The Supreme Court has deferred a hearing on a plea by Jet Airways’ lenders challenging NCLAT’s approval of Jalan-Kalrock consortium’s resolution plan. Lenders allege deviation from a previous SC ruling on encashment of a bank guarantee. The court will hear the case on Friday.
Reliance Industries, India’s largest conglomerate, reported a fourth-quarter profit above analysts’ estimates, boosted primarily by its oil-to-chemicals (O2C) business.
The company’s consolidated profit fell slightly by 2% year-over-year to 189.51 billion Indian rupees ($2.27 billion), but it exceeded market expectations of 185.22 billion rupees.
Reliance reported a revenue growth of 11.6% to 2.41 trillion rupees, with the O2C segment driving this growth due to improved fuel prices and increased volumes.
The proposed ban or forced sale of TikTok in the U.S. could pave the way for Meta Platforms and Alphabet to emerge as the major beneficiaries of TikTok’s user base. According to Wedbush analysts, TikTok’s users are likely to migrate to Meta’s Facebook or Instagram, while YouTube is also expected to gain a significant number of users. This shift could significantly boost the revenue of Meta and Google.
Express, a longtime mall retailer, filed for Chapter 11 bankruptcy protection and plans to close stores. The company had faced financial distress and declining sales. A group of investors led by WHP Global is looking to acquire the company through a sale process. The bankruptcy will provide Express with relief and allow it to implement its turnaround strategy, including closing costly leases and improving financial performance.
Cannabis giant Curaleaf Holdings has acquired Northern Green Canada, a vertically integrated Canadian cannabis producer, to expand its reach in international markets. The acquisition provides Curaleaf with access to established markets in Europe and a foothold in emerging markets in Australia and New Zealand.
Judge Juan Merchan has ruled that prosecutors can question former President Donald Trump about the civil fraud case against him and his company if he takes the stand during his ongoing criminal trial. The ruling comes after a “Sandoval” hearing, where prosecutors and Trump’s lawyers argued over the scope of questioning. Prosecutors have indicated their desire to question Trump about various court determinations, including the fraud case and defamation cases filed by E. Jean Carroll. The decision on Trump’s potential testimony remains uncertain, with his team expected to make a final decision based on the scope of questioning allowed by the court.
BofA Securities analysts advise buying into geopolitical shocks, citing historical data suggesting that markets recover quickly from such events. They caution, however, that escalation in the Middle East could pose a risk and note the potential for stagflation due to oil shocks, which have historically accompanied geopolitical turmoil.
Tamilnad Mercantile Bank (TMB) reported a flat net profit of ₹253 crore in Q4, impacted by higher provisions for employee benefits and non-performing assets (NPAs). Net interest income rose to ₹567 crore, but net interest margin contracted. Gross and net NPAs increased, while provision coverage ratio declined. Despite these challenges, the bank saw growth in its retail, agriculture, and MSME segments. The board recommended a 10% dividend.
Whales have been showing a bearish stance on Freeport-McMoRan (FCX) lately. Analyzing options trades over the past 30 days reveals that 81% of investors have opened bearish trades, indicating a negative sentiment. Projected price targets for FCX range from $48.0 to $60.0. Significant trades include a bullish put trade expiring on 05/17/24 with a strike price of $50.00 and a bearish call trade expiring on 04/26/24 with a strike price of $48.00.
Nvidia Corp and Advanced Micro Devices, Inc stocks witnessed a partial recovery on Monday following a significant selloff on Friday. Amidst concerns over the Federal Reserve’s interest rate hikes and geopolitical tensions, investors had grown wary of stocks that had previously benefited from the artificial intelligence boom. However, recent checks suggest that demand for AI-related products and services remains strong, with key players like Nvidia and AMD poised to benefit.
