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<ul><li>Production cuts at Maruti worsen the impact of slowing car sales in India. </li><li>Suzuki shares fell over 4.3% in Japan on Monday, and another 3.3% a day later, due to the threat to its earnings after the slump in India. </li><li>Maruti accounts for over 52% of Suzuki’s global sale volumes. </li></ul>Thousands of miles away from India, the share price of Suzuki is taking the beating for Indians shying away from car showrooms. The stock lost over 4.3% on Monday, and 3.3% on Tuesday, together worth nearly $2 billion in market capitalisation due to the falling demand for cars in general in India, which is eating into the profits of its Indian partner Maruti. India’s largest car maker <keyword id="44883" type="DOMAIN" weightage="20" keywordseo="Maruti-Suzuki">Maruti Suzuki</keyword> has cut production for the fifth consecutive month due to lack of demand. Overall output in India will be down 15% while that of small cars will down to half in July compared to a month earlier, Maruti said. Maruti’s shares fell 4.8%, shedding ₹7,000 crore in market value on Monday. “In view of the current sales environment, we lower our estimates for India domestic sales to +0.2% for FY2019 (from +5.4%) and +3.7% for FY2020 (+6.4%),” JPMorgan said in a report. This will be a debilitating blow for Suzuki for whom India makes for <a href="https://economictimes.indiatimes.com/industry/auto/maruti-continues-to-drive-suzukis-global-growth-story/articleshow/67860711.cms?from=mdr">over half of all its global sale volumes</a>. All Indian car makers put together saw a decline in sales of 18.8% in June, the <a href="https://www.businessinsider.in/june-monthly-car-sales-data-points-to-a-severe-slowdown-in-india/articleshow/69985355.cms">seventh straight monthly fall in car sales</a>, and the worst in 18 years, as per the Society of Indian Automobile Manufacturers (SIAM). In September 2001, after the tech bubble burst plunging the global economy into a temporary crisis, the sales had dropped down by 21.91%. 
 
 
 
 
 
 
 
 
 
 
 
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 The current slowdown in car sales is largely attributed to a broader economic slowdown, lack of jobs, and a decline in consumer sentiment over the last couple of years, starting from the demonetisation in November 2016 followed by the introduction of the Goods and Services Tax (GST) soon after. In rural India, the decline in demand for cars is attributed to a protracted farm crisis, made worse by the ongoing water crisis and deficient monsoon in many parts. This has had a significant impact on Maruti, which has a deeper reach and penetration outside the big cities too. People in India increasingly prefer cab aggregators like Ola and Uber, or even <a href="https://www.businessinsider.in/cars24-used-cars-startup-could-soon-turn-profitable-will-breakeven-by-december-2019/articleshow/69993448.cms">second hand cars to new ones</a>. Double whammy However, the declining sales have not led to a fall in its price. The price of cars is on a rise due to the new emission norms set to kickstart in India from April 2020. The new mandatory BS-VI (Bharat Stage-VI) emission norms are set to make the <keyword id="421590" type="PERSON" weightage="20" keywordseo="diesel-engine">diesel engine</keyword> operated vehicles, especially cars, more expensive. “The rollout of new emissions standards (BS6) and Suzuki's competitive edge (mainly in gasoline cars), we think conditions are currently at their worst amid a bleak short-term earnings outlook, and continue to believe that now is the time to consider medium-term investment,” JPMorgan said. SEE ALSO: <a href="https://www.businessinsider.in/union-budget-2019-indian-government-announces-tax-subsidy-for-purchasers-of-electric-vehicles/articleshow/70091003.cms">Tata Motors, Maruti, Mahindra will benefit from tax deductions on electric vehicles</a> <a href="https://www.businessinsider.in/cars24-used-cars-startup-could-soon-turn-profitable-will-breakeven-by-december-2019/articleshow/69993448.cms">EXCLUSIVE: Cars24 is racing towards profitability as Indians choose used cars over new ones</a> <a href="https://www.businessinsider.in/tata-motors-jaguar-land-rover-moodys-downgrade/articleshow/69889499.cms">Jaguar Land Rover is dragging Tata Motors along in its downward spiral</a>

Suzuki just lost nearly $2 billion in 2 days because of what’s happening in India

