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The move will likely save the company up to 2 percentage points in borrowing costs, adjusted for currency hedges.
The Sensex has lost more than Rs 17.59 lakh crore of its market capitalisation in May alone. The mcap was Rs 266.98 lakh crore at the close on April 29 and has now collapsed to Rs 249.38 lakh crore
Despite the pause in the safe haven rally, sentiment remained fragile with Asian stocks sliding and U.S. futures pointing lower, a day after a 4% drop for the S&P 500 and a 5% plunge for the Nasdaq.
Godrej Consumer Products, Dr. Reddy’s Laboratories, Gland Pharma, Bosch, Ashok Leyland and HPCL are among companies which will announce their quarterly earnings today.
SBI has shown a strong overall financial performance with revival on retail loan book. Asset quality has also improved over the quarters. Management expects to have firm growth in coming quarters despite rising inflation and input costs.
Among sectors, Nifty FMCG and Nifty pharma rose a percent each, while Nifty PSU bank, energy and IT indices fell 0.5-1.5 percent
Among sectors, Nifty FMCG and Nifty pharma rose a percent each, while Nifty PSU bank, energy and IT indices fell 0.5-1.5 percent
Stocks which were in focus include names like Hindalco which closed with gains of over 9 per cent, Vedanta rallied nearly 12 per cent, and Intellect Design Arena closed with gains of over 10 per cent.
The board of Cigniti Technologies will consider and approve a proposal for buyback of fully paid-up equity shares of the company today.
Balrishna Industries reported good set of numbers especially at the topline. Volume expansion was seen across all the geographies, verticals and channels.