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The stock traded at a P/E multiple of -118.86, while the price-to-book value ratio stood at 4.71.

The broader Topix inched up 0.16% at 1,948.85.The Nasdaq jumped more than 4% on Wednesday in its biggest daily percentage gain since April 2020, as the Federal Reserve raised interest rates as expected and comments by Fed Chairman Jerome Powell eased some worries about the pace of rate hikes.

The two companies combined are buying back $8 billion in shares in the third quarter after recording their respective highest quarterly profits while keeping their dividends steady, which might disappoint some investors.

The Fed hiked the main interest rate by 75 basis points as expected, and reiterated inflation control as priority, but dropped guidance on the size of the next rate rise and noted that "at some point" it would be appropriate to slow down.

Currently inflation is high although there is some softening in raw material prices, but compared with last year’s inflation rates, there is an impact and the worst sufferers are the masses. Which is why there is an effect on Relaxo Shoes as otherwise other articles used by the middle-class categories are growing despite the inflation.”

In a year that the S&P 500 and other major indexes have slumped into bear market territory, the day will have a lot riding on it. Particularly after a recent rally in equities, which appear to have already priced in a disappointing earnings season to date, sending the Stoxx Europe 600 Index up 4.7% in July.

The profit figure missed the Rs 571 crore figure that analysts anticipated in an ET NOW poll.

Bajaj Finance reported a 159 per cent year-on-year (YoY) rise in consolidated net profit at Rs 2,596 crore, its highest ever, for the June quarter compared with Rs 1,002 crore in the same quarter last year.

A sharp fall in purchases by investors pulled global gold demand down 8% in the second quarter compared to the same period in 2021, the World Gold Council said. The Fed raised interest rates in line with the expectation that takes the cumulative June-July increase to 150 basis points, said Ravi Singh, Vice President and Head of Research, ShareIndia.

The impact would have been worse but for a 758 million pound gain made on a hedge placed by Barclays against losses arising from the error, the bank said, adding that the net hit to its financials was a 580 million pounds.