<ul><li>Jagdish was known as an officer who had high integrity and his entrepreneurial streak was evident from the way he handed his various assignments</li><li>His success in a variety of jobs indicated that he was willing to learn and adapt to new conditions.</li><li>Unfortunately, many people in India do not recognise that business failures are a part of entrepreneurship and Jagdish had to suffer the consequences of such thinking.</li></ul>Jagdish Khattar was an entrepreneur at heart. Opportunities for entrepreneurs were limited at that time. Like many others from St. Stephen’s College (in Delhi), he joined the <keyword id="106848" type="COMPANY" weightage="20" keywordseo="Indian-Administrative-Service">Indian Administrative Service</keyword> (<keyword id="46130" type="COMPANY" weightage="20" keywordseo="IAS">IAS</keyword>) in 1965. He served with great distinction till he joined <keyword id="6912" type="LOCATION" weightage="20" keywordseo="maruti">Maruti</keyword> in 1993. He was known as an officer who had high integrity and his entrepreneurial streak was evident from the way he handed his various assignments, including the Chairmanship of the UP Cement Corporation and of the Tea Board. In 1992, Maruti was a company where the government and Suzuki of Japan had equal equity holdings and Osamu Suzuki (chairman of <keyword id="111052" type="COMPANY" weightage="20" keywordseo="Suzuki-Motor">Suzuki Motor</keyword>) was of the view that when I retired, in 1997, I should be succeeded by another IAS officer. I was tasked with selecting a <keyword id="11179955" type="UNKNOWN" weightage="20" keywordseo="suitable-person">suitable person</keyword>. Jagdish (Khattar) was one of the persons recommended by some senior officers. I met Jagdish in my office and very soon it was clear to me that my search had come to an end. He came from a family of entrepreneurs from Dera Ismail Khan, now in Pakistan. I found that he had a sharp intellect and a quick mind. His success in a variety of jobs indicated that he was willing to learn and adapt to new conditions. He was not enamoured by the status and prestige attached to government posts and appeared to be a person who liked to get things done. He obviously understood business and competition. I could convince him that if he left the IAS and joined Maruti, he would have much greater freedom and opportunities to implement his ideas and achieve results, something that the government was unlikely to offer. He was convinced and joined Maruti in 2003. His entrepreneurial genes overcame the glamour of the IAS. <div type="image" title="Jagdish Khattar" msid="82323579" hostid="261"></div> He was given intensive training in Japan and Suzuki was satisfied that he would be an appropriate replacement for me. He worked very successfully as the director of marketing but in 1997, when I retired, the government did not accept Suzuki’s advice that Jagdish would be the best person to become the managing director (MD), and instead chose another Maruti officer. It soon became apparent that this was not a decision, which would help Maruti grow and prosper. A new government came to power in 1998 and it took the correct decision to appoint Jagdish as the MD. Along with this, the government also decided to gradually exit Maruti and list the company on the stock exchange. Without these decisions, Maruti would not have reached its present position. Jagdish had the difficult task of convincing investors to buy Maruti equity shares. At that time, the stock markets