Bajaj Finserv Q3 results: Net profit increases by 22% to Rs 2,158 crore

Bajaj Finserv on Tuesday reported a 22 per cent increase in consolidated net profit to Rs 2,158 crore for the December quarter.The diversified financial services group had earned a net profit of Rs 1,782 crore in the year-ago period.The company's total income increased to Rs 29,038 crore in the third quarter of the ongoing fiscal from Rs 21.755 crore in the year-ago period, Bajaj Finserv said in a regulatory filing.Interest income during the quarter increased to Rs 13,922 crore as against Rs 10,430 crore in the same period a year ago.Total expenses also moved up to Rs 23,609 crore from Rs 17,336 crore in the same quarter a year ago. During the quarter, its subsidiary Bajaj Allianz Life Insurance Company posted shareholders' profit at Rs 108 crore from Rs 81 crore, registering an increase of 33 per cent.Non-life arm Bajaj Allianz General Insurance profit remained flat at Rs 281 crore as compared to Rs 278 crore in the year-ago period.  The profit after tax for Bajaj Housing Finance Ltd, a wholly-owned subsidiary of Bajaj Finance, experienced a growth of 31 per cent. Additionally, Bajaj Finance's consolidated assets under management crossed the milestone of Rs 3 lakh crore in Q3FY24.Bajaj Allianz General Insurance Company (BAGIC) reported a 19 per cent growth in gross written premium. Excluding the impact of bulky tender-driven crops and government health business, the growth remained robust at 20 per cent for the company. Meanwhile, on Monday, Bajaj Finance, a subsidiary of Bajaj Finserv, announced a consolidated net profit of Rs 3,638.95 crore for the December quarter, marking a 22.4 per cent increase from the previous year. In Q3FY24, Bajaj Finance achieved its highest-ever quarterly growth in customer franchise, adding 3.85 million new customers and recording 9.86 million new loans booked.In addition, the interest income of the company during the quarter increased by 33.5 per cent on an on-year basis to Rs 13,922 crore compared to Rs 10,430 crore in the same period of the previous fiscal year. The premium and operating income from the insurance business of the company in the October-December quarter climbed to Rs 12,308.62 crore, as compared to Rs 9,102.50 crore in the same period of the previous year.    

ITC Q3 results: Net profit rises 10.8% to Rs 5,572 crore, beats estimates

India's ITC beat analysts' estimates for third-quarter profit on Monday as the consumer goods giant benefited from higher demand for its products ranging from cigarettes to noodles. The company's profit rose 10.8% to Rs 5,572 crore ($670.3 million) in the three months ended Dec. 31. Analysts on average had expected a profit of Rs 5,148 crore, according to data from LSEG.  The company and peers have benefited as a crackdown oFY23.e smuggling of international cigarette brands reduced competition.Cigarettes account for more than 40% of ITC's topline.  Revenue from operations rose 2% to Rs 17,665 crore, with the cigarettes business growing 3.6%.  Bajaj Finance Ltd on Monday reported a 22.40 per cent year-on-year (YoY) rise in its consolidated third-quarter (Q3) profit for the ongoing financial year 2023-24 (FY24). The figure stood at Rs 3,638.95 crore in Q3 FY24 as against Rs 2,973 crore in the same period last fiscal. During the quarter under review, the non-bank lender's revenue from operations grew 31.28 per cent to Rs 14,161.09 crore from Rs 10,787.25 crore in Q3 FY23. Assets under management (AUM) grew by 35 per cent to Rs 3,10,968 crore as of December 31, 2023 from Rs 230,842 crore in Q3 FY23. Net interest income increased by 29 per cent in Q3 FY24 to Rs 7,655 crore from Rs 5,922 crore in Q3 FY23. In Q3 FY24, gross NPA (non-performing asset) and net NPA stood at 0.95 per cent and 0.37 per cent, respectively, as against 1.14 per cent and 0.41 per cent in the corresponding period last fiscal. The company also said it has provisioning coverage ratio of 62 per cent on stage 3 assets.Pre-provisioning operating profit increased by 27 per cent in Q3 FY24 to Rs 5,539 crore from Rs 4,351 crore in Q3 FY23  

