Stock market LIVE: Asian equities point to a stable start; SGX Clever Earnings

The US Consumer Price Index (CPI) report showed the CPI rising 8.2% annually as rents rose the most since 1990 and food prices rose. That fueled bets for a big Fed rate hike next month. This is after retail price inflation in India accelerated to a five-month high of 7.30% in September due to soaring food prices.

14 Oct 2022, 07:32:23 IST

Mindtree Announces 27.5% Increase in Net Profit for September Quarter

Mid-cap IT services company Mindtree reported a 27.5% increase in net profit for the September quarter, despite a 35% drop in other income to 508.7 crores of 398.9 crores in the prior year quarter.

The company reported 44% growth in its backlog on a total contract value (TCV) basis to $518 million during the three-month period, boosting its deal value for the first half of the year. in FY23 to over $1 billion for the first time.

Dollar revenue increased 20.6% to $422.1 million in the second quarter from $350.1 million a year earlier. Rupee revenue increased by 31.5% to 3,400.4 crores of 2,586.2 crore the previous year. (Read more)

October 14, 2022, 07:31:29 IST

Infosys Q2 Results: Earnings Rise 11%, Raises FY23 Revenue Guidance

India’s second-largest IT company Infosys Ltd on Thursday announced its results for the second quarter ended September 2022 for the current fiscal year or the second quarter of FY23, after market hours. The company also announced a share buyback worth 9.3000 crore with an interim dividend of 16.5 per share. Shares of Infosys closed down about 0.7% ahead of its second-quarter announcement.

Infosys has hired 40,000 entry-level employees, and the annual target of 50,000 could increase, the IT services major said when announcing results for the quarter. (Read more)

October 14, 2022, 07:29:37 IST

The Rupee drops 5 paise to close at 82.38 against the US Dollar

The rupee traded in a narrow range and stabilized 5 paise at 82.38 against the US dollar on Thursday, following a subdued trend in domestic equities amid weak domestic macro data.

Moreover, the feeling of risk aversion among investors weighed on the local unit.

At the interbank exchange, the rupee witnessed limited trading. It opened at 82.30 against the US Dollar and then fell further to close at 82.38, registering a decline of 5 paise during the last close. It was moving in a narrow range of 82.25 to 82.42.

On Wednesday, the rupiah fell 12 paise to close at 82.33 against the greenback. (PTI)

October 14, 2022, 07:28:55 IST

Wall Street rebounds with a vengeance after initial inflation selloff

Stock indices on Wall Street staged a dramatic rally, closing sharply higher after an earlier sell-off on Thursday, while the dollar gave up earlier gains as investors returned to riskier bets after digesting a searing reading of the US inflation that fueled bets for a big federal government. Increase in the reserve rate next month.

Traders reversed course after initially going into safe mode when the U.S. Labor Department’s Consumer Price Index (CPI) report showed the headline CPI gaining 8.2% annually, rents that have increased the most since 1990 and food prices. Core CPI, which excludes food and fuel prices, beat forecasts at 6.6%.

The dollar fell against most currencies as investors eventually took the opposite approach to the market’s initial response to the data. The greenback had briefly hit a 32-year high against the yen at 147.665 before paring its gains. [FRX]

On Wall Street, the S&P 500 closed the session up 2.6% after falling 5.7% in the previous six sessions. Earlier on Thursday it fell 2.3% to its lowest level since November 2020. (Reuters)

Download the app to get 14 days of unlimited access to Mint Premium absolutely free!

Comments are closed.