In today’s podcast, we talk about the stocks to keep an eye on, India’s operation to bring back its citizen from war torn Israel and surge in income from capital gains, among other things.
Today’s Latest Business News at 09:30 am on 12th October, 2023.
[Disclaimer: This transcript is auto-generated]
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Let’s begin – The net inflows into small-cap and mid-cap equity mutual funds declined marginally month-on-month in September 2023, according to AMFI data. Data shows that the net inflow in small-cap funds in September was Rs 2678.47 crore compared to Rs 4264.82 crore in August. Net inflow into mid-cap funds was Rs 2000.88 crore in September compared to Rs 2512.34 crore in August. The small and mid-cap segments have witnessed huge traction in the last year. However, according to experts, the September decline in net inflows in these popular equity fund categories could be attributed to various reasons.
Next up – Around 65% of Gen Z believes AI will significantly impact various aspects of human life. While 44% of Gen Z believes the job market is uncertain and around 28% ethical dilemmas are major challenges posed by AI. And 48% of Gen Z expressed substantial concern about the issue of climate change, revealed the recent survey conducted by the BML Manjul University. The report, ‘Unveiling Tomorrow: Empowering Gen Z in a Changing World’ captures significant insights into Gen Z’s attitudes and concerns regarding technology, climate change, education, wellness and sustainability. Ethical considerations and privacy issues also weigh on the minds of 28.7% of participants.
Moving on – The energy system’s transition away from coal will leave miners with the equivalent of 100 job cuts daily through 2035, mostly in China and India. Mine closures will eliminate about 15% of global coal mining jobs by that year, about 400,000 in total, according to a new report published by Global Energy Monitor this week. The figure is likely to rise to nearly 1 million by 2050 as the world turns to cheaper wind and solar power generation. The job losses highlight some of the social challenges that companies and governments face as they transition the world away from fossil fuels in order to avoid the worst impacts of climate change.
In another development – Uttar Pradesh government has permitted the resumption of most production at a factory owned by Marion Biotech, which produced cough syrups in Uzbekistan linked to the deaths of 65 children last year. According to a report by Reuters, the firm is among three Indian companies whose cough syrups the World Health Organization and other agencies have linked to the deaths of 141 children in Uzbekistan, Gambia and Cameroon, in one of the world’s worst such waves of poisoning. The Marion factory in Uttar Pradesh was closed in March, after an analysis last year by Uzbekistan’s health ministry of two cough syrups made by Marion, Ambronol and DOK-1 Max. It showed they contained unacceptable amounts of toxins diethylene glycol and ethylene glycol, which are usually used in products not meant for human consumption.
Meanwhile – Jefferies see 28% upside potential in Sunteck Realty stocks on account of Improved growth and governance prospects. The share price of Sunteck Realty surged nearly 7% to hit a 52-week high of Rs 481.90 during the intra-day trade on Wednesday. Jefferies has maintained ‘Buy’ rating on the scrip with a revised upside target or Rs 555. Jefferies highlighted Sunteck’s recent endeavour to create a joint platform with the IFC for an affordable and mid-income housing platform in the MMR and said that the move provides a significant push to its growth potential over the medium to long term. Jefferies anticipated the FY24E sales projections of Rs 2000 crore in revenue reflecting a 25% on-year growth, and builds-in new launches for the second half of the fiscal year.
In other news – IT services major Tata Consultancy Services will report its earnings for the quarter ended September 2023 today. The software service exporter in India is expected to post a modest revenue growth dragged by lower discretionary tech spends and delay in execution of deals. Experts and analysts said that the softness observed in the past two quarters will continue, despite strong deal flows, as profit realisation will require time and should translate to a strong recovery in H2FY24. According to a poll by CNBC TV18, TCS is expected to post Q2 revenue at Rs 60,160 crore and the quarter profit at Rs 11,162 crore.
Lastly – The stray vacancy round of new registration for the NEET PG 2023 will start today. All applicants who took the NEET PG test in 2023 will be qualified to apply. As informed by the officials, candidates may use the choice-filling feature for NEET PG 2023 counseling at the Medical Counseling Committee’s official website, as informed by the officials. The application and payment windows will shut on October 11 at 12 PM and 3 PM, respectively, in accordance with the schedule. For the next vacancy round. Also, certain medical colleges have altered the tuition for various MD, MS, MDS, and PG DNB courses.
