Delhi-NCR experienced a significant increase in land deals in FY 2024, with 29 deals covering approximately 314 acres, compared to 23 deals and 273.9 acres in FY 2023. Gurugram led the way with 22 deals totaling 208.22 acres, primarily for residential development. NCR as a whole surpassed other regions, followed by MMR with 19 deals and 157 acres.
Results for: Business
MarketWatch’s Brett Arends has criticized Donald Trump’s $1.1 billion stock bonus deal with Trump Media & Technology Group Corp. (DJT) as a “no-lose” situation for the former president. The deal increased Trump’s stake in the company to $3.7 billion shares. Arends pointed out that the bonus terms allow Trump to gain an additional $1.26 billion worth of DJT shares if the company meets certain performance milestones. However, DJT shares have been declining in recent weeks and reached Nasdaq for alleged short-selling activity.
**Alphabet (GOOGL)**, the parent company of Google, has a strong financial foundation and a diverse portfolio of businesses that are positioned for growth in the future. Google Cloud, YouTube, and AI are key areas to watch as the company continues to evolve. Despite some risks, GOOGL is a solid investment for long-term investors.
Lockheed Martin Rotary and Mission Systems has secured a $102.06 million contract modification for the AEGIS combat system. The agreement entails capability development, system integration, and in-service sustainment for existing configurations of the system. Work will be carried out in Moorestown, New Jersey, with a completion date set for December 31, 2024. The Naval Sea Systems Command is overseeing the project.
Australia’s consumer price index (CPI) fell to 3.6% in the first quarter of 2023, down from 4.1% in the previous quarter. However, this was above market forecasts of 3.4% and still outside the Reserve Bank of Australia’s (RBA) target range of 2-3%. The monthly CPI indicator accelerated to 3.5% in March from 3.4% in February. The monthly CPI excluding volatile items and travel rose to 4.1% in March from 3.9% in February. The RBA’s Trimmed Mean CPI, a measure of underlying inflation, increased by 4.0% year-on-year, the slowest rise in two years but still outside the target range.
Chinese-backed electric vehicle maker Polestar Automotive is shifting production of cars destined for Europe to its US plant in response to rising geopolitical tensions. The company’s CEO, Thomas Ingenlath, expressed concerns about a potential European probe into Chinese-made EVs and the impact of increased tariffs. Polestar plans to export its Polestar 3 SUV from South Carolina to the European Union, where it currently builds its vehicles in China. The automaker’s efforts come as European and US authorities scrutinize exports by Chinese EV makers, alleging unfair advantages from state subsidies.
Magmatic Resources Ltd (ASX:MAG) witnessed significant progress during the quarter ending March 31, 2023. Key highlights included the advancement of the Myall Project in partnership with Fortescue (ASX:FMG) and gold-copper exploration activities at the Wellington North Project.
The execution of a farm-in and joint venture agreement with Fortescue for the Myall Project marked a pivotal achievement. Fortescue has committed to investing up to A$14 million over six years, potentially acquiring a 75% joint venture interest. The agreement outlines a minimum spend of A$3 million and at least 3,000 meters of drilling within the initial two years. Magmatic will act as the operator during the initial farm-in period.
Exploration activities have also resumed at the Wellington North project, which is located near Alkane Resources’ significant gold-equivalent discovery. The exploration strategy involves targeted follow-ups using various techniques such as soil geochemistry, aircore drilling, and reverse circulation percussion drilling.
Financial stability was further enhanced by Fortescue’s investment, which raised A$3.71 million during the quarter. As of March 2024, Magmatic Resources held A$4.027 million in cash reserves, strengthening its financial position.
The Nifty Smallcap 100 index surged to a record high of 16,822 points on Wednesday, extending its winning streak to four consecutive days. Eight index constituents notched new 52-week highs, led by Data Patterns (India) with a gain of over 10%. Benchmark indices Nifty 50 and Sensex also traded in the green, extending their bullish trend for the fourth day running.
Several companies, including ICICI Prudential Life Insurance, Tata Consumer Products, MCX, Zydus Lifesciences, and M&M Financial Services, are attracting attention from investors. These stocks have been performing well and are expected to continue their positive momentum.
China’s electric vehicle (EV) market is flourishing, with automakers poised to introduce 110 new models in 2024. Despite overcapacity concerns, the intense competition has fostered innovation, speed, and cost advantages for Chinese EV manufacturers. This has led to a technological revolution, with Chinese brands emerging as leaders in the EV industry. While a market shakeout is anticipated, it remains distant, with top-selling EVs dominating sales. In addition, state-backed companies and new entrants such as Huawei and Xiaomi are contributing to the market expansion, aiming to establish China’s dominance in networked cars.