NDTV posts Q3 loss as advertising woes persist

New Delhi Television Ltd (NDTV), part of the billionaire Gautam Adani-led Adani Group, reported a third-quarter loss on Tuesday, as businesses cut back on advertising spending.Companies diverted advertising spends to the cricket world cup during the quarter, hurting broadcasters that were unaffiliated with the tournament. Advertising is the biggest source of revenue for a broadcaster.NDTV's consolidated net loss stood at 95.5 million rupees ($1.2 million) in the three months to Dec. 31 against a profit of 25.9 million rupees a year earlier. Weak advertising spends have been hurting the news network, which posted its fifth straight revenue drop in the December quarter.Revenue fell 7% to 979.5 million rupees, while expenses climbed one-fourth on a nearly 35% jump in production expenses and cost of services.Another competitor Zee Entertainment, embroiled in conflicts related to its failed merger with Sony's India unit and licensing rights with Disney, will report next month.Rival TV18 Broadcast had posted a quarterly loss earlier this month.NDTV had posted a profit in the September quarter, and profit had last risen in June 2022.The Adani Group had taken control of the news network from its founders in December 2022.    

Sebi returns IPO papers of Gretex Share Broking

Capital markets regulator Sebi has returned the draft IPO papers of Gretex Share Broking, a move that might delay the company's initial share sale.The proposed IPO is a combination of a fresh issue of 1.67 crore equity shares and an offer-for-sale (OFS) component of 30.96 lakh shares by selling shareholders.Proceeds from the fresh issue would be used towards working capital requirements and for general corporate purposes.The company filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in December 2023.According to an update on Sebi's website on Tuesday, the market regulator returned the company's DRHP on January 25 without giving reasons for the same. Gretex Share Broking is engaged in the business of market making and stock broking, underwriting capital markets issuances and depository participants of NSDL.Pantomath Capital Advisors is the sole book-running lead manager to the issue.Earlier this month, the markets watchdog returned the IPO papers of Stallion India Fluorochemicals.    

Share Market Budget 2024 Expectations Live: Top Stocks to watch

On February 1, finance minister Nirmala Sitharaman will present an ‘interim’ budget as the government faces a general election this year, in April-May. There are the top stocks to watch before the interim budget to watch for. The benchmark equity indices ended Monday’s trading session in the positive territory. The NSE Nifty 50 gained 385 points or 1.80% to settle at 21,737.60, while the BSE Sensex soared 1240.90 points or 1.79% to 71,941.57. The broader indices ended in positive territory, with gain led by Largecap and Smallcap stocks. Bank Nifty index ended higher by 576.20 points or 1.28% to settle at 45,442.35. Energy and PSU Banks stocks outperformed among the other sectoral indices while Media and FMCG stocks shed. Over the last 5 days, BPCL shares have seen a notable increase of 3.53%, and in the last month, the growth has been substantial, reaching almost 9.31%. Assessing the medium and long-term performance, the stock has delivered exceptional returns, recording a surge of 30.49% in the last 6 months and an impressive 47.08% over the past year. Year-to-date, the stock has jumped by a noteworthy 9.01%. As the Indian e-commerce market continues to thrive, a robust last-mile infrastructure becomes paramount for seamless and efficient deliveries. Investments in improved road networks, strategically located delivery hubs, and advanced technology solutions for optimal route planning are essential. Particularly crucial in a market with a substantial volume of Cash-on-delivery (COD) orders, enhancing last-mile capabilities not only benefits e-commerce sellers but also offers logistics companies a cost-effective solution, steering away from expensive air deliveries. Additionally, anticipating reduced tax burdens, especially on fuel and operations, would further support the financial sustainability of courier companies, fostering a conducive environment for cost-effective operations. In tandem, advocating for e-commerce-friendly policies can propel the growth of the sector, indirectly benefiting courier companies. Streamlining licensing procedures, minimizing regulatory hurdles, and implementing measures that facilitate the smooth functioning of e-commerce operations will contribute to a thriving logistics ecosystem. Furthermore, recognizing the pivotal role played by small and medium-sized enterprises (SMEs) in the logistics sector, incentivizing their growth through financial support, simplified regulations, and improved access to credit can significantly boost the overall efficiency of e-commerce logistics in India. Finally, changes in taxation policies, especially related to customs duties and tariffs, can substantially impact import costs, providing e-commerce sellers with opportunities to minimize overall expenses and scale up their businesses rapidly,” said Raju Sinha, Chief Business Officer at Fship Logistics.   

