Latest Stock Market News

The buses will benefit from the central government subsidy offered under the remodeled FAME II scheme administered by the Ministry of Heavy Industries. “With the very low discovered prices under the Grand Challenge, a savings of approximately Rs 361 crore of national subsidy can be realised, which in turn may be utilised for additional buses,” it said.

Parent Larsen & Toubro (L&T) owns 74.05% of LTI and 60.99% of Mindtree. LTI is trading at a 30% premium to Mindtree.

These gains have come despite a spate of worries around the likelihood of a higher quantum of interest rate hikes by the US Federal Reserve, high inflation, elevated crude oil prices and surge in COVID cases leading to more lockdowns in China. Moreover, the Russia-Ukraine war which began on February 24 is still ongoing.

The U.S. dollar index, which measures the greenback against a basket of six major currencies, sat by its overnight high of 102.37, the strongest it has been since March 2020.

The dollar held steady after climbing to its highest since March 2020 on Tuesday as concerns about slowing growth in China and expectations the Federal Reserve will aggressively hike rates boosted demand for the greenback.

Analysts tracking the company expect it to report a 22-26 per cent YoY drop in net profits, while its sales may decline 10-12 per cent, they added. Margins may also see a decline.

The Japanese yen also rebounded as investors speculated that the Japanese central bank or government may act to stabilize the currency, which last week hit a 20-year low against the dollar.

​​The Indian currency is set to do better than Asian and emerging market currencies this month and in May as the expected flow of overseas funds for the LIC initial public offer (IPO) is set to more than offset exits.

All in all, the markets are within a defined trading range of 17,000-17,500; all three key moving averages of 50-, 100-, and 200-DMA fall withing close proximity to each other.

The bank said its advances rose by 24.5% year-on-year to Rs 10228 crore at the end of March. Deposits grew by 34.2% to Rs 10074 crore.