Gold edged lower on Wednesday, trading as low as $1,782.31 a troy ounce. The greenback strengthened ever since the day started against its commodity-rival, getting a boost early in the American session from upbeat US data and rallying equities.
Axis Bank Q2 Results: Net Profit Up 86% On Lower Provisions
Axis Bank Ltd.’s quarterly profit rose in the second quarter as provisions fell. Net profit jumped 86% year-on-year to Rs 3,133.3 crore in the three months ended September, the private lender said in an exchange filing. Analysts polled by Bloomberg estimated a net profit of Rs 2,649.6 crore. The bank’s net interest income, or core income, rose 8% over the preceding year to Rs 7,900 crore. Net interest margin stood at 3.39%.
TCI Express Jumps Over 15% After Strong Q2
Shares of TCI Express Ltd. rose over 15% in intraday trade to a record Rs 1,895 apiece after the company reported strong growth in second quarter revenue and net income, on Friday.
HDFC AMC On Track For The Longest Losing Streak In Over A Year; RSI Below 30
- HDFC Asset Management Co. is lower for the seventh straight day, on track for the longest losing streak since the period ended Sept. 24, 2020.
- HDFC AMC has lost a total of 7.3% during the streak while the S&P BSE Sensex Index fell 0.1%. Today, the stock fell 1.2% to Rs 2,735.50.
- The relative strength index on the stock was 25, suggesting it may be oversold.
Chip Shortage To Clip 400-600bps Off Passenger Vehicle Recovery
The global shortage of semiconductors with moderate India’s Passenger Vehicle sales to 11-13% this fiscal, around 400-600bps lower than normal levels.
Orient Cement Advances On Strong Q2; Trading Volume Surges
Shares of Orient Cement Ltd. rose over 8% in intraday trade to Rs 158.7 apiece after the company reported growth in net profit and revenue in the September quarter.
Gold Extends Gains After Powell Stressed on Inflation Pressures
Gold Extends Gains: Federal Reserve Chair, Jerome Powell, sounded a note of heightened concern over persistently high inflation as he emphasized that the central bank would begin tapering its bond purchases shortly while remaining patient on raising interest rates.