Stocks Slump as Powell Warns of Further Rate Hikes; Earnings Mixed for Indian Firms
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Jerome Powell warned interest rates may climb further, stalling a stock and bond rally and sending investors back to the dollar. Asian shares fell following a drop in US indexes.
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Indian benchmark indices ended lower after swinging between gains and losses. Real estate and auto rose while IT and energy fell. Foreign investors remained net sellers for the 12th straight day.
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Key quarterly earnings Muthoot Finance profit up 14% but missed estimates, Zee Entertainment revenue rose 21%, Aurobindo Pharma profit jumped 83%, Campus Activewear profit plunged 98%.
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Hindustan Aeronautics signed a contract with Airbus to set up a civil aircraft MRO facility. Moody's upgraded Tata Motors and its debt ratings.
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ICICI Bank received RBI approval to make ICICI Securities a wholly owned subsidiary. Infosys will offer mortgage services with Better.com. IPOs from ASK Automotive and ESAF Small Finance Bank saw strong demand.