were depressed and Maruti itself had made a loss for the first time in its history in 2000-2001. Jagdish was very articulate and an excellent communicator. He sincerely believed in the future of India as well as of Maruti. He could convince investors that they would stand to gain, by investing in the company. The issue was a huge success and in the years to come, Jagdish’s promise to the investors was fulfilled in spades. <div type="image" title="Jagdish Khattar" msid="82323593" hostid="261"></div> Suzuki had been given management control over Maruti in 1999. Jagdish continued as the MD from that year to 2007, when he retired. The absence of constraints arising from government’s presence in the company enabled Jagdish to perform to the best of his considerable ability. He now had the support of Suzuki and Maruti made big strides forward. New business lines were started for dealers that resulted in making them financially stronger and increasing customer satisfaction and retention. The service network continued to be strengthened. A great deal of attention was paid towards making the marketing and sales network as strong as possible. Sales grew rapidly and there was a need for new capacity. Jagdish negotiated with the state government to purchase 600 acres of land at Manesar. The site, today, has an installed capacity of 750,000 cars a year. During his tenure, Maruti recorded excellent progress and consolidated its position as the market leader. His entrepreneurial streak came to the front after Jagdish left Maruti. He started Carnation, a company that established multi-brand service stations in India. Unfortunately, for the first time in his life, Jagdish encountered problems that even he could not overcome, and the company went bankrupt. Unfortunately, many people in India do not recognise that business failures are a part of entrepreneurship and Jagdish had to suffer the consequences of such thinking. His wife <keyword id="1440" type="PERSON" weightage="20" keywordseo="Kiran">Kiran</keyword> and he were very hospitable and gracious hosts. We have enjoyed their company and hospitality on innumerable occasions. Jagdish had an outgoing and cheerful nature and attracted friends and admirers from all walks of life. Everyone is going to miss him and regret his leaving at, comparatively, such an early age. But I am sure God needed his capabilities for some other project. Farewell and godspeed. Jagdish Khattar aged 78, an ex-IAS officer and former managing director of <keyword id="44883" type="DOMAIN" weightage="20" keywordseo="Maruti-Suzuki">Maruti Suzuki</keyword>, passed away on 26 April 2021. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/covid-19-vaccine-india-needs-a-separate-queue-for-second-dose/articleshow/82304003.cms">India may end up wasting millions of COVID-19 vaccine doses if there is no separate queue for second shots</a> <a href="https://www.businessinsider.in/science/health/news/if-you-have-just-recovered-from-covid-19-experts-say-you-dont-need-to-join-in-on-the-rush-for-vaccination-immediately/articleshow/82302460.cms">If you have just recovered from COVID-19, experts say you don't need to join in on the rush for vaccination immediately</a> <a href="https://www.businessinsider.in/careers/news/atlassian-says-its-employees-only-need-to-come-into-the-office-4-times-a-year-under-its-new-team-anywhere-policy/articleshow/82304516.cms">Atlassian says its employees only need to come into the office 4 times a year under its new 'Team Anywhere' policy</a>

