KKR has officially opened a permanent office in Zurich, enhancing its Global Wealth Solutions team with key hires Derya Kara and Mattia Castrovillari. This expansion aims to strengthen ties with private banks and wealth managers in Switzerland, reflecting the growing demand for KKR's investment expertise in the region.
Siemens reported a robust 11.3% YoY revenue growth and a 246bps YoY EBITDA margin expansion, driven by strong demand in its Energy, Smart Infrastructure, and Mobility segments, despite challenges in Digital Industries. The company is strategically demerging its Energy business to enhance shareholder value and has announced a capex of ~Rs1.0bn for capacity expansion. Maintaining an 'Accumulate' rating, the target price is revised to Rs7,716, reflecting a P/E of 73x for Sep-26E.
Slovakia, known as "Europe's Detroit," faces significant risks from potential U.S. tariffs under President-elect Trump, as nearly 74% of its exports to the U.S. are passenger cars. The country, which has rapidly developed its automotive industry, now relies heavily on this sector, employing over 250,000 people. While European lawmakers are wary of Chinese competition, the uncertainty surrounding U.S. trade policies poses a new challenge for Slovakia's economy.
France's government, led by Prime Minister Michel Barnier, faces instability as the far-right National Rally, under Marine Le Pen, threatens to withdraw support over a contentious budget bill aimed at reducing the deficit. With a looming vote of no confidence and a budget deadline of December 21, the political landscape remains precarious, especially as Le Pen's ongoing embezzlement trial adds uncertainty to her party's actions. The government, reliant on National Rally's backing, risks further chaos if the budget is pushed through without concessions.
Adani stocks surged by up to 7% following a clarification from Adani Green Energy regarding recent bribery allegations against founder Gautam Adani. The company stated that neither Gautam Adani, Sagar Adani, nor Vneet Jaain face any bribery or foreign corruption charges under the FCPA, but rather allegations pertain to securities fraud conspiracy and wire fraud conspiracy.
During his official visit to Italy for the G7 Foreign Ministers' Meeting, External Affairs Minister S. Jaishankar emphasized the need for a collaborative approach in the evolving Indo-Pacific landscape. He highlighted the significance of the Quad and outlined six key responses, including enhanced cooperation in maritime security, technology, and governance, to address regional challenges and promote sustainable development.
ICRA has downgraded Fusion Finance’s NCD programme ratings worth Rs 180 crore to ‘A (Negative)’ from ‘A+’, citing concerns over asset quality and profitability. Additionally, the ratings for Rs 55 crore subordinate debt were also downgraded to ‘A (Negative)’. The outlook for both has been revised to ‘Negative’ from ‘Stable’, reflecting expectations of continued pressure on the company's financial health.
The Cabinet Committee on Economic Affairs has approved the PAN 2.0 project, aimed at modernizing the issuance and management of Permanent Account Numbers (PAN) and Tax Deduction and Collection Account Numbers (TAN). Managed by the Income Tax Department, this enhanced system will simplify tax filing, improve security, and increase accessibility, featuring advanced tools for efficient financial transactions.
The Indian equity markets have faced significant volatility following record highs in September 2024, with ongoing geopolitical tensions contributing to the uncertainty. For medium-risk investors concerned about this instability, large-cap funds like Canara Robeco Bluechip Equity Fund (CBEF) are recommended, as they typically invest in established businesses capable of weathering market fluctuations.
DIPAM Joint Secretary Manoj Kumar hailed the listing of NTPC Green as a significant milestone in nation building, following the successful IPO of IREDA just a year prior. The public sector enterprise raised Rs 10,000 crore, with shares initially gaining 3% and later hitting a 10% upper circuit, achieving a market capitalization of Rs 1 lakh crore.
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