Category: Market

Bank of India Q4 net profit grows 7%, declares dividend of ₹2.80 per share

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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State-owned Bank of India on Friday (May 10) reported a 7% year-on-year (YoY) increase in net profit at ₹1,439 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter, Bank of India posted a net profit of ₹1,350 crore, the lender said in a regulatory filing.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased by 7%, coming at ₹5,937 crore against ₹5,523 crore in the corresponding quarter of FY23.

Bank of India’s net interest margin (NIM) at a global level witnessed a decline, standing at 2.92% in Q4 of FY24, compared to 3.15% in Q4 of FY23. It was 2.85% in Q3 of FY24. Similarly, the NIM for the domestic segment also experienced a decrease, registering at 3.30% in Q4 of FY24, down from 3.59% in Q4 of FY23, but up from 3.21% in Q3 of FY24.

Also Read: L&T declares final dividend of ₹28 per share with Q4 net profit beating estimates

The global return on assets (RoA) dipped slightly to 0.61% in Q4 of FY24 from 0.63% in Q4 of FY23. The cost to income ratio at the global level rose to 53.73% in Q4 of FY24, compared to 51.48% in Q4 of FY23.

Bank of India’s yield on advances at a global level improved by 52 basis points (bps) year-on-year (YoY), reaching 8.47% in Q4 of FY24, up from 7.95% in Q4 of FY23. However, the cost of deposits witnessed a notable increase, standing at 4.71% in Q4 of FY24, compared to 3.91% in Q4 of FY23.

The bank’s global business increased by 11.65% year-on-year from ₹11,85,438 crore in March 2023 to ₹13,23,515 crore in March 24. Global deposits increased by 10.21% year-on-year from ₹ 6,69,586 crore in March 2023 to ₹7,37,920 crore in March 24. Global advances increased by 13.52% year-on-year from ₹5,15,852 crore in March 2023 to ₹5,85,595 crore in March 2024.

Also Read: Novartis India announces dividend of ₹25 per share, net profit slides 41% in Q4

The board has recommended a dividend of ₹2.80 (i.e. 28%) per equity share  of face value of ₹10 each for the FY2023-24 subject to the approval of shareholders. Shares of Bank of India Ltd ended at ₹138.85, down by ₹0.15, or 0.11%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Pizza Hut India operator posts biggest profit drop yet on slow demand, piling costs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sapphire Foods India, which operates the Pizza Hut and KFC chains of restaurants, posted its biggest profit fall since listing and missed estimates on Friday, as inflation-weary customers continued to cut back on dining out and ordering in.

The Yum Brands franchisee’s consolidated net profit fell 98% to 23.9 million Indian rupees ($286,271.4) for the quarter ended March 31, marking its fourth straight quarterly profit fall.

Analysts, on average, had expected a profit of ₹44.5 million, according to LSEG data.

Also Read: Tata Motors Q4 net profit surges to ₹17,407 crore; to pay ₹6 dividend

Shares of the company, which went public in November 2021, fell as much as 3.3% after the results.

India’s quick-service restaurants struggled throughout the fiscal year to lure in customers, who cut back spending due to sticky inflation. The country’s food inflation, which accounts for nearly half of the overall consumer price basket, has remained high so far this year.

Sapphire Foods’s restaurants launched new items at lower prices, as well as valued-added meals such as Pizza Hut’s launch of a cheesy pizza-sandwich meal called Melts priced at ₹259 and above, but customers could not be swayed.

Also Read: Novartis India announces dividend of ₹25 per share, net profit slides 41% in Q4

Expenses rose 15% as raw material prices climbed 9.4%. Revenue climbed 12.7% to ₹6.2 billion.

Rival McDonald’s India franchisee Westlife also posted a 96% slide in fourth-quarter profit on frail demand.

Devyani International, which also operates KFC outlets in the country, and Domino’s India-franchisee Jubilant FoodWorks are yet to report results.

Also Read: ABB India beats the Street as net profit zooms 88% in first quarter

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Anuj Kumar of CAMS predicts 17-18% revenue growth in FY25; shares rise over 5% after strong Q4 results

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Leading transfer agent for mutual funds, the Computer Age Management Services Ltd shares gained more than 5% on Friday after the company projected up to 18% revenue guidance for FY25 following strong Q4 results.

