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The Fed delivered its fourth straight 75 basis point rate hike on Wednesday, with Chair Jerome Powell flagging that future hikes may come in smaller increments, and said the "ultimate level" of the benchmark policy rate would likely be higher than previously estimated.

The last few weeks have seen major state-run lenders, including Punjab National Bank, Union Bank of India and Indian Bank raising funds this way, while private banks IDFC First Bank, Federal Bank and IndusInd Bank also turned frequent borrowers, traders said.

In the previous fiscal year, the company declared an interim dividend of 87.3% or Rs 8.73 per share. It translates into a dividend yield of 1.15% at the current price of Rs 759.

Global brokerage firm BofA maintained a buy rating on M&M Finance with a target price of Rs 245. The net interest income (NII), and PPOP were a miss in Q2, but the net profit managed to beat estimates.

The company’s EBITDA was at Rs 59 crore as against Rs 117 crore in the corresponding period of the previous year. "EBITDA was under pressure due to high raw material prices. EBITDA margin declined by 748 bps to 8.9 per cent in Q2FY23 from 16.4 per cent in Q2FY22," its earning statement said.

“The rolling Covid lockdowns in China are having an impact on people’s morale, economy and on the production facilities that western companies have there and more specifically. The new Chinese Politburo has created real alarm in the western world. Given that western investors have $3.5 trillion invested in China, it seems a substantial amount is going to leave that country.”

“The festive season in Q4 is expected to further aid consumption trends in this calendar year. We are confident that we can sustainably deliver healthy volume growth across all product categories going forward and further strengthen our market position in the beverage industry.

“MPL’s performance during the quarter reflects the ongoing volatility at the macroeconomic level. Despite the current macro-uncertainty, our robust business model will help us navigate the challenges successfully,” Ashwin Muthiah, Chairman of Manali Petrochemical, said.

Elecon Engineering is a multibagger smallcap with a market capitalization of around Rs 4,100 crore. Established in 1951, the company was the pioneer in manufacturing industrial geared motors and reducers, material handling equipment, mining equipment, casting processes etc. The company is among the largest manufacturers of material handling equipment and industrial gears in Asia.

The company is bringing the issue at EV/EBITDA multiple of 18x & EV/Sales multiple of 4x. Growth opportunities in existing facilities and diversification into new services, including digital health with experienced senior management team & institutional shareholder support is a decent issue, said Hem Securities.