The Competition Commission has approved Kotak Mahindra Bank's acquisition of Standard Chartered India's personal loans portfolio. This clearance, required for deals exceeding a specific threshold, ensures regulatory compliance and strengthens Kotak's position in the retail lending market.
Morgan Stanley has set an overweight rating for LTIMindtree with a target price of ₹7,050 per share, noting a strong deal pipeline and new client additions despite elusive discretionary spending. Meanwhile, Nomura has reduced its rating, targeting ₹5,140 per share, emphasizing the need for double-digit growth to achieve a 17-18% EBIT margin band as the company aims for $10 billion in revenue by 2031-32 while embracing an AI pivot.
Asian markets exhibit mixed performances amid cautious risk sentiment, influenced by Donald Trump's tariff threats. The Nikkei 225 is down 0.40%, while the ASX 200 rises 0.56%. In Australia, inflation data shows a CPI drop to 2.1%, complicating rate expectations for the central bank. The AUD/USD pair responds positively, defending an upward trendline support.
IG
03:36 27.11.2024
Hesai Group, the leading lidar sensor manufacturer for driver assistance systems, reported a 21% increase in third-quarter revenue to $76.9 million, with shares soaring 44% in New York. CEO David Li forecasts continued growth, projecting shipments to reach 1 million units by 2025.
Massachusetts has enacted a comprehensive climate law aimed at accelerating clean energy development, improving energy affordability, and enhancing infrastructure siting processes. The legislation mandates updated flood maps, supports geothermal heat sales, and reforms permitting timelines for renewable projects, while also controversially allowing nuclear energy imports from Connecticut. Governor Healey emphasized that these reforms will create jobs, lower costs, and position the state as a leader in clean energy and climate technology.
China's industrial profits fell 10% in October year-on-year, following a 27.1% drop in September, indicating that stimulus measures have yet to boost corporate earnings. In the Asia-Pacific, markets reacted to Australia's cooling inflation and New Zealand's interest rate cut. On the political front, President-elect Trump appointed Kevin Hassett to lead the National Economic Council, while China dismissed his tariff threats, attributing blame for the fentanyl crisis elsewhere.
TPF has acquitted UBS in a case linked to the Bulgarian mafia, while Credit Suisse was convicted in 2022 for inadequate organization related to aggravated money laundering. The bank was fined CHF 2 million and faced a compensatory claim of CHF 19 million. Two other defendants received partial suspended prison sentences of 29 and five months, down from initial sentences of 36 months and 14 months, respectively.
03:24 27.11.2024
Tesla has doubled its referral bonuses, offering $1,000 for referring buyers of Model 3 and Model Y, and $2,000 for Model S, Model X, or Cybertruck buyers. Each buyer also receives three months of free Supercharging and Full Self-Driving (Supervised). This move comes as Tesla aims to boost sales in the fourth quarter, especially with the potential loss of the $7,500 US tax credit for EVs in January, which may drive more customers to purchase sooner.
Tokyo Gas Co., Japan's largest gas company, is under scrutiny regarding its extensive real estate portfolio, valued at approximately $9.7 billion by Elliott Investment Management. This portfolio reflects a common trend among Japanese utilities, which historically owned significant urban properties to maintain proximity to consumers, similar to peers like Osaka Gas and Kansai Electric Power.
Gautam Adani and his associates have not been charged under the US Foreign Corrupt Practices Act, according to a statement from Adani Green Energy Ltd. The Department of Justice's indictment does not include any mention of Gautam Adani, Sagar Adani, or Vneet Jaain in relation to FCPA violations.
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