Maruti’s RC Bhargava recalls his first meeting with Jagdish Khattar and the 24 years that followed

<ul><li>The SGX Nifty was trading 0.35% lower at 7:45 am, indicating a weak opening for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>The US stock markets saw its worst day since June on Wednesday, as the virus spike spurred new lockdowns across Europe. The <a href="https://www.businessinsider.in/stock-market/news/dow-craters-943-points-in-worst-day-since-june-as-virus-spike-spurs-new-lockdowns/articleshow/78921995.cms">Dow Jones </a>Industrial Average closed 3.4% lower, the worst one day fall since June 11. And, the S&amp;P 500 fell 1.9%, its largest since September 23. Crude oil also <a href="https://www.businessinsider.in/stock-market/news/oil-tanks-6-on-surging-covid-19-cases-and-inventory-build-ups/articleshow/78917561.cms">cracked 6% on surging COVID-19 cases and inventory buildups</a>. Amidst negative cues from the global markets, the Indian equities are likely to open in the red on Thursday. The SGX Nifty was trading 0.35% lower at 7:45 am, indicating a weak opening for Nifty50. These are the stocks to watch out for during the trading session on October 28: Hero Motocorp India’s largest two-wheeler maker Hero Motocorp reported a 9.05% rise in consolidated net profit to ₹963.82 crore for the quarter ended September 30 on the back of robust sales. In the second-quarter, the company sold 18.22 lakh units, a growth of 7.7% over the same quarter last year. The shares of Hero Motocorp ended 1% higher on Wednesday. Axis Bank Axis Bank posted a net <a href="https://www.businessinsider.in/finance/banks/news/axis-bank-q2-results-profit-revenue-fee-collection-and-provisions/articleshow/78913594.cms">profit </a>of ₹1,683 crore for the second quarter ended September 30. The bank had posted a net loss of ₹112 crore in the same quarter last year. The net interest income (NII) zoomed over 20% to ₹7,326 crore during the quarter under review. The shares of Axis Bank ended 0.43% lower on Wednesday. Larsen &amp; Toubro (L&amp;T) Engineering and construction giant Larsen &amp; Toubro (L&amp;T) posted a 45% decline in consolidated net profit to ₹1,410.29 crore for the quarter ended September 30. The company said cash generation from operations was robust during the quarter, which was strongly supplemented by proceeds from the divestment of E&amp;A business. The company bagged orders worth ₹28,039 crore at the group level during the quarter, registering a decline of 42% compared to the same period last year. The shares of Larsen &amp; Toubro (L&amp;T) ended 0.41% higher on Wednesday. Cipla The drug major Cipla announced the launch of antibody detection kits for COVID-19 in India under the brand name ‘ELIFast’ in partnership with KARWA, under the technology transfer from the Indian Council of Medical Research (ICMR). IgG antibody tests identify the immune status of the individuals to COVID-19. The shares of Cipla ended 0.55% lower on Wednesday. Ajanta Pharma The board of directors of Ajanta Pharma will meet on November 3 to consider a proposal for buy-back of the equity shares of the company and the unaudited consolidated and financial results for the quarter ended September 30. The shares of Ajanta Pharma ended 1% higher on Wednesday. NTPC India’s largest energy conglomerate NTPC has signed an agreement with Japan Bank for International Cooperation (JBIC) for a loan worth ₹3,500 crore. As per the agreement, JBIC will provide 60% of the loan amount, and the balance will be extended by commercial banks namely Sumitomo Mitsui Banking Corporation, Bank of Yokohama, San-In Godo Bank, Joyo Bank and Nanto Bank, under the JBIC guarantee, NTPC said. The shares of NTPC ended 2% lower on Wednesday. GlaxoSmithKline Pharma GlaxoSmithKline Pharmaceuticals reported an 85% drop in its consolidated net profit to ₹76.47 crore for the quarter ended September 30. The company’s consolidated revenue from operations stood at ₹879.32 crore for the quarter. It was ₹882.02 crore for the same period a year ago. The shares of GlaxoSmithKline Pharma ended 0.29% higher on Wednesday. Maruti Suzuki, TVS Motor, IndiGo and BPCL Maruti Suzuki, TVS Motor, IndiGo, BPCL, and other companies are slated to report their quarterly earnings today. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/dow-craters-943-points-in-worst-day-since-june-as-virus-spike-spurs-new-lockdowns/articleshow/78921995.cms" data-type="tilCustomLink"> Dow craters 943 points in worst day since June as virus spike spurs new lockdowns</a> <a href="https://www.businessinsider.in/stock-market/news/the-sp-500-will-tumble-up-to-20-now-that-investors-have-lost-hope-that-covid-19-would-be-controlled-an-investment-chief-says/articleshow/78921992.cms" data-type="tilCustomLink">The S&amp;P 500 will tumble up to 20% before the inauguration as investors have lost hope that COVID-19 would be controlled, an investment chief says</a>

Top stocks to watch — Hero Motocorp, Axis Bank, L&T, IndiGo, Maruti Suzuki, Cipla, GSK Pharma, and others

