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Bond prices fall when yields rise, resulting in marked-to-market losses for investors. This would adversely impact the returns of bond funds as the NAV of funds is computed at the prices prevailing on that day.

“One cannot get too distracted by competition. We have five other guys that each have their own little niche, that each have their own little business model, their own little strategy, we cannot go tying ourselves in knots trying to give you a price war. We have to focus on ourselves. ”

Post the listing, eMudhra extended its total gains to per cent over the issue price to hit Rs 279 on BSE. However, the counter saw profit booking, resulting in fizzling out of euphoria. The stock was last hovering around its issue price

“It is true M&M is one of the very few stocks which has managed to reach four-year high levels and overall outlook is good, but within auto, I would not go with Mahindra & Mahindra. We would rather go with Maruti, Hero Motor or Tata Motors. Among IT largecaps, we prefer Infosys along with HCL Tech and TCS.”

Provisional data available on NSE for May 31st suggest another Rs 1,003.56 crore-worth of FPI selling in Indian stocks, taking the May outflows to Rs 40,996.56 crore.

Earlier in May M&M reported a 427 per cent jump in its standalone profit after tax (PAT) at Rs 1,292 crore, for the quarter ended March 2022. The auto major had clocked an of Rs 245 crore in the same quarter last year.

Given the urgency shown by the RBI amid major inflationary pressures, speculation was rife that the central bank would follow up the 40-basis-point rate hike with a rate hike of around 50 bps in June and then more rounds of rate increases.

Deutsche Bank economists now expect the European Central Bank to raise interest rates by 50 basis points in September as rising prices squeeze economic growth.

Promoters held 45.25 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 19.8 per cent and 17.64 per cent, respectively.

The company had opened deal book for qualified institutional buyers (QIBs) on Tuesday, which saw strong demand from investors. JP Morgan is the sole banker for the deal.