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In the reporting month, the central bank purchased USD 4.315 billion from the spot market and sold USD 24.416 billion, the bulletin released on Tuesday showed.

The expectation of dollar outflows due to Holcim Group’s sale of its India cement business is also said to have added to the rupee’s rout.

Revenue from operations however rose to Rs 485 crore in the fourth quarter as against Rs 431 crore in the year-ago period, Dr Lal Pathlabs said in a statement.For the year ended March 31, 2022, the company posted a consolidated net profit of Rs 350 crore as compared with Rs 296 crore in 2020-21

The Dow Jones Industrial Average rose 203.58 points, or 0.63%, at the open to 32,427.00.

Elaborating on why he does not hold IT stocks in his portfolio is because he is banking on domestic demand in India rather than global demand and said there are demand concerns out of the country due to various reasons.

“We think that the size of the foreign exchange reserves is huge even though it has come down in the last few months. But it is still quite substantial and at a current account deficit expectation of 2.7% of GDP for FY23, we believe the INR may not breach 79 in a hurry and even if it does breach it,we expect it to pull back from a lower position fairly rapidly.”

The allocation is subject to the approval of shareholders through postal ballot. The Board has fixed July 1, 2022 as record date to determine the eligibility of shareholders to receive bonus shares.

The rupee touched a fresh record intraday low of 77.69/$1 in early trade Tuesday. So far in 2022, the domestic currency has weakened 4 per cent against the US dollar.

Investors bid for 478.4 million shares compared with the total 162.1 million on offer. Apart from retail and institutional investors, a clutch of foreign investors and several domestic mutual fund houses had bid for its anchor book.

The board of directors has approved issuance of bonus shares as well as migration of the company from the SME segment to main board at BSE. The issuance of bonus shares will be in the ratio of 3:1 (3 shares for every 1 share held in the company).