Anuj Kumar, the Managing Director of CAMS, articulated the company’s ambitious growth targets for the fiscal year 2024-2025 (FY25) in a conversation with CNBC-TV18. Outlining the key growth strategies and performance projections Kumar predicted a 17-18% growth in revenue in the current fiscal.

Kumar said that the company made significant investments in building platforms for non-mutual fund businesses. He added that now CAMS was in the go-to-market stage, signing up new customers and scaling volumes, which is expected to be margin accretive as the buildout costs of platforms have slowed down.

“So, overall, this will be margin accretive as the buildout cost of platforms has kind of slowed down. That buildout happened in FY 22, 23 and 24, and now we will enjoy the benefits of scaling revenue in the same,” Kumar said.

He highlighted the sustained performance of the company in the fourth quarter citing a remarkable 52% growth in revenue for the non-mutual funds sector. “If I keep out the acquisition of Think 360 on a constant basis, they grew 38%,” he said.

Looking ahead to FY25, Kumar expressed confidence in achieving a high teens growth rate in revenue, with a similar profile anticipated in profits. He said that the non-mutual fund business is poised to enhance margins.

According to Kumar, the mutual fund business is expected to grow by 15% and the non-mutual fund segment is expected to grow by over 20% in FY25.

Moreover, Kumar also highlighted CAMS’ strategic focus on exploring inorganic opportunities, particularly in the insurance or alternative space. He said currently, there is no explicit directive for the demat of insurance policies. But there exists clear guidance on the issuance of digital policies, which can include placing them in the Digilocker or simply sending them as PDFs via email.

In terms of financial performance, Kumar articulated the company’s commitment to continual improvement, aiming for a notable 100 basis points enhancement in EBITDA margin on an annual basis going forward.

In its quarterly earnings report released on Thursday, the leading registrar and transfer agent for mutual funds reported a 38.5% growth in net profit at ₹103 crore in the March quarter against ₹74.36 crore in the year-ago period. The surge in profit was driven by strong performance across segments.

The company’s revenue grew 24.6% year-on-year to ₹310.46 crore in Q4FY24 against ₹249.24 crore a year ago.

Shares of CAMS settled 4% higher at ₹3,220 apiece, on the NSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ABB India beats the Street as net profit zooms 88% in first quarter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Electrification and automation major ABB India Ltd on Friday (May 10) reported an 87.6% year-on-year (YoY) jump in net profit at ₹459.3 crore for the first quarter that ended March 31, 2024, on strong growth momentum in orders with a healthy mix of short and long-term opportunities.

The company follows the January to December financial year.

In the corresponding quarter, ABB India posted a net profit of ₹245 crore, the company said in a regulatory filing. CNBC-TV18 poll had predicted a profit of ₹333 crore for the quarter under review.

The company’s revenue from operations increased 27.8% to ₹3,080.4 crore against ₹2,411 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted revenue of ₹2,880 crore for the quarter under review.

Also Read: IRB Infrastructure Q4 Results | Net profit surges 45%, dividend declared

At the operating level, EBITDA jumped 98.1% to ₹565.2 crore in the first quarter of this fiscal over ₹285 crore in the corresponding period in the previous fiscal. CNBC-TV18 poll had predicted an EBITDA of ₹404 crore for the quarter under review.

The EBITDA margin stood at 18.4% in the reporting quarter compared to 11.8% in the year-ago period. EBITDA is earnings before interest, tax, depreciation, and amortisation. CNBC-TV18 poll had predicted a margin of 14% for the quarter under review.

Total orders surged to ₹3,607 crore, the highest for the first quarter in the last five years. From the market point of view, the strongest growth was witnessed in data centres, smart buildings, expansion in tier-2 and tier-3 cities, energy and logistics.

The company’s cash position continues to remain robust at ₹5,036 crore at the end of Q1 2024 against ₹3,942 crore in Q1 of calendar year 2023.

Also Read: L&T declares final dividend of ₹28 per share with Q4 net profit beating estimates

“The increased demand for technologically superior solutions, coupled with the government’s capital expenditure focus on new-age themes such as energy efficiency, decarbonisation, and digitalization, has significantly driven our order momentum,” ABB India said.

