P2P NEWS
RS LoP Mallikarjun Kharge leads Oppn MPs into well to protest paper leak
The Opposition in India has urged the government to address the NEET paper leak issue in the Rajya Sabha, causing widespread protests. Leader Mallikarjun Kharge and other leaders walked into the well of the House, while Congress member Phulo Devo Netam fainted due to exhaustion during protests. Chairman Jagdeep Dhankhar announced he will not take up notices for suspending listed businesses to address the issue first.
S&P 500 tops 5,500 after ‘near perfect’ economic data
Excluding the volatile food and energy components, the core inflation figure rose by 0.1% month-on-month and 2.6% year-on-year. According to LSEG FedWatch data, the probability of a rate cut in September increased to 68% from 61% prior to the release of the data. Despite the Federal Reserve's projections of only one rate cut this year, traders are maintaining their bets on two cuts, hoping for a continued decline in inflation and considering the economy's vulnerability to historically high interest rates.
Stock market update: FMCG stocks up as market falls
The 30-share BSE Sensex closed down 210.45 points at 79032.73
Stock market update: Fertilisers stocks up as market falls
The 30-share BSE Sensex closed down 210.45 points at 79032.73
Stock market update: Mining stocks down as market falls
The 30-share BSE Sensex closed down 210.45 points at 79032.73
Rahul Gandhi takes front row Lok Sabha seat amid LoP buzz
Congress members are expressing hope about Rahul Gandhi acquitting to the Congress Working Committee's resolution to be the Leader of the Opposition in the new Lok Sabha. Gandhi was persuaded by Lower House colleagues to occupy a front row seat, which was allotted to the then Congress floor leader Adhir Chowdhury in the previous Lok Sabha. He has demonstrated his privilege by keeping the resolution of the Congress Working Committee pending since June 8.
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Buy S P Apparels, target price Rs 801: HDFC Securities
S P Apparels Ltd. key Products/Revenue Segments include Garments, Duty Drawback, Sale of services, Waste (Cotton), Yarn, Fabric, Cotton and Scrap for the year ending 31-Mar-2023.
S&P 500, Nasdaq lower as semiconductor shares weigh
AI chip firm Nvidia fell by 4.4%, following losses in the previous session that caused its market valuation to drop below Microsoft's. Other semiconductor stocks, including Qualcomm, Broadcom, Micron Technology, and Arm Holdings, declined between 2% and 5%, leading to a 2.2% decrease in the Philadelphia SE Semiconductor index.
Debt ceiling standoff could trigger US rating downgrade, TD's Goldberg says
Gennadiy Goldberg, head of U.S. rates strategy at TD Securities, warns of a potential severe debt ceiling standoff in the U.S. in 2025, similar to the 2011 crisis, which could lead to another sovereign credit rating downgrade. Despite Congress suspending the debt ceiling until 2025, concerns over rising U.S. debt persist following forecasts by the Congressional Budget Office of significant deficits for fiscal years 2024 and 2025.
Buy Rudra Global Infra Products, target price Rs 70: ProfitMart
Rudra Global Infra Products Ltd., incorporated in the year 2010, is a Small Cap company (having a market cap of Rs 513.96 Crore) operating in Metals - Ferrous sector.
Wall Street’s $5.5 trillion triple-witching to test market calm
This quarter’s expiration comes as implied volatility on S&P 500 options is holding near the lowest level since before the coronavirus pandemic, with the US benchmark index riding the surge in shares of Nvidia Corp. and other artificial intelligence-linked companies. The expiration coincides with index rebalancing, when S&P Dow Jones Indices shuffles company weightings and ETFs that track its gauges make similar adjustments.
‘Mania’ could drive S&P to 6,000 before plunge, Stifel says
Stifel, Nicolaus & Co. predicts a potential 10% rally for the S&P 500 Index this year, reaching 6,000 by 2024. However, Barry Bannister warns of a subsequent drop to 4,800 by mid-2026, erasing 20% of its value.
S&P 500, Nasdaq scale record highs as Nvidia lengthens its lead
Nvidia's surge propelled it past Microsoft to become the world's most valuable company, driving both the S&P 500 and Nasdaq to record highs. Shares of Dell and Super Micro rose 1.0% and 6.3%, respectively. At 11:59 a.m. ET, the Dow Jones Industrial Average was up 86.87 points, or 0.22%, at 38,921.73.
