Nike shares fall 8% as shoemaker anticipates drop in sales

Nike's stock plunged by almost 8% on New York Stock Exchange (NYSE) during early trading on Friday following the company's announcement that it anticipates a decline in sales during the first half. This projection comes as Nike shifts focus from older styles to more fashionable sneakers in its competitive battle for market dominance against emerging brands. "What we heard on this quarterly call was that the merchandise margin recovery was coming slower largely due to management actions (reducing core product lines) and that sales through 1H25 would remain in negative territory," Barclays analyst Adrienne Yih, was quoted as saying by Reuters The brokerage Barclays slashed its price target by 20% to $114, marking the most significant adjustment on Wall Street following the latest results. Investors were particularly attentive to executives' remarks, highlighting Nike's prolonged direct-to-consumer (DTC) strategy's failure to spur growth as anticipated. Consequently, the leading sportswear manufacturer is pivoting its focus towards revitalizing relationships with its wholesale partners. "Nike's distribution strategy is all over the place. Problem is customers want to buy Nike everywhere so reducing wholesale dramatically seems like the wrong move in hindsight," Jefferies analyst Randal Konik was quoted as saying. The company's direct-to-consumer (DTC) initiatives have been hindered by slow demand in North America. Lululemon Athletica, a competitor, reported a decline in annual revenue and profit due to decreased demand primarily in the same region, leading to a 14% drop in its shares on Thursday. Over the past year, Nike's stock has depreciated by 16% in value. Nike's forward price-to-earnings ratio, a standard measure for assessing stock value, stands at 24.84. In comparison, Adidas and Puma boast forward price-to-earnings ratios of 52.08 and 15.31, respectively.  

Bank Nifty Price Live blog for 22 Mar 2024

Bank Nifty Share Price Today Live: These stocks are witnessing an unusually high volumes in trade today Punjab National Bank (34991793), HDFC Bank (22987454) and IDFC First Bank (22337695). Bank Nifty Share Price Today Live: The Bank Nifty closed the day at 46684.9 up (0.36%) in comparison with its previous close. It has touched an intraday low of 46566.8 and high of 46974.15 Bank Nifty futures are at 46904.6 (0.23%) with an open interest change of -4.5% which indicates Price Increase is due to short sellers covering their positions & the rally might not sustain in near future. Bank Nifty futures are at 47024.95 (0.49%) with an open interest change of -2.2% which indicates Price Increase is due to short sellers covering their positions & the rally might not sustain in near future. Bank Nifty Share Price Today Live: The Bank Nifty is currently trading at 46871.7 up 0.4% in comparison with its previous close. It has touched an intraday low of 46566.8 and high of 46948.5 Bank Nifty futures are at 46918.0 (0.26%) with an open interest change of 0.79% which indicates Continuation of bullish trend in near future ank Nifty Price Live Updates: At 16:30 Bank Nifty was trading at 46863.75 (0.38%). Today Bank Nifty has been trading in the range of 46974.15 to 46566.8. Nifty futures are at 46930.0 (0.29%) & with an open interest change of -5.85% which indicates Price Increase is due to short sellers covering their positions & the rally might not sustain in near future.The NIFTY Realty at (1.02%), NIFTY Pharma at (0.74%) & NIFTY Healthcare at (0.56%) are currently the top performing sectors among the Sectoral Indices. While NIFTY IT at (-2.99%), NIFTY India Digital at (-2.99%), NIFTY50 Value 20 at (-0.95%) are currently the low performing sectors.  

