Mayne Pharma sued India's Sun Pharma for allegedly infringing patents on IMVEXXY, a drug for menopause-related vaginal pain. The lawsuit was filed after Sun Pharma sought FDA approval for a generic version. This action might delay FDA approval for Sun Pharma by 30 months under the Hatch-Waxman Act.
Companies like Adani Energy, Ashok Leyland, Canara Bank, Chalet Hotels, Cyient, Glenmark Life, Laurus Labs, L&T Foods, Mahindra Holidays, PNB Housing Finance, Venus Pipes, Vivanta Industries among others will also declare their results
Congresswoman Young Kim raised concerns over China's increasing influence in the Indian Ocean, citing Chinese investments and military installations in key locations like Pakistan, Sri Lanka, and the Maldives. She emphasized the importance of US engagement to counter China's growing presence and safeguard national security and economic interests in the region.
Alphabet's stock dropped over 3% amid concerns about rising AI infrastructure investments squeezing margins and strong competition for YouTube ad dollars. Q2 saw a higher-than-expected $13.2 billion capital expenditure. Despite these setbacks, analysts noted positive signs in AI-driven cloud revenue growth and minimal disruption to Search revenue.
Tesla's shares fell 12%, wiping out $100 billion in stock value. CEO Elon Musk's talk on future products couldn’t ease investors' concerns over shrinking profit margins and missed earnings estimates. Tesla's EV deliveries dropped for two consecutive quarters, forcing price cuts. Analysts doubt Tesla's ability to deploy robotaxis soon. Its market value has fallen significantly from its peak in 2021.
Oil prices dropped on Thursday due to weak demand in China and anticipated Middle East ceasefire, offsetting gains from lower U.S. inventories the previous day. Brent crude futures fell 0.5%, and U.S. West Texas Intermediate dropped 0.4%. China's sluggish economic growth and reduced U.S. stock markets added to the downward pressure.
Gold prices held steady on Thursday as investors awaited U.S. economic data to gauge the timing of potential central bank interest rate cuts. Spot gold remained at $2,398.17 per ounce, while U.S. gold futures fell 0.8%. Economic reports due include U.S. GDP and personal consumption expenditure data, the Federal Reserve's favored inflation measure.
In Bengaluru, BJP MLAs, including Leader of Opposition R Ashok and BJP Karnataka President BY Vijayendra, protested by sleeping in the assembly, demanding a discussion on the alleged Mysore Urban Development Authority (MUDA) scam and the resignation of Chief Minister Siddaramaiah, who they accused of being involved in corruption and misusing funds meant for Scheduled Caste communities.
Ahead of the Bank of Japan's policy meeting, the yen gained support due to unwinding carry trades. The Australian and New Zealand dollars struggled as commodity prices declined. The euro was pressured by weak PMI data, while the U.S. dollar held steady pending growth figures. Investors are cautious about risk sentiment.
The S&P 500 and Nasdaq reached multi-week lows after disappointing earnings from Alphabet and Tesla. Investor confidence in megacap stocks was shaken, causing significant declines in both indices. The S&P 500 saw its worst performance since December 2022, while the Nasdaq had its biggest drop since October 2022. The Dow also posted a notable decrease.
The Union Budget 2024-25 updated capital gains taxes for financial assets. Equity-oriented mutual funds now have an LTCG tax exemption up to ₹1.25 lakh, with 12.5% tax on gains above. STCG tax increased to 20%. No indexation benefits for any mutual fund scheme, and changes for international funds and gold/silver funds. Debt MFs remain unchanged.
IBM surpassed second-quarter revenue expectations and raised its annual growth outlook for its software business due to increased AI-related spending. The Watsonx platform expansion and Granite AI models helped boost software revenue by 7%. Despite this, consulting revenue fell 1% as clients cut back on short-term projects. IBM's total revenue reached $15.77 billion.
Happy Thursday! The budget proposals on capital gains tax and angel tax removal create a favourable situation for millionaire family offices. More on this in today’s ETtech Morning Dispatch.
China's investment era in Pakistan has ended, declares a US official, emphasizing American investment as the future. Concerns over China's strategy in South and Central Asia, involving high-interest loans and low-paid Chinese workers, were discussed. The US aims to enhance democracy, fight terrorism, and stabilize Pakistan's economy to avoid overreliance on China.
Stocks in Japan and South Korea both fell over 2%, with chipmaker SK Hynix Inc. tumbling even with solid earnings. In the US, the S&P 500 slumped 2.3%, its worst showing since December 2022 and one that ended the best stretch without a 2% drop since the start of the global financial crisis.
US President Joe Biden announced he was dropping out of the 2024 election and endorsed Vice President Kamala Harris as the new Democratic nominee. Biden emphasized the need for unity and passing the leadership torch to a new generation. He refuted claims that his decision was health-related and vowed to continue his presidential duties for the remaining six months.
Shares of Kalyan Jewellers were the top gainer at 6.2%. PC Jeweller, RBZ Jeweller and Vaibhav Global rose between 1.7% and 5%. Titan inched 0.1% higher. TBZ fell 1.8% and Senco Gold fell 1.7%.
Incidentally, the silver lining has been the underlying volume growth at 4% - the highest in the past five quarters - aided by the spending on advertising and promotion. The company spent nearly 11% of its revenues on advertising. It took price corrections especially in fabric wash and household care products - passing on the benefit accruing from the softening of commodity prices.
Aggregate holdings of foreign portfolio investors (FPI) in index-eligible fully accessible route (FAR) government bonds increased by ₹1,963.7 crore to ₹1.9 lakh crore on Tuesday, following the presentation of the FY25 budget.
Axis Bank on Wednesday reported a standalone net profit of Rs 6,035 crore for the quarter ended June 30, 2024 which was up by 4% year-on-year.
"The recovery noticed from today's low will be evident only post the monthly expiry on Thursday. At the same time, the ongoing Q1 results, which till date is muted, will decide the near-term trend," said Vinod Nair, Head of Research, Geojit Financial Services
The IT industry has flagged the new framework unveiled by the Singapore government for skilled worker visas, especially pointing to its narrow criteria under the points-based framework. The new framework is set to be implemented in September for visa revalidations.