Eksentricity

Tech

AI Advancements

• OpenAI’s New AI Models: OpenAI has unveiled a new family of AI models called OpenAI o1, trained with reinforcement learning to perform complex reasoning. These models, designed to think before answering, surpass the capabilities of GPT-4 in several areas, particularly in tasks of PhD-level complexity.
• Deliberative Reasoning in AI: The OpenAI o1 models use a segmented approach to reason through problems step by step, employing a “chain-of-thought” process. This deliberative reasoning aims to produce more thoughtful and coherent answers. OpenAI o1 showed improvements in coding, calculus, and data analysis.
• Jailbreaking Concerns for OpenAI o1: OpenAI o1 has already faced jailbreaking techniques, demonstrating the ongoing challenge of AI safety controls. Despite the model’s “thinking time,” the community effectively bypasses AI security measures.
• OpenAI o1 Rollout and Availability: The new models are being rolled out gradually to ChatGPT Plus and Team subscribers, with a limited number of messages available for testing. The smallest version will be available for free, with API access cheaper than OpenAI o1-preview.

Tech Companies and AI

• Alibaba’s Global Expansion: Alibaba Group has introduced an AI-powered English version of its Taobao app in Singapore, enhancing accessibility for non-Chinese users with AI translation. This move underscores Alibaba’s ambition to expand its global presence.
• Google’s AI Cautiousness: Google co-founder Sergey Brin acknowledged that the company was overly cautious in deploying language models, despite being pioneers in the field. He attributes this to a fear of mistakes and embarrassment.

Cryptocurrency Market and Regulations

• Crypto Market Remains Choppy: The cryptocurrency market displayed minimal movement, with Bitcoin and Ethereum experiencing slight price fluctuations. Analysts suggest Ethereum might be approaching oversold conditions.
• SEC Settlement with eToro: The SEC has reached a settlement with eToro, an Israel-based multi-asset company, for violating federal securities laws by allowing the trading of cryptocurrencies as securities.
• Satoshi Nakamoto’s Identity Remains Unclear: The identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin, remains a mystery despite investigations and claims. A UK court ruled that Craig Wright, who previously claimed to be Satoshi, was not the developer of Bitcoin.

Smartphone and Tech Hardware

• Huawei’s Trifold Smartphone: Huawei’s Mate XT, the world’s first trifold smartphone, features a unique design allowing transformation from a compact phone to a tablet. The Mate XT has a 10.2-inch display, a powerful camera system and AI functionalities, but faces production challenges due to its cost and complex design.
• Apple’s iPhone 16 Series: Apple has launched the iPhone 16 series, featuring four models with enhanced cameras, displays, performance, and battery life. However, some analysts criticize the incremental upgrades and limited AI features.
• AirPods Pro 2 as OTC Hearing Aids: Apple’s AirPods Pro 2 has been cleared by the FDA for its hearing aid feature. When customized to the user’s hearing needs, the feature allows AirPods Pro to function as over-the-counter hearing aids, amplifying sounds for those with mild to moderate hearing impairment.

Finance

Interest Rates & Economic Outlook

• Fed Rate Cut Expectations: The market is anticipating a larger-than-anticipated 50-basis point cut in the Fed’s interest rates at its September meeting, with a 31% probability. This is a significant shift from earlier this week, when the probability was less than 10%.
• Economic Uncertainty: Despite a recent cooling in inflation, concerns about a potential recession due to mixed economic data are leading the Fed to adopt a cautious approach.
• Global Growth Forecast: The IMF has increased its global growth forecast to 3.2%, with the U.S. being a key driver of this growth.
• Market Impact: The Fed’s rate cut will have a major impact on economic growth, asset valuations, and overall market sentiment.

Financial Services

• Share Repurchases: Major financial institutions like American Tower, Berkshire Hathaway, and U.S. Bancorp are actively repurchasing shares, reflecting their confidence in their businesses and a commitment to maximizing shareholder value.
• Dividend Growth: Companies like Keurig Dr Pepper, Ryder System, and MetLife are increasing dividends, indicating strong financial performance and consistent cash flow generation.
• M&A Activity: The financial services industry is experiencing a surge in mergers and acquisitions activity. Companies like Voya Financial and UBS are making strategic acquisitions to expand their reach and capabilities.
• Regulatory Oversight: The sector continues to face regulatory scrutiny. Wells Fargo and TD Bank are facing penalties for compliance violations.

Banking – India

• CRE Risks: The RBI Governor has highlighted the potential risks of a global commercial real estate (CRE) sector downturn, which could impact banks’ liquidity and lead to short-selling activities.
• Interest Rate Stance: Despite easing inflation, the RBI is in no rush to cut interest rates. It is closely monitoring the broader economic landscape.
• Capital Raising: Indian Bank has successfully raised Rs 5,000 crore through the issuance of long-term infrastructure bonds, demonstrating strong investor appetite for this segment.

Insurance

• Policy Splitting: Irdai has issued a master circular stating that insurance policies should only be split at the customer’s request and with their consent.
• MetLife Growth: MetLife’s strong performance in its Group Benefits business, acquisitions, and partnerships, along with cost-cutting measures, position it for further growth.

Investment Management

• AUM Performance: Key asset managers like T. Rowe Price, Franklin Resources, and Lazard have reported solid AUM figures, reflecting continued investor interest.
• Thematic Investment Trends: Mutual funds are increasingly investing in new-age companies and recently listed firms, with Ola Electric, FirstCry, and Zomato being among the top buys.

Other Finance

• IPO Activity: The IPO market remains active, with companies like Arkade Developers, Northern Arc Capital, and Western Carriers (India) set to launch their offerings in the coming week.
• SEC Fraud Investigations: The SEC is actively pursuing investigations into potential securities fraud. Cases are currently being investigated against Franklin Resources, Extreme Networks, Arbor Realty Trust, and DexCom, Inc.
• Cryptocurrency Regulation: The SEC’s lawsuit against Kraken, which is demanding a jury trial, reflects the ongoing regulatory scrutiny of the cryptocurrency industry.
• Family Offices – Hong Kong: Hong Kong is actively seeking to attract family offices. Its government-owned investor, HKIC, is supporting start-ups in biotechnology, sustainable energy, and healthcare.
• Shareholder Activism: Activist short sellers are raising concerns about various companies, with recent reports targeting Arbor Realty Trust and iLearningEngines.