The results came after the close of the market hours. Shares of ABB India Ltd ended at ₹7,182.15, up by ₹193.05, or 2.76%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

This brokerage advises investors to buy gold in SIP mode during every dip

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As gold prices continue their upward trajectory, Religare Broking suggested that investors could seize the opportunity to accumulate gold through systematic investment plans (SIPs), particularly during market dips.

The brokerage advised investors to consider initiating SIPs as long as gold prices maintain above ₹68,500 per 10 grams.

Religare has set an initial upside target of ₹74,000 per 10 grams, followed by ₹78,000 per 10 grams levels. However, the brokerage warns that a decisive break below the previous swing low of ₹65,200 per 10 grams could disrupt the trend.

“This could potentially lead gold to retest the range of ₹63,300 to ₹63,800 per 10 grams,” Religare Brokerage said.

The recommendation comes against the backdrop of rising gold rates, with the precious metal seeing gains of approximately 15% in domestic bourses in 2023. The market dynamics driving this surge include a blend of geopolitical tensions, central bank manoeuvres, fluctuations in the dollar index, and shifts in US yields.

MCX gold surged by 12.50% in the past calendar year, slightly outpacing spot Comex gold, which stood at 12.20%.

Notably, central banks worldwide have increased their gold purchases, acquiring 1,037 tonnes in 2023, falling just shy of the record set in 2022, which stood at 1,082 tonnes.

Religare Broking pointed out that following a robust performance last year, gold has registered an approximate 12.50% gain on domestic exchanges thus far. Analysing the daily chart, prices are currently consolidating after a sharp rise, with ₹70,000 per 10 grams acting as a pivotal level.

Although buyers are cautious during this consolidation phase, Religare Broking has suggested that a slight dip towards the 50 SMA at ₹68,500 per 10 grams could present a favourable buying opportunity for the next leg of upward momentum.

On May 10 (Friday), Akshaya Tritiya day, gold prices increased, fuelled by weak US jobs data and a falling dollar. At the MCX, prices soared over ₹1,000 to reach ₹72,700 per 10 grams.

This surge follows a ₹2,700 per 10 grams rise within a week.

Comex Gold saw a rise of more than $28 at $2,375 per ounce, marking a strong move of $75 per ounce in one week, according to Jateen Trivedi, VP Research Analyst — Commodity and Currency at LKP Securities.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Novartis India announces dividend of ₹25 per share, net profit slides 41% in Q4

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Drug firm Novartis India Ltd on Friday reported a 41.6% year-on-year (YoY) decline in net profit at ₹14.6 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter last fiscal, Novartis India posted a net profit of ₹25 crore, the company said in a regulatory filing. The company’s revenue from operations increased 6.7% to ₹81.2 crore against ₹76.1 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA grew 21.7% to ₹11.2 crore in the fourth quarter of this fiscal over ₹9.2 crore in the year-ago period.

Also Read: Tata Power Q4 Results | Net profit jumps 15% to ₹895 crore, declares dividend of ₹2

The EBITDA margin stood at 13.8% in the reporting quarter versus 12.1% in the fourth quarter of FY23. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The board has recommended a final dividend of ₹25 per equity share (of the face value of ₹5 each) for the financial year ending March 31, 2024, subject to the approval of the shareholders of the company. The final dividend, if passed, will be paid on or after August 5, 2024.

The results came after the close of the market hours. Shares of Novartis India Ltd ended at ₹1,066.20, up by ₹12.40, or 1.18%, on the BSE.

Also Read: IRB Infrastructure Q4 Results | Net profit surges 45%, dividend declared

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

This railway PSU stock has erased nearly all gains in a month, what’s next?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of state-run Rail Vikas Nigam Ltd. (RVNL) clocked flat returns in the last one month, gaining just 0.54%. The stock has fallen 7% in two consecutive sessions and is down 27% from its all-time high price of ₹345.50, a level seen earlier on January 23, 2024.

The drop in RVNL’s share price comes despite a ₹167.28-crore order win by the state-run company. The railway public sector undertaking (PSU) has received an order from South Eastern Railway to meet 3000 MT loading target.

The scope of the project involves Design, Supply, Erection, Testing and Commissioning for upgradation of Electric traction system for Rajkharsawan Nayagarh Bolani section of Chakradharpur division of South Eastern Railway.

