Everyman Media Group Earnings, Revenue Rose Despite Strikes

Premium cinema group Everyman Media (EMAN) said the resounding box office success of Barbie and Oppenheimer led to strong summer trading leaving it confident of meeting full year expectations. Unfortunately, both revenue and adjusted EBITDA (earnings before interest, tax, depreciation, and amortisation) fell in the first half to 29 June, admittedly against strong prior year comparatives. Investors seemed unmoved by the upbeat outlook, with the shares dropping 1% to 55p capping a disappointing 12 months for shareholders with the shares down 44%. Chief executive Alex Scrimgeour commented: ‘We are pleased to report that trading continues to be in line with the board's expectations, having achieved robust interim results despite this year's major film titles falling in the second half of 2023.  We remain confident in our prospects as we continue to be supported by a slate of high-quality second-half releases, a carefully expanded estate and new banking facilities which ensure we are well configured to take advantage of future opportunities.’Revenue fell 6% to £38.3 million in the first half, but strong trading in July and August transformed the picture with year-to-date revenue 13% higher at £60 million while EBITDA was 12% ahead at £11 million.Everyman expects to meet full-year consensus forecasts which call for revenue of £94.4 million, representing 20% growth, and EBITDA of £17.2 million compared with £7.9 million in 2022. Having opened three new venues in the first half, taking the estate to 41 cinemas and 141 screens, the company has a healthy pipeline of new opportunities.A new two-screen venue will open in Marlow in the current quarter, while a further five venues are planned for 2024 including a three-screen venue in Stratford in the third quarter.The firm agreed a new three-year loan facility of £35 million replacing a £25 million revolving credit facility and £15 million Covid interruption loan. Leisure analyst Mark Photiades at Canaccord Genuity commented: ‘The film slate for Q4 and beyond is strong with a number of major releases and independent films due including Wonka, Ferrari, Napoleon, Killers of the Flower Moon and the latest instalment of The Hunger Games.’Photiades left his forecasts unchanged but reiterated his buy rating, saying, ‘Everyman remains a premium brand, synonymous with offering a first-class cinema and hospitality experience & a best-in-class food and beverage offer prepared in-house.’

Kanika Pasricha is appointed top economic adviser by the Union Bank of India.

According to the bank's regulatory filing, the appointment has a three-year contractual term that is extendable by one year at a time for a maximum of five years assuming acceptable performance.Pasricha was previously employed by Standard Chartered Bank as a director of global research and economist. She was employed by ICICI Bank Ltd. as a chief manager and economist.Ms. Kanika Pasricha was named Chief Economic Advisor of Union Bank of India, a public sector bank with its headquarters located in Mumbai, on January 23. She was hired on a contractual basis for a three-year term that can be extended by one year at a time, with a five-year maximum term possible for good performance.Ms. Kanika Pasricha, a 38-year-old economist with over 15 years of expertise, works in the field. She graduated with a graduate degree in arts in economics from Delhi University and an MA in economics from Delhi School of Economics.She was previously employed by Standard Chartered Bank as an Economist (Director) - Global Research. Her work involves a great deal of research and data analysis to establish a connection between market measures and macro characteristics.She was also employed by ICICI Bank Ltd. as a Chief Manager and Economist.Leading Indian public sector bank Union Bank of India Limited (UBI) announced that Kanika Pasricha has been appointed Chief Economic Advisor (CEA), effective January 23, 2024. "We wish to inform you that Ms. Kanika Pasricha has been appointed as the Chief Economic Advisor of the Bank," the bank said in its exchange filing, "in terms of Regulation 30 read with Clause No. 7 of Para A of Part A of Schedule III of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015."Kanika Pasricha, a 38-year-old economist, has over 15 years of expertise in the field. She holds an MA in Economics from Delhi University's Delhi School of Economics as well as a Graduate Arts degree in Economics from Delhi University.She was previously employed by Standard Chartered Bank as an Economist (Director) in Global Research. Her work involves a great deal of research and data analysis to establish a connection between market measures and macro characteristics.She was also employed by ICICI Bank Ltd. as a Chief Manager and Economist.  

ZEE stock at 130 rupees? When Sony's deal was terminated, the stock saw sell recommendations and PE depreciating.