Healthcare

Psychedelic Therapies

• MDMA-Assisted Psychotherapy Setback: The FDA issued a complete response letter for MDMA-assisted psychotherapy (MDMA-AT) for treating post-traumatic stress disorder (PTSD), calling for an additional phase 3 trial. This decision puts on hold a potential landmark approval for the treatment, with Lykos Therapeutics seeking a clear path forward.
• Other Psychedelics Advance: Several other psychedelic treatments are progressing through clinical trials. Atai Life Sciences is testing VLS-01, a buccal film formulation of N,N-dimethyltryptamine (DMT), for treatment-resistant depression (TRD). Numinus Wellness is moving forward with studies involving Cybin’s CYB003, a deuterated psilocybin molecule for treating moderate to severe depressive disorders. Compass Pathways is testing COMP360, a synthetic form of psilocybin, which has shown promise in treating PTSD.
• LSD and Ketamine Progress: MindBio Therapeutics has made strides with MB22001, a titratable microdosing form of LSD, showing promise in phase 2a trials for major depressive disorder. MindMed is progressing with MM-120, an LSD compound, which has shown potential for treating generalized anxiety disorder. Awakn Life Sciences is leading the charge in addressing alcohol use disorder with their MORE-KARE phase 3 trial, testing the efficacy of ketamine infusions combined with psychosocial support.
• Lykos Reorganization: Amidst the FDA’s decision, Lykos Therapeutics has undergone a significant reorganization, including a 75% reduction in workforce and appointing Dr. David Hough as senior medical advisor. Rick Doblin, founder of the Multidisciplinary Association for Psychedelic Studies (MAPS), has stepped down from Lykos to focus on public advocacy.

Biotech IPOs

• Bicara Therapeutics IPO: The clinical-stage biopharmaceutical company, committed to bringing transformative bifunctional therapies to patients with solid tumors, priced its initial public offering of 17,500,000 shares of its common stock at a public offering price of $18.00 per share. The offering is expected to close on September 16, 2024, subject to the satisfaction of customary closing conditions. The gross proceeds to Bicara Therapeutics from the initial public offering are expected to be approximately $315.00 million.
• Zenas BioPharma IPO: The clinical-stage global biopharmaceutical company, focused on developing and commercializing transformative immunology-based therapies, announced the pricing of its upsized initial public offering of 13,235,294 shares of its common stock at an initial public offering price of $17.00 per share. The offering is expected to close on September 16, 2024, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $225.0 million.
• Centessa Pharmaceuticals IPO: The clinical-stage pharmaceutical company that aims to discover and develop medicines that are transformational for patients, announced the pricing of an upsized underwritten public offering of 15,254,237 of American Depositary Shares (“ADSs”), each representing one ordinary share, at a price to the public of $14.75 per ADS. The aggregate gross proceeds to Centessa from this offering are expected to be approximately $225 million.

Social Media in Healthcare

• Social Media Guide for Healthcare Leaders: BlueHuki, a digital marketing firm, has contributed a chapter titled “Social Media in Healthcare: Guide for Leadership and Strategies” to the forthcoming book, “New Horizons in Leadership: Inclusive Explorations in Health, Technology, and Education.” The chapter provides valuable insights into effective strategies for healthcare leadership on social media.

Healthcare Acquisitions

• Max Healthcare Acquires Jaypee Healthcare: Max Healthcare Institute will acquire a 64% stake in Jaypee Healthcare for an enterprise value of Rs 1,660 crore. The acquisition will give Max Healthcare a controlling stake in Jaypee Healthcare, including its flagship asset, the 500-bed Jaypee Hospital in Noida.

Global Healthcare Market Insights

• Mycoplasma Diagnostics Market: The global mycoplasma diagnostics market is estimated to flourish at a CAGR of 7.4% from 2024 to 2034.
• Pacemaker Devices Market: The global pacemaker devices market is estimated to surge at a CAGR of 3.8% from 2024 to 2034.
• Dietary Supplements Market: SkyQuest projects that the Dietary Supplements Market will attain a value of USD 283 billion by 2031, with a CAGR of 7.4% over the forecast period (2024-2031).
• Healthcare Analytics Market: SkyQuest projects that Healthcare Analytics Market will attain the value of USD 212.3 Billion by 2031, with a CAGR of 25.6% during the forecast period (2024-2031).
• Digital Health Market: The global digital health market was worth US$ 382.5 Billion in 2022 and is expected to reach US$ 1.1 Tn by the year 2031 at a CAGR of 13.1 % between 2023 and 2031.
• Medical Instruments Industry: The Medical Instruments industry is in a transformative phase, thanks to the rapid adoption of generative Artificial Intelligence (genAI) and digital therapeutics.

Economy & Real estate

Global Economic Outlook

• US Inflation Trends: The US Consumer Price Index (CPI) and Producer Price Index (PPI) rose slightly in August, indicating a continued cooling of inflation. These figures further support expectations for a 25-basis point interest rate cut by the Federal Reserve at its next meeting.
• ECB Interest Rate Cut: The European Central Bank (ECB) implemented its second interest rate cut this year, lowering the key deposit rate by 25 basis points to 3.5%. Despite the cut, the ECB remains confident in its 2% inflation target by the end of 2025.
• India’s Economic Growth Trajectory: The Reserve Bank of India (RBI) projects real GDP growth at 7.2% for the current financial year. This growth is fueled by strong macroeconomic fundamentals and driven by private consumption and investment. Inflation in India has also moderated within the RBI’s target range of 2-6%.
• China’s Economic Challenges: American and European companies operating in China are experiencing historically low business confidence and poor profits. This is attributed to US-China tensions and a slowing Chinese economy.

