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Manappuram Finance (Manappuram) reported yet another weak quarter, with net profit declining by 42.4% YoY on account of subdued growth in gold loan AUM and 19.6% YoY decline in NII.

“Going forward, the outlook looks very strong for HDFC twins, ICICI, Axis, SBI, all top four or five banks. My view is it is the right time to build on all these five-six banking stocks. Maybe in the next couple of weeks, we will see some kind of stabilisation in FII selling as well. My view is the market will just stabilise and we will see some kind of bounce backs in all these financials.”

“ITC is a completely different story compared to what an HUL or a Tata Consumer is. All the three components of ITC business have been doing well and that is creating excitement in the market. On the other hand, the fate of other consumer goods companies to a great extent depends on what happens to rural consumption.”

VIP’s share price has grown by ~3x over the past five years (from Rs 195 in May 2017 to Rs 590 levels in May 2022). Luggage being a proxy play to the travel & tourism industry was among the worst impacted sectors owing to pandemic in FY21/22.

“The RBI has been behind the curve. The monetary policy acts with a long lag. We will have to live with this pain until such time as the situation improves. The twin deficits – fiscal deficit and the current account deficit – are back to haunt us. I am afraid we are in for a hard time for some time to come.”

ITC, incorporated in the year 1910, is a Large Cap company (having a market cap of Rs 328784.47 crore) operating in Tobacco sector.

​​At 9.20 am, the BSE Sensex was trading 1,059.69 points or 1.95 per cent lower at 53,148.84. The index fell 1,155 points in early trade to hit a low of 53,053.75. Nifty50 was trading at 15,926.25, down 314 points or 1.93 per cent. Midcap and smallcap indices fell up to 2.6 per cent.

Overall, the company will raise little more than Rs 808 crore through the primary route. However, the size of the fresh equity block has been trimmed from Rs 757 crore earlier, following its pre-IPO placement plans.

Barring the US dollar-pegged USD Coins, all the tokens were trading sharply lower. Avalanche plunged another 11 per cent, followed by a 9 per cent fall in Solana. Polkadot and Cardano dropped 8 per cent each.

The dollar index, which measures the US currency against six major rival currencies, headed back to the 104 mark, rising to a high of 103.85 on Thursday. The index was hovering around 103.20 at the end of Indian trading hours on Wednesday.