President Joe Biden addressed the nation from the Oval Office, explaining his decision to exit the reelection race and endorse Kamala Harris as his successor. He outlined his final agenda, emphasizing democracy and passing power to a new generation. Biden's solemn speech focused on the importance of continuing his legacy and uniting the nation.
China's investment era in Pakistan has ended, declares a US official, emphasizing American investment as the future. Concerns over China's strategy in South and Central Asia, involving high-interest loans and low-paid Chinese workers, were discussed. The US aims to enhance democracy, fight terrorism, and stabilize Pakistan's economy to avoid overreliance on China.
Japan's population declined for the 15th consecutive year, dropping by over half a million due to low birth rates and an aging population. The government's measures to address this emphasize incentives for young couples but don't tackle the increasing reluctance to marry. Foreign residents now exceed 3 million, forming almost 3% of the population.
US President Joe Biden announced he was dropping out of the 2024 election and endorsed Vice President Kamala Harris as the new Democratic nominee. Biden emphasized the need for unity and passing the leadership torch to a new generation. He refuted claims that his decision was health-related and vowed to continue his presidential duties for the remaining six months.
Shares of Kalyan Jewellers were the top gainer at 6.2%. PC Jeweller, RBZ Jeweller and Vaibhav Global rose between 1.7% and 5%. Titan inched 0.1% higher. TBZ fell 1.8% and Senco Gold fell 1.7%.
Incidentally, the silver lining has been the underlying volume growth at 4% - the highest in the past five quarters - aided by the spending on advertising and promotion. The company spent nearly 11% of its revenues on advertising. It took price corrections especially in fabric wash and household care products - passing on the benefit accruing from the softening of commodity prices.
After the budget, global brokerage Jefferies upgraded the stock from hold to buy and raised the target price to 585 from 435, citing ITC's clear advantage. The stock, which surged 17% in the past month compared to a 3.6% gain in the Sensex, ended at 494 on Wednesday, up 0.4%.
ET spoke to three top wealth managers for their portfolio recommendations for an investable sum of Rs 20 lakh. All three of them still recommend a majority allocation of 60-70% to equities and the rest to debt and gold.
The study showed 76% of these traders in intraday segment were under the age of 30 years. The share of traders less than 30 years of age grew to 48% in FY23 from 18% in FY19.