Real Estate Market Trends

• UK Office Market Recovery: The UK is leading a recovery in Europe’s office real estate market, with investment transactions expected to pick up in the second half of the year. London is particularly strong, driven by higher returns and faster repricing compared to other European markets.
• Demand for High-Quality Office Space: Tenants are demanding more modern and functional buildings to attract employees back to the workplace. This leads to strong demand for central business district (CBD) properties.
• Green Buildings Gaining Popularity: Green credentials are becoming increasingly important for office buildings. Landlords can now charge a premium for properties that meet sustainability requirements.
• Indian Real Estate Developer Expansion: Indian real estate developer Puravankara has entered the luxury South Mumbai market by acquiring redevelopment rights for Miami Apartments. They have also expanded their presence in Andheri West and Bengaluru.
• Bali’s Tourism and Overdevelopment Concerns: The Indonesian government has decided to halt the construction of new hotels in certain areas of Bali. This decision aims to address concerns about overdevelopment and the strain on the island’s infrastructure and cultural heritage.

Real Estate Investment

• Melcor Acquires Melcor REIT: Melcor Developments Ltd. will acquire its unowned equity interest in Melcor Real Estate Investment Trust for $4.95 per unit in cash, effectively taking full ownership of the REIT.
• Plymouth Industrial REIT Dividend: Plymouth Industrial REIT, Inc. declared a regular quarterly cash dividend of $0.24 per share of common stock for the third quarter of 2024.
• Kimco Realty Rating Upgrade: S&P Global Ratings upgraded Kimco Realty’s rating outlook to ‘Positive’ from ‘Stable’, citing the company’s diversified real estate portfolio quality and leverage reduction.

Company News

• Alphacorp’s Growth Plans: Indian real estate firm Alphacorp aims to achieve a public listing on the BSE Ltd within the next three years and reach a revenue target of Rs 1,000 crore by FY27.
• Hazoor Multi Projects Contract Wins: Hazoor Multi Projects secured letters of acceptance from the National Highways Authority of India for projects worth Rs 17.94 crore.
• LIC’s Increased Stake in IRCTC: Life Insurance Corporation of India (LIC) increased its stake in Indian Railway Catering and Tourism Corporation (IRCTC) to 9.298%.
• SBI Cards Fundraising: SBI Cards and Payment Services will hold a board meeting to consider a proposal for raising funds aggregating to Rs 5,000 crore through the issuance of non-convertible debentures (NCDs).
• Nazara’s Acquisition of Stake in PokerBaazi: Nazara Technologies acquired a 47.7% stake in Moonshine Technology (MTPL), the parent company of PokerBaazi, India’s top online poker gaming platform.
• H.G. Infra Engineering Order: H.G. Infra Engineering secured an order worth Rs 716.11 crore from the Central Railway.
• Transformers and Rectifiers Order Wins: Transformers and Rectifiers (India) announced securing orders worth Rs 114 crore from Rajasthan Rajya Vidyut Prasaran Nigam (RRVPNL).
• BLS International Acquisition: BLS International Services signed a definitive agreement to acquire a 100% stake in Citizenship Invest for a consideration of $31 million.
• AMREP Corporation’s Strong First Quarter: AMREP Corporation reported net income of $4,064,000, or $0.76 per diluted share, for its 2025 fiscal first quarter ended July 31, 2024.
• Interarch Building Products Profit Growth: Interarch Building Products Ltd. reported a 5% increase in consolidated net profit for the quarter ended June 2024.
• Redfin’s Business Overhaul: Redfin is working to improve its profitability and become more efficient as it awaits a potential housing market recovery driven by declining interest rates.

Other Developments

• Gabon’s Debt-for-Nature Swap: Gabon’s $500mn debt-for-nature swap, the first of its kind in mainland Africa, has remained intact despite a recent palace coup.
• India’s Wheat Stock Holding Limit: The Indian government has further tightened the limit on stocks of wheat that traders and millers can hold to boost availability and moderate prices.
• India’s Export Price Lifting: The Indian government has lifted the Minimum Export Price on basmati rice and onions, aiming to boost exports and benefit farmers.
• India’s Outward FDI Commitments: India’s outward foreign direct investment (FDI) commitments rose to $3.21 billion in August 2024.
• China-EU EV Tariff Clash: China will not make concessions on its core interests in negotiations over electric vehicle (EV) tariffs with the European Union.
• India’s Anti-Subsidy Duty Extension: India has extended countervailing or anti-subsidy duty on a Chinese chemical used in pesticides for five more years to protect domestic players.
• DHL’s China Export Forecast: DHL expects a surge in exports from China to drive a preponderance of transport and cargo processing over the final months of 2024.
• NiSource’s Infrastructure Investment: NiSource Inc. is investing in infrastructure modernization to enhance the reliability of its operations and boost its overall performance.
• Rental Protection Fund Acquisitions in Canada: The Rental Protection Fund, a Canadian initiative aimed at protecting affordable rental housing, has announced three acquisitions in Vancouver, Burnaby, and Maple Ridge.
• Social Security COLA Forecast Revision: The Senior Citizens League has revised its 2025 Social Security COLA forecast down to 2.5% due to cooling inflation.
• Michigan’s Retirement Incentives: Michigan offers below-average housing costs, favorable tax treatment for retirement income, and beautiful natural landscapes.
• Arkade Developers Fundraising: Realty firm Arkade Developers Ltd. has raised Rs 122.40 crore from anchor investors ahead of its initial public offering.
• Cavco Industries’ Support for HUD Code Changes: Cavco Industries, Inc. supports HUD’s implementation of the most extensive changes to its Manufactured Home Construction and Safety Standards in more than 30 years.
• Dan Gilbert’s Insights on Detroit: Dan Gilbert, billionaire founder of Rocket Companies, discussed Detroit’s revitalization and personal tragedies, including the passing of his son and a stroke he had in 2019.

