On expected lines, Fed increased the interest rates by 25 bps. However, Fed Chairman did not make a clear hint about future interest rate hikes. Investors had expected this to be the final rate hike in this cycle as higher interest rates can push the already-fragile economy into recession.
Titan Q4 Results: Net profit up 50% to ₹734 crore, revenue from operations up by 25%, dividend declared
Titan Company on Wednesday reported a rise of 50 per cent in standalone net profit to ₹734 crore for the quarter ended March 2023. This is against a net profit of ₹491 crore in the year ago period.
The revenue from operations rose by 25 per cent to ₹8,753 crore in the quarter under review from ₹6,977 crore in the year ago period.
The company’s board has recommended a dividend of ₹10 per equity share of ₹1 each which shall 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 at 13-year high in April; mainly driven by the finance and insurance sectors
India’s services sector recorded 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 to 62 in April from 57.8 in March, signalling the fastest expansion in output since mid-2010. A reading above 50 indicates an expansion in activity.
India’s economy has shown promising signs of growth, with record-high goods and services tax collections and other impressive metrics despite the ongoing global economic uncertainties. However, challenges remain, with the unemployment rate climbing to a four-month high and global crude oil prices remaining volatile. (Read More)
Wall Street ends down on Wednesday on nagging uncertainty about Fed rate path; Fed raises rates by 25 basis points
U.S. stocks ended lower on Wednesday, reversing gains after comments by Federal Reserve Chair Jerome Powell left investors wondering what the U.S. central bank’s next move would be with interest rate hikes. Indexes initially held onto gains following the Fed’s statement. It increased interest rates by a quarter of a percentage point, as expected, and signaled it could pause further hikes.
The unanimous decision lifted the U.S. central bank’s benchmark overnight interest rate to the 5.00%-5.25% range, the 10th consecutive increase since March 2022.
Stocks started to swoon after the press conference following the statement. Powell said the Fed still views inflation as too high, and said it was too soon to say the rate hike cycle is over.
“The Fed continues to walk the tightrope, and that is they’re trying to strike a balance between their inflation-fighting credibility while trying to engineer a soft landing,” said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.
All of the major S&P 500 sectors ended lower, with energy and financials 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 lost 28.83 points, or 0.70%, to 4,090.75 and the Nasdaq Composite dropped 55.18 points, or 0.46%, to 12,025.33.
Heading into the session, investors had been anxious for any signals from the U.S. central bank on whether Wednesday’s increase would be the last hike for now. (Reuters)
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