AU SFB stock falls nearly 12 per cent on weak Q3 results

Shares of AU Small Finance Bank (SFB) tanked nearly 12% in intra-day trading on Monday, closing 11.5% down at Rs 626.80 apiece on the BSE after analysts downgraded the bank’s stock and target price due to weak Q3 results. While analysts at YES Securities downgraded the stock to “neutral” from “add” and cut price target to Rs 780 apiece from Rs 840 earlier, Emkay Global Financial Services has cut the target price from Rs 650 apiece to Rs 625 and maintained its “reduce” rating. Nuvama Institutional Equities and Kotak Institutional, meanwhile, have retained their “reduce” and “sell” rating, respectively. AU SFB’s fresh slippages were elevated in Q3 at Rs 403 crore, higher than Rs 349 crore in Q2 and Rs 231 crore a year ago. This resulted in its gross and net non-performing asset (GNPA, NNPA) ratio rising to 1.98% and 0.68% as on December 31 from 1.91% and 0.60% in Q2, respectively. Analysts at Emkay Global said the stress in the SFB’s credit card business is on the rise. Separately, the bank has counter-intuitively cut down its specific provision coverage ratio (PCR) to 66% amid rising stress, which it believes will need to be shored up and, thereby lead to higher loan loss provisioning going ahead. AU SFB’s overall advances stood at Rs 67,624 crore as of December 31, of which the wheels segment accounted for Rs 20,375 crore and credit card exposure was at Rs 2,740 crore. The proposed merger of Fincare SFB with AU SFB, the brokerage said, will be return on asset (RoA) positive but managing human and tech integration and Fincare’s micro finance portfolio will be an “arduous” task.  

Sony scrapped $10 bn merger as Zee failed to meet financial terms: Report

Sony scrapped the $10 billion merger of its Indian arm with Zee Entertainment in part because Zee failed to meet some financial terms of the deal and come up with a plan to address them, according to a termination notice reviewed by Reuters.India's Zee denied the allegations in a letter to Sony, also reviewed by Reuters, and accused the Japanese company of "bad faith" in calling off the merger.A Zee-Sony merger in India would have created a media powerhouse in the world's most populous nation with 90-plus channels across sports, entertainment and news.But Sony terminated the plans on Jan. 22, saying in a statement it was doing so because "closing conditions" were not satisfied after two years of negotiations. Neither Sony nor Zee made the contents of the termination notice public.Reviewed by Reuters, Sony's notice said Zee had "failed to take commercially reasonable" efforts to meet some financial thresholds, including with regards to cash availability, while a "lack of commercial prudence" by the Indian network contributed to its decision. In the 62-page notice, Sony said several breaches of the merger agreement were "not remediable and any further attempts to mutually discuss would be an empty formality, especially given ... plain denial (by Zee) and failure to provide a proposal to protect" Sony's interests."The breaches committed by Zee are not 'procedural or technical' in nature and will have a substantive impact on the transactions," Sony said.Zee responded privately to Sony a day later, on Jan. 23, saying it denied all Sony's allegations, adding the Japanese company's demand for a termination fee of $90 million was "legally untenable".The termination was "effected in bad faith" and "is wrongful, bad in law," Zee wrote in its letter, which asked Sony to withdraw its notice.A Zee spokesperson declined to comment, while Sony did not respond to Reuters queries.Zee's shares have fallen about 30% since the deal collapsed.Its business has struggled over the years. Zee's advertising revenues fell to $488 million for the 2022-23 financial year from around $600 million five years earlier. Cash reserves dropped to $86 million from $116 million in that period.Sony, in its termination notice, said that Zee's cash position was 4.76 billion rupees ($57.26 million) as of Sept. 30, adding that was "much below the requirements" of the merger agreement. Reuters reported last week that Sony was also concerned about Zee CEO Punit Goenka - who was set to head the merged entity - facing a regulatory investigation for suspected diversion of company funds - allegations he has denied. The "ongoing investigation" was cited in Sony's notice.Zee was "unable to realistically assess the timeline required to resolve all the outstanding issues," Sony's termination notice stated.    

