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Melinda French Gates on Monday announced her decision to step down as co-chair of the Bill & Melinda Gates Foundation. Her last day of work at the foundation will be June 7."I am taking this step with full confidence that the foundation is in strong shape, with its extremely capable CEO Mark Suzman, the Executive Leadership Team, and an experienced board of trustees in place to ensure all its important work continues," said Melinda French in her official statement. — melindagates (@melindagates) " The time is right for me to move forward into the next chapter of my philanthropy. This is a critical moment for women and girls in the U.S. and around the world-and those fighting to protect and advance equality are in urgent need of support. Under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families. I'll be sharing more about what that will look like in the near future," added Melinda French.

DLF reported net profit of Rs 927 crore during Q4 FY 24, Y-o-Y growth of 60% as it reported sales booking of Rs 14,778 crore during the year.The developer launched approximately 6 msf which saw strong absorption resulting in monetization of almost entire inventory during the launch period.The demand momentum in the residential segment is expected to stay strong and it remain focused on bringing a calibrated supply across multiple micro markets.“We plan to launch more than 11 msf of new products during FY25 targeting various markets including Gurugram, Mumbai, Goa and Chandigarh Tri-city. The estimated sales potential of these launches is approximately Rs 36,000 crore which should lead to steady growth in the business,” the company said in a statement.DLF generated a record cash flow from operations of Rs 4,385 crore during the year.“This healthy cash flow generation resulted in further improvement in the net cash position for the business, which stood at Rs 1,547 crore at the end of the period,” the company said.The board has also announced a dividend of Rs 5 per share for the approval of the shareholders. The payout reflects a y-o-y growth of 25% in the payout as compared to last year.FY24 consolidated revenue of DLF Cyber City Developers Limited stood at Rs 5,903 crore, reflecting y-o-y growth of 9%; consolidated profit for the quarter stood at Rs 1,690 crore, a y-o-y growth of 18%. Cash flow from operations stood at Rs 2,726 crore for the fiscal. Occupancy levels across its non-SEZ portfolio remain healthy at97% and it expect a steady recovery across the SEZ segment over the next few quarters given the announcement on floor-wise denotification. “Our new office developments across Gurugram and Chennai continue to witness strong interest from large occupiers. We saw completion of approximately 2.3 msf of office development at DLF Downtown, Chennai and expect rentals to commence shortly leading to healthy growth in the portfolio,” the company said.DLF’s retail business exhibited 18% y-o-y growth during the period.

HDFC Defence Fund-Reg(G), which was a top performer among the equity mutual fund schemes in April with returns of 12.56%, added three new stocks to its portfolio in the month gone by. These were Garden Reach Shipbuilders & Engineers, JNK India and Mazagon Dock Shipbuilders. Meanwhile, the scheme increased its holding in seven stocks while slashing in three.According to Ace Equities data analysed by ETMarkets, HDFC Defence Fund bought 4.8 lakh shares or 1.76% in Garden Reach Shipbuilders. In multibagger Mazagon Dock Shipbuilders and smallcap JNK India, this fund purchased 1,55,901 (1.36%) and 4,96,367 (1.28%) shares, respectively. The market value of these shares at the end of April 30, 2024, stood at Rs 47.47 crore, 36.62 crore and 34.47 crore, respectively.<iframe title="Fresh Additions" aria-label="Table" id="datawrapper-chart-yJtF6" src="https://et-infographics.indiatimes.com/graphs/yJtF6/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="266" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();</script>Stocks in which HDFC Defence Fund increased stake in April included Avalon Technologies, Bharat Electronics, Cyient DLM, Ideaforge Technology, MTAR Technologies, Premier Explosives and Rishabh Instruments. <iframe title="Buying Activity" aria-label="Table" id="datawrapper-chart-Oel1t" src="https://et-infographics.indiatimes.com/graphs/Oel1t/2/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="382" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();</script>There were three stocks in which HDFC Defence Fund pared its shares partially — BEML, Bharat Dynamics and Data Patterns (India). <iframe title="Selling Activity" aria-label="Table" id="datawrapper-chart-qijR5" src="https://et-infographics.indiatimes.com/graphs/qijR5/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="247" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();</script>Meanwhile, there were 9 stocks which did not see any change in holding in the month gone by over February. These are Astra Microwave Products, DCX Systems, Hindustan Aeronautics (HAL), Interglobe Aviation, Power Mech Projects, Solar Industries India, TD Power Systems, Techno Electric & Engineering Company and The Anup Engineering.HDFC Defence Fund is an open-ended equity scheme investing in defence and allied sector companies. It has exposure in 21 stocks, of which two are largecaps, one is midcap and remaining 18 are smallcaps. In these 21 counters, 8 are PSU stocks while 13 are private sector companies. The scheme was launched in June 2023 with assets under management (AUM) at Rs 2,696.26 crore. Its highest holding is in HAL and is followed by Solar Industries, BEML and Premier Explosives.HDFC Defence Fund has given returns of over 15% in the last three months while its 6-month returns stand at Rs 46%. It is benchmarked against Nifty India Defence Index TRI.(Inputs from Surbhi Khanna)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Nifty on Monday ended 49 points higher above the 22,100 mark to form a hammer candle on the daily chart as modest buying interest from the lows of 21,821 bolstered a technical pullback, allowing the index to close in the upper quartile of the trading range.On the higher side, the band of 22,300-22,320 could act as a resistance, while the low of 21,821, registered on Monday, would remain support for Nifty in the short term, said Vinay Rajani of HDFC Securities.OI data showed that on the call side, the highest OI observed was at 22,300 followed by 22,500 strike prices while on the put side, the highest OI was at 22,000 strike price.What should traders do? Here’s what analysts said:Rupak De, Senior Technical Analyst, LKP SecuritiesNifty’s recovery may encounter resistance in the 22,150-22,200 zone, and only a decisive move above 22,200 could trigger a stronger rally in the market. On the lower end, support is situated at 21,950.Tejas Shah, Technical Research, JM Financial & BlinkXTechnically, it is quite apparent that the market is facing selling pressure at higher levels. However, the positive key takeaway for Nifty is that it is still holding above the psychological support level of 22,000 on a closing basis. The resistance zone of 22,200-250 remains important as a barrier and the market needs to cross this on a closing basis for further strength in Nifty. Support for the Nifty is now seen at 21,950-22,000 and 21,700-800 levels. On the higher side, the immediate resistance zone for Nifty is at 22,200-250 levels and the next resistance is at 22,500 mark. Overall, Nifty is likely to remain volatile within 21,800 – 22,300 range in the near term.Ruchit Jain, 5paisa.comNifty has seen a sharp correction of almost 1000 points in the last few trading sessions from the swing high. We had not seen any meaningful pullback and hence, the RSI readings on the lower time frame were in the oversold zone. Also, the 100-DEMA support was placed around 21,800-21,850. Hence, the index witnessed a recovery from this support. It has also formed a ‘Bullish Hammer’ pattern on the daily chart, which is a positive sign if the price action shows positive momentum the next day. Hence, a move above Monday high could lead to positivity in the near term.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

