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Net profit was at 690 crore as compared to loss of 772 crore a year ago. Gross premium income declined 23% to 11,022 crore. Total claims reduced 14% to 10,169 crore. Underwriting loss came down to 776 crore from 2,811 crore. Investment income rose 5% to 1,890 crore. Combined ratio improved to 110.97%.

Fed funds futures traders are now pricing in only a 43.5% chance that the U.S. central bank hikes rates by 75 basis points when it meets in September, compared with 68% before the data. A 50 basis point hike is seen as a 56.5% probability.

Glenmark is ranked 14th with a market share of 2.17% Sales from North America fell 10.2% YoY to Rs 663 crore. Europe sales saw 8% YoY to Rs 330 crore, and the rest of the world rose 26% to Rs 423 crore.

After the sale, the LIC holding in the passenger cars and utility vehicles company decreased from 8.430 per cent to 6.421 per cent, it said.

Meanwhile, CP rates have increased by up to 50 basis points since the second-third weeks of July, amid a higher supply of papers coupled with expectations of more rate hikes by the central bank.

The asset under management (AUM) stood at Rs 73,047 crore and the lender expects a growth of around 10 per cent in the AUM during FY23. Shares of the company ended at Rs 123, down 1.44 per cent on BSE on Wednesday.

Its insurance premium grew 52 per cent YoY To Rs 2,430 crore, while credit disbursal grew 136 per cent YoY.

Being part of the globally integrated supply chain, the company is well-positioned to manage parts, supplies to mitigate the "impact" on revenue and profitability, Cummins India, an engine and related parts making company, said.

"We delivered a strong double digit growth in our base business during the quarter excluding the impact of COVID-related products," Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said in a regulatory filing.

“We delivered double-digit revenue growth and improved profitability for the company despite a challenging macro environment and inflation impact in some of our categories," said Sunil D’Souza, Managing Director & CEO of Tata Consumer Products.