HDFC Bank sees period of consolidation as it absorbs mega merger: Report

HDFC Bank, India's largest private sector lender, will take 4-5 years to fully digest its merger with its parent last July but expects to restore a key financial metric to pre-merger levels at the end of that period, two sources familiar with the bank's thinking said. The lender's quarterly earnings last week prompted a sharp 15% decline in the stock, even as its profit beat expectations, as analysts raised concerns about lending margins and sluggish deposit growth in its second quarterly report since merging with Housing Development Finance Co. "We will see a period of consolidation for 4-5 years during which growth rates and trajectory of some of the metrics will differ from what we were used to in the bank but this a different institution now after the merger," said one of the sources quoted above. Before the merger, the bank's return on equity was above 17%, but it has since declined to 15.8% as of December-end. "We are very focused on profitable growth and we will see the return on equity move back to the levels we saw before the merger over this 4-5 year period," this person said.Other metrics, including the net interest margin, deposit and loan growth will be contingent on the economic environment and the strategic decisions the bank makes to adapt to the environment, the person said.Following the earnings, investors and analysts criticised the bank for over-promising and under-delivering on certain metrics, particularly margins.  

Sony scraps $10 bn merger as Zee failed to meet financial terms: Report

Sony scrapped the $10 billion merger of its Indian arm with Zee Entertainment in part because Zee failed to meet some financial terms of the deal and come up with a plan to address them, according to a termination notice reviewed by Reuters. India's Zee denied the allegations in a letter to Sony, also reviewed by Reuters, and accused the Japanese company of "bad faith" in calling off the merger. A Zee-Sony merger in India would have created a media powerhouse in the world's most populous nation with 90-plus channels across sports, entertainment and news. But Sony terminated the plans on Jan. 22, saying in a statement it was doing so because "closing conditions" were not satisfied after two years of negotiations. Neither Sony nor Zee made the contents of the termination notice public. Reviewed by Reuters, Sony's notice said Zee had "failed to take commercially reasonable" efforts to meet some financial thresholds, including with regards to cash availability, while a "lack of commercial prudence" by the Indian network contributed to its decision.In the 62-page notice, Sony said several breaches of the merger agreement were "not remediable and any further attempts to mutually discuss would be an empty formality, especially given ... plain denial (by Zee) and failure to provide a proposal to protect" Sony's interests.  

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Indian luxury car buyers move from diesel to electric