Retail

IPO Performance

• PN Gadgil Jewellers IPO Success: The IPO of P N Gadgil Jewellers, an Indian jewelry retailer, was oversubscribed by 59.41 times, exceeding expectations. Qualified institutional buyers (QIBs) displayed the strongest interest, subscribing 136.85 times the allotted shares. The IPO raised a total of Rs 1.1 billion, with Rs 850 million earmarked for expansion and Rs 250 million for debt repayment.

Retail Sales Trends

• Mixed Performance in US Retail: Dillard’s, a department store chain, reported disappointing Q2 earnings, missing EPS estimates by 22%. This was the first miss since 2020 and came with a 5% decline in same-store sales. Conversely, RH, a luxury home furnishings retailer, exceeded earnings and revenue expectations for the second quarter, highlighting resilient demand. RH is also planning global expansion with new galleries planned for Paris, London, and Milan.
• Technology-Driven Growth in Japan: Kura Sushi, a Japanese sushi restaurant chain, is using technology to enhance the customer experience and drive growth through mobile ordering, reservation systems, and automated sushi sliders. The company is expanding both domestically and internationally, aiming for at least 20% annual growth in 2025.
• Moderate Outlook for American Eagle: American Eagle Outfitters’ stock performance has been mixed. While the company has seen recent declines in share price and earnings estimates, its valuation metrics suggest it may be undervalued. Revenue growth remains modest, suggesting potential for improvement.

Global Retail Trends

• Growing Biscuit Market: The global biscuit industry is projected to grow significantly in the coming years, reaching US$ 158.5 billion by 2032. This growth is driven by increasing convenience food consumption, the rise of premium biscuits, and growing consumer awareness of health and wellness.
• Hisense’s Overseas Expansion: Hisense Home Appliances Group Co. Ltd., a Chinese electronics manufacturer, has experienced impressive overseas growth. The company’s sales in the Americas and Europe surged, driven by aggressive promotion and sporting event sponsorships. Investment banks are optimistic about the company’s future growth prospects.

Real Estate Dynamics

• Mixed Outlook for Retail REITs: The Zacks REIT and Equity Trust – Retail industry is expected to benefit from limited new supply of retail real estate space, increasing omnichannel retailing initiatives, and a potential interest rate cut. However, the industry continues to face challenges like retailer bankruptcies, high expenses, and the persistent popularity of online shopping.

Diversification Strategies

• Tilray Brands’ Craft Beer Expansion: Tilray Brands, a cannabis company, is expanding into the craft beer market through acquisitions of Hop Valley Brewing Company, Terrapin Beer Co., Revolver Brewing, and Atwater Brewery. This move is expected to strengthen its position in the U.S. craft beer market, create cost synergies, and drive growth opportunities.

Infrastructure

Low-Carbon Construction

• Hong Kong Proptech Alliance Standardizes Low-Carbon Materials: More than a dozen Hong Kong property developers and construction firms formed a working group to standardize procurement of low-carbon construction materials as part of their climate-action plans. The group, known as the Hong Kong Proptech Alliance, aims to reduce emissions embedded in construction materials across the industry’s supply chain. Major procurement shifts, policy incentives, and technical documentation frameworks are required to drive investments that will help the building industry transition to low-carbon products and manufacturing.
• Transparency Challenges in Low-Carbon Materials: The biggest challenge for the industry is a lack of transparency on the availability and credibility of low-carbon construction materials, according to Kent Jan, head of digital transformation and innovation at Hongkong Land, the biggest landlord in Central.
• Building Emissions in Hong Kong and Globally: Government data shows that 60% of carbon emissions in Hong Kong stem from electricity consumption in buildings. Globally, 28% of emissions come from the lifetime operations of buildings, as well as 11% from the construction process and the production of building materials.

Infrastructure Projects and Company Performance

• HG Infra Wins Rs 716 Crore Project: Shares of construction engineering company HG Infra Engineering rose as much as 4.50 per cent to hit an intraday high of Rs 1,570 per share on September 13, 2024. The company received a letter from the Central Railway regarding the appointed date for the Rs 716-crore project, which the company will complete in 30 months.
• HG Infra’s Q1FY25 Financial Performance: HG Infra’s revenue grew 13 per cent annually to Rs 1,528 crore in Q1FY25, while net profit jumped over 8 per cent Y-o-Y to Rs 162.6 crore in the June quarter of FY25.
• Power Grid Corporation Wins Gujarat Transmission Project: Power Grid Corporation of India has been declared the successful bidder for setting up an inter-state transmission system project in Gujarat. The project involves augmenting the transformation capacity and associated bays extension works at an existing substation in the state.
• Power Grid Corporation’s Q1 FY25 Financial Performance: The company reported a 3.52% increase in consolidated net profit to Rs 3,723.92 crore in Q1 FY25. Revenue from operations fell marginally to Rs 11,006.18 crore during the quarter.

Mergers and Acquisitions

• DSV Acquires Schenker AG for EUR 14.3 Billion: DSV A/S has signed an agreement with Deutsche Bahn to acquire 100% of Schenker AG and its affiliates in an all-cash transaction. The transaction values Schenker at EUR 14.3 billion (approximately DKK 107 billion).
• Combined Business Impact: The acquisition of Schenker is a transformative transaction for DSV, creating a world-leading player within the global transport and logistics industry. DSV and Schenker will have a combined revenue of DKK 293 billion and a joint workforce of around 147,000 employees across more than 90 countries.

