Aveek Mitra of Aveksat Financial Advisory has been spreading bets defensively post-election, keeping minimal cash. Focusing on chemicals, IT, and pharma, he emphasizes risk management over returns. Highlighting investments in mid-smallcap, consolidation phases, and API, Mitra addresses rising investor expectations and remains adaptable, leveraging a client base built without promotion.
Aam Aadmi Party Rajya Sabha MP Sanjay Singh has claimed that the arrest of Delhi Chief Minister Arvind Kejriwal in the excise policy-linked money laundering case is part of a strategy to eradicate the AAP. Singh asserts that this move is politically motivated and intended to end Kejriwal's career, attributing it to directives from Prime Minister Narendra Modi.
Earlier in May, the board of the natural resources major had approved fund raising of up to ₹8,500 crore, which then got shareholder approval in June. The company could, however, raise a lower amount of around ₹6,000 crore, the people said. A final decision on the quantum of the share issue has yet to be taken.
Donald Trump will receive the Republican Party's official endorsement next week to run for president. This event marks Trump as the first ever convicted felon to be a nominee for one of the two major US parties. The 78-year-old billionaire will be the main attraction at the Republican National Convention (RNC) in Milwaukee.
Supreme Court judge Justice K V Viswanathan stated on Friday that climate change poses a serious existential threat and advocated for the establishment of a permanent commission in India, akin to NITI Aayog, to devise a comprehensive solution.
"There was a significant bearishness in the IT sector among investors before the results with expectations of deteriorating outlook," said Kumar Rakesh, analyst - IT & auto, BNP Paribas. "Given the level of bearishness, investors have taken slightly better results and positive outlook as materially positive."
The International Monetary Fund announced on Friday that it has reached a staff-level agreement with Pakistan for a $7 billion, 37-month loan program. The program aims to promote stability and inclusive growth in the crisis-stricken South Asian nation.
The company is looking to raise $300 million initially, potentially increasing to $400 million if demand is strong, adopting a conservative approach to better understand market dynamics.
A youth from Pune, Siddhant Vittal Patil, drowned in Glacier National Park, Montana, and has been missing since July 6. Patil, a tech professional living in California, was hiking with seven friends when the incident occurred. Patil entered Avalanche Creek on Saturday morning, either by slipping or losing his balance on a large rock. He briefly resurfaced before the current swept him into the gorge.
"We will have one private round before the IPO. That will be our last private fund raise after which we will prepare for the IPO," said Madhusudan Ekambaram, co-founder & CEO, KreditBee. "The private round will happen within one year from now. After which we will look for the correct market conditions to list, and if the prevailing conditions continue it could happen one and a half years from now."
The NSE Nifty rose 186.20 points, or 0.77%, to close at 24,502.15, having hit a lifetime high of 24,592.20 during the day. The BSE Sensex rose 622 points, or 0.78%, to end at 80,519.34, down from an intraday record of 80,893.51.
Billionaire Elon Musk, known for his increasing criticism of U.S. President Joe Biden, has made a significant donation to America PAC, a political group supporting rival presidential candidate Donald Trump, Bloomberg reported on Friday, citing sources. The report did not specify the exact amount Musk donated but mentioned it was "a sizable amount" given to America PAC. This group is capable of receiving unlimited contributions for political activities.
ETtech Unwrapped is packed with the most important stories that we covered this week. Here’s a quick recap.
HCLTech's profit rose 6.8% to Rs 4,257 crore, driven by $70 million non-core income. EBIT, revenue declined. TCS earnings boosted stocks. CEO Vijayakumar noted Q2 State Street impact, steady FY25 guidance. Dividend declared. Headcount fell by 8,080, Q3 margins to improve. $1.96 billion bookings, 200 GenAI concepts. CFO Prateek Aggarwal cited robust cash flow. Shares closed at Rs 1560.40.
Digital artists are leveraging AI prompts to enhance their income by selling unique prompts on various online marketplaces. Prompt engineering plays a crucial role in translating human intent into AI-generated art. Competition in the market is increasing, challenging artists to stay innovative.
About a dozen such alternative investment funds (AIFs) have recently received notices, with the revenue department questioning why their schemes, housing the fund pools, are not registered under GST. These funds raise huge money every year and bankroll thousands of startups and listed companies.
Following recent elections, increased government spending has injected liquidity into India's banking system, resulting in lower overnight borrowing rates, Treasury Bill yields, and short-term financing costs for Indian companies. Despite these developments, the Reserve Bank of India (RBI) appears cautious about reducing policy rates. The overnight weighted average call rate (WACR), which hovered above the RBI's repo rate of 6.50% in May and June, has averaged 6.39% in July, indicating a surplus liquidity situation.
Carmakers attributed the sluggish performance to a broader slowdown in the Indian car market, besides intense heat waves this summer, and an extended general election. Some experts also cited a shift in spending by the wealthy to experiences such as bespoke holiday itineraries.
India's retail inflation surged to a four-month high of 5.08% in June, up from 4.8% in May, driven by a sharp increase in food prices which reached a six-month high of 9.36%. This exceeded expectations, as a recent poll had projected inflation at 4.7%. Concurrently, the Index of Industrial Production (IIP) indicated robust growth, rising to a seven-month high of 5.9% in May, fueled by gains in electricity generation and mining sectors.
A neurologist has said that US President Joe Biden can continue in office even if he has been diagnosed with Parkinson’s disease. The doctor was responding to an op-ed in the New York Times which called on the President to resign due to his cognitive decline.
Netherlands' former veterans are outraged over the controversial VAR penalty fiasco and have called for the match referee to be blacklisted following a humiliating Dutch loss to England in the Euro Cup 2024 semifinals. England received a controversial penalty that Harry Kane successfully converted into an equalizing goal, bringing England back into the game.
Astronomers have found evidence of an intermediate-mass black hole (IMBH) in the Milky Way's Omega Centauri cluster using the Hubble Space Telescope. This discovery could help understand black hole formation and evolution, with further studies planned using the James Webb Space Telescope.
