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– India wants $1 trn before cutting emissions
– RBI Governor says GDP to clip at 9.5% as growth impulses strong
– Maruti reports 26% drop in Oct production
– GDP growth to be fastest in the world, says finance ministry
Now lemme give you a quick glance on the state of the markets.
Asian shares opened lower Wednesday after US shares dropped on inflation worries. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.25 per cent. Japan’s Nikkei tanked 0.32%
Elsewhere, the yield on 10-year Treasuries rose 11 basis points to 1.55% Wednesday. The dollar stood at its highest levels of the year against sterling and the euro on Thursday, while the yen was smarting from its sharpest drubbing in a month, after the hottest U.S. inflation reading in a generation fanned bets on rate hikes. Oil prices were steady on Thursday after falling in the previous session on concerns rising inflation in the United States, spurred by climbing energy costs, may prompt the government to release more strategic crude stockpiles to drive down prices. Brent crude futures gained 18 cents, or 0.2%, to $82.82 a barrel.
That said, here’s what is making news.
The blockbuster listing of Nykaa on Wednesday has also led to its investors laughing all the way to the bank, with some like TPG Growth clocking their biggest payday in India across any investments that the private equity group has made since setting up their office in the country in 2003.
Mahindra & Mahindra’s (M&M) stock has gained 7 per cent since its second-quarter result on Tuesday following a strong momentum in the sports utility vehicles (SUV) segment. The recovery in the automobile segment may offset the pressure on the tractors division owing to the higher base in the last fiscal year.
With cryptocurrencies such as Bitcoin, Ethereum, Doge, Shiba Inu and Solana touching all-time highs, the number of traders has also grown exponentially, said market watchers. Top exchanges have recorded a 200-500% jump in the number of day traders who make money merely by taking positions in various crypto assets. In all, there are about 105 million Indians who hold crypto assets, and the number of traders is a little over 1 million, according to exchanges.
LASTLY,
Tesla Chief Executive Elon Musk sold about $1.1 billion worth of shares to cover tax obligations on options exercise, the billionaire reported in filings on Wednesday. Musk exercised options to acquire nearly 2.2 million shares of Tesla and then sold about 934,000 shares — about 0.5% of his Tesla holdings.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Skills and talent development company NIIT Ltd on Wednesday said its consolidated net profit has more than doubled to Rs 52.4 crore in the September 2021 quarter. The company had registered a net profit of Rs 26 crore in the year-ago period.
State-owned Oil India Ltd on Wednesday reported more than doubling of its September 2021 quarter net profit, on back of a surge in oil and gas prices. The net profit stood at Rs 504.46 crore, or Rs 4.65 a share, in July-September 2021 compared with Rs 238.95 crore, or Rs 2.20 per share, a year ago, the company said in a statement.
Online food delivery firm Zomato said its revenue from operations jumped to Rs 1,024.2 crore in the quarter ended September 30 from Rs 426 crore a year earlier, even as its loss widened to Rs 434.9 crore from Rs 229 crore.
Bank of Baroda reported a 24 per cent growth in standalone net profit mainly due to a 23 per cent increase in other income which includes fees and bad loan recoveries and helped by a fall in provisions as bad loans decreased year on year.
Do also check out over two dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.
That’s it for now. Stay with us for all the market news through the day. Happy investing!
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