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US stocks opened higher, signaling market stabilization amidst trade tension volatility. Bond yields slightly decreased, and the dollar steadied after a recent slide. Bank stocks led gains, with Bank of America and Citigroup exceeding earnings expectations. However, Boeing shares dropped following reports of China halting aircraft deliveries, reflecting ongoing trade war concerns.
Standard Glass Lining Technology Ltd has set a price band of Rs 133-140 per share for its Rs 410.05 crore IPO, opening on January 6, 2025. The IPO includes a fresh issue worth Rs 210 crore and an OFS of 1.43 crore shares. Proceeds will primarily be used for debt repayment, subsidiary investment, and strategic acquisitions.
Zydus Lifesciences announced it is negotiating to acquire a majority stake in French medtech firm Amplitude Surgical for approximately Rs 2,500 crore. The acquisition aims to boost Zydus's global medtech ambitions, leveraging its expertise in life sciences. The deal includes a 81% premium over Amplitude Surgical's last closing price, aiming for full ownership and delisting.
Adani Enterprises reported a 97% drop in quarterly profit, significantly impacted by its coal trading unit and foreign exchange loss. Revenue fell almost 9% to Rs 22,850 crore. This comes amid allegations of the chairman and his nephew's involvement in a $250 million bribery scheme.
HDFC Bank reports a standalone net profit of Rs 16,735 crore for the quarter ended Dec 2024, up 2.2% from the previous year, despite a slight decline from the preceding quarter. Margins remain stable, and asset quality is robust. The bank accrues significant loan sales and maintains substantial growth capital.
India risks facing a shortfall of over a million skilled AI professionals by 2027, jeopardizing its potential to become a global AI talent hub. The increasing demand for AI expertise necessitates urgent reskilling and upskilling efforts to bridge the significant skills gap.
The Indian stock market closed higher, led by gains in financial and energy stocks following the RBI's $21 billion liquidity infusion and lower crude prices. The BSE Sensex and Nifty 50 both rose significantly. Positive global cues, particularly from a temporary tariff reprieve in the US, also bolstered investor sentiment.
India has raised concerns regarding issues faced by its milk exporters in Nepal. In response, Nepal has agreed to consider facilitating the import of specific milk products like whey and cheese that are not adequately produced in Nepal. The two nations also discussed amendments to trade agreements, development of trade infrastructure, and various other trade-related issues.
Finance Minister Nirmala Sitharaman addressed concerns about India's economic slowdown, calling the second-quarter dip a "temporary blip." She highlighted the country's strong average growth rate of 8.3% over the past three years and emphasized the government's commitment to managing inflation, citing recent positive trends and supply-side measures.
Economist Thomas Piketty addressed India's extreme inequality, second only to South Africa. He advocated for a 2% wealth tax on the ultra-rich to fund public services and broaden the tax base, citing China's success with increased tax revenue and reduced inequality. He emphasized India's potential for faster growth and poverty reduction with less inequality.