IRFC and other companies set August 22 as the record date for dividends, making today the final day for shareholders to qualify. IRFC declared a final dividend of Rs 0.70 per share and earlier offered an interim dividend for a total of Rs 1.50 per share for FY 2023-24.
Gold took a pause on Wednesday after hitting a record high driven by U.S. rate-cut expectations. Investors now look to the Federal Reserve's minutes and Jerome Powell’s upcoming speech for more clarity. Geopolitical tensions and uncertainties surrounding the U.S. Presidential elections also play a role in influencing gold prices. The U.S. dollar's decline contributed to this trend.
Indian markets surged on Tuesday, led by strong buying in banking, financial, and auto stocks. Key stocks included Angel One, up 13.19%, Hindustan Zinc, which gained 3.73%, and Triveni, which fell 2.42%. Analyst Kushal Gandhi recommends buying Angel One, abstaining from Hindustan Zinc, and sees potential in Triveni stocks for favorable trading opportunities.
Prime Minister Narendra Modi's visit to Poland, his first in 45 years, covered discussions on healthcare, IT sector collaboration, and improved flight connections. The visit marked the 70th anniversary of diplomatic relations between India and Poland. Polish officials emphasized the importance of this visit for enhancing bilateral ties in business and politics.
At the Democratic National Convention, former White House Press Secretary Stephanie Grisham endorsed Vice President Kamala Harris, condemning former President Trump for lacking empathy, morals, and truthfulness. Grisham recounted personal experiences with Trump and former First Lady Melania Trump, emphasizing her disillusionment with the Trump administration. The event also featured Jack Schlossberg, who compared Harris to his grandfather, President John F. Kennedy, highlighting her dedication to public service. Читать дальше...
Kamala Harris and Barack Obama energized voters in Wisconsin and Chicago, highlighting the diverse Democratic coalition. Harris emphasized a 'people-powered campaign' against Trump. Former Trump aide Stephanie Grisham criticized Trump while Obama prepared to affirm Harris' leadership. The event featured prominent Democrats and Republicans united in preventing Trump's re-election.
Financial planners recommended aggressive hybrid funds for first-time investors because they combine equity and debt, offering reduced volatility. The category manages ₹2.19 lakh crore of assets in 31 schemes and has favorable tax treatment. These funds are ideal for conservative investors seeking automatic asset allocation and moderate risk, with a minimum five-year investment horizon.
Chevron Engineering and Innovation Excellence Center (ENGINE), to be located near Bellandur in Bengaluru, will also recruit approximately 600 professionals by 2025-end and plans to add more positions over time, Sahni added. The company already has three tech centres in Houston in Texas, Richmond in California and Aberdeen in Scotland.
UBS Securities has rated KEI Industries and Polycab India with buy ratings, forecasting a 26-31% increase in their stocks over the next year. Analysts mentioned strong domestic demand, capacity expansion, and real estate growth as driving factors. KEI shares increased by 7.6% and Polycab by 2.2% on Tuesday.
State-owned banks, including SBI and Bank of Baroda, aimed to raise nearly ₹20,000 crore by month's end through debt markets, responding to a credit growth outpacing deposit growth. SBI planned to raise ₹5,000 crore-10,000 crore with tier-2 bonds, and Canara Bank would issue AT-1 bonds worth up to ₹4,000 crore to meet financial demands.
Indian stock markets have seen a strong performance, resulting in increased earnings for the Securities and Exchange Board of India (Sebi). In FY24, Sebi's fee collection from market intermediaries rose 53% to ₹1,851 crore. Major contributors included higher regulatory fees from stock exchanges and increased turnover in both cash and derivatives markets.
IndusInd Bank received approval from the Reserve Bank of India to set up a wholly-owned asset management business, a first for a mainstream lender. This move could signal more opportunities for other banks looking to diversify into para-banking sectors. The RBI had earlier allowed HDFC and ICICI Bank to increase stakes in insurance subsidiaries.
U.S. stocks ended a multi-session rally with slight losses on Tuesday ahead of the Jackson Hole Economic Symposium. Investors are waiting for Federal Reserve Chair Jerome Powell's remarks, which might indicate upcoming rate cuts. Financial markets are speculating on how aggressive these cuts could be, driving market movements.
Oil prices declined on Wednesday owing to rising U.S. crude inventories and lessened Middle East tensions following mediation efforts. Brent crude fell to $77.11 per barrel, and U.S. West Texas Intermediate to $73.07. Crude stocks increased by 347,000 barrels, while gasoline and distillate stocks saw reductions. Economic issues in China also influenced the market.
Shares of Trump Media & Technology Group, primarily owned by Donald Trump, fell to record lows after his return to rival platform X. The company's stock has declined continuously for eight sessions, closing at $21.42. Contributing factors include a quarterly loss of $16.4 million and Trump's dwindling lead in recent polls and election betting markets.
Asian stocks declined following a halt in Wall Street's rally near record highs. Shares fell in Japan, Australia, and South Korea, while Chinese stocks are expected to follow suit. The market's recent gains were driven by hopes of Federal Reserve rate cuts. Investors are now looking for more signals from upcoming speeches and data.
Equity markets recorded gains on Tuesday, with Nifty recovering following recent consolidation. Analysts anticipate continued momentum. India VIX decreased, reflecting lower market anxiety. Oil prices dropped amid rising U.S. crude inventories. The Indian rupee strengthened against the US dollar, supported by positive domestic equity markets and lower oil prices.
Trained on about 300 million pieces of audio data, and in particular roughly 100 million cough sounds, HeAR is expected to help the Indian startup extend screening for TB more widely across the country. Publicly introduced in March 2024, HeAR is designed to help researchers build models that can listen to human sounds and flag early signs of disease.
Stocks in news: The markets saw an uptick of almost half a percent on Tuesday, with Zomato, Cyient DLM, L&T, Petronet LNG, and NHPC grabbing attention. Notable activities included a major stake sale by Antfin Singapore Holding in Zomato, and equity transactions involving PNB Housing Finance and Cyient DLM. L&T got GST relief, while NHPC reported a landslide at Teesta-V.
Happy Wednesday! The rapid growth of digital payments has also increased the scrutiny of online merchants due to surge in cases of tax evasion. Details on this and more in today’s ETtech Morning Dispatch.
Barack Obama is set to endorse Kamala Harris as the Democratic Party's future at the Democratic National Convention in Chicago, highlighting her potential as the first Black and South Asian woman presidential nominee. Obama’s address will emphasize Harris's readiness to lead and her connection to his legacy. Harris, polling strongly, has unified the party, with Democrats confident in their ability to defeat Donald Trump. Biden, after ending his reelection bid, has passed the torch to Harris, marking a pivotal moment for the party.