Given the sharp convergence of linear TV growth, Elara Securities believes ZEE may see a sharp de-rating in the P/E valuation of its broadcasting company, to at least 10 times one-year forward or below, as a result of the incomplete merger.The termination of the merger agreement by Sony India due to purported breaches of the conditions of the merger cooperation agreement (MCA) could have a significant negative impact on ZEE Entertainment Enterprises Ltd's values in the near future. A few brokerages changed their recommendations to "Sell" for the shares when Sony demanded termination fees of $90 million. With their current target prices for ZEE slashed by up to 50%, experts declared that the transaction termination is a lose-lose situation for both parties.When the company's stock declined in value in 2019 due to a problem involving promoter share pledges and a decline in business cash conversion, ZEE's corporate governance came under scrutiny. Analysts noted that the Zee-Sony combination would have resolved ZEE's low promoter ownership issue, but they also predicted that shareholder activism against ZEE management will occur in the near future.Given the sharp convergence of linear TV growth, Elara Securities believes ZEE may see a sharp de-rating in the P/E valuation of its broadcasting company, to at least 10 times one-year forward or below, as a result of the incomplete merger.ZEE's OTT service might not be able to grow in size in a market that is so fragmented and profitable; the company stated that the Ebitda margin, excluding sports losses, might converge to 14%. Elara is concerned about any additional inventory write-offs, connected parties' debt, and Disney's noncompliance with the sports contract (ICC tournaments).The main factor that increased valuation during the previous two years was the merger with Sony. However, we lower ZEE to Sell due to the termination, with a revised March 2025E objective of Rs 170 from Rs 340. However, the target price can increase to Rs 130 if the Disney deal is upheld. Another strategic or financial partner purchasing the majority of Zee's shares could give the value multiple some relief, according to Elara.According to Emkay Global, both parties stand to lose from this arrangement, especially given the rivalry from Reliance-Disney, a larger potential player. As stated in their press release, Emkay Global stated that the termination should also lead to a legal battle between the two involved corporations."We think that shareholder activism against ZEE management may potentially be sparked by this breakdown. Furthermore, we believe that ZEE will now attract more bidders for possible agreements. Because of the stock's poor competitive posture and escalating corporate governance concerns, we currently lower it from Buy to SELL (from Buy). We reduce our target from Rs 315 to Rs 175 at eight times the Dec. 25E SA broadcasting Ebitda, according to Emkay.Due to Sony's request for a termination fee, uncertainty surrounding ZEE's new strategy and partners, and actions taken by its minority stakeholders, Nuvama Institutional Equities believes that ZEE's near-term valuation will remain low. "Our favourable opinion was based on the merger. The statement read, "We are cutting FY25E/26E EPS by 16 per cent/24 per cent; downgrade to 'REDUCE' with target of Rs 190 (13 times PE FY26E)," in light of the shifting dynamics of the business and the slower ramp-up of ad income. In addition, CLSA lowered its target price for ZEE from Rs 300 to Rs 198 since it thinks the competition will likely get more fierce following the rumored Reliance and Disney Star combination. "We think ZEE's PE will drop back to the 12x levels observed before the August 21 announcement of the Sony deal. Zee's stock PE had previously depreciated amid the promoter share pledge problem (in 2019) and the decline in corporate cash conversion, according to CLSA. This was also the time of the Covid-19 second wave.  

The IT companies Accenture, TCS, and Infosys have higher brand values than Wipro.

Despite a slow growth environment and disruption from newer technologies, IT services firms Accenture, Tata Consultancy Services (TCS), and Infosys managed to increase the value of their brands.   The Brand Finance 2024 report states that the three IT behemoths ranked highest on the charts of IT brands. Accenture's $40.5 billion brand value, up 1.6% from the previous year, keeps it as the most valuable IT services brand in the world.Brand Finance research indicates that Accenture is well-positioned to seize the mega-trend—generative large language models—which is garnering a lot of attention and has the potential to completely transform industries and businesses. The second-place finish went to homegrown IT heavyweight TCS, whose brand value increased by 11% to $19.2 billion. Among global IT majors, the incremental brand value increased to nearly $2 billion from $17.2 billion the previous year, making it the highest in absolute terms. This was "driven by consistent investments in AI-readiness and a commitment to sustainability," according to a statement from TCS. The only significant provider of IT services, Wipro, which is backed by billionaire businessman Azim Premji, saw its brand value decline by 7.6% annually to $6.2 billion. Over the past few years, Wipro has lagged behind as it struggles to turn the business around in a competitive market. Additionally, a number of departures have occurred, with about ten senior executives leaving in 2023.      

