Credit Suisse’s flagship real estate fund saw the value of its portfolio plunge by 9% in the third quarter as the global property correction accelerated.

The Credit Suisse Real Estate Fund International is trying to sell “several properties in a challenging market environment,” it said in a statement Friday. It’s also seeking to diversify its portfolio, it added.

The latest move highlights the difficult situation that the $4.4 billion fund continues to be in after it limited payouts earlier this year as more investors asked for their money back. The fund’s management has already slashed exposure to retail properties and is now seeking to reduce its allocation to offices and instead buy more warehouses and homes. (Bloomberg)

Rupak De, Senior Technical analyst at LKP Securities: The benchmark Nifty recently experienced a significant decline, falling below the 50-day moving average (50DMA). The current trend appears to be negative, with immediate support situated at 19,500. A further decline below this level could potentially lead the index towards the range of 19,150 to 19,000.

On the upside, the zone between 19,600 and 19,650 is expected to act as a strong resistance. A move above 19,650 could trigger short covering in the market.

GOCL Corp’s share price has displayed a consistent upward trajectory since July 2023. After reaching a low point of approximately ₹305 per share on the NSE at the end of June 2023, this mining and infrastructure stock surged to a new all-time high during Friday’s trading session. GOCL Corp’s share price opened on an upward trajectory and subsequently reached an intraday high of ₹619 per share on the NSE, marking a remarkable increase of over 100% in less than four months.

Furthermore, as per the communication submitted to the exchange by GOCL Corporation Ltd, the mining and infrastructure company has secured a significant order from the state-owned PSU Coal India Limited. The order from Coal India is valued at ₹766 crore and is for the supply of bulk explosives over the next two years. (Read More)

India’s Kajaria Ceramics reported a weaker-than-expected second-quarter profit on Friday, hurt by sluggish domestic demand for tiles.

Consolidated net profit was 1.08 billion rupees ($13.00 million) in the quarter ended Sept 30, compared with 698.6 million rupees a year earlier when it was hit by high gas prices and weak demand.

Profit missed analysts’ expectations of 1.22 billion rupees, according to LSEG data.

“Sustained weakness in domestic demand for tiles has impacted our second quarter FY24 volumes,” the company said in a statement. (Reuters)

The Supreme Court on Friday allowed SpiceJet’s managing director Ajay Singh to travel overseas, deferring a hearing related to a dispute between the airline and Credit Suisse to December.

The dispute revolves around a contempt plea by Credit Suisse concerning payment defaults by the low-cost carrier. SpiceJet told the court that it had met its obligation of a $1 million payment to Credit Suisse by 15 October, complying with a court-mandated schedule. (Read More)

In the second quarter of FY24, Hindustan Zinc Ltd, a subsidiary of the Vedanta Group, disclosed a net profit of ₹1,729 crore, reflecting a significant decrease of 35.5% from the ₹2,680 crore recorded in the corresponding period of the previous year.

Furthermore, the company’s revenue from operations in Q2FY24 experienced an 18.5% decline, amounting to ₹6,792 crore, as opposed to ₹8,336 crore in the year-ago period. (Read More)

Amid the ongoing geopolitical crisis and global headwinds, Reserve Bank of India Governor Shaktkandta Das, on Friday, said interest rates will remain high at the moment. Moreover, he refrained from telling for how long interest rates will remain at elevated level.

“Interest rate will remain high at the moment, (for) how long, only time will tell,” the governor said in response to a query at Kautilya Economic Conclave 2023 on Friday. (Read More)

Bombay Burmah Trading Corp share price witnessed a massive surge to hit a 52-week high on Friday. Bombay Burmah Trading shares were locked at 20% upper circuit at ₹1,420.50 apiece on the BSE, which is also its 52-week high price.

Around 1.98 lakh shares of Bombay Burmah Trading Corp changed hands today on BSE. The figure was way more than the two-week average volume of 3,959 shares, according to a Business Today report. Turnover on the counter stood at ₹27.51 crore. (Read More)

Sigachi Industries shares demonstrated an upward trend since the early morning transactions. The share price opened at ₹39.30 per share on the NSE, with an upward gap, and subsequently reached an intraday high of ₹43.85 per share, marking a new 52-week high for the company.

According to the recent exchange filing by the pharmaceutical company, Sigachi Industries Ltd has entered into an agreement with Saudi National Projects Investment Ltd (SNP) to establish a joint venture, Sigachi Arabia. This strategic move is intended to facilitate the company’s entry into the swiftly expanding Saudi Arabian market. (Read More)

TVS Motor Company, a leading manufacturer of two-wheelers and three-wheelers globally, announced its momentous entry into the Venezuelan market today.