<ul><li>The Japanese car making giant has been hit by severe slowdown in car sales in India.</li><li>Suzuki shares have lost over a sixth of its share value this year due to the fear of depleting earnings.</li><li>Maruti accounts for over 52% of Suzuki’s global sale volumes.</li></ul>India’s largest car maker Maruti Suzuki has cut production for eight months in a row due to lack of buyers. The depleting earnings for Maruti is affecting its Japanese parent Suzuki, who just announced a nearly 40% cut in its estimate for operating income this year. The shares of Maruti fell over 2% immediately after the announcement from Suzuki. "The Company hereby revises the consolidated business forecast due to decrease in Japan production in the course of restructuring final inspection scheme, slowdown in Indian automobile market, and exchange rate fluctuations," <a href="https://www.release.tdnet.info/inbs/ek/140120191010406987.pdf" data-type="tilCustomLink" target="_blank">Suzuki said in a filing</a> with the stock exchanges in Tokyo. <table style="width: 188pt;"> </colgroup> <tbody><tr> <td class="xl63" style="height:15.0pt;width:101pt">March 2020 Forecast</td> <td class="xl63" style="border-left-width: initial; border-left-style: none; width: 87pt;">Cut</td> </tr> <tr> <td class="xl64" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 101pt;">Net sales</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 87pt;">10.30%</td> </tr> <tr> <td class="xl64" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 101pt;">Operating income</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 87pt;">39.40%</td> </tr> <tr> <td class="xl64" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 101pt;">Ordinary income</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 87pt;">35.30%</td> </tr> <tr> <td class="xl64" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 101pt;">Net income </td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 87pt;">30%</td> </tr></tbody></table> Brokerage house CLSA has maintained a 'buy' rating on Maruti Suzuki with a target price of ₹7,950 over the next 12 months hoping that the new models will lure some buyers who are still on the fence. The slowdown in car sales is not unique to Maruti. Car sales in India fell 20.5% in September compared to a year earlier. Aside from the economic slump in India, car buyers have shied away from showrooms expecting duty cuts and lower prices as well as fearing a loss of value for their new cars when the new emission norms kick in next year. This has been a debilitating blow for Suzuki for whom India makes for <a href="https://economictimes.indiatimes.com/industry/auto/maruti-continues-to-drive-suzukis-global-growth-story/articleshow/67860711.cms?from=mdr">over half of all its global sale volumes</a>. “In view of the current sales environment, we lower our estimates for India domestic sales to +0.2% for FY2019 (from +5.4%) and +3.7% for FY2020 (+6.4%),” JPMorgan said in a report in June. The steady decline in car sales in India has been the worst in 18 years, according to the Society of Indian Automobile Manufacturers (SIAM). In September 2001, after the tech bubble burst plunging the global economy into a temporary crisis, the sales had dropped down by 21.91%. In rural India, the decline in demand for cars is attributed to a protracted farm crisis, made worse by the ongoing water crisis and deficient monsoon in many parts. This has had a significant impact on Maruti, which has a deeper reach and penetration outside the big cities too. People in India increasingly prefer cab aggregators like Ola and Uber, or even <a href="https://www.businessinsider.in/cars24-used-cars-startup-could-soon-turn-profitable-will-breakeven-by-december-2019/articleshow/69993448.cms">second hand cars to new ones</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/mahindra-suvs-and-pick-up-trucks-are-a-rage-in-south-africa-even-in-a-shrinking-market/articleshow/71518308.cms" data-type="tilCustomLink" target="_blank">Mahindra SUVs and pick-up trucks are a rage in South Africa even in a shrinking market</a> <a href="https://www.businessinsider.in/union-budget-2019-indian-government-announces-tax-subsidy-for-purchasers-of-electric-vehicles/articleshow/70091003.cms">Tata Motors, Maruti, Mahindra will benefit from tax deductions on electric vehicles</a> <a href="https://www.businessinsider.in/cars24-used-cars-startup-could-soon-turn-profitable-will-breakeven-by-december-2019/articleshow/69993448.cms">EXCLUSIVE: Cars24 is racing towards profitability as Indians choose used cars over new ones</a> <a href="https://www.businessinsider.in/tata-motors-jaguar-land-rover-moodys-downgrade/articleshow/69889499.cms">Jaguar Land Rover is dragging Tata Motors along in its downward spiral</a>

Suzuki just slashed its operating income forecast by 40% citing slower sales in India

