BUSINESS
With India’s market cap to GDP ratio climbing to 1.2, valuations getting stretched
The market construct has turned clearly bullish aided by favourable global and domestic clues. A significant trend in the market is the comeback of Bank Nifty.
Real Estate Shares Reach Near 15-Year High Multiples
Despite the sector nearing the peak multiples of 2021, there's potential for upgrades in pre-sales estimates in the latter half of the year due to a favorable response from customers.
Central Bank Estimates War with Hamas to Cost Israel $53 Billion
The breakdown of the projected cost includes around 107 billion shekels for defense expenditures, 22 billion shekels for damage compensation, and 25 billion shekels for other civilian expenditures.
Gautam Adani Reclaims Spot Among World's Top 20 Billionaires
Adani's fortune experienced a remarkable upswing, soaring by over $6 billion during the surge in Adani Group stocks. The positive momentum persisted into the second day, with the majority of Adani Group companies showing gains on Wednesday.
Government to Initiate Historic Auction of Critical Mineral Blocks for Mining on November 29th
Critical and strategic minerals constitute indispensable components in the production of cutting-edge electronics, electric vehicles, renewable energy devices, defense systems, telecommunications, and the establishment of gigafactories. Traditionally fulfilled through imports, the current scenario sees China holding a near-monopoly in the critical minerals domain.
Binance Founder Restricted to US Stay Prior to Sentencing
Zhao's legal team argued for his freedom to travel, emphasizing that he willingly came to the US for his guilty plea. In a briefing, they highlighted his voluntary cooperation, countering the government's push for detainment. Notably, the government acknowledged the unusual nature of allowing a billionaire defendant, who has admitted guilt and faces potential prison time, to remain free.
BharatPe Achieves Profitability Milestone with Positive EBIDTA
The company's unwavering focus on streamlining expenses has played a pivotal role in its financial turnaround. BharatPe has effectively reduced its monthly cash burn from an average of Rs 60 crore in 2022-23 to a sustainable level, paving the way for a positive EBIDTA (Earnings Before Interest, Taxes, Depreciation, and Amortization).
Foxconn Commits $1.5 Billion Investment in India for Apple iPhone Production Expansion
Through an official stock exchange filing, Foxconn revealed that this investment will be utilized to fulfill "operational needs." While specific details regarding the allocation of funds remain undisclosed, this move signals Foxconn's commitment to expanding its manufacturing presence in India.
India's Economic Growth Projected to Reach 6.4% in FY'24: S&P
This revised forecast is marginally higher than the estimates of other international agencies, including the IMF, World Bank, ADB, and Fitch, which collectively project India's GDP to expand by 6.3% in the current fiscal year.
Adani Group Shares Soar Following Supreme Court Proceedings in Adani-Hindenburg Case
The Supreme Court emphasized that the Securities Exchange Board of India (SEBI) should not solely rely on media reports for its findings. The Chief Justice of India expressed dissatisfaction with the petitioners using information from entities like the Organized Crime and Corruption Reporting Project and Hindenburg Research.
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