The said project will be executed within a period of 18 months.

RVNL will announce its fourth-quarter (Q4 FY24) earnings next week on May 15.

“For the last three months the stock price of RVN) is trading in consolidation phase and investor are looking for its quarterly result,” said Rajesh Sinha, Senior Research Analyst at Bonanza Portfolio.

Sinha recommended investors to remain invested in RVNL and take a call once the quarterly results are out.

On technical setup, Prashanth Tapse of Mehta Equities said the stock is trading well above its major support mark of 250 on its daily time frame charts.

“With the RSI (14) around 45, the stock indicates slightly oversold conditions, making it appear to be a good buy with a strict stop loss of 250 for potential upside targets of 290 and 295. Volumes in Friday’s session were nearly 50% of its average (30-day) traded volume, which also indicates some momentum drying away on the stock,” Tapse said.

Shares of RVNL ended Friday’s trading session up 0.21% at ₹261.60.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tata Motors Q4 net profit surges to ₹17,407 crore; to pay ₹6 dividend

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tata Motors reported a sharp jump in its fourth-quarter net profit at ₹17,407 crore on Friday, May 10, which was also aided by a tax credit of ₹8,159 crore. The Tata Group auto major posted a net profit of ₹5,400 crore in Q4FY23.

Tata Motor’s revenue for the January-March quarter of the financial year 2023–24 rose to ₹1.20 lakh crore, rising more than 14% from ₹1.05 lakh crore in Q3FY23.

Tata Motor’s EBITDA or earnings before interest, taxes, depreciation, and amortisation jumped to ₹17,035 crore, rising 33% on a year-on-year (YoY) basis, from ₹12,810 crore in Q3FY23. The EBITDA came in below a CNBC-TV18 poll, which estimated it at ₹17,712 crore.

The Nexon-maker’s margin for the quarter rose 210 basis points (bps) YoY to 14.2%. The margin also missed the CNBC-TV18 poll estimate of 14.7%.

What Tata Motors management said on financial results

Tata Motors management said it has delivered its highest-ever revenues, profits, and free cash flows and its India business is now debt-free.

“It is pleasing to report the FY24 results during which Tata Motors Group delivered its highest-ever revenues, profits, and free cash flows. The India business is now debt-free, and we are on track to become net automotive debt-free on a consolidated basis in FY25. The businesses are executing well on their distinct strategies and therefore, we are confident of sustaining this strong performance in the coming years,” PB Balaji, Group Chief Financial Officer, Tata Motors, said in the exchange filing.

Looking ahead, Tata Motors management sounded cautious, saying that the first half of the year could be relatively weaker but that it expects resilient demand in its premium luxury segment.

“We remain cautiously optimistic on domestic demand over the full year and expect H1 to be relatively weaker. The premium luxury segment demand is likely to remain resilient despite emerging concerns on overall demand. Despite this, we are confident of delivering a strong performance in FY25,” the filing added.

Tata Motors dividend amount and record date

Tata Motors also announced a dividend of ₹6 per share for its shareholders for FY24, which translates to 300% per equity share against a face value of ₹2.

“We would like to inform that the Board of Directors at its Meeting held today has recommended declaration of final dividend of ₹6.00 per Ordinary Share of ₹2 each (@ 300%) (₹3.00 normal dividend and ₹3.00 special dividend) and ₹ 6.20 per ‘A’ Ordinary Share of ₹2 each (@ 310%) (₹3.10 normal dividend and ₹3.10 special dividend) for the financial year ended March 31, 2024. The dividend, if declared at the AGM, shall be paid to the eligible shareholders on or before June 28, 2024,” the company informed in its exchange filing.

JLR Q4 results

Tata Motors’ premium luxury segment vertical Jaguar Land Rover’s (JLR) revenue surged 10.7% to £7,860 million in Q4FY24. JLR’s revenue in Q4FY23 stood at £7,102 million. Revenues for FY24 were £29.0 billion – JLR’s highest-ever full-year revenue and up 27% compared to the prior year, the filing said.