New Delhi/Tokyo: Japanese car maker Suzuki Motor Corporation on Monday said it will continue to expand SUV portfolio in India to recover its overall market share in the passenger vehicle segment. The company, which currently has around 58 per cent stake in Maruti Suzuki India, said its net sales increased by 732.6 billion yen (15.8 per cent) year-on-year to 5,374.3 billion yen for the last financial year. Operating profit increased by 115 billion yen (32.8 per cent) YoY to 465.6 billion yen. "We will continue to promote the expansion of our SUV models (in India) and aim to recover our total passenger car share," Suzuki Motor Corporation said in a statement. Currently, Maruti Suzuki sells SUV (sport utility vehicle) models like Brezza, Jimny and Grand Vitara in the domestic market. The company's market share has come down to around 42 per cent from over 50 per cent a couple of years back in the domestic passenger vehicle segment on account of limited options in the SUV segment. With the market demand rising for SUVs, the company is in the process of bolstering its presence in the segment and regaining its market share. Suzuki Motor Corp said that in April 2024, a new production line with an annual capacity of 1 lakh units started operations at the Manesar plant. The company said it plans to secure a production capacity of around 40 lakh units in India by FY2030. Suzuki Motor Corp said it expects record sales and profits this fiscal due to higher unit sales. "The company is compiling strategies in various fields, including technology, and will announce the new mid-term management plan by the end of FY2024," it stated.

The Supreme Court of India has admitted a petition challenging imposition of the Goods & Services Tax (GST) on the transfer of development rights within joint development agreements between realty developers and landowners.In this matter, the court has issued notices to the Union government, GST Council and Central Board of Indirect Taxes and Customs (CBIC) to file their replies to the special leave petition (SLP) filed by a property developer in Telangana.The applicability of 18% GST is poised to impact real estate projects across all major property markets nationwide marking a pivotal shift in the cost dynamics of joint developments and redevelopment projects as well.Prior to this, in February, the Telangana High Court had dismissed a legal challenge brought forth by the same developer, who then moved the apex court seeking relief.While representing the developer, Abhishek A Rastogi, founder of legal firm Rastogi Chambers, argued that in this case of barter, the moot point is whether the ancillary and incidental right attached to the sale of land would be subject to the GST as the supply of the land is specifically excluded from the purview of the GST.He argued further that the second leg of the barter transaction in the form of works contract services is already undisputedly subject to the tax and levy of GST on development rights would lead to double taxation.The South India-based developer had filed a writ petition in 2020 following a GST notification in 2019 which provided for a point of taxation to impose tax on the transfer of development rights by the landowner to the realty developer. With this, the petition had stated that the authority had effectively intended to impose tax on a transaction akin to sale of the land.Last year, real estate developers had approached the Ministry of Finance with their concerns over the impact of the GST being levied on rehabilitation apartments being built and given back, free of cost, to existing occupants as part of redevelopment projects.The projects involving joint development and redevelopment play a crucial role in the functionality of most property markets, especially given the backdrop of escalating land prices and the dwindling availability of vacant land parcels in key urban centres.The issue relates to the levy of 18% GST on the value of development rights that will make various projects across key markets including Mumbai, Pune, Bengaluru, Hyderabad, and Kolkata unfeasible for all stakeholders including landowners.The outcome of this case is likely to change the landscape of property development impacting stakeholders and reshaping strategies within the real estate sector.