Cryptocurrency prices declined on Wednesday, with Bitcoin, Ethereum, and Solana leading the drop, as investors awaited the U.S. consumer price index report. The data could influence future Federal Reserve policy moves, adding to current market volatility.
Aurobindo Pharma Ltd announced that its subsidiary, Eugia Steriles Private Limited, received its first product approval from the US FDA for Lidocaine Hydrochloride Injection. The new injectable facility in Andhra Pradesh was inspected by the FDA earlier this year. This approval marks a significant milestone for the company.
Honda Cars India has partnered with IIT Delhi to enhance its AI tool for safe driving. The collaboration aims to advance Honda's Cooperative Intelligence technology, focusing on reducing traffic collisions and enabling automated driving. Engineers from both entities will engage in joint research, utilizing cutting-edge AI technologies for future driver assistance and automated driving solutions.
Global tech giants reduced their business flight emissions by 49% in 2023 compared to 2019, but companies like Apple and Alphabet are lagging, risking a return to pre-pandemic levels. Only seven out of 26 major tech firms have set specific reduction targets, according to a report by Transport & Environment.
Let us say something or deposits maturing in, let us say, six to nine months and if you look at share of those deposits, probably private sector banks scores well here because they have slightly higher tenure of deposits which are maturing in the six to nine months and therefore, that can get repriced almost in a matter of two to three quarters which will help in lowering down the incremental cost of deposits.
The Government Dental College and Research Institute in Bengaluru is introducing digital dentistry techniques with the support of the Adani Foundation. This initiative, a first for a government hospital in Karnataka, includes advanced tools like intra-oral scanners and 3D printers. The new centre aims to make dental procedures more precise and efficient, benefiting both students and rural areas lacking high-end labs.
The stock quoted a 52-week high price of Rs 506.85 and low of Rs 207.85.
Oil prices rose over 1% on Wednesday, recovering some losses from the previous day. A drop in U.S. crude inventories and concerns about Hurricane Francine affecting U.S. output countered worries about weak global demand. Brent crude futures increased to $70.29 a barrel, while U.S. crude futures reached $66.86.
Shares of Astra Microwave Products climbed 4% to a daily high of Rs 910 on the BSE, while Premier Explosives saw a 5% increase, reaching a high of Rs 588. This rise follows the announcement that both companies have signed a memorandum of understanding (MoU) to collaborate on developing and marketing products together.
On the technical charts, the 200-day moving average of the stock stood at Rs 3772.9.
A Reddit user asked ChatGPT to create the most unattractive Tinder bio, resulting in a hilariously dark and creative response. The bio quickly went viral, garnering thousands of upvotes and comments praising its humor. This incident highlights the growing influence of AI in everyday tasks and social interactions.
The stock traded at a P/E multiple of 60.68, while the price-to-book value ratio stood at 6.63.
Rohit Seksaria, Fund Manager at Sundaram AMC, believes both PSU and private banks are currently attractive in terms of valuations. He notes that PSUs have improved their asset quality and are trading at historical price-to-book ratios. Rate cuts are expected soon, which could benefit NBFCs, small finance banks, and PSUs more than larger private banks.
The GST Council's 54th meeting addressed industry concerns by rationalizing GST rates, providing exemptions, and clarifying laws to avoid litigation. New GoMs were formed to tackle critical issues. The introduction of e-invoicing for B2C transactions and the IMS system aims to streamline compliance and enhance efficiency.
Indian importers are shifting from expensive outright forwards to options strategies to hedge against currency risks. With forward premiums rising due to expected Federal Reserve rate cuts, options like capped forwards offer cost-effective solutions. The rupee's low volatility makes these options attractive, reducing hedging costs by up to 65%.
PN Gadgil Jewellers IPO: By around 12 pm, the retail portion had been subscribed 4.22 times, while the non-institutional investors' (NIIs’) portion saw the highest demand, with 6.80 times subscription. Meanwhile, the qualified institutional buyers' (QIBs) quota was subscribed at 3%, with 1,20,714 consolidated share bids received against 48,24,560 shares available for subscription.
A complaint has been filed against Congress leader Rahul Gandhi by lawyer Vineet Jindal for his remarks on Sikhs during his US visit. Jindal alleges that Gandhi's statements were inflammatory and aimed at inciting communal discord. He has urged authorities to take action, including revoking Gandhi's passport.
Bhupinder Singh Hooda and Gian Chand Gupta filed their nominations for the upcoming Assembly polls. Voting for the 90 seats will take place on October 5, with results announced on October 8. Other notable candidates include BJP's Shakti Rani Sharma from Kalka. The last date for filing nominations is September 12.
The Relative Strength Index of the stock stood at 55.91 on Wednesday.
The central government has approved the procurement of soybean at Minimum Support Price (MSP) for Madhya Pradesh, in addition to Maharashtra, Karnataka, and Telangana. This decision comes as soybean prices in the open market have fallen below MSP, causing concern among farmers. The move aims to stabilize prices and support farmers facing low market rates due to excess supply in international markets.
Promoters held 68.6 per cent stake in the company as of 30-Jun-2024, while FII and DII ownership stood at 7.28 per cent and 5.44 per cent, respectively.
The Reserve Bank of India plans to maintain a 5% run-off factor on digitally linked deposits, despite industry requests for a lower buffer. This move aims to manage risks from quick withdrawals via internet or mobile banking, potentially impacting banks' liquidity and increasing demand for government bonds.
The Jannayak Janta Party-Azad Samaj Party alliance has released its third list of candidates for the Haryana assembly polls, naming 18 more candidates. They will support former minister Ranjit Singh Chautala on the Rania seat. The JJP has fielded 15 candidates and the ASP three in this latest list.
On the technical charts, the RSI of the stock stood at 45.94.
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