On expected lines, the Fed raised interest rates by 25 bps. However, the Fed chairman did not give any clear indication of future interest rate hikes. Investors expected this to be the last rate hike in this cycle as higher interest rates could push the already weak economy into recession.
Titan Q4 Results: Net profit up 50% to ₹734 cr, revenue from operations up 25%, dividend declared
Titan Company Reported 50 percent rise in standalone net profit on Wednesday 734 crore for the quarter ending March 2023. it is against net profit 491 crore in the year-ago period.
Revenue from operations increased by 25 percent 8,753 crore in the quarter under review 6,977 crore in the year-ago period.
The board of the company has recommended a dividend of Rs. 10 per equity share 1 each to be paid on or after the seventh day from the conclusion of the 39th Annual General Meeting subject to the approval of the shareholders of the Company. ,Read more,
Services growth in April at 13-year high; Mainly driven by the finance and insurance sectors
India’s services sector posted its strongest output growth in nearly 13 years in April, driven by the finance and insurance sectors, a private survey showed, even as price pressures intensified and job creation stagnated.
The S&P Global India Services PMI business activity index rose from 57.8 in March to 62 in April, indicating the fastest expansion in output since mid-2010. A reading above 50 indicates an expansion in activity.
Despite global economic uncertainties, India’s economy has shown promising signs of growth with record high Goods and Services Tax collections and other impressive metrics. However, challenges remain, with the unemployment rate hitting a four-month high and global crude oil prices remaining volatile. ,Read more,
Wall Street closed lower on Wednesday due to uncertainty about the Fed rate path; Fed hikes rates by 25 basis points
US stocks fell on Wednesday after comments from Federal Reserve Chairman Jerome Powell left investors wondering what the US central bank’s next move would be with interest rate hikes. After the Fed statement, the index was initially on the rise. It raised interest rates by a quarter percentage point, as expected, and indicated it may hold off on further hikes.
The unanimous decision raised the US central bank’s benchmark overnight interest rate to a range of 5.00%-5.25%, the 10th consecutive increase since March 2022.
After this statement, the shares started falling after the press conference. Powell said the Fed still views inflation as very high, and said it was too early to say the rate hike cycle is over.
“The Fed continues to walk the tightrope, and that is as they try to strike a balance between their inflation-fighting credibility while trying to land a soft landing,” said Michael Aron, chief investment strategist at State Street Global Advisors in Boston. Have been.”
All major S&P 500 sectors ended with losses, with the energy and financials sectors down the most. The KBW regional banking index was down 0.9%, extending this week’s sharp losses.
The Dow Jones Industrial Average fell 270.29 points, or 0.8%, to 33,414.24, the S&P 500 fell 28.83 points, or 0.70%, to 4,090.75 and the Nasdaq Composite lost 55.18 points, or 0.46%, to 12,025.33.
Starting the session, investors were anxious for any signal from the US central bank on whether Wednesday’s hike would be the last for now. (Reuters)
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