Sales of diesel vehicles in the luxury vehicle segment have more than halved in the last five years even as the rich and well-heeled have taken the lead in adoption of electric vehicles in the country. The share of diesel in total sales of luxury vehicles in the local market declined to 35% last year from about 80% in 2018, and electric vehicles now account for 6% of overall volumes in the segment - thrice the share of EVs in the mass market, as per industry estimates. Ease of installing charging points at homes or offices for more affluent buyers who can also buy electric as a second or third vehicle has been fuelling demand for these cleantech vehicles at the upper end of the market, industry executives said. The "better than expected demand" for EVs in a country where charging infrastructure is yet not widely accessible has surprised carmakers like BMW, Audi, and Mercedes Benz, who have together lined up more than half a dozen EV models for launch in the next one year to capitalise on latent demand. Market leader Mercedes Benz India has even commenced local assembly of EV EQS 580 at its facility in Pune (its first assembly plant outside Germany for EVs), while others are fast-tracking feasibility studies for the same, to bring down costs of electric vehicles in the country. The luxury carmakers are clearly not as gung-ho about their diesel offerings. "The share of diesel in vehicle sales is already on a decline," Balbir Singh Dhillon, head of Audi India, told ET. "Going ahead, we will see a transition to petrol and electric vehicles in the market, which was earlier dominated by diesel." Once the share of diesel in sales of luxury vehicles dips to 20%, it is unlikely to be viable for any manufacturer to continue to offer the fuel option to customers, Dhillon said. Audi India had stopped sales of diesel vehicles in the country ahead of the transition to BSVI emission norms, and has on offer only petrol and electric cars here. The company, which has on offer four EVs in the country with prices starting at Rs 1.2 crore, has plans to strengthen its portfolio with more affordable battery electric cars to expand its share in the space. BMW, which leads the Indian luxury EV market with 50% share in 2023, plans to drive in two new EV models in 2024 while Mercedes Benz India has scheduled three new EV launches in the country this calendar year. BMW, which saw the share of diesel vehicles slide to 36% last year from 65% four years back, is working on introducing more electric vehicles in India at varied price points to cater to a wider array of customers. "We have the most diverse product portfolio in electric with five distinct products and will continue to strengthen our range to build on our leadership position in EVs," BMW Group India president Vikram Pawah said.  

HeroMotoCorp unveils CE001 Limited Edition: A tribute to founder on 100th birth anniversary

HeroMotoCorp, the renowned two-wheeler giant, stole the spotlight at the Hero World 2024 event with the dazzling showcase of the Mavrick and Xtreme 125R. However, the real showstopper turned out to be the unexpected unveiling of the highly anticipated CE001 limited edition motorcycle. This exclusive model, based on the new Hero Karizma XMR 210, is set to capture the hearts of motorcycle enthusiasts, as it pays homage to Hero Group's founder, Dr. Brijmohan Lall Munjal, on his 100th birth anniversary.Marking a significant milestone, the Hero CE001 represents the company's first foray into crafting limited edition offerings for its customers. Described by the manufacturer as the "most special bike built in India," this commemorative edition is a testament to the legacy of Dr. Brijmohan Lall Munjal and the rich history of the Hero Group. The choice of the Hero Karizma XMR 210 as the base for the CE001 holds sentimental value, as the original Karizma was conceived during the tenure of Dr. Brijmohan Lall Munjal as the Chairman Emeritus. The CE001 maintains the essence of the original design, incorporating the distinctive half-fairing version that pays homage to the classic motorcycle. Adding to its allure, the limited edition motorcycle features bodywork crafted from lightweight carbon fiber, ensuring a substantial reduction in weight compared to the stock model. Riders can also expect an upright riding posture for enhanced comfort. While HeroMotoCorp has not disclosed specific details about engine modifications, it is anticipated that the CE001 will boast a power boost over the standard model. The Hero Karizma XMR, serving as the foundation, boasts a trellis frame housing a potent 210 cc single-cylinder, liquid-cooled engine, producing 25 bhp and 20 Nm of peak torque. The CE001 is expected to offer a superior power-to-weight ratio, accompanied by a range of performance upgrades, including the inclusion of an Akrapovic exhaust. The company has committed to delivering all 100 units of the CE001 by July this year, with the entire stock available for purchase online. New Delhi: The upcoming interim budget is unlikely to have any additional incentives for hybrid vehicles, people aware of discussions in the government said. A scheme, FAME-II, already exists to incentivize both hybrid and electric vehicles. In addition, a committee instituted by the ministry of heavy industries (MHI) will seek the Indian auto industry’s views on the possibility of reducing taxes on hybrid vehicles. According to documents released by the U.S. National Highway Traffic Safety Administration, Tesla acknowledges that software instability may impede the display of images from the backup camera while the vehicle is in reverse, thereby heightening the risk of a potential collision. Tesla emphasizes in the documents that it is currently unaware of any reported crashes or injuries related to this issue. The problem has reportedly been rectified through an online software update.Owners of the affected vehicles will receive notification letters starting March 22.  

