Investors cheered the US consumer spending report that showed the economy grew modestly in the third quarter and inflation eased. Wall Street also is betting on the central bank dialling down on big interest-rate hikes.
Bharti Airtel Q2 preview: Will PAT see another 3-digit growth? Key factors here
Telecom giant Bharti Airtel will be in the focus during this week’s trading session due to its second-quarter performance for FY23. Airtel shares ended on a broadly flat note on exchanges last week ahead of its Q2. In the July to September 2022 quarter, Airtel is expected to record another triple-digit growth in percentage terms in its profitability. The company’s revenue is likely to stay robust with currency tailwind aiding performance in African business. ARPU is expected to rise further, while the customer base may see a modest addition. Overall, EBITDA margins may improve further.
On October 28, Airtel shares closed at ₹816.80 apiece on BSE flat compared to the previous closing. Its market cap is over ₹4.54 lakh crore. (Read More)
Hero MotoCorp see healthy growth in retail sales during festive season
The country’s largest two-wheel maker Hero MotoCorp on Friday said that it has registered double-digit growth in retail sales during the festive season.
The company said that retail sales increased by over 20 per cent in the festive period in FY22, compared to the corresponding period.
Hero MotoCorp festival season retails were driven by the strong performance of its popular models across segments, including the 100cc Splendor+, 125cc motorcycles Glamour and Super Splendor and the XPulse range in the premium segment. The festive season also witnessed strong customer preference for Destini scooters, resulting in double-digit growth. (Read More)
Wall Street Friday rally marks first weekly win streak since summer
Technology stocks led a broad rally on Wall Street Friday, capping another strong week for the market, as investors welcomed solid profits from Apple and other companies.
The S&P 500 rose 2.5% and posted its first back-to-back weekly gains since August. The Dow Jones Industrial Average rose 2.6% and the tech-heavy Nasdaq composite climbed 2.9%. Smaller company stocks also gained ground, lifting the Russell 2000 index by 2.3%.
Apple’s latest quarterly results showed the iPhone maker made even fatter profits during the summer than expected. Its shares rose 7.6% and led a rally in technology stocks that had largely been beat up a day earlier.
Intel jumped 10.7% after delivering much bigger profit than analysts forecasted even though it said it saw “worsening economic conditions.”
Investors were also encouraged by a report on consumer spending that came a day after new data showing the economy grew modestly in the third quarter and inflation eased.
“You have an economy that almost refuses to keel over, an economy that at its core is resilient, but a the same time inflation is easing and that is what the Fed wants and that’s obviously what the market wants,” said Quincy Krosby, chief equity strategist for LPL Financial.
That’s helped fuel hopes on Wall Street for a “pivot” by the Federal Reserve, where the central bank dials down the big interest-rate hikes that have shaken the market. Such a move could boost the market, though many analysts say such hopes may be overdone. (AP)
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