Tue, Sep 17, 2024 9:11 AM
Meta bans Russian state media from its app for foreign inteference activity
A Flip by Avya Verma
The US Federal Reserve cut interest rates by 50 basis points to 4.75%-5%, but Wall Street's major indices ended lower as investors sold on the news, despite initial record highs, with the Dow Jones and S&P 500 falling 0.3% and 0.3%, respectively. The market is now pricing in further rate reductions despite policymakers' more cautious forecasts.
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Citi Research has revised Exide Industries' target price downward to Rs 560 from Rs 610 while maintaining its 'Buy' rating on the stock. The adjustment is driven by sluggish auto (original equipment manufacturer) OEM volumes, which could moderately impact the company's revenue growth. Exide cannot remain unscathed from this moderation in commercial and passenger vehicle (CV/PV) volumes.
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The U.S. dollar rose broadly on Thursday, recovering from an earlier tumble in the immediate aftermath of the Federal Reserve’s outsized interest rate cut that had been largely priced in by markets. The U.S. central bank on Wednesday kicked off its monetary easing cycle with larger-than-usual half-percentage-point reduction that Chair Jerome Powell said was meant to show policymakers’ commitment.
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