Steel Strips Wheels achieves net turnover of Rs 352.93 crore in August 2022Steel Strips Wheels has achieved net turnover of Rs 352.93 crore in August 2022 versus Rs 308.09 crore in August 2021, recording a growth of 14.55% YOY and achieved Gross turnover of Rs 436.67 crore in August 2022 versus Rs 373.03 crore in August 2021, thereby recording a growth of 17.06%.
ICICI Bank hikes lending rates by 10 bps across tenures w.e.f September 1, reported CNBC-TV18.
ICICI Bank was quoting at Rs 880.90, down Rs 6.70, or 0.75 percent on the BSE.
JUST IN – India August Manufacturing PMI at 56.2 versus 56.4, MoM.
Asian Markets Update:
NCLT approves merger of Aleor Dermaceuticals with Alembic PharmaHon’ble National Company Law Tribunal, Ahmedabad Bench (NCLT), has sanctioned the Scheme of Arrangement in the nature of Amalgamation between Aleor Dermaceuticals Limited and Alembic Pharmaceuticals Limited and their respective shareholders.The Scheme will become effective upon filing of the said Order with the Registrar of Companies, Gujarat.
Raghvendra Nath, MD, Ladderup Wealth Management on Q1 FY23 GDP
This is in line with market expectations which was in the range of 13% to 16.5 %. This quarter witnessed better economic recovery despite global uncertainties and high inflation. Indian stock market should take this number in a positive note.
However, higher interest rates can hit economic activities in the next few quarters which may slowdown the pace of India’s economic growth.
We can expect another rate hike of 25 to 50 basis points in the coming months. Thus, despite India remaining the world’s fastest growing economy, all eyes are place on global recession fears and rising borrowing costs.
Ashok Leyland bags mega order:Ashok Leyland, the flagship brand of the Hinduja Group, on Wednesday announced bagging orders from major fleets for 1,400 school buses in the UAE, the company’s largest ever supply of school buses in this country.The total fleet deal worth AED 276 Million (USD 75.15 million) for the GCC-made buses has been bagged by Chennai-based Ashok Leyland’s UAE distribution partners, Swaidan Trading – Al Naboodah Group.
Route Mobile Large Trade | 12.59 lakh shares (2% Equity) worth Rs 180 crore change hands at Rs 1,444 per share, reported CNBC-TV18.
Nifty PSU Bank index rose 1 percent led by the Canara Bank, Bank of Baroda, Indian Bank
JUST IN | Moody’s cuts India’s 2022 GDP growth forecast to 7.7% from 8.8% and also cuts 2023 GDP growth forecast to 5.2% from 5.4%, reported CNBC-TV18.
Market at 10 AMBenchmark indices erased some of the opening losses but still trading lower with Nifty around 17600.At 10:00 IST, the Sensex was down 510.57 points or 0.86% at 59026.50, and the Nifty was down 142.60 points or 0.80% at 17616.70. About 1890 shares have advanced, 1011 shares declined, and 139 shares are unchanged.
Lakshmi Iyer, Chief Investment Officer (Debt) & Head Products Kotak Mahindra Asset Management Company:
Q1FY23 GDP robust growth data was on expected lines given the low base of last year as also recovery in key industries and services sector.
However, this may not lead to much reaction in Indian bond yields as the key focus for debt markets would hinge on direction of US treasuries and dollar index movement.
Also key to note is potential global growth slowdown headwinds could linger on in terms of domestic sentiments as well.
