Latest Stock Market News

The Chinese yuan reversed earlier losses to surge, pulling up most of Asian emerging currencies along with it, as the dollar index fell 0.5% to 110.95 ahead of the outcome of Fed meeting.The U.S. benchmark 10-year yield also dropped 9 basis points to 3.9839%, nearly 23 bps off its peak this month.

ICICI Direct believes HAL has a big opportunity in both manned and unmanned combat aerial vehicles, helicopters and aero engines. With the development of Kaveri engine variants for different UCAVs, manufacturing of other aircraft engines and maintenance, repair and overhaul (MRO) of these aircraft and engines, the brokerage believes HAL is a multi-year growth story with significant growth potential.

ICICI Direct believes HAL has a big opportunity in both manned and unmanned combat aerial vehicles, helicopters and aero engines. With the development of Kaveri engine variants for different UCAVs, manufacturing of other aircraft engines and maintenance, repair and overhaul (MRO) of these aircraft and engines, the brokerage believes HAL is a multi-year growth story with significant growth potential.

The Nifty Auto index closed 0.26 per cent up at 13416.9.

The Nifty Auto index closed 0.26 per cent up at 13416.9.

It rose more than 5% in a week, 10% in a month, and nearly 25% in the last three months. After hitting a high of Rs 2,639 on 12 September, the stock underwent some consolidation. It bounced back after taking support above the 50-DMA on the daily charts.

“We are seeing some pretty good demand from our customers and if they can make one more car, they are almost welcome. So, that is very good news. There is a huge pent up demand or demand for bookings and for different reasons different customers have had issues in supplying the demand. I think the demand will stay very well.”

Consumer packaged-goods makers have reeled from COVID-19-led high costs of raw materials, including that of polyethylene terephthalate (PET) plastic used in packaging sodas, with the onset of the Russia-Ukraine war pushing expenses higher.

The board will also consider the issue of bonus shares subsequent to the stock split and increase the authorised share capital in the given proportion after the alteration of the memorandum of association (MoA) of the company, it added.

Management expects the 2Q NIM decline was transitory and is confident it can maintain NIMs at ~7.5-8% in the near term. The brokerage has even lowered its NIM estimates for the bank by 90bp for FY23F factoring in the impact of interest reversals and cost of funds headwinds.