Infrastructure Investment and Development

• Sumitomo Corporation Invests $710 Million in Indian Renewable Energy: Tokyo-based Sumitomo Corporation will invest $710 million to build renewable energy (RE) projects in India, in collaboration with New Delhi-based AMPIN Energy Transition. The two companies formed a joint venture AMPIN C&I Power Private Ltd for this purpose.
• Focus on Green Energy Supply: The joint corporation will focus on green energy supply to commercial and industrial (C&I) customers, aiming to build a capacity of 1 Gw.
• AMPIN Energy Transition’s Portfolio: AMPIN currently has a portfolio of 4 Gw of RE assets.
• Sempra Energy’s $1.5 Million Initiative for Natural Gas Trucks: Sempra Energy’s (SRE) unit, Southern California Gas Company (SoCalGas), is set to launch a $1.5 million initiative to provide 50 fuel cards to fleet operators purchasing Class 8 heavy-duty natural gas trucks.
• SoCalGas’ ASPIRE 2045 Sustainability Strategy: SoCalGas’ ASPIRE 2045 sustainability strategy has made significant progress toward converting its fleet to low and zero-emission vehicles. 38% of its fleet is already running on alternative fuels. The company aims to reach 50% by 2025 and 100% zero-emission vehicles by 2035.
• AB Kauno energija Secures 35 Million EUR Loan: On 12 September 2024, AB Kauno energija signed a 35 million EUR long-term loan agreement with the European Investment Bank. The loan will finance investments in the period 2024-2026 for modernizing existing pipelines, constructing new district heating lines, reconstructing biofuel boiler houses, and installing heat pumps, heat storage tanks and solar power plants.

Company Strategies and Performance

• RITES Focuses on Future Ready Initiatives: RITES Ltd, an infrastructure, consultancy and engineering firm under the Railway Ministry, has focused on being a future ready firm with several initiatives centred around information technology and artificial intelligence.
• RITES’ AGM Results: Shareholders approved resolutions such as the adoption of Audited Financial Statements of the company, 1:1 Bonus Equity Share for shareholders, and Rs 5/share as a final dividend for FY2023-24. The total dividend of Rs 433 crore (Rs 18 per share) attributable to the financial year takes the RITES payout to 95.2% of the earnings.
• RITES’ FY24 Performance: RITES achieved consolidated revenue of Rs 2,539 crore in FY24. With increased focus on project consultancy, RITES achieved the highest-ever consolidated consultancy revenue of Rs 1,289 crore in FY24.
• Tutor Perini Wins $38.3 Million Contract: Tutor Perini Corporation (TPC) and its subsidiary Black Construction Corporation won a $38.3 million contract from the Naval Facilities Engineering Systems Command, Pacific District. The work scope includes constructing low-rise facilities to support the third Marine Expeditionary Force of the 9th Engineering Support Battalion at Marine Corps Base, GU.
• Tutor Perini’s Backlog: At the end of June 30, 2024, the company backlog was $10.42 billion, which was up sequentially from $9.98 billion and from $10.16 billion on Dec. 31, 2023.
• Astec Industries to Present at Sidoti Small-Cap Virtual Investor Conference: Astec Industries, Inc. (NASDAQ:ASTE) announced that Jaco van der Merwe (Chief Executive Officer), Heinrich Jonker (Interim Chief Financial Officer) and Steve Anderson (Senior Vice President of Administration and Investor Relations), will present and host one-on-one meetings with investors at the Sidoti Small-Cap Virtual Investor Conference, taking place on September 19, 2024.
• LITGRID AB’s Extraordinary General Meeting of Shareholders Decisions: LITGRID AB approved the 22 August 2024 decision of the Board to adopt a Financial Investment Decision (FID) for the implementation of the technical solution for the overland link of the project “Construction of the Harmony Link Interconnector” in the territory of the Republic of Lithuania.
• Lockheed Martin and Tata Advanced Systems Agreement: Lockheed Martin Corp. (LMT) recently inked an agreement with Tata Advanced Systems Ltd to establish a framework for enhancing business opportunities for LMT’s C-130J Super Hercules tactical airlifter.
• KBR Receives Conceptual Study Contract: KBR, Inc. (KBR) received a conceptual study contract from Samsung Heavy Industries (“SHI”) for a first-of-its-kind floating ammonia production facility.
• BIGBLOC Construction Bonus Issue: BIGBLOC Construction allots 7.07 cr equity shares under bonus issue.

Infrastructure Policy and Development

• India’s Maritime Development: The Ministry of Ports, Shipping and Waterways deliberated with coastal states during the 20th Maritime State Development Council (MSDC) meeting on the possibility of establishing shipbuilding and ship repair clusters to promote the domestic shipbuilding supply chain in the country.
• National Shipbuilding Policy in India: The Centre is already working on a national shipbuilding policy and a Rs 30,000 crore maritime development fund.
• Indian International Maritime Dispute Resolution Centre: The Indian International Maritime Dispute Resolution Centre (IIMDRC) will offer merit-based and industry-governed solutions to resolve maritime disputes efficiently.

Company Performance and Outlook

• General Dynamics NASSCO Wins Contract for Fleet Replenishment Oilers: General Dynamics NASSCO, a subsidiary of General Dynamics GD, announced that it has received a block-buy contract from the U.S. Navy for the construction of up to eight additional John Lewis-class fleet replenishment oilers (T-AO 214 through 221).
• MasTec Stock Outperformance: MasTec, Inc. (MTZ) stock has gained nearly 31% in the past six months, outperforming the Zacks Building Products – Heavy Construction industry’s 24.5% growth.
• KBR’s Q2 2024 Performance: In the second quarter of 2024, KBR received $2.1 billion in bookings and options in highly strategic areas, with a trailing 12-month book-to-bill of 1x.
• Vision Infra Equipment Solutions IPO: Vision Infra Equipment Solutions’ IPO was subscribed 45.29 times. The issue opened for bidding on 6 September 2024 and it closed on 10 September 2024. The price band of the IPO was set at Rs 155 to Rs 163 per share.

