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Foreign investors were net sellers of local shares worth 13.9 billion Indian rupees ($174.43 million) on Wednesday, preliminary official data showed, after being net buyers of $1.2 billion worth of stocks this month through Tuesday.On the debt side, yields on the benchmark 10-year bond rose 8 basis points to 7.2386%, the biggest jump in six weeks.

“We are holding Apollo tyres in slightly bigger quantities and Ceat in somewhat smaller quantities. I am more bullish on Apollo because of the global nature of their business. The fact that their European operations have hedged energy costs for nearly one year and so to that extent, profitability will not get impacted there.”

The Nifty IT index closed 1.43 per cent down at 27734.35.

The government said that regional rural banks need to have at least Rs 300 crore net worth for the past three consecutive years if they plan to raise capital through initial public offerings. These banks would also need to have their capital adequacy above the regulatory minimum level of 9% for them to access the capital market.

“The country’s competitiveness is dictated by the logistics cost in a large way. India’s logistics cost till about two years back was around 14% of GDP vis-à-vis 8% to 10% for most of the mature economies. This is an integral part of attracting private investments into the economy whether it is from domestic investors or from international investors.”

“It is not so much that you were going against consensus or being a contrarian, but that you were early and buying it in a smaller way, first maybe 2.5-3% and then buying a number of stocks, the hit rate is 35-40% but you do really well. Rest if you can do sort of breakeven relative to market when out of those 20 stocks, even seven, eight do very well you are set.”

Ceat is looking to narrow the gap in Ebitda margin vs its peers over the next five years. The company aims to recover its Ebitda margin to at least 10-12 per cent vs 6 per cent in Q1FY23 and 7.6 per cent in FY22. The company is also looking to raise prices by 1-1.5 per cent in the next month.

​​Under the change, Ethereum will move from a "proof of work" system, in which energy-hungry computers validate transactions by solving complex maths problems, to a "proof of stake" system, where individuals and companies act as validators, using their ether as collateral, to win newly created tokens.

“If you look into the nation as a whole, the CASA by and large comes from the eastern and north eastern part of the country. When we decide on the branch expansion, we will be factoring this as one of the key elements so that we can increase the CASA.”

The company has reserved 50 per cent of the net offer for qualified institutional buyers (QIBs), whereas non-institutional buyers (NIIs) will get a 15 per cent allocation. Retail bidders will get the remaining 35 per cent allocation.