CRISIL Ratings has carried out Credit rating for Long Term and Short Term facilities of Vascon Engineers
Infosys hits 16-month low
Shares of Infosys Ltd on Thursday dropped for six out of seven sessions hitting a 16-month low. The stock is down nearly 7.6 percent so far this September and year-to-date it lost around 27 percent.
The stock hit a low of Rs 1,360 a share – a level last seen on May 25, 2021 and fell as much as 0.8 percent. Meanwhile, TCS was down 6 percent month-to-date, Wipro lost 4 percent and Tech Mahindra erased 2 percent. Since start of the January, TCS fell over 19 percent, Wipro declined over 44 percent, while Tech Mahindra 41 percent.
IT stocks are under pressure amid margin worries as well as global economic uncertainties. All eyes are on Accenture’s FY23 growth outlook which will set the tone for growth expectations for the overall IT services industry.
Indian rupee tipped to fall further after reaching record low, RBI key: Analysts
The rupee opened at a record low of 80.2850 per U.S. dollar, down from 79.9750 in the previous session.
BSE Power index fell 1 percent dragged by the Power Grid, JSW Energy, Torrent Power
Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS
With the US Fed increasing rates by 75 bps and hinting at more rate hikes in the future, we believe the Dollar index can see a significant increase, implying most major market currencies, including INR should be under pressure. If we start seeing INR depreciating, then from a USD returns perspective for FPIs, India becomes unattractive. We could also witness a reversal of FPI flows in the near to medium term, which will increase market volatility.
Higher interest rates in the US will force major central banks, including India, to increase interest rates to stem the pressure on their domestic currencies and with increased interest rates and cost of capital, market multiples can contract. We believe in the near term, Indian equity markets can witness increased volatility.
Nifty Metal index shed o.7 percent dragged by the Jindal Steel, Hindustan Copper, Ratnamani Metals
Marekt at 12 PMBenchmark indices extended the losses and trading at day’s low with Nifty around 17550.The Sensex was down 536.75 points or 0.90% at 58920.03, and the Nifty was down 166.10 points or 0.94% at 17552.20. About 1255 shares have advanced, 1852 shares declined, and 111 shares are unchanged.
Pankaj Pathak, Fund Manager- Fixed Income, quantum AMC:
With this level of hawkishness from the FED, it would be extremely difficult for the RBI to soften its tone on the domestic monetary policy anytime soon.
India doesn’t have that much of inflation problem but our external balances are not in the best shape. RBI’s foreign exchange reserves are also dwindling at very fast pace.
Nifty Bank index shed 1 percent dragged by the Bank of Baroda, Axis Bank, HDFC Bank
GMM Pfaudler gets UK govt approval to acquire balance 46% stake in GMM InternationalAs part of the government/ regulatory approvals required for the acquisition of balance 46% shareholding of GMM International S.à.r.l., the Secretary of State for Business, Energy and Industrial Strategy, United Kingdom has provided its approval through its letter dated September 21, 2022, said GMM Pfaudler.
BSE Realty index fell nearly 1 percent dragged by the Prestige Estate, Godrej Properties, Sobha
Shares of affordable housing lender Aptus Value Housing Finance surged on September 22 after brokerage firm Citigroup initiated coverage on the stock with a ‘buy’ rating and a price target of Rs 425, implying an upside of 43 percent over the next 12 months.
The brokerage believes the affordable housing financier could provide strong earnings growth in the coming years driven small size and ‘good’ execution track record that should enable a 29 percent annualised growth in assets under management over the next three years.
“Pricing power and efficient cost structure help it deliver healthy ROA (return on asset), though low leverage limits ROE (return on equity),” Citigroup said in a note.