GBPUSD slumps over 1% as BoE’s Bailey hints at aggressive rate cuts (03-10-2024)
British pound slumped by over 1% against the dollar to a two-week low on Thursday as BoEs Bailey hinted at more aggressive rate cuts. Pound extended decline for the third consecutive day from a two and half year high and seems to give back further gains amid the dovish remarks. Bank of England (BoE) Governor Andrew Bailey said that there was a chance that the BoE could become a bit more aggressive in cutting rates if there’s further good news on inflation. The latest Bank of England (BoE) Decision Maker Panel (DMP) survey showed on Thursday that one-year ahead expected CPI inflation by the UK firms dropped by another 0.1 percentage points to 2.6% in the quarter to September. This along with geopolitical risks stemming from the ongoing conflicts in the Middle East, supporting the safe-haven USD is adding pressure on the British currency. Currently, GBPUSD is quoting at $1.31, down 1.20% on the day and its lowest level since March 2022.
Venus Pipes- Pipes & Tubes (03-10-2024)
Hello everyone,
I wanted to share an important update regarding Venus Pipes and Tubes Limited. The company’s credit ratings have recently been upgraded by Infomerics Ratings.
- Long-term bank facilities: Upgraded from IVR A-/Stable to IVR A/Stable.
- Short-term bank facilities: Upgraded from IVR A2+ to IVR A1.
This upgrade reflects the company’s improved scale of operations, stronger profit margins, and continued financial health, despite a somewhat elongated operating cycle. The backward integration and capacity enhancements have significantly boosted their performance.
For more detailed information, you can refer to the latest report on the company’s financials and ratings.
Cheers!
pr-VenusPipesTubes-1oct24.pdf (288.0 KB)
Meet Harold Daggett, the Union Leader Behind the Ports Strike (03-10-2024)
As president of the International Longshoremen’s Association, Harold Daggett is taking advantage of organized labor’s resurgence to drive a hard bargain.
Sensex tanks 1770 pts, Nifty ends at 25,250.10; L&T slumps over 4% (03-10-2024)
The domestic equity benchmarks suffered a significant downturn on Thursday, with the Nifty50 plunging over 2% in its worst single-day performance in two months. This sharp decline was primarily driven by a confluence of global and domestic factors. All sectoral indices on the NSE closed in the red, with realty, auto, and energy stocks leading the decline.
Broking stocks end mixed after Sebi’s new F&O framework tightening (03-10-2024)
Shares of other listed brokerages fell as investors digested the impact of the stricter trading rules
Warren Buffett may target Japan bank and insurance shares, analysts say (03-10-2024)
Warren Buffett’s yen bond sale suggests he may be raising money to invest in Japanese financial firms and shipping companies. His previous investments in Japan were financed through yen bonds.
Ratan Tata sells small stake in Upstox to make 23,000% return (03-10-2024)
The 86-year-old Tata Group patriarch acquired a 1.33% stake in Upstox in 2016. Recently, the discount brokerage completed a buyback of 5% of Tata’s shares in the company.