Wed, Jul 3, 2024 8:35 AM
US stocks back at records while European bourses retreat
A Flip by Riya Sharma
Stock prices of Larsen & Toubro, ABB, BHEL, Siemens, and Bharat Electronics have surged up to 95% YTD, driven by strong order books and rising revenue visibility. Foreign Portfolio Investors have remained net buyers, despite volatile net flows in equities. Analysts expect 12% YoY revenue growth in Q1FY25, led by execution of order books, with EBITDA and PAT growth of 21% and 24%, respectively.
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Elon Musk's net worth has plummeted by $29.9 billion to $221.4 billion in the first half of 2024, the largest decline among billionaires, despite a stock market boom. The decline is largely attributed to a 20% fall in Tesla's shares, which decreased the value of his 13% stake by $20 billion. Meanwhile, the total net worth of the top 10 richest individuals increased to $1.66 trillion.
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Utkarsh Small Finance Bank's share price dropped 3.5% to ₹51.08 per share on the BSE due to modest quarter-on-quarter growth in its gross loan portfolio, despite a 30.6% year-on-year increase to ₹18,798 crore. Total deposits surged 30% to ₹18,163 crore, with a 27% increase in CASA deposits to ₹3,453 crore and a 47.7% rise in retail term deposits to ₹8,729 crore.
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