“This makes TVS Motor the first Indian automobile manufacturer to enter the market with a host of 14 SKUs for the enthusiastic riders of Venezuela, with their local distributor, SERVISUMINISTROS JPG,” the company said in today’s regulatory filing. (Read More)

India’s Glenmark Life Sciences reported an 11.1% rise in second-quarter profit on Friday, led by strong growth in its mainstay active pharmaceutical ingredients (API) business in domestic as well as U.S. and European markets.

The Mumbai-based drugmaker said its profit rose to 1.19 billion rupees ($14.3 million) for the quarter ended Sept. 30, from 1.07 billion rupees a year earlier.

The company, spun off from Glenmark Pharmaceuticals in 2019 to focus on the API business, said its revenue from operations jumped nearly 17% to 5.95 billion rupees, with regulated markets including the U.S., Europe, Latin America and India contributing 80%. (Reuters)

HFCL’s sustains a steady growth trajectory on the back of its diverse offerings, strong order book and international expansion

• Order book stands at INR7078 crores, up from INR 5280 crores in Q2FY23

• Revenue in Q2FY24 stands at INR1111.49 crores as againstINR1173.47 crores inQ2FY23

• EBIDTA margin stands at 13.47 % inQ2FY24 as compared to 14.88 % inQ2FY23

• PBT margin stands at 8.47 % inQ2FY24 as compared to 9.70% in Q2FY23

• PAT margin stands at 6.31 % in Q2FY24 compared to 7.18 % in Q2FY23

JSW Holdings Limited, a Non-Banking Financial Company (NBFC), has officially notified the Bombay Stock Exchange (BSE) regarding its upcoming Board of Directors meeting scheduled for October 31. The meeting is set to address various significant matters, including the approval and formal recording of the unaudited standalone and consolidated financial results of the company for the second quarter and half-year, concluding on September 30. (Read More)

The shares of City Gas Distribution (CGD) companies, namely Indraprastha Gas (IGL) and Mahanagar Gas (MGL), experienced a significant decline of up to 11% on Friday, following the approval of the electric vehicle (EV) policy for cab aggregators and delivery service providers by the Delhi government.

During the intra-day trading session, IGL witnessed a considerable drop of 10.7% to ₹408.25, while MGL experienced an 8% decrease, reaching its day’s low of ₹1,032.75.

Further impacting the sentiment was a downgrade by the global brokerage house Jefferies, which not only downgraded IGL but also reduced its target price, contributing to the weakening market sentiment surrounding these stocks. (Read More)

Tanla Platforms, India’s leading CPaaS (communications platform as a service) provider, experienced a notable surge in its shares, witnessing a 9.3% increase to reach ₹1,120 per share during Friday’s trading session. As of 11:45 AM, the stock continued to trade with a gain of 6.70% at ₹1,090.

The company’s impressive second-quarter fiscal year 2023-24 results, released on Thursday, revealed a substantial 19% year-on-year growth in revenue, amounting to ₹1,009 crore, with an 11% sequential increase. Notably, the revenue generated from its digital platforms exhibited a 27% year-on-year and 8% quarter-on-quarter growth, primarily driven by the performance of Trubloq and Wisely OTT. (Read More)

India is not planning to impose any measures to curb imports or investments from Canada, despite simmering diplomatic tensions between the two countries, two senior government sources in New Delhi said.

Ties between New Delhi and Ottawa deteriorated sharply after Prime Minister Justin Trudeau said in September his intelligence agencies were pursuing credible allegations tying Indian agents to the shooting of a Sikh separatist leader in Canada. (Reuters)

Suzlon Energy shares have demonstrated a bullish trend since the inception of the new financial year 2023-24. Starting at approximately ₹7 per share on the NSE at the end of March 2023, the share price has surged to around ₹32.25 per share during early morning transactions on Friday. This remarkable ascent represents a significant increase of 350% over the course of the financial year 2023-24.

Notably, as the share price reached this new 52-week high, Suzlon’s share price soared to its highest level in nine years, last reaching around ₹32 per share in July 2014. (Read More)

Reserve Bank of India Governor Shaktikanta Das on Friday highlighted the challenges of inflation, slowing growth, and financial stability during the inaugural session of the Kautilya Economic Conclave 2023.

