Auto Sector

The bank announced in a BSE filing that Vasudevan has been re-appointed for a term of three years beginning July 23, 2023.

The reports indicated that an announcement might be made as soon as the Prime Minister of India, Narendra Modi, visits the United States the following week.

KECI is guiding for revenue to scale the Rs200bn mark in FY24 with Ebitda margins sustaining at 7% on a blended basis.

The company’s counter surged upto 6% in today’s trade on positive business outlook.

To meet this end, CEAT is focusing on premiumisation with the domestic segments (for example SUV segment with PVs).

Brent futures had down 13 cents to $75.54 per barrel, while WTI crude in the United States had fallen 10 cents to $70.52 per barrel.

Spot gold was unchanged at $1,959.03 per ounce. The price of U.S. gold futures remained stable at $1,971.50.

The rupee increased to its highest level versus the dollar since May 11 at 81.9450. On Thursday, it had been closed at 82.1750.

The funds will be utilized for capital expenditures and to refinance a loan that will mature in September.

Analysts of IIFL Capital Services believe industry participants talking up margin targets is positive and would bring in pricing discipline (as they saw in H2FY23 results).