Intel is facing delays in their $20 billion chipmaking project in Ohio due to market challenges and slow distribution of funding. The timeline for construction has been pushed back to late 2026, with expected completion next year. This has caused a 1.5% drop in their stock value. Intel remains committed to the project and is making progress, but changing timelines are expected in large-scale.
Open FlipThe government has pushed its plan to infuse equity into Indian Oil, Bharat Petroleum, and Hindustan Petroleum to the next fiscal year and slashed the proposed amount by half to ₹15,000 crore, according to the budget document.This means the planned rights issue by Indian Oil and BPCL will be deferred to the next fiscal year. Similarly, the preferential allotment plan by HPCL.
Open FlipIndian stock market opens with strong gains on Friday, with bank and IT stocks leading the way. The S&P BSE Sensex is up 841 points at 72,486, while the Nifty is up 250 points at 21,948. 43 stocks are trading in the green, with Adani Ports and Special Economic Zone, BPCL, ICICI Bank, Coal India, and Hero MotoCorps as top gainers. Nifty Bank is up over 1%.
Open FlipSensex, Nifty, Share Prices LIVE: GIFT Nifty trading up 165 points or 0.76% at 21,902.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Shares in the Asia-Pacific region were trading in positive territory. The Asia Dow was trading up by 0.36%. Japan’s Nikkei 225 was trading up by 1.01% and Hong Kong’s Hang Seng index was trading.
Open FlipDelhi High Court criticizes the MCD and DDA for not taking action against illegal construction near protected monuments. The court demands that they work together to stop passing the responsibility off to each other and puts forth the need for CBI involvement. A PIL filed by an NGO claims that numerous unauthorised guesthouses are operating in the area, posing threats to the surroundings.
Open FlipPaytm's stock fell 20% after RBI directed it to stop accepting new deposits and conducting credit transactions from February 29. Brokers are cautious, with targets slashed by half. Analysts fear major impact on Paytm's lending business due to operational issues. Company has paused lending operations for two weeks and expects worst-case impact of Rs 300-500 crore on annual EBITDA.
Open FlipInvestors hoping for rate cuts from the Federal Reserve were disappointed when Chairman Jerome Powell suggested that inflation concerns may prevent policymakers from lowering rates in March. The wait-and-see approach, along with worries about the banking sector and mixed earnings, could slow the market's recent rally. Despite some investors expecting a cut in March, the chances decreased.
Open FlipDBS Group, Singapore's largest lender, is merging its equity capital markets, brokerage, and digital exchange with its treasury markets business. This move comes following the retirement of their group head of capital markets after 36 years with the company. The CEO believes this consolidation will provide synergy and better meet customers' needs.
Open FlipMeta and Amazon both gained a combined $280 billion in stock value after strong quarterly results, while Apple lost $70 billion. Meta saw a 14% surge in stock and declared its first dividend, with a 25% revenue jump driven by advertising and device sales. Amazon also beat expectations and increased its market capitalization to $1.78 trillion.
Open FlipThe BMC has objected to the state government's proposal that 40% of all Transfer of Development Rights (TDR) must come from the Dharavi redevelopment project. They have stated that this will make it difficult to implement the Development Plan and may lead to reservations lapsing. They have also opposed the non-indexation of DRP TDR, stating that the project is a vital public project.
Open FlipThe Interim Budget 2024-25 has set a fiscal deficit target of 5.1% for FY25, but the high revenue deficit of 2% highlights the need to address widening inequalities and unemployment in India. The budget emphasizes on redistributive justice and macroeconomic stabilization, with a focus on fiscal consolidation and increased public infrastructure investment.
Open FlipHaryana has implemented a Transit Oriented Development (TOD) policy to encourage properties near mass transit systems in Gurgaon and Faridabad. However, the policy has had little impact due to high land costs and slow progress in development projects. Developers are now hopeful with the Centre's focus on the policy. TOD zones are expected to boost economic activity and overall development.
Open FlipRajesh Bhatia, CIO of ITI Mutual Fund, rates the Interim Budget 9/10 and believes it focuses on fiscal consolidation and continued capex-led growth in infrastructure, renewable energy, housing, agriculture, and defence. He expects the budget deficit target of 5.1% for FY25 to be achievable and sees potential for PSUs and infrastructure stocks to perform well.
Open FlipGeojit's report on Agri Picks Farmers in Andhra Pradesh have sown rabi crops over 1.39 mln ha as of Jan 31, down 14.5% from 1.63 mln ha a year ago, according to state government data. So far, nearly 61% of the targeted rabi crop area of 2.3 mln ha in the state has been covered, the data showed. The acreage of Bengal gram was down 15% on year at 280,000 ha, the data showed.
Open Flip📊 Amid positive global cues, benchmark indices started on a positive note today. 📢 At 9:16 AM, the Sensex gained 382.54 points or 0.53% at 72,027.84. Nifty is higher by 122.85 points or 0.57% at 21,820.30. 📈 Adani Ports (⬆️3.01%), Nifty IT (⬆️1.22%) and Nifty Auto(⬆️0.09%) appeared as the top performers on the Nifty50 at the open. Tata Motors, Hero Moto in focus today!
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