Market Bizzz

The company said it received a so-called “Wells notice,” which the SEC issues when it is planning to bring enforcement action against them. Such notices do not necessarily mean the company has engaged in wrongdoing.

At Berkshire Hathaway’s annual meeting, Warren Buffett celebrated Charlie Munger, discussed growing earnings, and addressed the $189 billion cash pile. Shareholders eagerly awaited insights on Berkshire’s future direction and succession plan.

Berkshire Hathaway Inc’s record profit driven by insurance operations included a significant Apple share sale, increasing cash to $189 billion. Buffett’s move away from Apple reflects investor concerns. The company also repurchased its own stock and held its annual meeting in Omaha.

The bank witnessed a 10% increase in its total income to Rs 6,029.17 crore from Rs 5,502.09 crore. It had posted a profit of Rs 1,197 crore last fiscal, which was the highest profit till last year.

The unexpected move is also seen bringing down yields on short-term government bonds, as the three securities that the government has chosen to buy back are all maturing within six to nine months. A fall in government bond yields brings down cost of borrowing for companies as pricing of corporate bonds is benchmarked to sovereign debt. A bulk of corporate borrowing is through short-term papers.

Abrasives manufacturer Carborundum Universal Ltd (CUMI) has recorded a consolidated net profit of Rs 142.56 crore for the January-March 31, 2024 quarter, the company said.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.5% and was set for a second straight week of gains. Hong Kong’s Hang Seng Index spiked 2% higher, on course for a 5% gain for the week.

A recent drop in foreign exchange reserves to $640.33 billion, a six week low, shows the central bank has been selling dollars amid conflict in the Middle East and delayed expectations for rate cuts by the U.S. Federal Reserve.

The U.S. central bank held interest rates steady on Wednesday and indicated it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming.