News Overview

Higher inflation restricts rate cut expectations

The IPO offers shares at a price band of Rs 119-126 per share.

Only roughly 2-5% of Jindal Stainless' present product portfolio is suitable for usage in the infrastructure sector.

Two separate term loans for the company, each for Rs 300 crore and Rs 1000 crore, are due on respective dates of November 14, 2023, and March 31, 2024.

The factory, Ashok Leyland's seventh in India, will initially have a capacity of 2500 buses per year.

Tata Steel has announced a joint agreement with the UK govt to invest GBP1.25bn for a 3mtpa EAF facility.

Analysts of IIFL Capital Services cut their EPS estimates by 2% for FY25/FY26 to factor in the slower-than-expected margin recovery, as the company intends to increase its brand investments to 8-10% range in medium term

Spot gold was dormant at $1,924.29 per ounce. At $1,946.10, U.S. gold futures were stable.

Analysts of IIFL Capital Services also highlight runaway growth in Personal loans (27% 4yr Cagr and 36% YoY in FY23) as an area of concern.

Brent crude futures had increased by 5 cents, or 0.1%, to $93.98 per barrel, while U.S. West Texas Intermediate crude had increased by 15 cents, or 0.2%, to $90.92 per barrel.