 US stocks fall as investors brace for Fed decision

US stocks fell slightly on Wednesday as investors braced for the outcome of the Federal Reserve’s policy meeting.Fed policymakers will conclude their two-day meeting later in the day. At 9:49 a.m. ET, the Dow Jones Industrial Average was down 20.12 points, or 0.05 per cent, at 39,090.64, the S&P 500 was down 4.55 points, or 0.09 per cent, at 5,173.96, and the Nasdaq Composite was down 32.36 points, or 0.20 per cent, at 16,134.43. At the opening bell, the Dow Jones Industrial Average fell 38.71 points, or 0.10 per cent, to 39,072.05. The S&P 500 opened higher by 3.18 points, or 0.06 per cent, at 5,181.69, while the Nasdaq Composite gained 18.97 points, or 0.12 per cent, to 16,185.76. Shares of Tesla gained 0.3 per cent, Chipotle surged 6.2 per cent, and Intel rose 1.2 per cent, The Treasury yields were steady in the bond market. The  US dollar gained for a fifth straight session on Wednesday, rising 0.5 per cent. European stock markets mostly dropped ob Wednesday. Britain’s FTSE 100 edged down 0.2 per cent at 7,724.13 points. France’s CAC 40 fell 0.5 per cent at 8,156.48. Germany’s DAX rose 0.2 per cent at 18,021.17. Euro Stoxx 50 lost 0.1 per cent at 5,002.03.In Asian stock markets, China's Shanghai Composite gained 0.6 per cent at 3,079.69. Hong Kong’s Hang Seng Index added 0.1 per cent at 16,543.07. Brent crude futures for May were down 72 cents or 0.82 per cent at $86.66 a barrel by 1201 GMT. US West Texas Intermediate futures for April delivery, which expire on Wednesday, fell 84 cents or 1.01 per cent to $82.63. Gold prices drifted lower on Wednesday on the stronger US dollar. Spot gold dipped 0.2 per cent to $2,152.52 per ounce by 1335 GMT.  

Indian fintechs have opened our minds to the power of QR payments, says Visa CEO Ryan McInerney

Unified Payments Interface (UPI) present itself as an opportunity and not merely as a competition, card network major Visa Inc. CEO Ryan McInerney said, emphasising the potential for collaboration and growth within India's dynamic fintech landscape.In his first trip to India after assuming CEO’s role in November 2022, McInerney was blown away by the country's digital payment scene, especially by UPI, QR codes and soundboxes, hailing the country’s digital payments innovations as transformative forces. “What happened with UPI in India is nothing short of remarkable," remarked McInerney. "We see it (UPI) as an opportunity for Visa...to help build on the financial inclusion that has happened as a result of UPI, work with banks to create new credit products, and empower consumers financially helping them to grow up the credit ladder and build wealth,” he said during a fireside chat at News18 Rising Bharat Summit 2024.Ryan's optimism extended to the widespread adoption of QR payments in India, attributing inspiration to local fintech innovation. "Indian fintechs have opened up our mind to the power of QR payments," he stated. "We're looking at other markets where QR might be the form factor that users prefer...and that very much came from the inspiration of what we've seen happen here in India." In FY23, Visa network enabled $15 trillion in payments volumes and 276 billion transactions operating across 200 countries. India is among the  key strategic market for Visa. Outside of their home base in US, India is the second largest employee base for the card network giant.  

Ruchit Jain of 5paisa recommends buying Tata Steel and Pidilite Industries for tomorrow

Domestic benchmark equity indices, the Sensex and the Nifty 50, ended Monday's trading session on a positive note with modest gains led by metal stocks on the back drop of robust China data, news about Tata Steel block deals, and copper prices that were at a record high globally.The 30-share BSE Sensex ended higher by 104.99 points or 0.14% at 72,748.42 level while the Nifty 50 closed at 22,055.70 level, up 32.35 points or 0.15%. However, the stress test rule for mutual fund schemes for small and midcap stocks by the Securities and Exchange Board of India (SEBI) kept broader markets under pressure. The Nifty Midcap 100 closed 0.39% down while the Nifty SmallCap 100 closed 0.57% lower. Investors are currently awaiting Japan's central banks' and the US Federal Reserve's policy decisions going forward tomorrow.  This week's market direction will be determined by the US Federal Reserve, Bank of Japan, and Bank of England, among other global central banks, according to Vinod Nair, Head of Research at Geojit Financial Services. Short-term sentiment  should be mixed due to the US Federal Reserve's indication that a rate cut is likely to occur in the second half of 2024.Nifty 50 continued to consolidate within a narrow range in Monday’s sessions and ended the day above 22,050 with marginal gains, said Ruchit Jain, Lead Research Analyst at 5paisa. Post the sharp sell-off on last week’s Wednesday, Nifty has traded within a narrow range in the last three sessions. The index has given a breakdown from a Rising Wedge pattern during the sell-off, but the important 40 DEMA support is still intact, and the index has been hovering around this support since last three sessions. In the options segment, open interest addition was seen in 22,200 can 22,300 call options, while 22,000 put has decent open interest outstanding. Thus, the data as well as the chart structure indicate a near-term consolidation where 21,900 would be seen as an important support while 22,200 as the hurdle. Only a breakout beyond this range will lead to a near-term directional move. Traders should thus keep a close watch on the range and trade in the direction of the breakout once seen, advised Jain.  

