– Gita Gopinath leaves her post at the IMF
– The Center is considering amending the law on drugs to make it stronger
– Ola’s top executives exit ahead of potential IPO
– Gasoline and diesel prices jump after global crude rates soar
Now let me give you a quick overview of the state of the markets.
Dalal Street is expected to have a positive start this morning. The crafty futures on the Singapore Stock Exchange traded 22 points higher at 8:20 a.m. (IST). Most Asian stocks traded mixed on Wednesday, even as US stocks rallied overnight, supported by corporate earnings. The largest MSCI index of Asia-Pacific stocks excluding Japan rose 0.52 percent.
Elsewhere, the yield on 10-year Treasuries rose three basis points to 1.67%. U.S. bonds pushed currencies down on Wednesday, with a hike in long-term rates pushing the dollar to an almost four-year high against the yen, but shorter-term yields lowering it against the yen. to most other great peers. Bitcoin is on the verge of peaking in April. Oil prices fell after the Chinese government signaled it was looking for ways to bring record high coal prices under control and ensure coal mines are operating at full capacity as Beijing moves to ease a shortage electricity. Brent crude futures fell 43 cents, or 0.5%, to $ 84.65 a barrel, matching a rise of 75 cents in the previous session.
That said, here’s what’s in the news.
Most brokerages maintained a bullish outlook on UltraTech Cement after the company announced a 7.6% year-on-year increase in net income for the quarter ended September to Rs 1,300.1 crore, which was lower than analysts’ expectations. HSBC said significant price increases are needed to offset rising input costs, which is a major concern to maintain growth momentum.
A resumption of the investment cycle argues in favor of a greater allocation to infra MF. Fund managers believe that over the past decade, many companies have deleveraged and repaired their balance sheets. In addition, interest rates are at their lowest for two decades and will act as a catalyst for infrastructure spending. The government’s national infrastructure pipeline initiative provides long-term visibility on spending in key sectors.
Hindustan Unilever’s September quarter results sparked a curious reaction from Street. Strong figures of 11% net sales growth, 9% net profit growth and a slight contraction in operating profit margin pushed the stock up initially by nearly 3%. However, volume growth of 4% – against expectations of 5-7% – ultimately disappointed the street as it indicated that the strong performance was due more to prices than to strong consumer demand.
The cost benefits that software service providers have so far enjoyed due to Covid-19 travel restrictions may be coming to an end. Executives at major IT companies reported a return to pre-Covid-19 margins and revenues while reporting September quarter results. The recovery in travel is estimated to increase costs, affecting margins by 1-3%.
NOW Before you go, here’s a look at some of the stocks that are buzzing this morning …
Shriram Transport Finance and Hero FinCorp (HFCL) plan to raise up to $ 600 million through a syndicated offshore loan to meet growing demand in logistics.
Engineering services firm L&T Technology Services (LTTS) reported net profit of Rs 230 crore, up 39% and revenue of Rs 1,608 crore, up 22% for the quarter ended September 30, 2021 .
ICICI Prudential Life Insurance Co announced a 48% increase in net income for the second quarter ended September 2021, driven by growth in premiums as well as investment income.
Large FMCG firm Nestlé India Ltd on Tuesday announced a 5.15% increase in net profit to Rs 617.37 crore for the third quarter ended September, largely on the back of strong single-digit volume growth over the internal market.
Also check out over two dozen stock recommendations for today’s trading from top analysts on ETMarkets.com.
That’s all for the moment. Stay with us for all the market news throughout the day. Good investment!