Commodities

Gold Mining Performance

• Asante Gold’s Bibiani and Chirano Mine Production: Asante Gold experienced lower gold production at both its Bibiani and Chirano mines in Q2 2025 compared to Q2 2024. Bibiani’s production declined to 16,452 gold equivalent ounces from 17,351 ounces, primarily due to lower feed grades and material movement. Chirano’s production fell to 30,527 gold equivalent ounces from 40,274 ounces, attributed to lower-than-expected ore grades. Despite the production decrease, both mines saw a reduction in All-In Sustaining Costs (AISC), with Bibiani’s AISC dropping to $2,276 per ounce and Chirano’s to $1,740 per ounce.
• B2Gold’s Goose Project Advancement: B2Gold Corp. successfully completed all planned construction for its Goose project in Nunavut, Canada, and remains on track for first gold pour in the second quarter of 2025. However, the estimated construction cost has increased to C$1,540 million, a 23% rise from the previous estimate, driven by a delay in first gold production and heightened logistics costs.
• B2Gold’s Exploration in the Back River Gold District: B2Gold is continuing exploration activities in the Back River Gold District, focusing on extending the Llama and Umwelt deposits, the largest and highest-grade resources at the Goose project. The company is also conducting regional exploration, including geophysics and mapping, on the George, Boot, Boulder, and Del projects.

Silver Mining Update

• Juanicipio Project’s Strong Performance: MAG Silver Corporation’s Juanicipio project achieved significant silver and silver-equivalent productions in Q2 2024, reaching 5 million ounces and 7.1 million ounces, respectively. The company anticipates Juanicipio to produce 16.3 million and 17.3 million silver ounces in 2024, surpassing its previous forecast of 14.3-15.8 million silver ounces.
• Vizsla Silver’s Panuco Project Advancement: Vizsla Silver Corp.’s flagship Panuco silver-gold project in Sinaloa, Mexico, is progressing towards production. The preliminary economic assessment highlights a high-margin, underground silver primary mine with substantial production potential.
• First Majestic Silver’s Cerro Los Gatos Acquisition: First Majestic Silver Corp. acquired Gatos Silver, Inc., securing a 70% interest in the Cerro Los Gatos underground mine. The acquisition is expected to enhance free cash flow and generate synergies for First Majestic.
• Hecla Mining’s Greens Creek Mine Performance: Hecla Mining Company’s Greens Creek mine, a key contributor to its silver production, experienced a notable sequential increase in silver production in Q2 2024.

Energy Sector Outlook

• OPEC Revises Oil Demand Forecast: OPEC has lowered its oil demand growth forecast for 2024 to 2.0 million barrels per day, a decrease of 80,000 barrels from its prior estimate. The revision reflects weakened demand from China and a global economic slowdown.
• Hurricane Francine Disrupts U.S. Gulf of Mexico Oil Production: Hurricane Francine disrupted oil production in the U.S. Gulf of Mexico, leading to a shutdown of approximately 730,000 barrels per day, equivalent to about 42% of Gulf production. The disruption caused a temporary surge in oil prices, although the rally was short-lived.
• ExxonMobil’s Low-Carbon Ammonia Production: ExxonMobil Corporation has entered into a Project Framework Agreement with Mitsubishi Corporation to participate in a Baytown, Texas facility. The facility aims to produce up to 1 million tons of low-carbon ammonia annually.
• BP’s Green Hydrogen Project in Spain: BP plc has partnered with Iberdrola to construct a 25 MW green hydrogen project at its Castellón refinery in Spain. The facility, expected to become operational in the second half of 2026, is anticipated to reduce carbon dioxide emissions by approximately 23,000 tons per year.

Uranium Sector Update

• U.S. Ban on Russian Uranium Imports: The U.S. has prohibited the import of Russian uranium products, creating uncertainty for utilities regarding sourcing their fuel. This challenge is amplified by Kazatomprom’s decision to lower its uranium production plan for the upcoming year.
• Oracle’s Nuclear-Powered Data Center: Oracle CEO Larry Ellison announced that the company is building a data center powered by three small nuclear reactors. This move highlights the rising demand for nuclear energy, driven by the expanding data center industry.
• Nuclear Energy Renaissance: Experts predict a nuclear energy renaissance in the coming years, driven by the growing need for clean and reliable energy sources.

Lithium Sector Developments

• Arkansas Lithium Development: Companies like ExxonMobil, Albemarle, and Standard Lithium are investing heavily in Arkansas, leveraging the Smackover Formation’s lithium brine resources to meet the surging global demand for lithium.
• China’s Lithium Production Cut: CATL, a leading Chinese lithium producer, is reportedly planning to reduce production at its Jiangxi province mine due to increasing costs. This move could help rebalance demand and supply, potentially leading to a rebound in lithium prices.

Other Commodities

• India’s Steel Scrap Recycling Mandate: The Indian government is expected to mandate automakers to recycle a specified amount of steel from old vehicles, boosting the steel circular economy and scrap availability.
• NMDC’s Overseas Critical Minerals Exploration: NMDC, India’s largest iron ore miner, is exploring overseas mining opportunities for critical minerals such as lithium, cobalt, and nickel, including a lithium block in Australia.
• MAX Power Mining’s Natural Hydrogen Exploration: MAX Power Mining Corp. has appointed Bradley S. Sylvester as a Special Advisor, leveraging his expertise in distribution with over 40 years of experience in the consumer-packaged goods industry. The company is focused on Natural Hydrogen exploration in Saskatchewan, Canada.
• Volt Lithium’s Direct Lithium Extraction Milestone: Volt Lithium Corp. has successfully installed its first field unit in the Permian Basin, Texas, marking a significant milestone in its lithium production efforts. The company aims to produce 100,000 barrels per day by mid-to-late 2025.

Politics

US Election 2024

• Harris’s Debate Lead: The first presidential debate between Democratic nominee Kamala Harris and Republican challenger Donald Trump has seen Harris secure a resounding 63% of votes in a CNN flash poll of debate watchers. This represents a significant shift in public perception, with Harris gaining ground with independent voters, her favorability rising by six points to 45%.
• Trump’s Crypto Launch: Trump’s cryptocurrency venture, World Liberty Financial, is scheduled to launch on X Spaces next Monday at 8 p.m., causing a surge in bets on the prediction platform Polymarket, with the odds of the launch occurring now at 85%. This aligns with Trump’s recent pro-cryptocurrency stance, advocating for the US to become the “crypto capital of the planet.”
• Trump’s Tax Proposals: Former President Donald Trump has proposed eliminating taxes on overtime wages for individuals working beyond 40 hours a week. This proposal, echoing a similar bill introduced by Rep. Russ Fulcher (R-Idaho), comes amid other proposals to end taxes on tipped wages and Social Security benefits. Critics argue that these proposals could inflate the federal deficit significantly.
• Economic Disparity Concerns: Sen. Bernie Sanders has expressed concerns about the economic disparity in America, criticizing the wealthy for actions like moving factories to China and advocating for tax breaks for the rich. He consistently highlights the stark difference in life expectancy between the rich and the poor.