Crypto Price Today: Bitcoin Falls Below $40,000, Small Gains Seen by Tether, USD Coin

On Tuesday, January 23, the price of bitcoin showed a 3.63 percent decline. As a result, Bitcoin is now worth only $39,820, or about Rs. 33 lakh. For the first time in the previous two months, the price of Bitcoin has fallen below $40,000, or approximately Rs. 33 lakh. The price of Bitcoin dropped by $1,175 (approximately Rs. 97, 635) in the last day. Most cryptocurrencies followed Bitcoin on the loss-making side of the price chart. On Tuesday, Ether saw a 4.04 percent decline. When this article was written, the price of ETH was $2,336 (about Rs. 1.94 lakh). In the past day, the price of ether dropped by $81 (about Rs. 6,730). For the first time in fifty days, Bitcoin fell below $40,000 (approximately Rs. 33 lakh) as the Bulls were unable to maintain the support line. Those new investors who made large investments during the spot ETF announcement are currently sitting at nearly a twenty-five percent loss. During the late hours of US Monday trading, altcoins also experienced a deep red decline as concerns about ETH falling below the $2,000 (roughly Rs. 1.66 lakh) mark resurfaced in the markets. The Ethereum Foundation's sale of 700 ETH for about $2,400 (about Rs. 1.99 lakh) each served as the catalyst for this. Such token foundation sell-offs typically indicate a local peak, which may have occurred prior to the Bitcoin halving.After a tremendous bull run, the cryptocurrency market is currently experiencing a healthy retreat. As ETFs increase their AUM and encourage widespread adoption of the biggest digital asset in the world, we might witness a more stable Bitcoin. The CEO of BuyUcoin, Shivam Thakral, told Gadgets360, "Top Trader Henrik Zeberg shared a new Bitcoin price prediction of $120,000 (roughly Rs. 99.7 lakh). However, we will have to wait and see how the market moves in the coming weeks."  

Briefcase To "Bahi Khata": Evolution of Budget Presentation Through Time

On February 1, Union Finance Minister Nirmala Sitharaman is scheduled to deliver the Interim Budget. Delhi, New: Finance ministers have been pictured bringing a briefcase into Parliament to present the Union Budget for decades. Nirmala Sitharaman called a 'bahi khata' in 2019 and abandoned this practice, which was a significant change. In 2021, she decided to switch to a paperless format and use a tablet that was "Made in India." It's amazing to see how the Union Budget is presented—from a briefcase to a fully digital format. The Interim Budget for FY 2024–25 is scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1. Following the 2024 Lok Sabha elections and the establishment of a new government, a comprehensive budget will be presented.   In 2019, Union Minister Piyush Goyal, while holding the additional charge of the Ministry of Finance, presented the last interim Budget. Ms Sitharaman presented her maiden Budget on July 5, 2019, after assuming charge as the finance minister following the Narendra Modi-led government's second consecutive win in the general elections. Let's examine the background of the Union Budget presentation exercise before the Budget 2024:  

Asset Tokenization and DeFi for the Masses: The CEO of Giottus Reveals Crypto Trends That Could Be Big in 2024

The Web3 space appears to be in a constant state of flux, with blockchain-based ideas emerging and disappearing on a daily basis. For example, the sales of non-fungible tokens (NFTs) fell to an all-time low last year, but the Ordinals subcategory of these digital collectibles was able to pique buyer interest once more. The CEO of the Giottus cryptocurrency exchange, Vikram Subburaj, provided a list of several Web3 trends that are anticipated to become popular in 2019 in an interview with Gadgets360. According to Subburaj, the mass adoption of decentralized finance (DeFi) and real world assets (RWAs) is underway this year. Digital representations of tangible or conventional assets are generated on a blockchain network as tokens via RWAs. Each token represents a different attribute and represents a portion of the entity. Asset liquidity may rise as a result of tokenization. An owner of real estate, for example, might choose to sell 50,000 tokens of a tokenized real estate rather than the entire property and forfeiting its use as a livable space. Consider them NFTs for items such as bonds, art, or even real estate. The tokenized RWA ecosystem that is currently accessible on-chain is estimated to be worth $2 billion, or approximately Rs. 17,452 crore, according to Subburaj. He also predicted that as more people become aware of the concept, tokenizing assets will likely pick up speed this year.  

