US Stock Reports, Quotes and News
Nestle India\’s shares plunged 5.4% on Thursday to Rs 2,409.55 on BSE, following revelations of adding sugar to baby food in India but not in Europe or the UK. The health ministry expressed concern. This marked Nestle\’s worst single-day drop in 3 years.
With $6.5 billion invested in emerging equities, the fund has allocated 26% of its EM equity fund to China, while reducing India to less than half that, according to Edward Evans, a London-based EM equities portfolio manager. He cites a divergence in valuations as the main reason for the decision.
Daljeet Singh Kohli advises caution in the IT sector, preferring telecom, EV, and two-wheeler sectors for investments. Kohli says: \”We do not believe IT companies are at the end of the tunnel. It will take some more time, especially the BFSI segment which is the mainstay for most of our IT companies. Unless that picks up, I do not think they will have too much to talk about in terms of numbers.\”
19 companies, incl. Infosys, Bajaj Auto, HDFC Life, to announce March quarter results today. Infosys expects 0.4% revenue decline, flat profit growth. Bajaj Auto sees 25% volume growth.
Investing.com – India stocks were lower after the close on Tuesday, as losses in the IT, Technology and Banking sectors led shares lower.
State Bank of India\’S business profile score of \’BBB-\’ is the highest among Indian banks, which the ratings agency said reflects SBI\’s ability to generate business consistently through the cycle while managing risk better than peer state banks.
The shares of RIL-owned chocolate manufacturer, Lotus Chocolate rallied 14% to hit a 52-week high of Rs 470 on BSE in Tuesday\’s trade ahead of its Q4 results which are due later today.
GQG had invested around Rs 2,400 crore for acquiring a 5.96% stake in the offer for sale of Patanjali in July 2023. The US-based investment firm has been increasing its exposure to India after investing in the Adani group. It holds positions in companies including ITC and Sun Pharmaceutical Industries.
Indian equity indices continued their decline for the third consecutive session, dragged by IT stocks, amid concerns over delayed US rate cuts and escalating Middle East tensions. US-rate sensitive Nifty IT dropped 2.6% — the most among the major sectors.
A risk-off sentiment gripped developing-nation assets, taking a cue from money markets that were no longer pricing a Federal Reserve interest-rate cut in September, pushing their expectation to November.
Fairfax\’s Odyssey Reinsurance offers Rs 500 crore debt to IIFL Finance for gold loans. Prem Watsa\’s subsidiary provides secured, rated bonds at 9.5% coupon. ET\’s comment requests to IIFL Finance and Fairfax go unanswered.
India’s oil purchases from Russia jumped after the war as New Delhi purchased discounted crude. The share of Russian oil in India’s total imports rose to 35% in 2023-24 from 23% in the previous year, according to energy cargo tracker Vortexa.