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Market News

Location American Market News for 22 May 2024

US stocks subdued at openThe Dow Jones Industrial Average fell 9.66 points, or 0.02%, at the open to 39,863.33.

Metal stocks rally on China's realty stimulus, LME gains

The Economic Times - 22 May 2024 02:38
Metal stocks rally on China'sHindustan Zinc surged 20%, followed by Vedanta which gained 7.04%. Jindal Steel and Power and Hindalco moved up over 4%, while Tata Steel, JSW Steel, and Hindustan Copper rose over 3% each.
Sebi changes rule forThe regulator said instead of using the market capitalisation of a single day which is currently March 31, listed companies will now have to use the average market capitalisation for a six- month... period.
Restricting investments to Canada "would undermine the long-term sustainability of the fund," John Graham said.
We're raising our price target on the off-price retail giant following its better-than-expected fiscal first quarter report.
Grasim Q4 Results: Net profitGrasim Q4 Results: The net profit stood at Rs 1,369 crore in the last year quarter. Revenue from operations increased 13% year-on-year to Rs 37,727 crore in the reporting period, compared with Rs... 4,873 crore in the corresponding period of previous year.

Copper Prices Slump as Profit Taking Begins

Wall Street Journal - 22 May 2024 18:14
The metal had hit an all-time record of around $11,100 a ton on Monday.
Gland Pharma Q4 Results: NetThe company declared its first-ever post-listing dividend of Rs 20 per equity share for FY24.
Adani group m-cap regains $200While Adani group denied all allegations, the news report was cited by opposition leaders including former Congress president Rahul Gandhi to demand a probe by a joint parliamentary committee into the... alleged wrongdoing.

FTX's Sam Bankman-Fried Being Transferred to New Prison

Wall Street Journal - 22 May 2024 17:51
He sought to stay in New York while helping to prepare his appeal.
The Investing Club holds its "Morning Meeting" every weekday at 10:20 a.m. ET.

U.S. Crude Oil Stockpiles Rose Last Week

Wall Street Journal - 22 May 2024 17:34
U.S. crude oil inventories rose by 1.8 million barrels last week and gasoline stocks fell, while refineries stepped up their capacity use for a third consecutive week
Ahead of Market: 10 thingsDomestic IT firms advanced on Wednesday with an eye on rate cut clues from the upcoming Federal Reserve minutes. Consumer stocks and RIL supported gains. NSE rose for five days in a row and settled... above 22,500 points. Nifty formed a bullish candle with a long tail, indicating strong buying interest. Tata Steel, Coal India, HDFC Bank, SBI, ONGC were among most active stocks in volume terms
Disney said to sell 30% stakeThe deal came as the India's media landscape is going through a major shakeup. Disney signed a binding agreement in late February to combine its India Unit with viacom 18 media pvt, creating an $8.5... billion entertainment giant that will have 750 million viewers and dominate the sector in the world's populous country.
Market Trading Guide: Infosys,​Extending gains to the fifth day in a row, the NSE Nifty rose by 68.75 points or 0.31% to finish at 22,597.80.​
Target issues weak forecast asTarget on Wednesday said it expects consumer caution to persist after it reported quarterly earnings that missed Wall Street estimates and issued a forecast for the current quarter that was also... largely below expectations.
Power Grid Corporation Q4State-owned Power Grid Corporation on Wednesday reported a nearly four per cent dip in its consolidated net profit to Rs 4,166.33 crore in the March 2024 quarter, mainly due to a marginal decline in... income. The company reported a consolidated net profit of Rs 4,322.87 crore in the quarter ended on March 31, 2023, a BSE filing showed.
Vedanta seeks shareholders'Mining billionaire Anil Agarwal-led Vedanta Ltd has sought shareholders' nod to raise up to Rs 8,500 crore through issuance of securities. "We hereby submit a copy of Postal Ballot Notice....seeking... approval of the Members of the company in respect of...issuance of securities up to Rs 8,500 crore," the company said in a filing on the BSE.
Warburg Pincus exits ApolloThe leading global PE firm offloaded about 3.5% stake or 2.24 crore shares. Goldman Sachs, Morgan Stabley, Mirae Asset MF, Societe Generale, Citigroup, ICICI Pru MF bought stakes. Mutual funds have a... significant 16.77% stake and foreign investors hold about 17.61% stake as of March 2024.
Torrent Power Q4 Results: NetTorrent Power on Wednesday reported a 7.6 per cent dip in its consolidated net profit at Rs 447 crore in March 2024 quarter mainly due to high expenses. The company had reported a consolidated net... profit of Rs 484 crore in the quarter ended March 2023, a BSE filing showed.

Retirement planning for NRIs: Investing in India

livemint.com - 22 May 2024 15:20
Retirement planning for NRIs:Considering the potential India has in the coming future, it will help to build a good portfolio and generate returns over the long term
RattanIndia Power Q4 Results:RattanIndia Power on Wednesday reported a consolidated profit of Rs 10,665.75 crore in the March 2024 quarter, mainly due to exceptional gain. The company had reported a loss of Rs 483.19 crore in the... year-ago quarter, a BSE filing showed.

Paytm shares rally 5% despite widening net loss in Q4

The Economic Times - 22 May 2024 15:19
Paytm shares rally 5% despiteDespite widened net loss and a revenue drop in Q4, Paytm's shares closed near a 5% upper circuit. Impact of disruptions from UPI transition and Paytm Payments Bank embargo cited. Impairment provision... of Rs 227 crore for investment in PPBL recorded.
Minda Corp Q4 Results: NetAuto components maker Minda Corporation on Wednesday said its profit after tax increased 27 per cent to Rs 71 crore in the fourth quarter ended March 2024. The company had reported a profit after tax... (PAT) of Rs 56 crore in the year-ago period.
Gland Pharma Q4 Results: FirmIndian generic injectables maker Gland Pharma reported fourth-quarter profit below estimates on Wednesday, as soaring employee expenses outweighed strong demand in its core markets.