Galaxy S24 Ultra vs S23 Ultra: How Samsung’s top-end phones stack up

Samsung’s flagship Galaxy S series sees its latest iteration with the new Galaxy S24 Ultra, succeeding last year’s S23 Ultra. While retaining the S series DNA, Samsung has made subtle but meaningful upgrades to the S24 Ultra’s design, display, performance, camera, and software capabilities. But are these incremental improvements compelling enough for S23 Ultra owners to upgrade? Let’s find out. The design evolution from the Samsung Galaxy S23 Ultra to the new S24 Ultra is subtle. While retaining the recognisable tall, rectangular shape with ever-so-slight rounded edges, the S24 Ultra trims a wee bit of fat, shaving off 2 grams of weight for a total of 232 grams. It also slims down by 0.3mm to 8.6mm thickness. That said, this is not exactly a dramatic reduction from the S23 Ultra’s 234 gram weight and 8.9mm thickness. And if we’re being honest, we expected more in terms of weight reduction considering the phone gets a titanium frame this year. For comparison, the iPhone 15 Pro Max saw a substantial 20-gram weight loss by shifting to titanium.A more meaningful improvement is seeing upfront of the handset, which thanks to the combination of a flat display and a trimmed bottom bezel, now features symmetrical bezels all around. The S24 Ultra also introduces an appealing new lineup of colour options. The S23 Ultra played it relatively safe with Phantom Black, Cream, Green and Lavender as widely available colours. By contrast, the S24 Ultra really embraces colour with options like Titanium Gray, Titanium Black, Titanium Violet, and Titanium Yellow for all retailers. Even bolder Titanium Green, Titanium Blue, and Titanium Orange colours join the lineup as Samsung.com exclusives. The most noticeable change with the new Galaxy S24 Ultra is that its display has been hammered completely flat. Samsung has progressively reduced the display curvature of the Ultra models over the past couple of years and it’s now finally settled for completely flat edges, with the S23 Ultra being the last holdout with curved edges. Additionally, the S24 Ultra gains a brightness boost up to 2600 nits peak compared to 1750 nits on its predecessor, which should make the screen more visible and usable outdoors. The Galaxy S24 Ultra features an upgrade in processing power over its predecessor, packing the latest Qualcomm Snapdragon 8 Gen 3 chipset. This replaces the Snapdragon 8 Gen 2 found in last year’s Galaxy S23 Ultra model.With artificial intelligence being all the rage, the upgraded Snapdragon processor aims to provide a boost to AI capabilities. Qualcomm’s already shown that the new chip brings faster performance when using large language models, Stable Diffusion, generative AI applications and more that leverage machine learning.The new chip is also engineered to deliver enhanced graphics for mobile gaming without sacrificing battery life. However, we’ll have to get our hands on the S24 Ultra to see if these performance gains are as substantial as promised over the previous generation. Samsung’s flagship Galaxy S series has seen incremental upgrades over the past few generations, with no major leaps forward each year. However, with the launch of the Galaxy S24 Ultra, Samsung is focusing on revolutionary AI capabilities rather than minor spec bumps. The standout upgrade in the S24 Ultra is Galaxy AI, a suite of useful AI-powered features. While the S23 Ultra boasted impressive hardware, it simply can’t compete with the S24 Ultra’s intelligent software. Galaxy AI enables real-time translation during calls and texts with Live Translate. It also offers in-person translation with Interpreter mode. For productivity, Note Assist provides handy summaries and formatting for your notes. Chat Assist helps you strike the right tone in messages, whether chatting with coworkers or connecting on social media. And Circle to Search lets you draw a circle around anything on screen to instantly search for it.The new Samsung Galaxy S24 Ultra boasts of several AI-powered image editing and enhancement features over its predecessor, the S23 Ultra. But when you strip away the AI-powered software tricks, the hardware isn’t as different as you might expect. Let’s break it down. The S24 Ultra comes loaded with nifty new AI camera features like Edit Suggestion, which makes recommendations to improve your photos, and Generative Edit, which can fill in background details using AI. There’s also Instant Slow-mo for buttery smooth slo-mo videos. Pretty neat stuff.  

Google Pay, NPCI Sign MoU to Expand UPI Globally, Aim to Ease Digital Payments Abroad