US-China Relations

• China Warns US: China’s ambassador to the United States, Xie Feng, issued a stern warning to the US, emphasizing non-interference and respect for China’s sovereignty. He outlined four critical “red lines” in US-China relations: Taiwan, democracy, human rights, and China’s right to develop. This comes amidst heightened tensions between the US and China over multiple fronts, including the US House of Representatives passing bills to scrutinize Chinese property acquisitions.

Taiwan Conflict

• US Navy’s Taiwan Training: The US Navy’s elite Seal Team 6 has been training for potential missions in Taiwan for over a year, according to sources, reflecting the escalating US focus on deterring China from invading Taiwan. This follows warnings from military officials that China could attack Taiwan within six years.

Ukraine-Russia Conflict

• Putin’s Warning to West: Russian President Vladimir Putin warned the West that the use of Western-made long-range missiles by Ukraine against Russia could lead to a direct military confrontation between Russia and the West. He did not elaborate on what actions Russia might take in response, but he has previously alluded to the possibility of arming the West’s adversaries with Russian weapons to target Western interests.

India’s Political Landscape

• Labor Unrest in India: A labour strike in India that has disrupted production at a Samsung plant has put the spotlight on the Centre of Indian Trade Unions (CITU), which has quietly mobilized employees and now plans to extend its efforts in the country’s electronics sector. The strike highlights concerns over low wages and limited opportunities for collective bargaining in India’s rapidly growing electronics sector.
• SEBI Chair Accused: Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India (Sebi), and her husband Dhaval Buch have denied allegations of conflict of interest levelled by the Congress, saying that their income tax details were obtained “illegally” and “twisted deliberately to create a false narrative”. The Congress has made a series of allegations of irregularities against Buch, including claims of her receiving rental income from a Mumbai firm that has been investigated by the SEBI.

US Cannabis Legalization

• Cannabis Legalization in Indiana: Democratic gubernatorial nominee Jennifer McCormick has pledged to work on setting up a medical cannabis industry in Indiana as a step toward legalization of recreational marijuana if elected. Her opponent, Republican Mike Braun, has acknowledged that some form of legalization in every state is likely within the next decade.

Canada’s Emergency Preparedness

• Canada’s Emergency Preparedness: A new survey from Nanos Research finds that over half of Canadians (61%) feel Canada is not prepared or somewhat not prepared to respond to future emergencies like extreme weather, wildfires, and other natural disasters. The survey also reveals strong support for a national volunteer disaster relief program and a national disaster response agency.
• CEPCA Convention: The Canadian Emergency Preparedness and Climate Adaptation Convention (CEPCA) is set to bring together municipal, provincial, and federal governments, along with the private sector and local communities, to focus on proactive strategies for unified emergency management across the country. The event aims to foster collaboration, break down silos, and create resilient infrastructure and communities in the face of increasing climate-related emergencies.

Nebraska Medical Marijuana Initiative

• Lawsuit Against Medical Marijuana Ballot Measures: A former Republican member of the Nebraska State Senate has initiated a lawsuit aimed at preventing the Secretary of State from certifying two petitions that seek to legalize medical cannabis in the upcoming November election. The lawsuit alleges that the petitions fail to meet legal requirements, including the number of valid signatures and the single-subject rule.

Stock Picks

India Tower Market

• DIT Acquires American Tower Operations in India: Data Infrastructure Trust (DIT) has acquired American Tower Corporation’s operations in India for approximately $2.2 billion. This acquisition includes around 76,000 telecom sites, making DIT the largest mobile tower company in India, surpassing Indus Towers. DIT’s portfolio now totals 257,000 telecom sites under the new brand name Altius.
• Airtel Strengthens Asia-Europe Connectivity: Bharti Airtel has partnered with Sparkle to acquire additional capacity on the Blue-Raman Submarine Cable System. This move will enhance Airtel’s connectivity between Asia and Europe, contributing to its strategy of diversifying its network and meeting growing data demands.
  LIC Investment
• LIC Boosts Stake in IRCTC: Life Insurance Corporation of India has increased its stake in Indian Railway Catering and Tourism Corporation (IRCTC) to approximately 9.3% through open market purchases. This move raises LIC’s holdings in IRCTC to 9.3% from 7.28%.
  HDFC Bank Loan Offloading
• HDFC Bank Offloads Loans: HDFC Bank is negotiating with global banks to offload up to Rs 8,400 crore in loans. This action is part of its strategy to improve its credit-to-deposit ratio and align its credit book with deposit levels.
  Paytm Focus
• Paytm Focuses on Core Business: Paytm is concentrating on its core payments business and aims for profitability soon. The company is applying for a payments aggregator license and leveraging advanced technologies, including AI, to enhance its services.

Aerospace & Defense

HAL Upgraded

• HAL Receives Maharatna Status: Hindustan Aeronautics (HAL) is expected to be upgraded from Navratna to Maharatna status by the end of this year. This upgrade will grant HAL greater operational and financial autonomy, allowing it to make project investments up to Rs 5,000 crore without government approval. HAL has seen significant growth, including a record profit of Rs 4,000 crore in Q4 FY24.
  SpiceJet Appeal
• SpiceJet Appeals Grounding: SpiceJet has moved the Supreme Court to contest a Delhi High Court order that grounded three of its leased engines. The airline is seeking additional time to clear outstanding dues and has plans to raise significant funds to address its financial challenges.