Das emphasised actively disinflationary monetary policy. The RBI Governor stressed that monetary policy must remain disinflationary so that the decline in inflation from its peak of 7.44% in July continues smoothly.

He said monetary policy is challenging and there is no room for complacency. (Read More)

Amnish Aggarwal – Head of Research, Prabhudas Lilladher Pvt Ltd. recommendation on Hindustan Unilever (HUVR IN) – 

Rating: HOLD | CMP: Rs2,548 | TP: Rs2,786

Q2FY24 Result Update – Volume recovery remains elusive

Quick Pointers:

§ 2Q24 volumes up 2%, expect gradual recovery amidst rising competition

§ 3Q outlook is favourable with lower inflation, stable pricing & festival season

We cut FY24/25 EPS by 0.9%/2.1% factoring in 1) sustained pressure on volumes 2) lower pricing element to support growth & ward off competition from local/regional players and 3) marginally higher tax rates. HC & BPC (75% of sales) continue to grow volumes in mid-single digits while F&R is under pressure due to downtrading and volatile commodity prices. Rural volumes continue to improve (on low base) supported by easing inflation, higher job participation & govt thrust towards capex. While long term growth story led by lower penetration and superior value proposition remains intact, near term growth challenges seems likely. We factor in GM/EBITDAM expansion of 520/120bps over FY23-26 as benefits of lower RM will be partly neutralized by higher spends on advertising, royalty and lower operating income due to closure of marketing agreement with GSK Asia (Eno, Iodex, Crocin and Sensodyne). We estimate CAGR of 8.3% in sales and 8.4% in PAT over FY23-26 and assign a DCF based target price of Rs2786 (Rs2837 earlier). HUL has been flat from last 2 years and offers moderate returns. Sharp increase in crude based inputs is a key risk to our estimates. Retain Hold.

MGL and IGL are the biggest laggards in this sectoral index

Indoco Remedies’ share price experienced a notable round of profit-booking during morning trade on Friday, October 20, resulting in a decline of over 4% on the Bombay Stock Exchange (BSE). This followed a prior increase of approximately 2% subsequent to the company’s announcement of its earnings for the September quarter.

At the commencement of trading, Indoco Remedies’ share price was recorded at ₹346.20 in contrast to the previous close of ₹351.05, subsequently dropping by 4.14% to reach ₹336.50 during Friday’s trading session. (Read More)

Indian government bond yields were little changed on Friday ahead of the weekly debt auction but market participants will closely track the movement in U.S. peers and oil prices.

The 10-year benchmark 7.18% 2033 bond yield was at 7.3735% as of 10:10 a.m. IST, after ending at 7.3720% in the previous session.

“The U.S. yields eased in early trade after almost hitting 5% in the last session so that provided some comfort. But, as oil prices are still on rise, the bias in the yield movement will remain upward,” said a dealer at a foreign bank.

The yield on the benchmark 10-year U.S. Treasury note hit the 5% mark on Thursday for the first time since July 20, 2007 and was last at 4.9414%. (Reuters)

Abhishek Kumar of JM Financial Institution views on Coforge | Executing its way through uncertainty – Result Update BUY INR 5,730 – 

Coforge reported 2.3% cc QoQ growth, ahead of JMFe: 2%. Growth was broad-based. Deal wins were strong (USD 313mn TCV, book-to-bill of 1.12). 12-M executable order book (EOB) outpaced revenues (+16% vs 14% YoY cc) again. Adjusted EBITDA margin (ex of ESOP expenses) expanded 160bps QoQ (in-line). Coforge is becoming a credible challenger in its focus areas e.g risk and compliance, card and payments in BFS. This shows up in deal wins against larger incumbents. A profitable growth indicates Coforge’s proposition goes beyond cost. Coforge has also protected its book of business better than most, reflected in consistent EOB growth and smaller deal wins (2/3rd of TCV in 2Q; JMFe). The granularities of its performance lend credibility to its consistently positive outlook. That said, seasonal weakness in 3Q will likely drive a tepid next quarter, before growth picks up in 4Q. We build these as we moderate our FY24E cc revenue growth to 13.5% (12.5% USD), at the lower end of 13-16% guidance (unchanged). Our FY24-25E EPS is down by 14%/6%, due to higher ESOP expenses and expectations of a more gradual uptick in margins. Notwithstanding these moderations, Coforge’s earning visibility (24% EPS CAGR over FY23-26E) remains one of the highest in the sector, in our view. We therefore shed our conservative stance that mid-caps should necessarily trade at a discount to their larger peers. We raise our target multiple for Coforge to 24x forward EPS (from 22x) – in-line with its current FY25 multiples and at a 20% premium to INFO. Maintain BUY with a revised TP of INR 5,730 (from INR 5,300).

