Wed, May 18, 2022 5:10 PM
Indian Overseas Bank Q4 net profit surge 58 per cent to Rs 552 crore
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Renewed hopes for a second rate cut in 2024 emerged following a weaker US labour report, giving markets some reason to celebrate in this anxiety-driven week ended May 3. Disappointing data releases from the US, coupled with a less hawkish stance from the Federal Reserve, pushed the dollar lower towards the 105 levels. ISM Manufacturing PMI contracted to 49.2 in April from 50.3 in March.
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Britannia Industries announced their Q4 results on 03 May, 2024, reporting a 1.15% increase in revenue year-over-year. However, the company saw a 3.65% decrease in profit compared to the same quarter last year. Quarterly, the revenue declined by 4.39% and the profit decreased by 3.25%. Operating income was down by 4.4% quarter-over-quarter and decreased by 3.81% year-over-year.
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Billionaire investor Warren Buffett sought to turn attention from the rising US debt to the fiscal deficit, which he said could be a trouble area, since it is not in control of the Fed chair Jerome Powell. “I don’t worry about the quantity of debt, I worry about the fiscal deficit,” Warren Buffett said at Berkshire Hathaway’s annual shareholder meeting in Omaha.
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