Real Estate

Puravankara Expansion

• Puravankara Enters Luxury Market: Puravankara has acquired redevelopment rights for Miami Apartments in Breach Candy, South Mumbai, marking its entry into the luxury market. The company also expanded in Lokhandwala, Andheri West, and signed a Joint Development Agreement for a land parcel in Bengaluru’s Electronics City.
  IHCL Expansion in Chennai
• IHCL Expands in Chennai: Indian Hotels Company (IHCL) announced plans to develop two new hotels, Vivanta and Ginger, in Chennai’s Mahindra World City. The development will cater to both business and leisure travelers, with Vivanta offering high-end amenities and the Ginger focusing on contemporary features.

Consumer Discretionary

Honasa Consumer Stake Sale

• Mamaearth Stake Sale: Peak XV Partners, Sofina Ventures, and Stellaris Venture Partners sold a combined 7.94% stake in Honasa Consumer, the company behind Mamaearth, for Rs 1,276 crore. The shares were sold at Rs 495 each, with various new investors picking up portions of the stake.
  Marico Growth
• Marico Reports Strong Domestic Growth: Marico reported strong domestic growth, with a 6.7% increase in revenue and an 11.5% rise in net profit for Q1 FY25. The company is focusing on expanding its food business and adjusting pricing strategies to maintain profitability.

Financial Services

Adani Group Clarification

• Adani Group Denies Swiss Court Proceedings: Gautam Adani-Adani Group clarified that it is not involved in any Swiss court proceedings. The statement by the group followed allegations by Hindenburg Research that Swiss authorities had frozen over $310 million of the company’s assets as part of a probe into money laundering and securities forgery.
  Monarch Networth Capital Ex-Bonus
• Monarch Networth Capital Ex-Bonus: Monarch Networth Capital shares will trade ex-date, following the company’s 1:1 bonus issue announcement.

Automotive

India’s EV Scheme

• PM E-DRIVE Scheme: The Indian government launched the Rs 10,900 crore PM Electric drive revolution in innovative vehicle enhancement (PM E-DRIVE) scheme. The scheme will cover 2.48 million electric two wheelers (e2Ws) and 3,16,000 electric three wheelers (e3Ws).
• Nomura Favors Auto Stocks: Global brokerage Nomura picked Tata Motors, Mahindra & Mahindra (M&M), and Maruti Suzuki as its preferred stocks after the launch of the PM E-DRIVE scheme. Nomura has given a ‘Buy’ call on Tata Motors with a target price of Rs 1,303. For M&M, the brokerage also gave a ‘Buy’ call with a target of Rs 3,417, while Maruti Suzuki has been given a ‘Neutral’ rating with a target of Rs 13,133.
  Tata Power and Tata Motors Partnership
• Tata Power Partners with Tata Motors for EV Charging: Tata Power EV Charging Solutions, a subsidiary of Tata Power Renewable Energy, inked a memorandum of understanding (MoU) with Tata Motors to set up fast charging stations in metro cities. The companies will set up 200 fast-charging stations for electric commercial vehicles (CV) in all metros cities, including Mumbai, Delhi, Chennai, Bengaluru, and Kolkata.
  Transformers & Rectifiers India Order
• Transformers & Rectifiers India Wins Order: Transformers & Rectifiers India secured an order worth Rs 114 crore from RRVPNL for power transformers. The delivery of transformers is expected by next financial year (FY26).

Entertainment

PVR Inox Outlook

• Strong Content Pipeline: Domestic brokerage ICICI Securities expects PVR Inox to post its ‘strongest’ quarterly show in the October-December quarter (Q3) of the current financial year 2024-25 (FY25), buoyed by ‘five mega-budget Indian movies’. Given this, the brokerage has raised PVR Inox share price target to Rs 2,250 with a ‘Buy’ rating.
• Non-Core Asset Monetization: PVR Inox is ‘actively’ exploring monetization of non-core real estate assets, in advanced negotiations to monetise two of its assets for an expected inflow Rs 300 – 350 crore within 1–2 months.

Pharmaceuticals

Jubilant Pharmova Expansion

• Radiopharma Expansion: Jubilant Pharmova’s Jubilant Draximage Inc. announced an investment of $50 million to expand its PET radiopharmacy network by adding six PET radiopharmacies in strategic locations throughout the US. This investment positions the company in the growing PET Imaging segment and will enable it to secure long-term contracts with leading PET radiopharmaceutical manufacturers. The new PET radiopharmacies are expected to be fully operational in FY28.
• Jubilant Pharmova Strong Pipeline: Jubilant Pharmova has a strong pipeline of products across SPECT, PET, and therapeutics, which will drive revenue in the medium-term. The market is expected to grow multifold on the back of superior imaging and therapeutic profiles, new emerging isotopes, and increasing use-cases for unmet needs.
• USFDA Inspection Classification: Jubilant Pharmova’s Jubilant HollisterStier facility in Washington, US, was classified as ‘Voluntary Action Indicated’ by the USFDA following an inspection.
  Patanjali Foods Share Price
• Patanjali Foods Share Price Drops: Patanjali Foods share price fell 4.2% to Rs 1,850 on the National Stock Exchange (NSE) after a large block deal, with promoter entities Patanjali Ayurved and Patanjali Parivahan looking to sell up to 11 million shares.
  SpiceJet Share Price
• SpiceJet Share Price Rallies: Shares of SpiceJet hit an over seven-month high of Rs 72.25, rallying 9% on the BSE in Friday’s intra-day trade. The stock of the low-cost airline is trading at its highest level since February 7, 2024.

Energy

Chevron Dividend Growth

• Chevron Dividend Increase: Chevron (CVX) increased its dividend by 8% per share, marking its 37th consecutive year of dividend increases. The company expects these and other investments to boost its annual free cash flow (FCF) by an average rate of at least 10% through 2027 at a Brent crude oil price of $60 per barrel.
• Potential Hess Acquisition: Chevron’s planned acquisition of Hess could further accelerate its FCF growth, potentially leading to even bigger dividends for shareholders.