Due to a decline in the US dollar following US Fed chairman Jerome Powell hinting at a rate pause, the price of gold surged to a five-month high on the Multi Commodity Exchange (MCX) today. The MCX gold rate for the December 2023 expiry opened higher at ₹60,401 per 10 grams and subsequently reached an intraday high of ₹60,615.

In the international market, the spot gold price is fluctuating around $1,976 per ounce, nearing its closest resistance level of $1,980. (Read More)

Chinese stocks fell for a third session on Friday, tracking weaker global peers amid worries stemming from intensifying conflict in the Middle East and surging U.S. bond yields.

** The blue-chip CSI 300 Index slipped 0.2%, and the Shanghai Composite Index lost 0.3% by the midday recess, with both hitting fresh lows for the year.

** Hong Kong’s Hang Seng Index dropped 0.4% and the Hang Seng China Enterprises Index declined 0.3%.

** Asian shares plumbed a fresh 11-month trough as fears of a regional conflict in the Middle East intensified and a relentless rise in long-term U.S. yields pressured valuations, while supply concerns lifted oil prices further. (Reuters)

India has rejected demands of Russian oil companies for payment in yuan amid tension with China. According to a report by the Bloomberg news agency, some Russian oil suppliers are demanding payment in Chinese currency from India. However, Prime Minister Narendra Modi’s government has rejected the request for transaction in yuan.

Indian Oil Corp., the biggest state refiner, had made a yuan payment for Russian crude in the past, although the Modi government has since clamped down on that. Since 70% of India’s refiners are government-owned, therefore, they will also stop a payment in Yuan in an attempt to follow orders on payment instructions from the Ministry of Finance. (Read More)

Nestle India’s share price surged to a new all-time high on Friday, following the company’s robust earnings report for the quarter ending in September 2023. Shares of Nestle India experienced an impressive surge of 1.90%, reaching ₹24,580.35 each on the Bombay Stock Exchange (BSE).

In the third quarter of the calendar year 2023 (Q3CY23), the fast-moving consumer goods (FMCG) giant Nestle India recorded a significant 37.27% increase in its net profit, which rose to ₹908 crore from ₹661.46 crore during the same quarter in the previous year.

Moreover, Nestle India’s revenue during Q3CY23 exhibited a notable upsurge of 9.5%, amounting to ₹5,036.8 crore as compared to ₹4,601.8 crore in the corresponding period of the previous year. (Read More)

Five listed companies are going to trade ex-divided today as their respective board of directors have declared interim dividend and fixed record dates on 20th October 2023. Those five dividend-paying stocks include HCL Tech, Dalmia Bharat, Angel One, Anand Rathi and KPI Green. (Read More)

ITC’s share price experienced a nearly 2% decline in early trading on Friday, October 20, following the release of the company’s July-September quarter (Q2) earnings. Opening at ₹449.55 in contrast to the previous close of ₹450.30, the share price observed a 1.6% drop, reaching ₹443.25 during Friday’s trading session.

Over the past year, ITC’s share price has exhibited a growth of approximately 31%, surpassing the 11% rise in the equity benchmark Sensex. The stock reached its 52-week high of ₹499.60 on July 24 of the current year and its 52-week low of ₹325.35 on December 23 of the preceding year on the Bombay Stock Exchange (BSE). (Read More)

Elon Musk’s fortune slumped by $16.7 billion Thursday after Tesla Inc.’s weak third-quarter earnings weighed on shares.

Musk, who is the richest person on the planet with a fortune of $209 billion, owns 13% of Tesla and derives the majority of his wealth from the auto company. Tesla’s shares fell by 9.3% after it missed both earnings and sales expectations for the quarter.

In a conference call following the earnings release Wednesday, Musk repeatedly mentioned the toll of high interest rates on consumer confidence. The electric-vehicle juggernaut reported its first quarterly fall in sales this year, delivering 435,059 vehicles, while margins fell to the lowest in over four years after the company repeatedly cut prices for its cars. (Read More)

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The US 10-year yield hovering around 5% continues to be a headwind for equity markets. The volatile situation in West Asia, though being largely ignored by the market now, can pose additional near-term challenges. FPIs are likely to remain sellers putting pressure on banking stocks which constitute the major share of their AUM. This provides an opportunity for domestic investors to buy these stocks which are available at fair valuations.

