U.S consumer prices index (CPI) report showed CPI gaining 8.2% annually as rents surged by the most since 1990 and food prices rose. This fueled bets for a big Fed rate hike next month. This is after India’s retail inflation accelerated to a five-month high of 7.30% in September due to surging food prices.
Mindtree reports 27.5% jump in net profit for Sep quarter
Mid-cap IT services company Mindtree reported 27.5% rise in net profit for the September quarter, despite other income declining 35% to ₹508.7 crore from ₹398.9 crore in the year-ago quarter.
The company has registered 44% growth in its order book on a total contract value (TCV) basis to $518 million during the three-month period, taking its deal value for H1FY23 to over $1 billion for the first time.
Dollar revenue grew 20.6% to $422.1 million in Q2 versus $350.1 million in the year-ago. Rupee revenue was up 31.5% to ₹3,400.4 crore from ₹2,586.2 crore in the year earlier. (Read More)
Infosys Q2 Results: Profit rises 11%, raises FY23 revenue guidance
India’s second top IT company Infosys Ltd has announced its earnings for the second quarter ended September 2022 for the current fiscal or Q2 FY23 on Thursday, after market hours. The company has also announced share buyback worth ₹9,3000 crore along with an interim dividend of ₹16.5 per share. Infosys shares closed about 0.7% lower ahead of its Q2 announcement.
Infosys has hired 40,000 freshers, and the full-year target of 50,000 may go up, the IT services major said while announcing results for the quarter. (Read More)
Rupee falls 5 paise to close at 82.38 against US dollar
The rupee traded in a narrow range and settled 5 paise lower at 82.38 against the US dollar on Thursday, tracking a muted trend in domestic equities amid weak domestic macroeconomic data.
Besides, risk aversion sentiment among investors weighed on the local unit.
At the interbank foreign exchange, the rupee witnessed range-bound trading. It opened at 82.30 against the US dollar, then fell further to close at 82.38, registering a fall of 5 paise over the last close. It was moving in a tight range of 82.25 to 82.42.
On Wednesday, the rupee fell by 12 paise to close at 82.33 against the greenback. (PTI)
Wall Street rebounds with a vengeance after initial inflation sell-off
Wall Street stock indexes made a dramatic recovery, closing sharply higher after an earlier sell-off on Thursday while the dollar gave up earlier gains as investors poured back into riskier bets after digesting a red-hot U.S. inflation reading that fueled bets for a big Federal Reserve rate hike next month.
Traders reversed course after initially flipping to safety mode when the U.S. Labor Department’s consumer prices index (CPI) report showed headline CPI gaining 8.2% annually as rents surged by the most since 1990 and food prices rose. Core CPI, which excludes food and fuel prices, beat forecasts at 6.6%.
The dollar fell against most currencies as investors ended up taking the opposite approach to the market’s initial response to the data. The greenback had briefly hit a 32-year peak against the yen of 147.665 before paring gains. [FRX]
On Wall Street, the S&P 500 closed the session up 2.6% after declining 5.7% in the previous six sessions. Earlier Thursday it fell 2.3% to its lowest level since Nov. 2020. (Reuters)
Download the App to get 14 days of unlimited access to Mint Premium absolutely free!