HDFC Bank, Tata, SBI, and others: Personal loans with lowest interest rates

Personal loans offer a versatile financial solution that can cater to your needs, from consolidating high-interest debt to financing home improvements or even covering unexpected expenses. With generally lower interest rates compared to credit cards, they present an attractive option for many. PaisaBazaar has compiled a list of the most popular personal loan plans in India for 2024: For HDFC Bank, the interest rate starts from 10.50% per annum. For a loan amount of Rs 5 lakh over a tenure of 5 years, the EMI starts from Rs 10,747, and for Rs 1 lakh, it starts from Rs 2,149. The processing fee can go up to Rs 4,999. Tata Capital's interest rates begin at 10.99% per annum. The EMI for a Rs 5 lakh loan for 5 years starts from Rs 10,869, and for Rs 1 lakh, it starts from Rs 2,174. The processing fee can reach up to 5.5% of the loan amount. State Bank of India offers interest rates ranging from 11.15% to 15.30% per annum. The EMI for a Rs 5 lakh loan ranges from Rs 10,909 to Rs 11,974, and for Rs 1 lakh, it ranges from Rs 2,182 to Rs 2,395. The processing fee varies between 1.5%, with a minimum of Rs 1,000 and a maximum of Rs 15,000. ICICI Bank's interest rates start from 10.65% per annum. For a loan amount of Rs 5 lakh over 5 years, the EMI starts from Rs 10,784, and for Rs 1 lakh, it starts from Rs 2,157. The processing fee can go up to 2.50% of the loan amount. Bank of Baroda's interest rates vary between 11.05% and 18.75% per annum. The EMI for a Rs 5 lakh loan ranges from Rs 10,884 to Rs 12,902, and for Rs 1 lakh, from Rs 2,177 to Rs 2,580. The processing fee goes up to 2%, with a minimum of Rs 1,000 and a maximum of Rs 10,000.  

SpiceJet finalises lease agreement for 10 aircraft to boost capacity

Budget carrier SpiceJet on Thursday said it is planning to lease 10 aircraft to expand its fleet ahead of the busy summer season. In aviation, the summer schedule begins on the last Sunday in March and ends on the last Sunday in October.As on February 27, SpiceJet had a total of 33 operational aircraft and 22 grounded planes in its fleet, according to aviation analytics firm Cirium. The carrier is currently operating about 1,362 flights per week, which is 16 per cent fewer services than a year ago, Cirium's data stated. SpiceJet has been facing a cash crunch for the past several quarters. It is also dealing with multiple court cases regarding money owed to former owner Kalanithi Maran, financial services firm Credit Suisse, aircraft lessors, and engine lessors. On January 11, the beleaguered airline’s shareholders gave their approval to raise a total of Rs 2,241.5 crore through the issuance of equity and warrants -- Rs 1,591.5 crore by issuing equity to 58 entities and Rs 650 crore by issuing warrants on a preferential basis to five other entities. Aviation consultancy firm CAPA India had in December stated that SpiceJet's resurgence, once the new funding is in place, has the potential to disrupt the Indian aviation market in 2024 as the airline will bring its grounded aircraft back to service and lease as many planes as possible to be competitively relevant.On January 26, the first tranche of Rs 744 crore was infused in the airline. SpiceJet had on February 22 raised a second tranche of Rs 316 crore under the preferential issue of equity and warrants. SpiceJet’s Chief Operating Officer (COO) Arun Kashyap and Chief Commercial Officer (CCO) Shilpa Bhatia recently resigned from the airline. The carrier is cutting its workforce by about 15 per cent to reduce its costs.  

