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Biocon's shares fell 5.5% following a significant 84% drop in net profit for Q2, which plummeted to Rs 27.1 crore from Rs 172 crore year-on-year. Despite a 4% increase in revenue to Rs 3,590.4 crore, the company's EBITDA margin decreased to 19%. Analysts remain optimistic for the second half of FY25, pending clarity on USFDA compliance for its facilities.
UBS shares surged to a new annual high, trading at CHF 29.06, following strong third-quarter earnings and progress in the integration of Credit Suisse. Analysts praised the bank's performance, noting it exceeded profit forecasts for the third consecutive quarter and is ahead of schedule on cost-cutting plans, now targeting USD 7.5 billion in reductions by the end of 2024. Most analysts continue to recommend UBS shares as a buy, highlighting a positive outlook and commitment to dividends and share buybacks.
European natural gas prices have declined as Goldman Sachs cautions about bearish risks following a recent surge to yearly highs. Benchmark futures fell by up to 2.7% in early trading, with analysts suggesting prices could nearly halve if Russian gas supply exceeds expectations.
UBS reported a net profit of $1.4 billion for Q3, significantly exceeding forecasts, driven by strong performance in investment banking amid buoyant market conditions. The bank also achieved a 5% rise in sales to $12.3 billion and is ahead of schedule in integrating Credit Suisse, despite ongoing challenges from past scandals. Looking ahead, UBS remains cautious about Q4, citing potential geopolitical uncertainties and a gloomy macroeconomic outlook.
UBS reported a net profit of $1.43 billion for the third quarter, significantly surpassing analyst expectations of $667.5 million, following the completion of initial client migrations from Credit Suisse. The bank aims for $7 billion in savings from the integration by the end of 2024, amid challenges in merging IT systems and navigating a changing economic landscape. CEO Sergio Ermotti faces pressures from geopolitical volatility and competition from U.S. banks, while the Swiss economy shows signs of stability with low inflation.
UBS reported a net profit of $1.43 billion for the third quarter, significantly surpassing analyst expectations of $667.5 million, driven by successful client migrations from Credit Suisse. The bank's revenue reached $12.33 billion, and it anticipates completing a $1 billion share buyback program in Q4. Despite challenges in integrating IT systems and client accounts, UBS aims for $7 billion in savings from the Credit Suisse acquisition by the end of 2024.
Goldman Sachs anticipates a spike in overnight lending rates as US money markets prepare for a significant influx of new Treasuries. A record number of auction settlements on Thursday will drain cash from banks, coinciding with their efforts to meet regulatory capital requirements, thereby limiting available funds for overnight repurchase agreements.
The Reserve Bank of India maintains a growth forecast of 7.2% for the fiscal year ending March 2025, despite signs of economic activity slowing down. This optimistic outlook contrasts with the 6.5%-7% growth projected by the government and recent downgrades by investment banks like Goldman Sachs to as low as 6.5%.
UBS Group's Relative Strength Rating has improved from 70 to 74, indicating a positive shift in its technical performance. The stock remains within a buy zone after surpassing a 32.13 buy point, despite reporting a significant -96% EPS growth in its latest quarterly results, while sales grew by 38%. The company ranks No. 8 in the Banks-Money Centers industry group, with its next earnings report expected around October 30.
The financial crisis lessons seem forgotten as banks like Credit Suisse and regional US banks falter without effective resolution plans. Unicredit's proposed acquisition of Commerzbank raises concerns about systemic risk and state liability, as governments increasingly rely on large banks for financing green initiatives and managing national debt. This intertwining of states and banks could burden taxpayers in future crises.
Goldman Sachs
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