week as well as quarterly results from major financial companies.

MUMBAI : From 11 January to 15 April, 54 companies will have their shareholder lock-ins worth $13.52 billion lifted. This is likely to lead to a series of block deals, with domestic and global institutions, as well as high-net-worth individuals, bidding for the shares. “The value pertains to the total lock-up opening shares, but it’s important to note that not all these shares will come up for sale as a sizable portion of them are held by promoter groups," said Abhilash Pagaria, head, Nuvama Alternative and Quantitative Research.

(Reuters) — Budget hotel operator Wyndham Hotels & Resorts (NYSE:WH) said on Thursday it has received a second request from the U.S. Federal Trade Commission seeking more information related to a $7.8 billion takeover offer by Choice Hotels (NYSE:CHH).

The U.S. ambassador to Serbia says the United States has received Kosovo’s request for the purchase of Javelin anti-tank missiles

A federal appeals court has directed a lower federal court to consider the merits of a challenge to Maryland’s first-in-the-nation digital advertising tax on First Amendment grounds

withholding tax provisions in line with the country's overall thrust to simplify the tax structure to make it easier for businesses and reduce disputes. There are several tax deducted at source (TDS) provisions with different thresholds and multiple rates. This has created a TDS maze that leads to frequent disputes as well as the blocking of working capital at businesses. «There is a need to simplify the regime in view of the complexities that have crept in over time,» said a government official, explaining the need for the review. The cleanup of the withholding tax regime could take place in the February 1 interim budget if the review is completed in time. There are about 33 sections in the Income Tax Act dealing with TDS rates that range from 0.1% to 30%. For example, before 2020, fees for technical services (FTS) and fees for professional services (FPS) were subject to 10% TDS.

National Investigation Agency (NIA) on Thursday seized several illegal arms and ammunition, along with incriminating documents, digital devices and cash in a massive multi-state crackdown in connection with cases relating to conspiracies and activities of the banned Babbar Khalsa International (BKI) and the Lawrence Bishnoi crime syndicate. A total of 32 locations in Punjab, Haryana, Rajasthan, Uttar Pradesh and Delhi, as well as the Union Territory of Chandigarh, were raided by NIA teams as part of the mega operation that began early Thursday morning, a spokeswoman of the agency said.

NEW DELHI, MUMBAI : Tata Consultancy Services (TCS) Ltd and Infosys Ltd on Thursday reported their lowest attrition in more than two and three years, respectively, indicating a muted job market in the growing shadow of artificial intelligence (AI). In the December quarter, Infosys’s attrition rate at 12.9% was the lowest in 12 quarters, while TCS’s at 13.3% was the lowest in nine quarters. Their highest rates were 28.4% (Q1FY23) and 21.5% (Q2FY23) respectively.