Latest data shows that India’s food grain production is at record high and this can keep food inflation under control. The implication is that the MPC will go for a long pause and this is favourable for banking stocks.

A total of 38 Dalal Street listed companies are going to declare their Q2 earning for the financial year 2023-24. Those 38 listed companies include JSW Steel, JSW Energy, Paytm, Hindustan Zinc, Central Bank of India, L&T Finance Holdings, Poonawalla Fincorp, Laurus Labs, Tejas Networks, Atul, Sunteck Realty, Just Dial, Butterfly Gandhimathi Appliances, etc. (Read More)

Equitas Small Finance Bank (SFB) has unveiled its financial results for the July-September quarter of fiscal year 2023-24 (Q2FY24), showcasing a substantial 70.2% growth in net profit, amounting to ₹198 crore, as compared to ₹116.4 crore reported in the corresponding period of the previous year.

Furthermore, the private lender’s net interest income (NIIs), representing the difference between interest earned and interest expended, for the second quarter of the current fiscal year, reached ₹765.6 crore, demonstrating a commendable 25% growth in comparison to the figure of ₹609.7 crore recorded in the year-ago period. (Read More)

Asian markets fell and oil prices extended gains Friday on worries that an expected ground invasion of Gaza by Israel will spark a wider conflict in the Middle East.

Risk aversion was compounded by Federal Reserve boss Jerome Powell, who indicated a pause in interest rates at the bank’s next meeting but left open the prospect of another hike later.

Traders are keeping a fearful eye on developments in the Middle East as Israel presses on with its bombing of Gaza after Hamas militants killed at least 1,400 people in Israel on October 7.

More than 3,700 Palestinians, mainly civilians, have been killed across Gaza in relentless bombardments, while an explosion at a hospital this week — which each side has blamed the other for — has ratcheted up tensions. (AFP)

South Indian Bank has released its financial results for the second quarter of the fiscal year 2023-2024, indicating a substantial 23.3% surge in net profit, amounting to ₹275 crore. Comparatively, the bank had reported a net profit of ₹223 crore during the same period in the previous year and ₹202 crore in the first quarter of the current fiscal year.

Furthermore, the net interest income (NII), representing the disparity between interest earned from lending and interest paid to depositors, witnessed a significant year-on-year increase of 14% to reach ₹830 crore, as opposed to ₹726 crore reported in the second quarter of the fiscal year 2022-2023. Additionally, the net interest margin demonstrated improvement, rising to 3.33% in the second quarter of the fiscal year 2023-2024 from 2.98% in the corresponding period of the previous fiscal year. (Read More)

During its recent board meeting on Thursday, PTC India sanctioned ONGC’s proposal to procure its subsidiary, PTC Energy Limited, for a total of ₹925 crore. According to an official exchange filing by PTC India, the decision was reached after the approval of the bid submitted by ONGC Ltd for the acquisition of the wholly owned subsidiary. However, the final acquisition remains subject to the shareholders’ endorsement of PTC India Limited in compliance with relevant regulations. (Read More)

• ITC: Standalone net profit rose by 10.3% to ₹4,927 crore. Revenue from operations increased by 2.6% to ₹16,550 crore.
• Tata Motors: To acquire a 26.79% stake in Freight Tiger, a digital logistics solutions platform.
• Hindustan Unilever: Reported a 4% year-on-year rise in standalone net profit for Q2FY24, amounting to ₹2,717 crore. Total revenue from operations increased by 3.6% to ₹15,276 crore.
• Zomato: SoftBank’s fund-SVF Growth (Singapore) Pte. Ltd plans to sell at least a 1.1% stake in Zomato for ₹1,020 crore.
• NTPC: Reported an 83% rise in coal production in the April-September period compared to the previous year.
• Tech Mahindra: Planning to consider an interim dividend for the financial year FY23-24.
• Havells India: Reported a 33% rise in second-quarter profit, driven by increased demand for cables and air-conditioners.
• South India Bank: Posted a 23.3% increase in net profit to ₹275 crore.
• Yatharth Hospital: The Income Tax department raided several premises of Yatharth Hospital group in Uttar Pradesh and Delhi on charges of tax evasion. (Read More)

Google on Thursday said it will start manufacturing its latest Pixel phones in India from next year, becoming the latest global phone maker after Apple and Samsung to build its flagship devices in the country.