Meta sees big opportunity in gaming industry: MD Sandhya Devanathan

While gaming is among the top three verticals for the company globally, in India, social media, Reels, and influencers are leading drivers for gamers to discover and purchase new games, as found in a study by GWI commissioned by Meta.Sandhya Devanathan, Meta’s India managing director, believes that the gaming industry in India will be an important contributor for the country to reach its aim to be an $8 trillion economy. “Gaming will be a big part of the digital economy. While we aim to be an $8 trillion economy, a trillion dollars of that is going to come from the digital economy. We will be looking at about 641 million gamers projected, which is a big chunk of our population,” said Devanathan. She was speaking at Meta’s inaugural gaming summit in Mumbai. Devanathan also added that the gaming ecosystem, along with its brands, will be worth around $7.5 billion. The industry can create around 250,000 jobs by 2025. “These are pretty massive stats. If we continue to see the kind of growth in the economy — branching out to gaming — we can potentially even look at gaming being export-oriented for us,” she said. With a booming gaming ecosystem in India, Devanathan said that Meta wants to support and be a part of this ecosystem. “There is a lot of conversation on where our investments go? Almost 81 per cent of our investments are focused on enabling people, creators, and businesses on our platforms,” she added. According to a study by GWI, an audience research company, 90 per cent of gamers who discover new games on social media do so through Meta, with Reels playing a leading role in discovery. Arun Srinivas, director and head (India), ads business, Meta, told Business Standard that India is home to the second most downloads of games. “India sees over 15 billion downloads of games, which is second to China and also the fastest-growing market in terms of users. Looking at the way the economy is growing, we see hundreds of millions of potential gamers coming into the ecosystem. We have been a leading platform of discovery in both the casual and real-money gaming segments,” he said.  

Lok Sabha elections 2024: Congress releases second list of 43 candidates

The Congress on Tuesday announced its second list of 43 candidates for the Lok Sabha polls, fielding Kamal Nath's son Nakul Nath once again from Madhya Pradesh's Chhindwara and Ashok Gehlot's son Vaibhav from Rajasthan's Jalore.The party's deputy leader in the Lok Sabha Gaurav Gogoi has been fielded from Assam's Jorhat and Pradyut Bordoloi from Nagaon.Rahul Kaswan, who switched over from the BJP a few days ago, has been fielded from Churu in Rajasthan. The second list came a day after the Congress' central election committee, chaired by party chief Mallikarjun Kharge, met at the party headquarters here to finalise the candidates.In the meeting, discussions were held for more than 60 seats in the states of Gujarat, Rajasthan, Uttarakhand, Madhya Pradesh and Assam and the Union Territory of Daman and Diu. The seats announced on Tuesday include 13 from Assam, 10 from Madhya Pradesh, 10 from Rajasthan, seven from Gujarat and three from Uttarakhand, besides one from Daman and Diu, AICC general secretary K C Venugopal said at a press conference. Congress leaders Ajay Maken and Pawan Khera were also at the briefing.  

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Wheat inventories hit 7-year low at 9.7 MT after record state sale

Indian wheat inventories held in government warehouses dropped to 9.7 million metric tons, the lowest since 2017, after two straight years of low crops prompted the state to sell record volumes to boost domestic supplies and lower local prices.Wheat reserves in state stores totalled 9.7 million tons at the start of this month, down from 11.7 million tons in March 2022, the state-run Food Corporation of India said. Despite the tight supply, the government has resisted calls to encourage imports by cutting or removing the current 40% tax, or by directly buying from top suppliers such as Russia.   Instead, it has dipped into state reserves to sell wheat to bulk consumers, such as flour millers and biscuit-makers, to try to curb domestic prices that have been above the state-fixed minimum buying price since the last crop was harvested.   In June 2023, the government began selling wheat to private players, and by the end of last month, had sold more than 9 million tons, setting a record high, said a senior government official, who declined to be named.In 2020, India started offering free wheat to millions of Indians to stave off food shortages during pandemic lockdowns.   But lower wheat output in 2022 and 2023 meant inventories at state warehouses recovered more slowly than expected.   In 2022, India banned wheat exports after a surge in temperatures lowered output, even as export demand rose as the Russia-Ukraine conflict led to a global shortfall.   The ban failed to stop prices from rising, and trade and industry officials said last year's crop was lower than the government's estimates of a record 110.6 million tons.   In another sign of lower output, the government bought 26.2 million tons of wheat from local farmers last year, compared with its target of 34.15 million tons.To replenish stocks, the government can increase procurement from farmers or allow imports, said a New-Delhi based trader.   The trader, who declined to be named because he was not authorised to speak publicly, noted some states had already offered bonuses for wheat purchases. ALSO READ: Heavy rain, hail lower India's chance to reap rec  

FBI Reports 53 Percent Increase in Crypto Investment Scams and Issues Warning

The US Federal Bureau of Investigation (FBI) noted a notable increase in scams involving cryptocurrency investments in 2023. The FBI asserted in its most recent "Internet Crime Report 2023" that scams involving cryptocurrency investments increased by 53% in 2018. Investment scams involve con artists guiding prospective victims toward cryptocurrency investments and convincing them to purchase fictitious tokens, which ultimately returns all of the money to the con artists. The promises of large returns on investment used to lure victims of these scams. Scammers typically use social networking sites like Facebook, Twitter, and LinkedIn to look for possible victims. According to the FBI report, investment frauds involving cryptocurrency increased by 53 percent, from $2.57 billion (about Rs. 21,260 crore) in 2022 to $3.94 billion (about Rs. 32592 crore) in 2023. The majority of these scam victims were in the 30-to 49-year-old age range. On the other hand, elderly people were more likely to fall for tech support scams. Comparing figures from 2022, the FBI said it received 8,80,400 financial scam complaints last year with the amount of loss coming close to $12.5 billion (roughly Rs. 103428 crore). This marks a 10 percent and 22 percent rise in number of complaints and amount stolen compared to 2022.According to FBI data, in 2023, similar financial crimes were reported in 6,601 and 3,405 complaints from Canada and India, respectively, following the US. Cybercriminals appear to be stepping up their attempts to con members of the cryptocurrency community as the market gets closer to its previous all-time high capitalization of $3 trillion (about Rs. 2,48,20,350 crore). The FBI has issued a warning regarding the increasing number of these incidents from the previous year, but Scam Sniffer, a market research platform, has highlighted the scam situation for the cryptocurrency industry through 2024. According to its data, in February of this year, roughly 57,000 victims fell victim to crypto phishing scams that cost them about $47 million, or roughly Rs. 388 crore.

ICICI Prudential Mutual Fund launches ‘Sapno ki Kishte’ campaign for Womens Day

"The commercial draws attention to the financial difficulties that women encounter and stresses the significance of using SIP to secure one's future. In honor of International Women's Day, ICICI Prudential Mutual Fund is launching Sapno ki Kishte, a new campaign that follows a mother and her son on their journey. The ad portrays the woman's unwavering will to fulfill her son's ambition of getting a car despite her daily obstacles with a moving story. The ad emphasizes the significance of women being financially literate and safeguarding their futures by using the Systematic Investment Plan (SIP) path.  The campaign highlights women's tenacity and daily sacrifices while highlighting their critical role in influencing their families' goals and objectives. Viewers see a woman's everlasting fortitude and perseverance as the story progresses. Abhijit Shah, ICICI Prudential AMC's head of marketing for digital and client experience, emphasized the significance of the campaign in honoring and appreciating the accomplishments made by women. He said, ""We at ICICI Prudential Mutual Fund think that everyone should be able to reach their financial objectives, no matter what their situation. We hope to celebrate women's unwavering spirit and the way Mutual Funds provides a means for them to safeguard their families' futures through this campaign. The ad emphasizes the advantages of using mutual funds as an investment vehicle to achieve long-term objectives and provide financial security. ICICI Prudential Mutual Fund is still dedicated to helping people achieve financial independence. The company's many digital outlets, including Facebook, Instagram, and YouTube, will be used to reach a large audience for the campaign. The campaign highlights women's tenacity and daily sacrifices while highlighting their critical role in influencing their families' goals and objectives. Viewers see a woman's everlasting fortitude and perseverance as the story progresses. The ad emphasizes the advantages of using mutual funds as an investment vehicle to achieve long-term objectives and provide financial security. In order to support people on their path to financial independence, ICICI Prudential Mutual Fund continues to provide a broad choice of investment solutions that are geared towards meeting various needs."

India roils market with new crackdowns on booming IPO financing, gold

It’s been another heart-stopping week for financial firms caught up in India’s widening crackdown on the sector.Regulators are imposing new restrictions that may curb lending and put a damper on the booming market for initial public offerings, in order to keep risks in check. Shadow banks have become the latest target, after the Reserve Bank of India this week limited lending by firms including JM Financial Products Ltd. The measures come after the banking regulator barred an affiliate of fintech giant Paytm from accepting fresh deposits, while the capital markets watchdog urged mutual fund sellers to safeguard investors against excessive froth in small-cap stocks. More such moves may be on the cards as the RBI completes inspections of some major non-banks engaged in equity markets financing, according to people familiar with the regulator’s thinking. The central bank had set up a separate team of professionals for bank supervision, which has become more detailed and comprehensive, said the people, who asked not to be identified discussing private matters. “We expect more such steps in other parts of the credit funnel,” said Pranav Bhavsar of India Independent Insight, who publishes on Smartkarma. He said the recent crackdown and hit to some shadow bank stocks “is here to stay and possibly intensify.”More such moves may be on the cards as the RBI completes inspections of some major non-banks engaged in equity markets financing, according to people familiar with the regulator’s thinking. The central bank had set up a separate team of professionals for bank supervision, which has become more detailed and comprehensive, said the people, who asked not to be identified discussing private matters. “We expect more such steps in other parts of the credit funnel,” said Pranav Bhavsar of India Independent Insight, who publishes on Smartkarma. He said the recent crackdown and hit to some shadow bank stocks “is here to stay and possibly intensify.”In January, the Securities and Exchange Board of India Chairwoman Madhabi Puri Buch spoke about her concerns. “We are unhappy about some of the malpractices that we see,” she said, referring to mule accounts and inflation of IPO application numbers. “We now have the data and we will act.” Banks, shadow lenders and fintech players are all feeling the heat. JM Financial’s shares tumbled as much as 20% on Wednesday — the limit imposed by the exchange — and the biggest intraday slide in four years, dragging down other financial stocks. Shares in IIFL Finance Ltd., another shadow lender facing RBI scrutiny, plunged by the 20% limit in each of the last two sessions. Both stocks have since recovered some losses. Paytm is still down more than 40% since its banking affiliate was barred from adding deposits after people familiar with the matter said it failed to properly vet hundreds of thousands of clients.“More instances of such actions could create an overhang” on shadow bank stocks, Morgan Stanley analysts wrote in a report.  

Tech Giants Drag Down US Stocks After Torrid Rally: Markets Wrap

(Bloomberg) -- Stocks came under pressure as a trio of tech heavyweights slid, with traders wading through mixed economic data in the run-up to Jerome Powell’s testimony to Congress.Equities lost traction after a rally that has spurred concern about sky-high valuations — especially in megacaps, leaving the group vulnerable to big moves in the face of bad news. Apple Inc.’s iPhone woes in China deepened, while Advanced Micro Devices Inc. hit a US roadblock in selling an artificial-intelligence chip to the Asian nation. And Tesla Inc. extended its rout as China shipments slumped.Bullish positioning in US technology stocks is at the highest in three years — raising the risk of a pullback, according to Citigroup Inc.’s Chris Montagu. Long positioning in Nasdaq 100 futures is “extremely extended," he said. “Trees don’t grow to the sky," said Kenny Polcari at SlateStone Wealth. “What is starting to concern some investors is whether or not some of these tech companies that have gotten stretched can in fact live up to the ‘lofty valuations’ that investors have placed on them." Wall Street also weighed data showing the US service sector cooled — even as orders and business activity picked up. Caution prevailed, with Powell heading to Capitol Hill for his semiannual testimony before Congress, where the Federal Reserve chief is expected to reiterate the lack of urgency to cut rates. The S&P 500 fell below 5,100, while the Nasdaq 100 dropped almost 2%. All megacaps fell, with Tesla extending a two-day slide to 11% and Apple dropping to the lowest since October. Treasury 10-year yields slid six basis points to 4.15%. In the latest sign of market exuberance, Bitcoin hit a record before erasing gains. Gold also reached an all-time high. Never miss an episode. Follow the Big Take podcast on iHeart, Apple Podcasts, Spotify or wherever you listen. Read the transcript.The “Magnificent Seven" — comprising Apple, Microsoft Corp., Nvidia Inc., Amazon.com Inc., Meta Platforms Inc., Alphabet Inc. and Tesla — have powered the S&P 500 to all-time peaks this year, partly fueled by the AI frenzy. The rally has left strategists scrambling to lift their 2024 targets — while raising questions on whether tech is seeing a boom or a bubble.To JPMorgan Chase & Co.’s Marko Kolanovic, the dramatic rally in US equities and Bitcoin signals accumulating froth — conditions that typically precede a bubble when asset prices rise at an unsustainable pace. Meanwhile, David Kostin at Goldman Sachs Group Inc. is among those who argue big tech’s lofty valuations are supported by fundamentals.The so-called Magnificent Seven saw its average earnings per share rise 55% in the fourth quarter compared to a year ago, according to data compiled by Bloomberg. Most of that group helped drive the Nasdaq 100 to its fourth consecutive monthly gain. “The AI craze is a modern gold rush, and the tech ‘picks and shovels companies’ are seeing earnings explode as companies buy chips and cloud space to fuel the boom," said Tom Essaye, founder of The Sevens Report. “But if AI doesn’t result in increased profitability for the rest of the S&P 500 over the coming years, then demand for AI chips will evaporate as will AI-related cloud demand." With generative AI set to be the growth theme of the decade, UBS’s Chief Investment Office continues to believe that US tech stocks should make up a substantial portion of investors’ equity allocations. However, the firm says investors with excessive exposure should consider broadening tech exposure to capture the next growth opportunities.  

Bonus shares, stock split: Capri Global Capital shares to trade ex-split and ex-bonus in stock market today

Varun Beverages Ltd, PepsiCo's largest franchise bottler, on Monday reported a consolidated net profit of ₹132 crore for the fourth quarter ended December 2023, up 77% year-on-year, helped by growth in revenue and improved profit margins. The Board of Directors of the company has declared a stock split and a bonus issue for the eligible shareholders. The company has declared a stock split in the ratio of 1: 2 that means from one ₹2 per equity share into two equity shares of ₹1 each, and a bonus issue in the ratio of 1:1.The record date to ascertain the eligibility of shareholders for the stock split and the bonus issue has been fixed on March 05. In a stock exchange filing, Capri Global Capital Limited said: “The Board of directors at its meeting held on January 27 has approved sub-division of one equity share of the face value of Rs. 2 each fully paid-up into two equity shares of the face value of Re. 1 each fully paid-up." “Company board also approved 1:1 bonus issue i.e one new fully paid-up bonus equity share of face value of Re.1 each for every one fully paid-up equity share of face value of Re.1," the filing said. Shares of Capri Global Capital Limited will trade ex-split and ex-bonus on Tuesday.The company board also approved issuance of non-convertible debentures (NCDs) through public issue/private placement for an amount up to ₹500 crore in tranches, said the filing.For the Q3 FY24, the company had reported net profit of ₹68 crore, up 81.7 per cent Y-o-Y from the net profit of ₹37.4 crore in Q3 FY23. Its asset under management (AUM) rose 54.4 per cent to ₹13,362.1 crore in Q3 FY24 from ₹8,654.5 crore in Q3 FY23.Capri Global Capital Limited is a diversified NBFC with a presence across diverse and high growth segments such as MSME, affordable housing, construction finance segments, and car loan distribution.  

Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 4

The Indian stock market indices, Sensex and Nifty 50, are expected to open flat amid positive global cues.The trends on Gift Nifty indicate a flat-to-positive start for the Indian benchmark index. The Gift Nifty was trading around 22,510 level. The domestic equity indices hit record highs on March 2 and ended the day marginally higher.The Sensex gained 60.80 points, or 0.08%, to close at 73,806.15, while the Nifty 50 settled 39.65 points, or 0.18%, higher at 22,378.40. “The Nifty is resuming its bullish momentum after a period of two months of consolidation. 22,500 is an immediate target level, while 22,750 is the next target level. Banknifty is gaining momentum and is likely to outperform from here. 47,500 is an immediate hurdle; above this, we can expect a move towards 48,000 / 48,800 levels," said  Santosh Meena, Head of Research, Swastika Investmart Ltd.The Nifty 50 index surpassed the 22,400 mark for the first time on March 2. The index, however, closed marginally higher at 22,378. “The Nifty began on a positive note but struggled to withstand the selling pressure at higher levels, ultimately closing at the day's lowest point. Although the overall sentiment remains positive, the index must surpass the 22,400 mark to trigger a new rally. A decisive breakthrough above 22,400 could propel the index towards 22,600," said Rupak De, Senior Technical Analyst, LKP Securities.On the downside, support is situated at 22,250 - 22,200, he added. “Bank Nifty remained range-bound throughout the day with low participation. Nevertheless, the overall sentiment remains positive as long as it stays above 42,000. A decisive breakthrough above 47,500 could potentially propel the index towards 48,200," De said.According to him, support is identified at 47,000 on the downside.The Bank Nifty rose 11 points to close at 47,298 on Saturday.  