Commenting on JLR Q4 results, Adrian Mardell, CEO, said, “We have delivered a record financial performance for the company, generating free cashflow of £2.3 billion, enabling us to reduce net debt to £0.7 billion. The foundation of this performance was the sustained global demand for our modern luxury vehicles, led by our Range Rover and Defender brands, underpinned by a consistent focus on operational improvement. We are entering the next exciting phase of our Reimagine strategy which will see us bring to life our modern luxury electric vehicles and deliver an accompanying modern luxury experience for our clients, ensuring we continue to vigorously address the challenges we have encountered in 2024.”

Tata Motors share price performance

Tata Motors share price settled at ₹1,047 on the NSE, up 1.6%. So far this year, Tata Motors stock price has surged more than 33%. The stock is the second best performer on the Nifty 50.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Suryoday SFB expects 30-35% asset growth, 40% growth in deposits in FY25

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Suryoday Small Finance Bank (SFB) is expecting its assets to grow at least 30% in the financial year 2025, and it is also confident about a 40% growth in deposits in the same year.

In an exclusive interview with CNBC-TV18, SFB Managing Director & CEO Baskar Babu Ramachandran said that he is confident of the bank’s performance, anticipating a substantial asset growth of 30-35% alongside 40% increase in deposits for the upcoming financial year.

However, Ramachandran also mentioned a slight moderation in net interest margins (NIMs), projecting a shift from the current 10-10.5% range to approximately 10%. This adjustment, he explained, is part of the bank’s strategy to transition from unsecured loans to more secured lending practices.

The SFB chief outlined the bank’s target for the current account savings account (CASA) ratio, saying that it is aiming for this to comprise 23-25% of total deposits by the end of the fiscal year.

Also Read | Suryoday SFB Q4 Update: Gross advances up 41%, total deposits jump 50%

Addressing concerns over credit quality, he assured stakeholders that the bank is well-prepared, estimating credit costs to remain at a manageable 2% for FY25.

Ramachandran emphasised that the bank’s capital adequacy stands at a comfortable level, indicating that they are not currently considering a capital raise.

On Thursday, May 9, Suryoday SFB announced a 56.3% increase in net profit, amounting to ₹60.8 crore for the fourth quarter ending on March 31, 2024. According to a regulatory filing, this marks a significant rise from the ₹38.9 crore net profit reported in the same quarter last year.

The current market capitalisation of the company is ₹2,192 crore.

For more, watch the accompanying video

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market at Close | Sensex and Nifty log worst week in seven, ended about 2% lower

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a day marked by volatility, the equity benchmark indices Sensex and Nifty managed to maintain their range on Friday (May 10), with the Nifty holding on to the crucial 22,000 level while the Sensex made modest gains.

The 30-share BSE Sensex rose 248.45 points or 0.34% to settle at 72,652.62. The NSE Nifty rises 97.70 points or 0.44% to finish at 22,055.20. The Midcap stocks emerged as relative outperformers, with the Midcap Index registering a notable 1% uptick compared to the Nifty’s 0.4% rise.

From the Sensex basket, NTPC, Power Grid Corporation of India, JSW Steel, Asian Paints, Bharti Airtel and ITC, were the major gainers. Tata Consultancy Services, Infosys, Mahindra & Mahindra, HDFC Bank, Wipro and HCL Technologies were the biggest laggards.

Dragged down by weakness in the IT sector and select financial stocks, the Nifty faced headwinds, while support from PSU companies and the automotive sector provided some respite.

Among individual stocks, Bharat Petroleum Corporation Ltd (BPCL) emerged as the top gainer on the Nifty, buoyed by strong earnings performance in Q4, posting a commendable 4% rise. Asian Paints witnessed a surge following positive management commentary, with short covering driving the stock up by over 2%.

Hero MotoCorp extended its gains from the previous session, riding high on upbeat commentary post-Q4 results, marking a 2% increase. Conversely, Cipla’s Q4 earnings report presented a mixed picture, leading the stock to end 4% off its highs.

Bank of Baroda faced headwinds after reporting an increase in slippages, closing 3% lower. However, Polycab surged to a record high after beating earnings estimates in Q4, climbing by 7%. Manappuram and Muthoot Finance saw a 5% uptick each following clarifications on an RBI advisory, while Dr Lal PathLabs reported healthy Q4 results, leading to a gain of over 5%.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled with gains. European markets were trading in the green. Wall Street ended in positive territory on Thursday. Global oil benchmark Brent crude climbed 0.41% to $84.22 a barrel.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow