Sat, Apr 20, 2024 11:56 AM
Market falls 1.5% amid geopolitical tension; rupee hits record low
A Flip by Shubhangi Gupta
Foreign funds dumped the most amount of Indian bonds in April since the Covid pandemic as concern on higher-for-longer Federal Reserve interest rates prompted traders to dial down their fervor over inclusion of the debt in global indexes. They sold nearly $2 billion of Indian sovereign and corporate bonds in April, a pace unmatched since May 2020.
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Tyre maker Ceat on Thursday reported a 23 per cent decline in its consolidated net profit to ₹102 crore for the fourth quarter ended March 2024.The company had posted a net profit of ₹132 crore in the January-March quarter of 2022-23.Its revenue from operations rose to ₹2,992 crore in the period under review from ₹2,875 crore in the fourth quarter of FY23.
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Strong loan growth is likely to help Kotak Mahindra Bank clock double-digit rise in net interest income in the Q4 FY24, but higher cost of funds and shrinking margins may drag its net profit, said analysts. It will announce its Q4 results on May 4. The stock was recently in focus after the Reserve Bank of India barred the lender from issuing new credit cards, citing eficiencies and non-compliance.
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