<ul><li><keyword id="143842" type="COMPANY" weightage="20" keywordseo="Mobikwik">Mobikwik</keyword>, a digital payments company, has said that its payment gateway business has turned profitable. </li><li>With an IPO in mind, the company is now aiming for a ₹1.4 lakh crore annual payment volume from the payment gateway business.</li><li>Earlier in July, Mobikwik had reported a funding of ₹8.67 crores. </li></ul>Mobikwik, one of India’s leading digital payments companies, has claimed that its payment gateways vertical had turned profitable since April 2019. “Our focus on building the best tech stack for our merchants is evident in the growth and success of our Payment Gateway business. Our product and user experience (UX) philosophy is to keep the user experience simple and ultra fast. Payment Gateway is one of our fastest growing verticals and will play an instrumental role in our path to profitability,” said Upasana Taku, Co-Founder, MobiKwik. With this, the payments company now aims to ₹1.4 lakh crore annual payment volume for its payment gateway business. As a payment gateway, Mobikwik finds clients in businesses like Uber, IRCTC, Dream11, Bajaj Finance, Zomato, Grofers, Blue Dart, Delhivery, Dominos, Maruti Suzuki, Hyundai, etc. “Over 94 million unique cards are saved on MobiKwik PG platform; this includes 20 million credit cards which is 50% of all credit cards issued in India,” said the company’s official statement. In July, the company had also announced a new round of funding of ₹8.67 crore from Trifecta Capital and NDTV. Its previous investors include Sequoia Capital and American Express among others. According to <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/ahead-of-ipo-mobikwik-scouts-for-investor-eyes-profit-from-fy21/articleshow/69810493.cms?from=mdr">reports</a>, Mobikwik is also planning to head for an IPO in the next three years. "We are looking for an investor who will help the company go for an initial public offering (IPO) in three years," co-founder and chief executive Bipin Preet Singh told <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/ahead-of-ipo-mobikwik-scouts-for-investor-eyes-profit-from-fy21/articleshow/69810493.cms?from=mdr">ET.</a> Mobikwik finds competition from the likes of Paytm, PayU and Razorpay in the payment gateway business. Paytm claims to hold over 50% of the market share and has said that it does 400 million transactions per month; is five times more than its next competitor. A report by Credit Suisse Group AG says that the Indian digital payments market will increase five-fold from the current $200 billion to $1 trillion by the year 2023. This has also resulted in many international players eyeing the Indian market like <a href="https://www.businessinsider.in/google-wallet-creator-osama-bediers-startup-poynt-will-launch-in-india-in-2019/articleshow/68145220.cms">Osama Bedier's Poynt.</a> Bedier is also credited to be the creator of the Google Wallet. In June 2019, Mobikwik had also partnered with DT One, a global B2B network for mobile recharge, giving its users the opportunity to recharge their phones in 150 countries. MobiKwik’s competitor in India, Paytm had already entered two international markets – Canada and Japan.

Heading for an IPO, Mobikwik reports a profit in its payment gateway business

<ul class="summary-list"><li>The Japanese yen slid past 150 against the dollar Thursday for the first time since 1990. </li><li>The breaching of the key level ups pressure on Japan's officials to intervene to shore up the currency. </li></ul>The <a href="https://markets.businessinsider.com/currencies/usd-jpy">Japanese yen</a> weakened to above 150 to the US dollar for the first time in 32 years, setting the stage for the country's policymakers to intervene in the currency market.The break of the key level for the first time since August 1990 puts pressure on Japanese officials to step in to contain the yen's steady slide, which has been driven by divergence in interest rate policy between Japan and the US.Earlier Thursday, before the historic break, Japan's finance minister said he would take decisive action against big moves in the yen, <a href="https://www.reuters.com/markets/asia/japan-finmin-says-govt-ready-take-action-vs-speculative-yen-moves-2022-10-13/">Reuters reported</a>. "We cannot tolerate excessive, rapid currency market moves driven by speculative action. We will continue to watch currency moves meticulously and with a sense of urgency," Shunichi Suzuki said, per Reuters.The yen fell as low as 150.09 to the dollar earlier Thursday, but has retraced some of that loss to trade broadly flat at 149.86 at last check.The Japanese currency has sold off heavily against the dollar, falling 23% this year so far, as the Bank of Japan holds to its ultra-low interest rates while the US Federal Reserve hikes rates aggressively. Return-hungry investors have bought dollars to take advantage of this, prompting a <a href="https://markets.businessinsider.com/news/currencies/reverse-currency-war-dollar-dominance-pound-yen-central-banks-fed-2022-9">"reverse currency war"</a> as the dollar <a href="https://markets.businessinsider.com/news/currencies/us-dollar-currencies-foreign-exchange-federal-reserve-inflation-rates-goldman-2022-10">surges to 20-year highs</a> and central banks scramble to keep up with the Fed.Japan — which has historically devalued the yen to favor its export-driven economy — was forced to <a href="https://markets.businessinsider.com/news/currencies/dollar-vs-yen-currencies-japanese-government-intervention-tokyo-currency-wars-2022-9">intervene in currency markets</a> in September for the first time since 1998, by snapping up more yen and dumping dollars in a bid to prop up the weakening currency. Policymakers at Japan's central bank ruled out any change in its ultra-easy monetary policy to prop up the yen, <a href="https://www.reuters.com/markets/currencies/japan-finmin-says-checking-fxmeticulously-more-frequently-jiji-2022-10-18/">Reuters reported.</a>"Little has changed for the yen with Japanese officials seemingly willing to let the currency weaken further by capping bond yields," Nick Cawley, senior strategist at IG's DailyFX, said. Yields on the 10-year Japanese government bond are capped at 0.25%, while US 10-year Treasury yields are trading at multiyear highs around 4% — about 375 basis points higher, Cawley pointed out.The BoJ earlier Thursday said it was launching an emergency bond buying scheme to defend the cap, after the yield broke through the 0.25% level.