Ola founder’s Krutrim turns unicorn after raising $50 mn

BENGALURU: Ola founder Bhavish Aggarwal’s AI start-up Krutrim has turned unicorn after raising $50 million in equity. The round was led by investors including Matrix Partners India and others. Krutrim also becomes the country’s first AI start-up to attain a unicorn status. The funds raised will be instrumental in accelerating the company’s mission to revolutionise the AI landscape, drive innovation, and expand its reach globally, the start-up said. Bhavish Aggarwal, founder of Krutrim said, “India has to build its own AI, and at Krutrim, we are fully committed towards building the country’s first complete AI computing stack.” “We are thrilled to announce the successful closure of our first funding round, which not only validates the potential of Krutrim’s innovative AI solutions but also underscores the confidence investors have in our ability to drive meaningful change out of India for the world.” Last month, Krutrim unveiled its base Large Language Model (LLM). With the largest representation of Indian data used for its training, it powers generative AI applications for all Indian languages. Trained by a team of leading computer scientists, based in Bengaluru and San Francisco, this model will power Krutrim’s conversational AI assistant that understands and speaks multiple Indian languages fluently, it said. Krutrim is a family of Large Language Models, including Krutrim base and Pro that will have multimodal, larger knowledge capabilities, and many other technical advancements for inference. Trained on over 2 trillion tokens, Krutrim accomplishes better performance on multiple well known, global, LLM evaluation benchmarks including MMLU, HellaSwag, BBH, PIQA and ARC, the start-up said. Krutrim will be available in beta version for consumers in February 2024. Additionally, it will also be available as an API for enterprises and developers, seeking to create AI applications. The company is working on AI infra to develop indigenous data centers and eventually, server-computing, edge-computing and super-computers.  

Yes Bank Q3 Results: Net profit soars 349.7% to Rs 231.6 crore; asset quality stable

Yes Bank Ltd's fiscal third-quarter profit surged more than fourfold but fell short of analysts' estimates. Net profit rose to Rs 231.6 crore for the quarter ended December 31 from Rs 51.5 crore a year ago, the bank said in a statement to stock exchanges on January 27. That compares with the Rs 415.1 crore quarterly profit estimate of brokerage Emkay Global.The lender's gross non-performing assets (NPA) remained steady at 2 percent in the three months ended December 31, while net NPA improved to 0.9 percent.  Net interest income (NII) increased 2.3 percent from a year earlier. Operating profit rose 5.4 percent to Rs 864 crore.The bank also reported a 13.2 percent growth in deposits to Rs 2.4 lakh crore from last year. The current and savings account ratio (CASA) saw a slight decline to 29.4 percent in the quarter ended December 31 from 29.7 percent in the year earlier.  

Bajaj Finance Q3 Preview: NII to rise 26%, net profit to jump 25% on strong AUM growth

All eyes will be on Bajaj Finance on January 29 as the non-banking financial company (NBFC) will declare its December quarter results. As per a poll of six brokerages, the lender's consolidated net profit is expected to rise 25 percent year-on-year to Rs 3,716 crore. An average of four brokerages shows that net interest income is expected to rise 26 percent YoY to Rs 9,344 crore. Stable asset quality and strong AUM (assets under management) growth will drive earnings, as per analysts. Bajaj Finance, on January 3, declared provisional numbers for the December quarter AUM. On the back of a strong festive season, the company's AUM crossed the Rs 3-lakh-crore mark for the first time in the quarter gone by, surging 35 percent YoY. As per the Q3 update, its deposit book grew by 35 percent to Rs 58,000 crore. During the quarter, it booked 98.6 lakh new loans, a YoY growth of 26 percent.According to domestic broking firm Motilal Oswal Financial Services margins and spreads are likely to decline sequentially by ~25 basis points and 15 basis points, respectively. Credit costs are expected to rise ~10 basis QoQ to ~1.7 percent. Axis Securities also sees margins declining by ~10-15 basis points QoQ owing to an inch-up in cost of funds. Inching up of the cost of funds is an industry-wide trend, noted Jefferies, due to the lagged repricing of MCLR-linked loans. In November 2023, the Reserve Bank of India asked Bajaj Finance to stop issuing new loans through its “eCOM” and “Insta EMI Card” for non-compliance with digital lending guidelines. It is important to watch out for management commentary on the same. Bajaj Finance Q3 results also come after RBI's caution against unsecured lending and risk-weightage increase for consumer credit. While analysts are confident of Bajaj Finance's liquidity position on the back of Rs 10,000 crore fundraising, it will be crucial to monitor management commentary on how Bajaj Finance's borrowing mix will change going ahead as banks' lending to NBFCs slows down. Apart from that, the Street will also be monitoring how new products are scaling up and if any segments are showing signs of stress.  

