Latest Stock Market News

U.S. stocks face a challenging period with economic data, political uncertainty, and corporate earnings tests ahead. The S&P 500 recently hit an all-time high following a Federal Reserve rate cut but remains vulnerable to market swings, especially with the upcoming election and key economic reports on the horizon.

Oil prices dipped slightly on Friday but are set for a second week of gains, supported by a significant U.S. interest rate cut and falling stockpiles. Brent futures fell to $74.54 a barrel, while WTI crude dropped to $71.94. Despite economic concerns in China, both benchmarks rose around 4% this week.

A proposal to revise US bank-capital regulations faces strong opposition from the FDIC, where at least three of five directors, including Democrat Rohit Chopra and two Republican members, are against the changes. This bipartisan pushback raises concerns about the timeline for aligning all three bank regulators, targeting completion by mid-2025.

Shares were down 4.3% at 1330 GMT, the lowest since August 8, after the company announced headline results from its trial of monlunabant, an experimental drug it acquired as part of its $1 billion purchase of Canadian biotech company Inversago Pharmaceuticals last year.

Five international lenders participated in the initial financing -- BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation.

The company would issue fresh shares worth 30 billion rupees, while existing shareholder Project Ballet Bangalore Holdings (DIFC) will sell shares worth 20 billion rupees.

UBS sold holdings in Concord Biotech, Five Star Business Finance, IIFL Securities, and Marksans Pharma through block deals, totaling Rs 480 crore. The largest sale was in Concord Biotech, worth Rs 192 crore at a 15% premium.

The board has established a fundraising committee and granted them the authority to manage all aspects of raising funds, such as deciding the terms for issuing and allotting NCDs and CPs, and handling other relevant tasks.

Cantor initiates coverage on the company with a bullish "Overweight" rating and a price target of Rs 2,251, suggesting a potential 129% upside by FY26. They project a 20% CAGR revenue growth and a 28.8% CAGR adjusted EBITDA growth for the company from FY24 to FY27E.

Markets regulator Sebi on Friday allowed mutual funds to both buy and sell Credit Default Swaps (CDS), a move aimed at increasing liquidity in the corporate bond market. This flexibility to participate in CDS would serve as an additional investment product for mutual funds, Sebi said in a circular.