The technology giant is keen to support the Make in India initiative and plans to make all its products in India and export them over time, said Rick Osterloh, Google’s senior vice-president and head of devices and services. The company is already in talks to choose a contract manufacturer, and a decision is likely in the next few months. (Read More)

Tata Motors made an official declaration of its decision to procure a 27% stake in the software as a service (SaaS) company, ‘Freight Tiger,’ for a total sum of ₹150 crore. This strategic acquisition includes a provision that allows Tata Motors to make an additional investment of ₹100 crore over the upcoming two years, based on the then current market valuation.

Operating under the name Freight Commerce Solutions Pvt Ltd, this digital platform serves as an end-to-end logistics value chain solution for facilitating cargo movement within the country. The platform essentially acts as a unifying hub, connecting shippers, carriers, logistics service providers, and fleet owners to a singular digital marketplace, streamlining the process of locating, booking, and managing freight services. (Read More)

On Thursday, Hindustan Unilever Ltd (HUL), a major player in the fast-moving consumer goods (FMCG) sector, revealed a 4% year-on-year growth in its standalone net profit for the second quarter of the fiscal year, concluding in September (Q2FY24), reaching ₹2,717 crore. This marks an increase from the ₹2,616 crore profit reported in the corresponding period of the previous year. Sequentially, the net profit demonstrated a noteworthy 10% rise. Notably, the share price of Hindustan Unilever remained unchanged at ₹2,549 per share on the Bombay Stock Exchange (BSE).

Furthermore, the total revenue from operations experienced a 3.6% increase, amounting to ₹15,276 crore compared to ₹14,751 crore in the same period last year. According to the company’s exchange filing, the earnings before interest, taxes, depreciation, and amortization (EBITDA) margin for the quarter ending in September stood at 24.6%, indicating a growth of 130 basis points compared to the previous year. (Read More)

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher recommends:

1] Zydus Life: Buy at ₹590, target ₹630, stop loss ₹580;

2] Elgi Equipment: Buy at ₹510.55, target ₹540, stop loss ₹500; and

3] ABRFL: Buy at ₹237.85, target ₹252, stop loss ₹233. (Read More)

Masayoshi Son-led SoftBank’s fund-SVF Growth (Singapore) Pte. Ltd has announced its intention to divest at least a 1.1% stake in the food-delivery and restaurant-discovery firm, Zomato Ltd, amounting to approximately ₹1,020 crore on the 20th of October. This decision by the Japanese fund marks its complete withdrawal from the food delivery sector.

SoftBank’s move to sell its stake in Zomato is a direct response to the significant surge in the company’s market value over the last year. According to reports from exchanges, Zomato, founded by Deepinder Goyal, has witnessed an impressive 80% increase in its market price, climbing from ₹62.05 to ₹111.65 over the course of the past year. (Read More)

FMCG major witnessed a notable 10% year-on-year (YoY) surge in its standalone net profit, amounting to ₹4927 crore in the September quarter of FY24. During the same period, the company’s revenue from operations reached ₹17705.08 crore, marking a substantial increase from ₹17159.56 crore reported in the corresponding period last year.

In the latest updates on ITC’s Q2 results, the company’s growth in the September quarter was primarily attributed to its cigarettes and hotel business segments. Additionally, the FMCG segment exhibited a robust performance, recording an 8.3% YoY increase in segment revenue during Q2 FY24. On Thursday, the company’s shares experienced a marginal dip of 0.28%, settling at ₹450.30 per share on BSE. (Read More)

Wall Street fell Thursday as it faces the prospect of a 5% yield on the 10-year Treasury for the first time since 2007.

The S&P 500 lost 36.60 points, or 0.8%, to 4,278.00 following a mixed set of profit reports from Tesla and other influential companies The Dow Jones Industrial Average dropped 250.91, or 0.7%, to 33,414.17, and the Nasdaq composite sank 128.13, or 1%, to 13,186.18.

Stocks felt pressure from the bond market, where rapidly rising yields have been squeezing Wall Street since the summer. The yield on the 10-year Treasury touched 4.99%, up from 4.91% late Wednesday, before paring its gain to 4.98%. As the reference point for much of the financial world, the 10-year yield helps set prices for all kinds of investments and loans.

Yields swung after the Federal Reserve’s chair said again that the central bank will watch how the economy and inflation trend before making upcoming decisions on interest rates. It’s already pulled its main overnight interest rate to the highest level since 2001, and the 10-year Treasury yield has been catching up. (AP)