Market Bizzz

The shares were sold at an average price of Rs 762.55 per piece, taking the transaction value to Rs 105.41 crore.

“The Board of Directors of the Company, based on the recommendation of the Human Resources, Nomination and Remuneration Committee, at its meeting held on March 24, 2023, has designated Shri Srikanth Venkatachari (Joint Chief Financial Officer of the Company since 2011) as the Chief Financial Officer of the Company with effect from June 1, 2023,” the release stated.

They have also priced in rate cuts of accumulated 80 basis points to about 4% by the end of the year amid fears of policy tightening and a brewing banking crisis drive the economy into a recession, despite the pullback from Chair Powell.

Gold prices were little changed on Friday after two sessions of sharp gains, as a slightly stronger dollar countered hopes of a potential pause in the Federal Reserve’s rate-hike cycle.

“Continued crude supply from Russia to global market also added to pressure,” Kikukawa said, predicting that the benchmarks would likely test their lows hit earlier this week also as there is lingering anxiety about the banking sector.

Powell also said on Wednesday that banking industry stress could trigger a credit crunch with “significant” implications for an economy that U.S. central bank officials projected would slow even more this year than previously thought.

The Fed raised its benchmark funds rate by 25 basis points, as expected, but dropped language about “ongoing increases” being needed in favour of “some additional” rises, as it waits and watches how wobbling confidence in banks affects the economy.