Increased military spending prompted by Russia’s war on Ukraine and the Israel-Gaza conflict helped the British weapons manufacturer BAE Systems to record profits last year, with further growth expected in the year ahead. The FTSE 100 company made underlying profits before interest and tax of £2.7bn on record sales of £25.3bn in 2023. Shares in … Read more
State owned Union Bank of India has raised Rs 3000 crore through a qualified institutional placement (QIP) allowing the bank to deepen its capital and also reduce its government holding below the regulatory ceiling of 75%, multiple people aware of the details said. Demand was ten times the amount required as large local and overseas … Read more
China holds the key to speeding up debt relief and ending the âsilent crisisâ that is holding back attempts to tackle poverty in the worldâs poorest countries, a senior World Bank official has said. Ayhan Kose, the Bankâs deputy chief economist, said Beijing needed to be more active in negotiations to provide financial support for … Read more
The mother of Russian opposition leader Alexei Navalny has filed a lawsuit at a court in the Arctic city of Salekhard contesting officials’ refusal to release her son’s body, Russia’s state news agency Tass reported Wednesday. A closed-door hearing has been scheduled for March 4, the report said, quoting court officials. Lyudmila Navalnaya has been … Read more
HSBC has nearly doubled the pay packet of its chief executive, Noel Quinn, despite a drop in fourth-quarter profits, which took an unexpected hit from its exposure to Chinaâs real estate downturn. The London-headquartered lender disclosed on Wednesday that it had settled on a £10.6m package for Quinn, marking a significant rise from the £5.6m … Read more
EV chargers maker Exicom Tele-Systems Ltd is set to launch its Initial Public Offering (IPO) on February 27. The initial share sale will conclude on February 29 and the bidding for anchor investors will open for a day on February 26, according to the Red Herring Prospectus (RHP). The maiden public issue comprises a fresh … Read more
Introduction: UK posts record budget surplus in January Good morning, and welcome to our rolling coverage of business, the financial markets and the economy. The UK has posted its largest budget surplus for a January in at least 30 years, giving a final healthcheck on the public finances ahead of next monthâs budget. There was … Read more
After seeing testing times in FY23 amid skyrocketing inflation and weak consumer demand, India Inc found solace in FY24 as several companies reported strong double-digit growth in earnings. One of the major factors driving this growth was easing inflationary pressures. As many as 234 companies, excluding banks and financial services, saw operating profit or EBITDA, … Read more
Can you please investigate whether Britain’s car insurers are using the cost of living crisis as an excuse to push though unjustified, above-inflation premium increases? When I was complaining to a colleague, who works in the car insurance business, that insurance on my electric VW Golf had doubled, he sent me some claims data that … Read more
Brokerage firm Nuvama maintained a hold rating on Hindalco, Jefferies downgraded Biocon to underperform, Elara Capital recommended an accumulate rating on Zomato and Sharekhan recommended a buy rating on Schaeffler India. We have collated a list of recommendations from top brokerage firms from ETNow and other sources: Nuvama on Hindalco: Hold| Target Rs 508 Nuvama … Read more