Google Pay and National Payments Corporation of India (NPCI) will work together to expand Unified Payments Interface (UPI), the instant payments system widely used in the country, to international markets, Google and NPCI confirmed Wednesday. A Memorandum of Understanding (MoU) has been signed between Google Pay India and NPCI subsidiary, NPCI International Payments Ltd (NIPL), to bring the instant payment functionality to other countries. UPI has become a widespread mode of digital payment throughout India in recent years, with interoperability between payments apps like Google Pay, PhonePe, and Paytm. The value processed via UPI payments in 2023 stood at Rs. 167 lakh crores, according to Google.The MoU signed between Google Pay India and NIPL primarily seeks to ease digital payments abroad for travellers outside of India. The collaboration will also aid in establishing a UPI-style digital payments infrastructure in other countries, a press release for the announcement said. Additionally, Google and NPCI also aim to leverage the UPI infrastructure to ease the process of remittances between countries, thus simplifying cross-border financial exchanges. “UPI has demonstrated to the world the step change that happens in economies with the introduction of interoperable, population scale digital infrastructure and each economy that joins such networks will create impact beyond the sum of parts,” Deeksha Kaushal, director of partnerships at Google Pay India said.According to the press release, the initiative will also help bring Indian customers to foreign merchants, reducing the need for credit or forex cards and instead allow UPI apps like Google Pay for international digital payments. “This strategic partnership will not only simplify foreign transactions for Indian travellers but will also allow us to extend our knowledge and expertise of operating a successful digital payments ecosystem to other countries,” Ritesh Shukla, CEO of NPCI International Payments Limited, said. Last year, Google Pay introduced a UPI Lite feature on its platform that enables small-value digital payments with just one tap, without the need to enter the UPI PIN, as required in regular transactions. UPI Lite supports a maximum instant transaction of up to Rs. 200 at a time. Users can load their UPI Lite account with up to Rs. 2,000, twice a day.In August, the Reserve Bank of India (RBI) increased the UPI Lite transaction limit from Rs. 200 to Rs. 500. The overall wallet limit, however, was retained at Rs. 2,000 only. A month later, NPCI said that UPI transactions had crossed the 10-billion mark in August. According to the NPCI data, number of UPI transactions stood at 10.24 billion on August 30. In value terms, the transactions amounted to Rs. 15,18,456.4 crore exchanging hands.  

What's Trending Globally

Asia

News 2310

Australia/New-Zealand

News 39

Canada

News 15

China

News 41

Europe

News 34

Gulf

News 11

India

News 3140

Pakistan

News 16

Russia

News 19

United Kingdom

News 41

United States

News 118

World

News 82

Volvo’s 10,000th car in India is its first pure electric offering

Volvo Car India has achieved a significant milestone by producing its ten thousandth car at its Bangalore facility. The company, which began assembly operations in 2017, has seen the highest production of the XC60 model, with over 4000 units produced to date.Jyoti Malhotra, Managing Director of Volvo Car India, in a company statement, revealed that the honour of being the ten thousandth car produced goes to the XC40 Recharge, the company's first pure electric offering.Malhotra said, "It is indeed a matter of pride for the company to have reached this milestone in a short span of time in spite of nearly three years of pandemic disruptions."Gao Feng, Production Head of Volvo Car India, highlighted the plant's achievement of rolling out India's first domestically assembled electric vehicle (EV), the XC40 Recharge. Today, the company assembles all its models in India, including the XC90, XC60, S90, XC40 Recharge, and the recently launched C40 Recharge.Meanwhile, Volvo Car India announced a 2% price increase for its conventional engine vehicles on Monday, while the prices of its EV offerings remain unchanged.Following the price hike, the XC60 is priced at ₹68.9 lakh, the S90 at ₹68.25 lakh, and the XC90 at ₹1,00,89,000.However, the prices of the XC40 Recharge and C40 Recharge remain unchanged at ₹57.9 lakh and ₹62.95 lakh, respectively.    

Tata Punch facelift launch confirmed for 2025

The Tata Punch petrol will see a mid-life facelift sometime next year. Confirming this development on the sidelines of the Punch EV launch, Tata Motors’ Passenger Vehicles Unit MD, Shailesh Chandra, said, “As far as the upgrade of the Punch is concerned, you know that it was launched in October 2021. Typical facelift period is three years. So, we should be expecting a facelift for the ICE version only in mid-2025, or slightly later.” Just like what we’ve seen on the Nexon and Harrier facelifts recently, expect Tata Motors to update the Punch SUV’s styling with fresh design cues to bring it in line with the newer Tata models. Changes to the front bumper and grille, along with minor tweaks to the headlamps and the bonnet can be expected to make the small SUV look new.Like the Nexon and the Nexon EV facelift, there will be styling bits that will help differentiate the petrol-powered Punch from the recently launched Punch EV. What’s more, Chandra also said that the Punch will have feature differences between the petrol and EV versions.   