The Japanese yen falls past the key level of 150 to the dollar, hitting a 32-year low as officials say they're ready to intervene

<ul><li>The volatility in the Indian markets are a reflection of the mixed signals from global markets. </li><li>FMCG and auto sectors dragged the index down, while PSU banks rose. </li><li>On Thursday, the <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> closed 230 points lower at 61,750 while the Nifty50 closed 65 points lower at 18,343. </li><li>The weekly gains of Sensex have come down to just 0.32%, in the last five days. </li></ul>Indian benchmark indices slipped into the red on Friday after a positive opening, dragged down by the FMCG and auto sectors. However, PSU banks offered resistance and were trading higher. The volatility in the Indian markets were a reflection of the mixed signals from global markets. Hong Kong’s Hang Seng index surged 1.51%, Japan’s Nikkei 225 rose 0.17% while China’s Shanghai SE Composite index was down 0.15%. The US markets ended Thursday in the red, weighed by hawkish comments from the US Fed officials and data that showed the labour markets remained tight. The S&amp;P 500 ended 0.31% lower, while the Dow Jones Industrial Average registered a marginal 0.02% decline. The tech-heavy Nasdaq Composite lost 0.35%. At 10 a.m., the Sensex was hovering around 61,600, down 148 points, while the Nifty50 was around 18,300, lower by 43 points from yesterday’s close. Earlier, the Sensex and the Nifty50 had opened 0.2% higher. On Thursday, the indices had ended in the red – the Sensex closed 230 points lower at 61,750 while the Nifty50 lost 65 points to end at 18,343. The <keyword id="90570" type="General" weightage="50" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, which is an early indicator of the Nifty50’s performance, was up 0.27% ahead of the India markets opening. Analysts expected markets to open flat to marginally higher on Friday. “Indian markets could open flat to mildly higher, in line with mixed and range bound Asian markets today and despite lower US markets on Thursday,” Deepak Jasani, head of retail research, HDFC Securities. With some losses made on Thursday, the weekly gains of Sensex have come down to just 0.32% in the last five days. Banks were amongst the top gainers in the first hour of trade on Friday. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.77% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Britannia </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.41% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.49% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.38% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.46% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan Company </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.2% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.41% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grasim </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.1% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divis Labs </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.18% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospital </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.98% </td></tr></tbody></table> Source: NSE, as at 10 a.m., November 18, 2022 <cmsannotation type="cmsannotation" annotationid="With earnings season at an end, Indian markets to track global cues" comment="subhead" text="With earnings season at an end, Indian markets to track global cues">With earnings season at an end, Indian markets to track global cues</cmsannotation> With no strong domestic triggers at hand in the near term, Indian bourses are likely to take their cues from the global markets and remain range bound, analysts said. “Markets have bounced back smartly and wiped out the entire year-to-date decline in 2022. <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">Nifty</keyword> is now up 5.7% year-to-date. Nifty has lost its momentum in the past few days after witnessing a sharp rise of more than 7% in the last one month. It is consolidating above the 18,000 mark and marginally below its all-time high of 18,604. With the result season now over, we expect the market to track global developments in the near term,” said Siddhartha Khemka, head-retail research, Motilal Oswal Financial Services. Cooling crude oil prices would be a positive boost, analysts said. Brent crude is now at $90.45 per barrel, down from $95 at the beginning of this week. “The recent market structure is pointing towards the possibility of some profit taking or consolidation ahead,” said Ajit Mishra, VP - technical research, Religare Broking. The broking firm expects Nifty to hold the 17,800-18,100 levels, he added. “There are no major global or domestic triggers that can move the markets decisively as of now. Therefore, the market is likely to meander around the current levels. Also, there is no trigger to push the market decisively into sharp correction territory,” said V K Vijayakumar, chief investment strategist at Geojit Financial Services. <cmsannotation type="cmsannotation" annotationid="Stocks to watch on Friday" comment="subhead" text="Stocks to watch on Friday">Stocks to watch on Friday</cmsannotation> One 97 Communications: Paytm shares tanked 10.8% on Thursday as SoftBank offloaded 29.5 million shares worth ₹1,631 crore. However, Bank of America Securities, Morgan Stanley and Societe Generale picked up 18 million shares in total. LIC: The state-run insurer pared its stakes in Maruti Suzuki, Power Grid Corporation, <keyword id="44642" type="General" weightage="50" keywordseo="sun-pharma" source="Orion">Sun Pharma</keyword>, and Bajaj Auto, among others, in the September quarter. FSN E-commerce: The Nykaa operator witnessed action as investor Mala Gopal Gaonkar offloaded 57.5 million shares and Canada Pension Plan Investment Board picked up 17 million shares. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/ndias-international-trade-prospects-are-the-best-among-top-10-economies-sp/articleshow/95592650.cms">India has the best international trade prospects among top 10 economies: S&amp;P</a> <a href="https://www.businessinsider.in/stock-market/news/these-stocks-are-hot-favourites-of-fpis-even-as-they-sell-index-heavyweights/articleshow/95580529.cms">These stocks are hot favourites of FPIs even as they sell index heavyweights</a> <a href="https://www.businessinsider.in/business/corporates/news/india-inc-q2-fy23-revenue-rises-to-25-6-lakh-crore-here-are-the-winners-and-losers/slidelist/95577982.cms">India Inc. Q2 FY23 revenue rises to ₹25.6 lakh crore – here are the winners and losers</a>

