Market Bizzz

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.

Shweta Rajani advises parents on key financial considerations for planning children’s education, emphasizing diversified investment portfolios, early savings, and practical tips for overwhelmed parents, including multiple funding sources and emergency funds.

Vipul Bhowar discusses the potential benefits for metals and mining amidst China’s economic challenges and government stimulus, while also offering insights into the Media and FMCG sectors, providing investment advice for Gen Z, and emphasizing sound investment principles for portfolio resilience.

The $9 billion Fidelity Wise Origin Bitcoin Fund (FBTC) saw a 1.1% discount while the $2.5 billion ARK 21Shares Bitcoin ETF (ARKB) and the $2 billion Bitwise Bitcoin ETF (BITB) both closed with discounts of more than 1.4%, also the biggest on record for each.

Amul’s Jayen Mehta notes 10%+ growth in dairy products, with fresh products up 14-15%. Daily Rs 200 crore milk purchase aids rural economy. 38% turnover from towns <20,000. Market expansion and competition focus highlighted.

Dabur India likely to announce Q4FY24 net profit of Rs 313-341 crore. The range of profit after tax (PAT) for Q4FY24 is between Rs 341 crore and Rs 313 crore. The highest among the estimates is given by brokerage Axis Securities while the lowest by Anand Rathi. Key areas of focus include EBITDA margins, international business growth, and OPM improvement.