Renault Bigster global debut later this year

The new Renault Bigster SUV will see a global debut later this year and is expected to go on sale internationally by early 2025. Revealed as a concept in 2021, it is essentially a three-row iteration of the all-new Duster, which made its global debut a few months ago.  Sources have conveyed to our friends at Motor1 Brazil that the Bigster SUV will share its design cues largely with the new Duster and the Bigster concept. Essentially, it will be most likely an elongated version of the Duster, similar to what we see with the Creta and Alcazar in India. There will, however, be styling, tech and equipment differences on the inside and out.  This new SUV from Renault will be around 4.6 metres long – nearly 0.3 metres longer than the new Duster, which measures 4.34 metres. It will get rugged looks and interior bits from the Duster, but there will be more upmarket materials and additional creature comforts to justify the SUV's higher price tag. The Duster currently has a 2,657mm wheelbase, which also could see an increment for the Bigster in order to facilitate easy ingress-egress and more cabin room. As far as the platform goes, the Bigster will share the same CMF-B modular architecture. There isn’t much known about its powertrain options, however, it will be safe to expect that the SUV will share its powertrain line-up with the latest-gen Duster, which comes with three engine options – two of which are electrified.  Starting the proceedings is the 1.6-litre four-cylinder petrol hybrid that gets two electric motors; this engine comes with an automatic gearbox. It also comes with regenerative braking and a 1.2kWh battery, enabling purely electric driving for up to 80 percent of the time in the city.The next engine is the 130hp, 1.2-litre three-cylinder turbo-petrol coupled with a 48V starter motor. While the Duster will also come with a 1.0-litre petrol-LPG option in some markets, there is no diesel option in any market right now. The next engine is the 130hp, 1.2-litre three-cylinder turbo-petrol coupled with a 48V starter motor. While the Duster will also come with a 1.0-litre petrol-LPG option in some markets, there is no diesel option in any market right now.  

JLR India launches Discovery Sport 2024 at Rs 67.90 lakh

JLR India today launched the Discovery Sport 2024 in the country at a starting price of Rs 67.90 lakh (ex-showroom). The 2024 model comes with a price cut of Rs 3.49 lakh over the 2023 model.The Discovery Sport 2024 is available in Dynamic SE with two engine options - 2.0-litre petrol (245hp and 365Nm) and 2.0-litre Ingenium diesel (201hp and 430Nm). Both engines are mated to an automatic transmission. The new Discovery Sport gets subtle exterior updates. There is a contrast roof and exterior accents, including Discovery script, grille, lower body sills and lower bumpers, all having a distinctive Gloss Black finish. There is Gloss Black front claw detailing on the bumpers and wheel arches. There are 19-inch diamond-cut alloys. The SUV also gets a new Varesine Blue exterior paint option.JLR India today launched the Discovery Sport 2024 in the country at a starting price of Rs 67.90 lakh (ex-showroom). The 2024 model comes with a price cut of Rs 3.49 lakh over the 2023 model. JLR India today launched the Discovery Sport 2024 in the country at a starting price of Rs 67.90 lakh (ex-showroom). The 2024 model comes with a price cut of Rs 3.49 lakh over the 2023 model.The new Discovery Sport gets subtle exterior updates. There is a contrast roof and exterior accents, including Discovery script, grille, lower body sills and lower bumpers, all having a distinctive Gloss Black finish. There is Gloss Black front claw detailing on the bumpers and wheel arches. There are 19-inch diamond-cut alloys. The SUV also gets a new Varesine Blue exterior paint option.You now get a digital instrument cluster and steering wheel-mounted gearshift paddles as standard, while the redesigned centre console boasts a new floating 11.4-inch curved glass touchscreen. The latest Pivi Pro infotainment set-up features permanently accessible sidebars, which provide shortcuts to key vehicle controls and functions, such as media, volume, climate and navigation. There is a panoramic glass roof as well.The SUV has wireless Apple CarPlay and Android Auto as standard and a wireless charger. A natural shadow oak trim finisher surrounds a new gear shifter. Discovery Sport Dynamic SE features DuoLeather interiors with up to two colour options.    

Budget 2024-25: Govt may increase capex to propel economic growth

With private investment still muted, the government is likely to maintain its momentum on increasing capital expenditure, especially for the infrastructure sector in the upcoming Budget to propel economic growth.Post Covid-19, the Budget has been laying special emphasis on capex. It has kick-started a dormant cycle for the economy. As a result India has witnessed over 7 per cent growth in the last three years, the highest among the large economies of the world. During the current financial year, the government has made a record high provision of Rs 10 lakh crore towards capex. During 2020-21, the government earmarked Rs 4.39 lakh crore which increased by 35 per cent to Rs 5.54 lakh crore in the subsequent year.Another 35 per cent hike in capex was done in 2022-23 to Rs 7.5 lakh crore which subsequently reached a high of Rs 10 lakh crore, an increase of 37.4 per cent.In the upcoming Budget too, the government is expected to earmark a large amount towards capex as such investment has a multiplier effect on the economy and it also crowds in private investment."We estimate Government of India to budget for a capex of Rs 10.2 lakh crore in FY25, implying a relatively sedate YoY expansion of about 10 per cent, compared to over 20 per cent expansion seen in each of post-COVID years. The slowdown in capex growth is likely to have some bearing on economic activity and GDP growth," Icra said in its pre-Budget expectations.  The capex rose by 31 per cent to Rs 5.9 lakh crore in April-November of the current fiscal (58.5 per cent of FY2024 BE) from Rs 4.5 lakh in April-November FY23 (60.7 per cent of FY23 Prov).While the growth remained high, capital spending contracted in October 2023 (-14.9 per cent; first instance of contraction since April 2023) and then rose by a marginal 1.6 per cent in November 2023. Moreover, it has averaged at Rs 73,210 crore/month, 12.2 per cent lower than the required monthly average of Rs 83,400 crore to meet the budgeted target of Rs 10 lakh crore.India is a hugely infra deficit country and heavy lifting in this regard is being done by the government which crowds in private investment. With the growth in the economy, there has been a pick-up in private investment in recent times in some of the sectors like steel, cement and petroleum sector.According to Emkay Global Financial Services head research Seshadri Sen, capex by the government would continue and it will happen at a faster pace.The capex would help unlock the virtuous cycle. Investment leading to productivity growth, job creation, demand and exports feed into each other and enable animal spirits in the economy to thrive.  

Sensex, Nifty tick higher after a 3-day drop; IRFC, Network 18 jump up to 5%

The 30-share BSE Sensex surged 635 points or 0.89 per cent to trade at 71,822, while the NSE Nifty was up 169 points or 0.79 per cent to trade at 21,631. Indian equity benchmarks were up in Friday's early trade following a three-day losing streak, led by gains across all sectors. The 30-share BSE Sensex surged 635 points or 0.89 per cent to trade at 71,822, while the NSE Nifty was up 169 points or 0.79 per cent to trade at 21,631. Broader markets (mid- and small-cap shares) were positive as Nifty Midcap 100 rose 0.83 per cent and small-cap gained 0.95 per cent. On the global front, Asian markets opened higher, tracking an overnight rise in Wall Street equities.Back home, foreign institutional investors (FIIs) sold Rs 9,901.56 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 5,977.12 crore worth of shares, exchange data showed.   All the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Financial Services and Nifty IT were outperforming the NSE platform by rising as much as 1.01 per cent and 1.22 per cent, respectively.On the stock-specific front, Tech Mahindra was the top gainer in the Nifty pack as the stock soared 2.74 per cent to trade at Rs 1,392.3. Wipro, Coal India, HCL Tech and TCS rose up to 1.92 per cent. In contrast, IndusInd Bank was the top loser on Nifty50.   The overall market breadth was strong as 2,411 shares were advancing while 400 were declining on BSE.On the 30-share BSE index, ICICI Bank, HDFC Bank, Infosys, TCS, Axis Bank, ITC, L&T, Airtel and Titan were among the top gainers.Also, BSE 500 stocks such as IRFC, Network18, Home First Finance, IndiaMART, Poonawalla Fincorp, HUDCO and ITI moved up to 5.33 per cent higher. On the other hand, Shoppers Stop, Metro Brands, Dixon Technologies, Polycab India, ZEE, Cholamandalam Finance and Alembic Pharma slipped up to 3.78 per cent.    

