Tuesday, November 26
Berkshire Hathaway's market value nears $1 trillion. Limited investment opportunities affect share price growth. Berkshire faces potential lawsuit over 2020 wildfire costs. Buffett praises Charlie Munger and successor Greg Abel. Berkshire's operating profit increases due to underwriting and investment income.
Telangana government expects Phase 2 of Genome Valley, which will cover an additional 300 acres, to attract investments ranging from Rs 20,000 crore to Rs 30,000 crore over the next five years, Telangana industries minister Duddilla Sridhar Babu said. He said a total of 10 clusters will be put up in various parts of the state.
Hyderabad-based Raghu Vamsi Machine Tools Pvt Ltd has developed an indigenous micro turbojet engine, INDRA RV25: 240N, in partnership with IIT-Hyderabad. The engine has applications in UAVs, air taxis, jetpacks, and power generation, supporting Make in India and Atmanirbhar Bharat initiatives. Raghu Vamsi Group plans to build more micro turbojet engines for missile propulsion.
RBI imposes penalties on SBI, Canara Bank, and Ocean Capital Market Ltd. for non-compliance. SBI fined Rs 2 crore for regulatory shortcomings. Canara Bank faces a penalty of Rs 32.30 lakh for failing to meet RBI directives. Ocean Capital Market Ltd. fined Rs 16 lakh for breaching NBFC regulations and XBRL platform submissions.
Vijay Shekhar Sharma resigned as the non-executive chairman and board member of Paytm Payments Bank Ltd due to regulatory hurdles from the Reserve Bank of India. Paytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank for UPI transactions, focusing on large volumes and technological capabilities.
The FASTag system allows drivers to pay toll charges seamlessly while driving. To use FASTag, drivers need to pay a one-time Tag Joining Fee, a refundable Security deposit, and maintain a Threshold amount in their account. Various issuers charge fees for FASTag activation and re-issuance.
Shares of Paytm's parent company, One 97 Communications, surged 5% on the BSE after RBI asked NPCI to consider Paytm as a third-party UPI provider. Morgan Stanley gave an equal-weight rating to Paytm. RBI allowed Paytm to move its IPO-based payments business to other banks. If NPCI approves TPAP, it will ensure uninterrupted UPI services for Paytm customers.
Indian stock market indices continue upward trend, Nifty 50 index reaches record highs. Analysts recommend tech stocks for potential gains. Top picks include Blue Star, IRCTC, IBULHSGFIN, JSW Energy, and Godrej Properties. These stocks show strong momentum, breakout patterns, and bullish trends.
In an annual letter to shareholders, Warren Buffett recognized his late business partner Charlie Munger's contributions to the company's growth, referring to him as Berkshire Hathaway's "architect". Warning his shareholders against Wall Street experts, Buffet said not to pay heed to those financial advisers who suggest them to trade often.
