Gold Silver Reports (GSR) – Manali Petrochemical Share Price Surges After Profit Rises Four Times — Manali Petrochemical Surges After Profit Rises Four Times – Shares of the Chennai-based variety of petrochemicals manufacturer rose as much as 20 percent, the most in nearly four years, to Rs 41.45 after its net profit rose nearly four times in March quarter
📌 Revenues up 26 percent at Rs 190 crore versus Rs 151 crore
📌 Net profit up 286 percent at Rs 27 crore versus Rs 7 crore
📌 EBITDA up 300 percent at Rs 44 crore versus Rs 11 crore
📌 Margins at 23.2 percent versus 7.3 percent
Money Market Heads Up: Bond Yields Are Expected To Trade Steady
Bond yields are expected to trade steady, after ending little changed on Wednesday, with traders focused on Rs 10,000 crore of debt purchases by the central bank.
The RBI plans to purchase four bonds through open market operations in a bid to inject liquidity and cool rising bond yields.
The benchmark 10-year rose 17 basis points this week to end at 7.90 percent on Wednesday with most of the rise coming after data on Monday showed consumer price inflation climbing more than expected. That bolstered expectations that the RBI may raise rates sooner than expected.
Yesterday, Standard Chartered became the last bank to change its call from a lengthy pause by the RBI and now expects two rates hikes — one in June followed by August.
In the currency market, all eyes will be on the RBI which is suspected to have intervened heavily on Wednesday to pull up the rupee.
The local currency had fallen to 68.1425 per dollar on Tuesday, its lowest in 15 months, prompting the intervention.
Slowing foreign capital flows amid rising U.S. Yields and higher oil prices was causing the rupee to come under pressure, dealers said. It ended at 67.7950 on Wednesday.