Paytm Credit Card on UPI enables effortless daily transactions like payments on grocery stores, chai shops

With just a smartphone, users can easily make UPI payments via credit cards on the Paytm app, powered by Paytm Payments Bank. The convenience of digital transactions have become a fundamental aspect of our daily lives in today’s fast paced world. One such transformative force in the digital payment landscape is the integration of UPI payments through credit cards on the Paytm app. Making small payments of ₹10 to ₹100 bucks through credit at your nearby Kirana stores or a local chai shop or even a chat shop has evolved into the ultimate and convenient payment method for users. This groundbreaking feature offers users the convenience of utilizing credit for routine payments, eliminating the need to rely solely on savings accounts and carrying the card everywhere. With just a smartphone, users can easily make UPI payments via credit cards on the Paytm app, powered by Paytm Payments Bank.   Users simply need to link their Rupay Credit Card to UPI through a straightforward process with quick and easy steps. The Credit Card on UPI feature allows users to scan merchant QR codes, allowing them to earn reward points with every transaction.With millions of merchants now accepting payments via credit cards on UPI, this can have a significant impact on the payment landscape.   This integration of RuPay Credit Cards on UPI not only expands credit card usage for customers but also supports merchants in the credit ecosystem through assets like QR codes. The increasing acceptance of RuPay credit cards on UPI contributes to financial inclusion, benefiting merchants and businesses across India.  Paytm Payments Bank remains at the forefront of innovation, driving the adoption of UPI payments with credit cards, and envisions a future where this technology reshapes the dynamics of the payment ecosystem in India.  

HDFC seeks Singapore bank licence to open its 1st branch in the country

HDFC Bank Ltd, India’s biggest private sector lender, is seeking to open its first branch in Singapore, signaling its overseas ambitions after sewing up a landmark merger with mortgage financier Housing Development Finance Corp. last year.  The bank has applied to the Monetary Authority of Singapore for a banking licence and is awaiting approval, according to sources familiar with the matter. It is not clear what kind of banking licence HDFC Bank is seeking in Singapore, said one of the people, who declined to be identified as the information is confidential.The banking giant is seeking a bigger presence abroad to tap the Indian diaspora for savings and term deposits, as well as to cross-sell more products, including mortgages, the people said. At home, HDFC has been focusing on deepening its reach in the world’s most populous country through loans to retail customers. HDFC Bank did not respond to an email seeking comment. “As a matter of policy, MAS does not comment on our dealings with financial institutions,” according to a spokesperson from the Singapore regulator.Singapore, with a population of almost 6 million people, houses a large India diaspora. About 650,000 non-resident and persons of Indian origin live in the city-state, according to Indian government data.HDFC Bank is currently not licenced or regulated by the MAS, according to its website. It only provides home loans-related advisory services for the purchase of properties in India, the website states.  The categories of banking licences in Singapore encompass full banks, qualifying full banks and wholesale banks, which impose varying levels of restrictions on the lenders’ activities. State Bank of India and ICICI Bank Ltd. hold qualifying full banking licences, alongside eight other banks like Bank of China Ltd. and BNP Paribas SA. Such licences are open only to foreign banks and allow them to have additional branches and/or off-premise ATMs as well as to share ATMs among themselves, according to the Association of Banks in Singapore’s website.The MAS regulates and supervises more than 150 deposit-taking institutions in Singapore, ranging from full banks to finance companies, according to its website. Besides Singapore, HDFC Bank also has presence in markets like London, Hong Kong and Bahrain. The India bank has a total customer base of 93 million at the end of the December quarter compared with 91 million in the preceding three-month period, according to an investor presentation.   

Sensex slips for 3rd day, dips 314 pts; OFSS up 27%, LTIMindtree tanks 11%

Intraday, the Nifty witnessed a pullback from the support zone of 21,820 – 21,300, which is likely to continue over the next few trading sessions. On the upside, the counter-trend pullback can extend till 21,600 – 21,650 where resistance in the form of the 20-day moving average is placed.In terms of levels, 21,550 – 21,570 is the immediate hurdle zone while 21,350 – 21,300 is the crucial support zone. Bank Nifty has reached the 161.82% Fibonacci extension level 45,768, which also coincides with the 20-week moving average making the zone of 45,800 – 45,600 a crucial support zone.Until this is not breached on the downside, we can expect the recovery to continue. On the upside, the pullback can come till 46,400 – 46,600.Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas. The benchmark indices exhibited recovery from the day’s low and ended in red amid weak global cues, as investors are trimming bets on rapid FED cuts due to strong US retail sales and the resulting rise in global bond yields.Furthermore, oil price advances and rate escalation risks have led to disruptions in global shipping and crude production.The broader market continued its selling pressure given the elevated valuation and profit booking with an aim for sector rotation.Indian snacks maker Haldiram's is in talks to acquire a majority stake in Prataap Snacks, which is valued at $350 million, to expand its presence in the potato chip market, two people with direct knowledge of the matter said.The talks are at an early stage and a valuation has not been discussed, though it could be at a premium to Prataap's stock price.Haldiram's is eyeing a majority stake of at least 51%, but a final number has not been decided, said the sources.