Day 2 Box Office Collection for Fighter: Deepika Padukone and Hrithik Roshans eyes The ₹100 crore club

Day 2 of Fighter Box Office Collection: The film, starring Hrithik Roshan and Deepika Padukone, was released on January 25, one day ahead of Republic Day. During the second day of the national holiday, the movie gained momentum and earned over 1.5 times its opening day total.During its two-day run in theaters across all languages, "Fighter" brought in a net collection of ₹61.5 crore in India, according to film industry tracker Sacnilk. On Republic Day, the movie earned ₹39 crore in net revenue. On the day of its release, it brought in ₹22.5 crore in India across all languages.Fighter Box Office Collection Day 2: During its two days in theaters, the movie "Fighter" has made a net collection of ₹61.5 crore in India. On Friday, its Hindi version had an overall occupancy rate of 41.57%.After making a reasonable (albeit not very impressive) Rs 24 crore on the first day, the big-budget Hrithik Roshan flick Fighter truly took off on the second day. Due to favorable buzz about the film's airborne action sequences, Fighter's profits on its second day of release—which fell on Republic Day holiday—are predicted to have soared by more than 70%. This raises the domestic two-day total of the film to Rs 61 crore. The anticipated amount for the domestic launch weekend is between Rs 120 crore and Rs 150 crore.Siddharth Anand's patriotic action film Fighter follows the lives of a few Air Force fighter pilots during a conflict. Supporting roles go to Karan Singh Grover and Akshay Oberoi in addition to Deepika Padukone and Anil Kapoor. According to Sacnilk, Fighter reported occupancy rates of 41% for the 2D standard version and 42% for the 3D edition. For both of the film versions, evening performances drew the majority of viewers. Chennai recorded occupancy of over 80% of its capacity, but Mumbai and the Delhi NCR area reported occupancy of roughly 50%. Fighter is not being marketed as a pan-Indian film, despite current trends. The first-day box office receipts for the film did not quite match the high expectations that Hrithik has set for himself recently (his two previous films with Siddharth Anand had larger debuts); nonetheless, they did signify a return to form for the actor, who was thought to have underperformed in his last film, Vikram Vedha. Fighter will beat the roughly Rs 80 crore that Vikram Vedha completed its domestic run with on day three alone.War remains Hrithik Roshan's highest-grossing movie to date, taking in over Rs 470 crore worldwide after earning Rs 53 crore the previous year. After its premiere at Rs 27 crore, Bang Bang made over Rs 350 crore globally. Siddharth, Deepika, and Anil Kapoor recently wrapped their successful film projects. The most recent film in which Anil appeared was the controversial hit Animal, whereas Siddharth and Deepika worked together in the Shah Rukh Khan movie Pathaan.  

By2029, the media, advertising, and entertainment vertical will represent a $17.9 billion opportunity.