India’s Sensex, Nifty50 slip into the red after a positive opening – FMCG, autos weigh, PSU banks rise

Mumbai, Apr 1 () Markets began the new fiscal with yet another bruising selloff on Wednesday as global sentiment remained grim due to the Covid-19 pandemic. Reversing the previous session's gains, the 30-share BSE barometer Sensex slumped 1,203.18 points or 4.08 per cent to finish at 28,265.31. Similarly, the NSE Nifty tanked 343.95 points, or 4 per cent, to close at 8,253.80. Global equities skidded as weak factory data from Asia and a steady rise in coronavirus cases pointed to the tough road ahead for the world economy. Dismal auto sales numbers and reports of India missing its fiscal deficit targets by a wide margin further sapped investor confidence here, traders said. Tech Mahindra was the top loser in the Sensex pack, crashing 9.21 per cent, followed by Kotak Bank (8.81 per cent), TCS (6.23 per cent), Infosys (5.65 per cent), Axis Bank (5.50 per cent) and SBI (5.26 per cent). Hero MotoCorp, Bajaj Auto, Bajaj Finance and Titan were the only gainers, spurting up to 2.21 per cent. According to traders, domestic equities plunged in tandem with global stocks as no respite from the coronavirus pandemic seemed in sight. Extensive lockdowns to contain the spread of the virus have severely hit business outlook, they said. Around the world, total number of infected cases surged past 8.6 lakh, while deaths have crossed 42,000. The number of Covid-19 cases in India climbed to 1,637, while the death toll rose to 38, according to the Health Ministry. "The first day of the financial year started off on a negative note, impacted by the negative global markets and also domestic uncertainties with regards to banks' stressed assets and auto numbers. "FIIs have net sold around Rs 62,000 crore in Equity in March and with virus infections increasing, markets are anticipating a worsening of the situation," said Vinod Nair, Head of Research at Geojit Financial Services. All sectoral indices ended with losses. BSE IT, teck, bankex, telecom, finance, FMCG and power indices fell up to 5.58 per cent. Broader BSE midcap and smallcap indices ended up to 2.18 per cent lower. Domestic auto majors like Maruti Suzuki and Hyundai reported up to 47 per cent decline in March sales, hit by the coronavirus-triggered lockdown and weak consumer sentiment. On the global front, Asian markets ended in the red after a slew of weak factory output data from countries like South Korea and Japan. Bourses in Hong Kong, Tokyo, Seoul and Shanghai plunged up to 4 per cent. Benchmarks in Europe were also trading with significant losses. Brent crude futures, the global oil benchmark, plunged 5.20 per cent to USD 24.98 per barrel. ANS ABMABM

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