Antique | AMP – 231102

Antique | AMP – 231102

Global News

• The Dow ended higher Wednesday following a slump in Treasury yields after the Federal Reserve kept rates steady for second-straight meeting. The Dow Jones Industrial Average was up 221 points or 0.7% to close at 33,275; while the S&P 500 was up 1.1% to close at 4,238; and the NASDAQ Composite was up 1.6% to close at 13,061.
• The Nikkei 225 Index jumped 2.41% to close at 31,602 while the broader Topix Index gained rallied 2.53% to 2,311 on Wednesday, hitting their highest levels in two week and benefitting largely from a sharp decline in the yen as the Bank of Japan’s move to loosen its grip on long-term rates was seen as inadequate.

• JK Tyre & Industries announced to the stock exchanges on November 1 that the Board of Directors has sanctioned an expansion plan aimed at enhancing the company’s tyre manufacturing capacity. The company said as of July 13 the annual capacity for tyre production at JK Tyre & Industries stands at 15.51 million tyres, with a utilization rate of 95 percent. It further stated that it has put forth plans to amplify this capacity by 19.45 percent, aiming to reach an enhanced capacity by October 2025. Investment of INR 10.25 bn is needed which will be funded a combination of equity, internal accruals, and debt.
• Maruti Suzuki India (MSI) on Wednesday reported its highest-ever monthly sales at 1,99,217 units in October, a 19 per cent year-on-year growth. The country’s largest carmaker had dispatched 1,67,520 units in October 2022. MSI also reported its best-ever domestic monthly dispatches in October at 1,77,266 units, up 21 per cent from 1,47,072 units in the year-ago period, the auto major said in a statement. Its total domestic passenger vehicle sales rose to 1,68,047 units last month from 1,40,337 units in October 2022.