ResearchAndMarkets.com now offers the "Generative AI Market by Technology, Component, Application, Industry Vertical, and Region 2024-2029" report.The expected effects of the generative AI industry are evaluated in this research across multiple domains, such as ChatGPT in software, general-purpose platforms, IoT systems, and embedded consumer products. In addition to discussing the potential applications and use cases in several business verticals, the research also examines the underlying relationship between generative AI and AGI, ASI, and strong AI, as well as the influence of enabling technologies like 5G, business 4.0, MEC, self-driven networks, and others.A few of the report's findings: Through 2029, North America will dominate the worldwide generative AI market. Through 2029, the top industry vertical for generative AI will be healthcare. Through 2029, API-enabled solutions will have the fastest rate of growth (CAGR of 47%). By 2029, generative AI services will have grown to a $2.5 billion market at a 43.9% CAGR. By 2029, the media, advertising, and entertainment sector will represent a $17.9 billion potential.Artificial intelligence that can create unique and novel data or content, including literature, music, or graphics, is known as generative AI. Generative AI use algorithms to produce new data that did not previously exist, in contrast to other forms of AI that are intended to identify and categorize existing data. In order to accomplish this, the data is analyzed for patterns and relationships, and new content is created in response to those patterns.New models and architectures are being developed to enhance the diversity and quality of generated content as a result of the rapid advancement of technology. The use of technologies like GANs, transformers, and VAEs made it possible to create generative models that are more intricate and lifelike. To guarantee the moral and equitable use of technology, there were still issues to be resolved in areas like bias and data privacy.The growing requirement for automation and the expanding use of generative AI across a range of industries are driving the industry. Large datasets and the development of deep learning algorithms have also contributed to the market's expansion.  

This chart shows how Tesla can keep cutting prices and stay ahead of the competition

Tesla keeps lowering the price of its cars.It's taken a margin hit, but its input costs are going down too.Tesla's price war sent shock waves through the industry, and the fallout is far from over.Still, Elon Musk's electric automaker is lapping the competition as old-guard automakers like Ford and General Motors switch to electric vehicles.That's in large part thanks to tremendous cost savings found in manufacturing.The average cost of building a Tesla in the fourth quarter fell once again, according to the company's earnings report released Wednesday. On average, Tesla spent just over $36,000 per vehicle it sold in the October to December period, down from over $37,000 per vehicle in the same quarter in 2023.At the same time, Tesla has been selling its vehicles for cheaper, showing Tesla's might over its competitors when it comes to EV pricing.Tesla has always had a lot of room to run on pricing, given its industry-leading profit margins. But Elon Musk's strategy to slash prices has chipped away at its once-40% gross margins, bringing them down to 17.6% in the fourth quarter.Still, that's far above the industry average of around 9%.While Tesla continues to play with prices, other automotive CEOs have warned against the practice. Stellantis CEO Carlos Tavares said last week he was keen to stay out of any EV price wars, but stopped short of mentioning Tesla by name. "If you go and cut pricing disregarding the reality of your costs, you will have a bloodbath. I am trying to avoid a race to the bottom," he said.Last year, Ford CEO Jim Farley compared Musk's strategy to that of Henry Ford."I think what he's going to learn is product freshness means a lot," Farley said of Musk at the time. "The product gets commoditized and then you lose your pricing premium. That's a really dangerous thing."  

Market Outlook for 25 January 2024

Our markets witnessed high volatility ahead of the F&O expiry day. Nifty sneaked below 21200 mark during the day, but it recovered sharply towards the end and closed above 21450 with gains of about a percent from previous day’s close. Nifty Today:     Nifty has corrected sharply in last few days from the high of 22124 to sub-21200 levels. The volatility has increased recently and when the range is broad, the 40-day EMA becomes an important level for the short term. This average support is placed around 21200 and the Nifty index has managed to recover and close well above this support in Wednesday’s session.  Although the daily RSI remains negative, the readings on the hourly charts have given a positive crossover from the oversold zone and hence, we could see a pullback move in next few sessions. Thus, although the intraday volatility could remain high, the index can see some pullback towards 21600-21700 zone while 21300-21200 would be seen as immediate support. Traders are advised to trade with a stock specific approach for a while.