– Petrol and diesel prices hiked for the 1st time since November 2021
– Govt to unveil plan to boost PSU general insurers
– Crypto losses can’t be set off, clarifies govt
Now lemme give you a quick glance on the state of the markets.
Asian shares were mostly higher Tuesday as investors eyed the war in Ukraine, inflationary risks and surging energy prices.
Benchmarks rose in morning trading in Japan, South Korea, Australia and Hong Kong, but edged lower in Shanghai.
Elsewhere, the yield on 10-year Treasuries rose four basis points to 2.33%. The dollar was broadly stronger and pushed the euro down 0.2% to $1.0992. Oil prices jumped on Monday as reports that the European Union (EU) is considering a ban on Russian energy stoked fears about crude supply.
That said, here’s what is making news.
HSBC favours the stocks of ICICI Bank, HDFC Bank and Axis Bank among Indian financials citing healthy fundamentals and attractive valuations. The brokerage said Indian financials space has seen a significant de-rating versus other emerging market financial indices and compared to the Nifty as well.
Rising cost inflation is likely to dash hopes of recovery of automobile stocks, which had shown renewed investor interest recently in anticipation of better profitability. Input prices have once again started rising amid the Ukraine conflict. For instance, the price of aluminium rose to a record $3,400 per tonne and it is about 35% higher than the average price in the second half of 2021.
Jefferies has cut earnings estimates of consumer companies by 1-10% as a possible delay in recovery of gross margins, weakness in volume growth and margin compression are likely to weigh on the sector companies. The brokerage added that valuations are at five-year average levels even after cutting earnings expectations.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Public sector Punjab National Bank will convene a board meeting later this month to decide on its capital raising plan through debt for the next fiscal year.
Drug maker Granules India said it will invest ?400 crore over next two years to backward integrate its key products and set up a greenfield formulation facility near Hyderabad.
Mining major NMDC on Monday informed the exchanges that it has crossed the milestone of producing over 40 million tonnes (MT) of iron ore in a year, becoming the first Indian company to do so.
Sun Pharmaceutical Industries on Monday said it has entered into a share purchase agreement with Japan’s Daiichi Sankyo Company to acquire the latter’s 11.28% stake in Zenotech Laboratories. Sun Pharma said it will pay ?5.32 crore for the stake.
Do also check out over two dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.
That’s it for now. Stay with us for all the market news through the day. Happy investing!