Beijing State-Owned Assets Management plans to sell its entire 33 percent stake in UBS Securities for at least CNY1.5 billion (USD212.2 million). UBS, which increased its ownership to 67 percent in 2022, is in the process of acquiring full control. Additionally, BSAM recently became the largest shareholder in Credit Suisse Securities China after acquiring a significant stake, pending regulatory approval.
05:17 26.11.2024
Andhra Pradesh is reviewing the possibility of canceling a power supply contract with the Adani Group following allegations of bribery involving its founder, Gautam Adani. U.S. authorities have indicted him and others for allegedly paying $265 million in bribes to secure solar power contracts across several Indian states. The state government is examining files from the previous administration related to these allegations.
Vodafone Idea shares surged 15% on November 26 after reports indicated that the Union Cabinet approved a waiver of bank guarantees for telecom operators, particularly benefiting Vodafone Idea, which owes over Rs 24,700 crore. Despite today's gains, the stock remains nearly half its value from three months ago, trading at Rs 8 on the NSE. The waiver applies to spectrum acquired in auctions before 2022, aiming to alleviate the financial burden on the telecom sector, which collectively holds over Rs 30,000 crore in bank guarantees.
Nifty and Sensex continued their upward trend for the third consecutive day, buoyed by gains in IT, realty, and FMCG stocks. At 9:30 am, Sensex rose by 250.53 points to 80,360.38, while Nifty increased by 81.90 points to 24,303.80, reflecting positive sentiment following the NDA alliance's electoral success in Maharashtra. Analysts anticipate a focus on government spending as geopolitical risks remain a concern.
Maruti Suzuki India Ltd, a subsidiary of Suzuki Motor Corporation, remains the leading automobile manufacturer in India, known for its affordability and extensive service network. With a projected revenue CAGR of 7.2% for FY24-FY27E and an entry into the electric vehicle market by FY25, an ACCUMULATE rating is recommended, targeting a price of Rs 14,250 per share based on a forward P/E of 25x.
Foreign carmakers face a potential annual profit loss of up to US$20 billion in China due to rising competition from domestic manufacturers and a shift towards electric vehicles. UBS Investment Bank highlights that diminished demand for foreign brands could lead to an overcapacity of 10 million vehicles, prompting a need for strategic reevaluation. Despite profit pressures from aggressive pricing, China's auto market is experiencing strong momentum, with October sales reaching a decade-high of 2.73 million units, over half of which were electric vehicles.
05:07 26.11.2024
The global Healthcare Fabrics Market is experiencing significant growth driven by changing consumer preferences, technological advancements, and a focus on sustainability. Key objectives include forecasting market size across regions, analyzing growth factors, and identifying opportunities for stakeholders. Major players in the market include Kimberly-Clark Corporation, DuPont, and Medline Industries, with applications spanning hygiene products, clothing, and upholstery.
India’s central bank Governor Shaktikanta Das has been hospitalized in Chennai but is expected to be discharged soon. His condition and the reasons for hospitalization have not been detailed.
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