Monthly Archives: June 2024
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Movers & Shakers: Stocks that will see action this week
Bank of India (₹125.8)
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Power Grid has moved up sharply. What should investors do now?
The Indian power sector has been in the spotlight with surging electricity demand, a governmental drive towards renewable energy transition, and higher capex outlay in power generation and transmission space. Power transmission PSU, the Power Grid Corporation of India (PGCIL) has been a key beneficiary, with its stock having surged by around 190 per cent (300 per cent if dividends are included) in the last five years.
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SEBI issues warning to JM Financial over NCD issuances
JM Financial Ltd (JMFL) on Saturday said it had received an administrative warning letter from SEBI. This warning pertains to the company’s role as a Merchant Banker in relation to certain past public issuances of non-convertible debentures (NCDs)
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Ambuja Cements continues with southward March
Consolidation in the cement industry continues, with Adani-owned Ambuja Cements announcing a 100 per cent acquisition of Hyderabad-based Penna Cements Industries Limited (PCIL) for an Enterprise value of ₹10,422 crore. With an operational and to be commercialised capacity of 14 million tonnes per annum (mtpa), the PCIL deal is valued at $89 per tonne, which is marginally below the replacement cost of $90-100 per tonne for similar capacities. Ambuja can increase its Southern market share with the deal, which can be value-accretive if the expansion pans out.
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Four more months at most? Rakuten Bank: The Bank of Japan may raise interest rates in October at the latest!
Rakuten Bank Ltd. expects the Bank of Japan to raise interest rates again later this year, a move that could boost the Japanese online finance company\’s profits.
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Hyundai Motor\’s global sales in May increased 1.9% year-on-year
Hyundai Motor Co., South Korea\’s largest automaker, said on Monday that its global sales in May increased 1.9% year-on-year to 356,223 vehicles thanks to stable overseas sales.
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Microsoft will invest $3.2 billion in Sweden to strengthen AI and cloud service facilities
Sina Technology News on the afternoon of June 3rd, Beijing time, Microsoft plans to invest US$3.2 billion in artificial intelligence AI and cloud service facilities in Sweden, which is its largest infrastructure investment in the history of this Nordic country.
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Fed official: Fed will remain on hold for longer period
Minneapolis Fed President Neel Kashkari said the Fed may keep interest rates unchanged for an extended period until new economic data convinces policymakers that inflation is falling.
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Musk: Will spend at least $9 billion to purchase 300,000 Nvidia AI chips
Tesla CEO Elon Musk said earlier today that his artificial intelligence startup xAI will spend at least US$9 billion to purchase 300,000 Nvidia B200 AI chips
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Boeing ordered to pay $72 million for allegedly stealing trade secrets about electric aircraft
According to reports, a federal jury in Seattle, USA, ruled last Thursday requiring Boeing to pay $72 million to electric aircraft startup Zunum Aero for allegedly stealing the latter’s trade secrets.