Amaravati development works will be completed in 30 months: Minister P Narayana
Andhra Pradesh Municipal Administration Minister P Narayana outlined plans to complete Amaravati's capital city development within two-and-a-half years, aiming to rank it among the world's top five capitals. Emphasizing international design collaborations, he highlighted Rs 48,000 crore in tenders issued and significant progress in infrastructure, including residential quarters
M2P fintech teams up with Bureau for enhanced fraud prevention
The number of frauds detected in the banking system last fiscal almost tripled on year, according to the central banks’ annual report with the RBI governor highlighting the need for a system wide approach to mitigate such frauds.
LoP: What is leader of opposition and why Congress wants Rahul as LoP
The Congress Working Committee (CWC) has unanimously passed a resolution requesting Rahul Gandhi to take the position of the LoP in Lok Sabha.
Cosmic Kittens (CKIT) Crypto presale prepares to be the defining Altcoin in 2024 bull market forecast
Crypto market pundits believe Cosmic Kittens (CKIT) is among the altcoins to watch in the year's second half.
Ronaldo’s Jersey (RONJER) listing on KuCoin spikes major price surge, amid Meme Coins bull trend, will Dogecoin join the list?
With Ronaldo’s Jersey (RONJER) leading the meme coin bull trend, KangaMoon and other meme coins have also not been left behind, promising investors high returns in 2024.
BSE PSU Index down 14% amid election result nervousness. PFC, REC,BHEL among top losers
The S&P PSU Index plunged by 14% during the Lok Sabha election vote counting, with major PSU stocks like PFC, REC, and BHEL experiencing significant drops in early trade sessions.
Binance stops cash payment for P2P trades
Binance, the world's largest cryptocurrency exchange, has halted 'cash deals' for P2P trades in India, affecting traders who used the rupee 'cash option' to avoid tax regulations.
Kotak Bank's credit profile to improve over next 12 months: S&P
Despite the Reserve Bank of India's (RBI) restriction on onboarding new customers online and issuing fresh credit cards, Kotak Mahindra Bank is expected to improve its credit and funding profile over the next 12 months, according to S&P Global Ratings analyst Nikita Anand. Although the restrictions may impact the bank's growth and profitability, particularly in its high-yielding credit card segment, the bank has made significant technological advancements, including hiring a Chief Technology Officer.
PlayDoge price prediction – Could this meme coin explode?
PlayDoge, a new P2E crypto project, offers a virtual pet game inspired by Tamagotchi. The $PLAY token allows players to earn rewards and buy upgrades within the PlayDoge universe.
Is this the next big meme coin? P2E token PlayDoge launches presale & raises $250K
PlayDoge ($PLAY) presale raises over $250K, combining P2E and meme coins with a Tamagotchi game reboot.
S&P Global will likely raise India's rating within 2 years, Citi says
Citi anticipates S&P Global Ratings will upgrade India's sovereign rating by late 2026, following S&P's recent outlook improvement to 'positive' from 'stable'. Citi cites S&P's confidence in India's economic fundamentals and fiscal trajectory. India's fiscal health, aiming to reduce its deficit, is key to the potential upgrade.
Welfare schemes, policies in India not oriented towards poor: P Chidambaram
Senior Congress leader P Chidambaram criticized the current welfare schemes in India, stating they aren't effectively targeted towards the poor. Speaking at an event, he emphasized the need for policies to be oriented towards marginalized sections like SCs, STs, and the poor to achieve an egalitarian society. Chidambaram advocated for universal and free healthcare and education as essential components of such a society, citing examples from European nations.
ONGC's high investments to delay deleveraging: S&P
S&P Global Ratings stated that increased investments by Oil and Natural Gas Corp (ONGC) will slow its deleveraging over the next 12-24 months, affecting its 'bbb+' standalone credit profile. Despite a 2-3% drop in domestic production and lower realizations in FY2024, ONGC's EBITDA rose to Rs 1.1 lakh crore due to strong performance from subsidiaries MRPL and HPCL. S&P forecasts EBITDA to remain around Rs 1 lakh crore for FY2025 and FY2026, supported by increased production from the Krishna Godavari basin and international assets.
Indian crypto investors take illegal routes to avoid tax burdern
Peer-to-peer trading through escrow services on banned crypto exchanges has increased five times during weeks of high trading volume in March and April, according to a study conducted by Delhi-based policy think tank Esya Centre.
RBI scanner on gold loan startups; setback for P2P lending firms
Happy Wednesday! After the central bank's action on IIFL Finance, concerns have been raised over gold loan evaluation by fintechs and their partner banks. This and more in today’s ETtech Morning Dispatch.
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