Hindustan Aeronautics gains on defense ministry contract
Written by - Fisdom Research
March 8, 2023 4 minutes
Daily Snippets Date: 08th March 2023
SENSEX 60,348 (+0.21%)▲
NIFTY 17,754 (+0.24%)▲
Nifty 50 Movement: Indices opened lower and hit the days low of 17,602.25 in early trade. The index bounced back in late trade and hit the days high of 17,766.50 at the fag end of the trading session.
Autos, oil & gas and PSU banks were inss demand. On the other hand, realty, healthcare and pharma shares declined.
Investors sentiment took a hit after Fed Chair Jerome Powell’s stated that the central bank will likely need to raise interest rates for a longer period. He said that the Fed is all set to take larger rate hikes following strong economic data and will likely move in larger steps if future economic data indicates tougher measures to control inflation.
Most shares in Europe and Asia declined on Wednesday, as investors react to the latest comments from the U.S. Federal Reserves Chairman Jerome Powell indicating interest rates may need to go higher for longer.
Japans seasonally adjusted current account balance rose to 216.3 billion yen ($1.57 billion) in January, government data showed on Wednesday. The surplus in balance saw a sharp drop from Decembers balance of 1.18 trillion yen and Novembers balance of 1.92 trillion yen.
China on Tuesday saw exports fall by 6.8% in February in U.S. dollar terms and imports also declined 10.2%.
Overnight in the US, major stock indexes declined following Fed Chair Powell cautioning lawmakers that the central banks terminal rate will likely be higher than previously anticipated due to stubbornly high economic data in recent weeks. Powell was on Capitol Hill Tuesday for the first part of his two-day semiannual monetary policy testimony before Congress.
The Dow Jones closed nearly 575 points lower and turned negative for 2023. The S&P 500 slid 1.53% to close below the key 4,000 threshold, and the Nasdaq Composite lost 1.25%. The sharp decline for stocks was accompanied by a spike in bond yields, with the rate on the 2-year Treasury surpassing 5% and touching the highest level since 2007.
Stocks in Spotlight:
👉Bajaj Auto added over 2 percent after financial services company JP Morgan said it is ‘overweight’ on the stock, with a target price of Rs 4,400 a share. It further said that the stock could potentially re-rate in 2023 as the company becomes more aggressive on electric vehicles.
👉The defense ministry signed a contract with Hindustan Aeronautics for the procurement of 70 HTT-40 basic trainer aircraft. The Union Cabinet on March 1 approved the purchase of 70 aircraft from HAL for the Indian Air Force at a cost of over Rs 6,800 crore.
👉GAIL said its board would meet on March 13 to discuss the payment of an interim dividend for the financial year 2022-23. If approved, the record date for the payment would be March 21, the company told exchanges. Global research and broking firm Morgan Stanley has a positive view on the company. The firm gave an “outperform” rating to GAIL with a target price of Rs 124.
News from the IPO world🌐
China’s SHEIN se to raise $2bn IPO, eyes US IPO later this year