Stocks to Watch: Reliance Industries, JSW Steel, Zee, Trent, Vodafone Idea

The consolidation of Walt Disney's and Reliance's media assets in India, valued at $8.5 billion, could trigger rigorous antitrust examination due to their combined market influence. Legal experts are raising red flags about the merged entity's robust cricket broadcasting rights portfolio and its potential effects on advertisers. The merger would position Disney-Reliance as India's top television entity with 120 channels, significantly ahead of its nearest competitor, Zee, which has 50 channels. Analysts predict that the majority stakeholder, Mukesh Ambani's Reliance, will command a 35% share of India's television viewership. India's anti-trust watchdog is expected to scrutinize the overall television landscape closely, with particular attention to cricket rights, as they assess the market share and power of the newly formed entity. The Sajjan Jindal-led steelmaker announced on Friday that it intends to invest €143 million (approximately ₹1,282 crore) to aid the revival of its steel mill in Piombino, Italy. The company announced in a press release that its subsidiary, JSW Steel Italy SRL, has signed a Memorandum of Understanding (MoU) with Italian authorities for the site’s relaunch, adding that the investment will be utilized to double its current rail production capacity from 300,000 tonnes to 600,000 tonnes per annum. Sajjan Jindal, chairman of JSW Group, said, “The €143 million investment will modernize the rail mill at Piombino."Culver Max, the Indian arm of Sony Group, has contested the validity of Zee Entertainment's appeal for merger enforcement at the National Company Law Tribunal (NCLT) in Mumbai. The NCLT is set to consider Sony's appeal and other related applications in the Sony-Zee merger case on March 12, reported CNBC-TV18. Following Sony's appeal, the Mumbai division of the NCLT has served a notice to Zee, requesting a reply. This event coincides with reports that the Sony Group has officially retracted its documents submitted to the NCLT for the proposed business merger with Zee Entertainment Enterprises Ltd (ZEEL).The telecom company’s plan to secure an additional ₹25,000 crore through debt financing is not likely to induce financial strain, as the company has significantly reduced its bank exposure by nearly ₹35,000 crore over the past two-and-a-half years and enhanced its operational performance, senior company sources said. The comany is relying on this funding to address its 4G coverage shortfalls and curb customer attrition. Vi’s current bank debt has fallen below ₹4,500 crore, which is believed to have prompted lenders to contemplate providing new loans to the telecom company.Tata group company Trent's fashion-focussed department store Westside has plans to inaugurate 20 to 30 new stores in the upcoming fiscal year and enhance its e-commerce operations over the next year, according to a senior executive at the retailer. “Our store expansion continues at the same pace. We plan to open an equal number of stores next year as we did this year. We aim to expand our footprint in northern and northeastern India," said Shailina Parti, the Chief Operating Officer at Westside, Trent Ltd. By the end of the December quarter of FY24, the retailer had increased its reach to 227 stores across 89 cities.  

EV charger stock Servotech Power Systems near life-time high after receiving IOC order. Details here

 EV charging solution company Servotech Power Systems Ltd has been hitting headlines for receiving orders from oil PSUs these days. After receiving around ₹102 crore order from Hindustan Petroleum Ltd (HPCL), the energy company has today declared that it has received another order worth ₹111 crore from the Indian Oil Corporation (IOC) Limited.  As the EV charger company shared this news in an exchange filing today, the shares of Servotech Power Systems Ltd attracted buying attention from investors. Servotech Power Systems shares ascended to an intraday high of ₹103 apiece on NSE, logging a nearly 3.50 percent rise in Friday's session. While ascending to this intraday high, the energy stock came close to its existing life-time high of ₹108.70 per share. Informing Indian stock market exchanges about the ₹111 crore IOC order, Servotech Power Systems Ltd said, "With reference to the captioned subject, we are enclosing herewith a Press Release with respect to “Company has bagged an order of 1400 DC fast EV chargers from Indian Oil Corporation Limited (IOCL) and other EV charger OEMs." In a press release attached to the exchange filing Servotech Power Systems Ltd said, “Servotech Power Systems Ltd has bagged an order of 1400 DC fast EV chargers from Indian Oil Corporation Limited (IOCL) and other EV charger OEMs. The total order is valued at 111 crores and involves two charger variants of 60 kW and 120 kW. The order secured by IOCL involves Servotech manufacturing, supplying and installing DC EV chargers nationwide, prioritizing deployment at Indian Oil petrol pumps and other said locations.""Additionally, Servotech will also manufacture and supply the rest of the chargers to EV charger OEMs. This move is seen as an important step as it will promote decarbonized mobility and cater to the evolving needs of the EV charging infrastructure," the EV charger company added. Shares of Servotech Power Systems Ltd had witnessed strong buying around a week ago when it declared an HPCL order worth ₹102 crore. The energy company had informed Indian exchanges about bagging a significant order for nearly 1500 DC fast EV chargers from Hindustan Petroleum Corporation Limited (HPCL) and other EV charger OEMs. Before HPCL, Servotech Power System Ltd had received 1800 DC EV chargers' orders from BPCL. The total number of EV charger orders from oil marketing companies and EV charger OEMs stands at 4700 units.