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An unexpectedly strong report on the US jobs market raised concerns that the Federal Reserve will need to keep pressure on inflation with aggressive interest rate hikes. Investors are concerned that the central bank’s stance is risky it could lead to a recession.

02 Nov 2022, 07:37:40 AM IST

The rupee rebounded 22 paise to 82.59 against the US dollar

The rupee gained 22 paise to close at 82.59 against the US dollar on Tuesday amid continued foreign fund inflows and a weak US dollar overseas.

In the interbank foreign exchange market, the local currency opened at 82.74 and saw a high of 82.59 and a low of 82.79.

It finally settled at 82.59 against the American currency, up 22 paise from its previous close of 82.81.

Meanwhile, the dollar index, which measures the strength of the US dollar against a group of six currencies, fell 0.49 percent to 110.98. (PTI)

02 Nov 2022, 07:37:10 AM IST

Gold rose more than 1% ahead of the Fed rate announcement

Gold rose more than 1% on Tuesday as the US dollar and bond yields retreated from session highs, with focus turning to a key Federal Reserve announcement for indications of whether it will reduce or maintain its aggressive stance on interest rate hikes.

Spot gold was up 0.9% at $1,647.24 an ounce by 3:14 p.m. ET (1914 GMT), up from as high as $1,696.94 earlier in the session. US gold futures were up 0.6% at 1,649.70%. (Read More)

02 Nov 2022, 07:33:02 AM IST

Airtel for higher rates, but to keep 5G on 4G tariff for now

Bharti Airtel Ltd will keep 5G and 4G tariffs at the same level for another six to nine months, after which it may decide to set 5G tariffs separately, chief executive officer Gopal Vittal said. In a call with investors after the company’s second-quarter earnings on Tuesday, Vittal, however, reiterated the need for existing tariff levels to increase.

Vittal also noted that countries such as the US, Thailand and South Korea that have priced 5G differently than 4G are seeing very little uptake of 5G services, with only a fraction of local telco customers opting for premium 5G plans.

“In some markets where operators have chosen to price 5G at a 10-20% premium, what we’ve found is that the take-up rate is a fraction of the full customer base; so, in other words, ARPU is an illusion. Ultimately, what we need for monetization is the tariff schedule itself to go up… also now (we are) just building the network and then we take a decision on what to do in maybe six to nine months,” Vittal said. (Read more)

02 Nov 2022, 07:31:58 AM IST

Tech Mahindra’s profits decline on staff, R&D costs

Tech Mahindra Ltd on Tuesday posted a 4.1% drop in quarterly net profit hit by spending on new hires and investment in research and development (R&D) projects.

Profit in the three months ended September 30 fell to 1,285.4 crore from 1,340.9 crore in the previous year. Rupee revenue rose 21% to 13,129.5 crore from 10,881.3 crore during the period. Dollar revenue rose 11% to $1.63 billion from $1.47 billion. The software services firm reported an attrition rate of 20% during the quarter, which is significantly lower than its peers in the Indian IT sector who are struggling with an attrition rate of 21-25%.

A 27% jump in expenses hit Tech Mahindra’s net profit in the quarter. This led to an 11% fall in Ebit (earnings before interest and tax) to 1,468 crore. Ebit margin, too, fell 3.8 percentage points to 11.4% in the quarter. (Read More)

02 Nov 2022, 07:30:50 AM IST

Windfall tax on crude oil reduced; levy on diesel export, ATF increased

The Central Government has reduced the windfall tax on crude oil to 9,500 a tonne from 11,000, shows the official notification. The change is effective from November 2, a government notification showed.

Tax reduction of over 13%. The windfall tax levied as a special additional excise duty aims to absorb the super profits earned by domestic crude oil producers and is reviewed every two weeks. (Read More)

02 Nov 2022, 07:30:07 AM IST

Adani Ports and Special Economic Zone (APSEZ) recorded a 33% year-on-year increase in revenue

Adani Ports and Special Economic Zone (APSEZ) recorded a 33% year-on-year revenue increase to 5211 crore in Q2FY23 while EBITDA increased to 31% to 3260 crores. PAT jumped 65% to 1738 crore from the same period of FY22. Quarterly cargo volume jumped 15% on the year to 86.6 million tonnes.

The company said the record was set in the first half (Apr-Sep) of the current fiscal.

“H1 FY23 was a record half-year in the history of APSEZ, with the highest cargo volume, revenue and EBITDA,” said Karan Adani, Chief Executive Officer and Whole Time Director of Adani Ports and Special Economic Zones. “Continuing this strong performance into October, APSEZ achieved 200 MMT of cargo delivery within seven months, another new milestone.”

For H1 FY23, this record cargo volume resulted in a 24% YoY jump in Port EBITDA, while logistics business EBITDA jumped 57% YoY. Logistics segment margin expansion continued with a jump of 470 basis points YoY on the back of better asset utilization and increased share of GPWIS (general purpose wagon investment scheme) revenue stream, the company said after the results. (Read More)

02 Nov 2022, 07:28:31 AM IST

Wall Street stocks ended lower as tepid jobs data signaled an aggressive Fed

Stocks on Wall Street gave up early gains and closed lower Tuesday after an unexpectedly strong report on the jobs market raised concerns that the Federal Reserve will need to keep pressure on inflation with aggressive interest rate hikes.

The S&P 500 fell 0.4% after rising as much as 1% in early trading. The Dow Jones Industrial Average fell 0.2% and the Nasdaq composite fell 0.9%.

Large tech stocks are the biggest weightings in the market. Companies, with their large valuations, have more leverage in pushing the broader market up or down. Also, rising interest rates tend to make the sector look less attractive due to such high valuations. Apple fell 1.8%.

Shares of communications services, retailers and other companies that rely on consumer spending also helped drag down the overall S&P 500, preserving gains in banks, energy firms and other market sectors. (AP)

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