Bulls come out to play

Nifty50: 17,094 ▲ 276 (+1.6%)
Sensex: 57,426 ▲ 1,016 (+1.8%)

Hey, there!

And you thought your resume was good enough to get you that dream job? With the job market getting more competitive by the day, people are coming up with innovative ways to get noticed by potential employers. Like this  American lady who printed out her resume on an edible cake and sent it to Nike. Wonder how she makes a pitch at her annual review then? 7-course meal, maybe? 

• Markets shrugged off the RBI’s 0.5% rate hike and closed in the green.
• In all, 41 of the Nifty50 stocks closed higher.
• Eurozone inflation is still breaking records. Today, the inflation number hit 10% for September as compared to 9.1% in August.

All the Nifty sectoral indices closed in the green. Strong gains were seen in the Bank (+2.6%) and Financial Services (+2.2%).

What’s trending

⭐ Adani Ports bets on aviation fuel

ADANIPORTS (NSE): 820 ▲ 4.5 (+0.5%)

Private port operator, Adani Ports & SEZ has started a wholly-owned subsidiary Adani Aviation Fuels Limited (AAFL). The new entity will operate in sourcing, transporting, supply and trading of aviation fuel. The subsidiary will look for business in domestic and international markets.

⭐ Lupin ‘high’ on multiple approvals

LUPIN (NSE): 678 ▲ 23 (+3.6%)

Shares of Lupin rose as the company received multiple approvals from the USFDA and launches in the US markets. One of the approvals is for mirabegron extended-release tablets. It is used to treat bladder problems. The product will be manufactured at Lupin’s Nagpur facility. These tablets have an estimated annual sales of $2.4 billion in the US.

⭐ Motherson Sumi sings ‘1, 2 ka 5’, declares bonus

MSUMI (NSE): 87 ▲ 0.5 (+0.5%)

Wiring harness maker has announced a 2:5 bonus issue i.e. 2 bonus shares for every 5 shares held. Motherson Sumi Wiring is a JV between Samvardhana Motherson International and Sumitomo Wiring Systems. Its shares got listed in March this year after the demerger of the domestic wiring harness business of the Motherson group. The record date for the bonus issue is yet to be declared. 

⭐ RVNL bags new order

RVNL (NSE): 33 ▲ 0.7 (+2.2%)

Shares of infrastructure firm RVNL rose as the company secured a construction order worth ₹408 crore from the National Highways Authority of India (NHAI). The new project work involves construction of a four-lane highway in Andhra Pradesh.    

In Focus

RBI says ‘just a li’l bit more,’’ hikes rates again

Not just you and me, even the RBI has to answer for failing to meet targets. In his post policy conference today, RBI Governor Shaktikanta Das said the Monetary Policy Committee will write a letter to the government explaining why they failed to meet the inflation target.

The RBI announced its fourth consecutive rate hike on Friday in a bid to tame inflation. The repo rate, which is the rate at which the RBI lends to banks, was hiked by 0.50% to 5.9%. This means the EMIs for loans could rise further. Here’s why the RBI is on a rate hike spree.

1. Inflation surged to 7% in August 2022 from 6.71% in July, fuelled by high food prices. RBI is mandated to keep inflation under 6%. RBI expects prices to stay high through this financial year, but predicts inflation will ease after March 2023.

2. Global pressures: It's ‘each one for himself’ in the global economy right now. The US Fed has been aggressively hiking rates to curb inflation, boosting the US dollar. The RBI, consequently, is battling  currency depreciation and forex reserve loss.

3. Slowing growth: Despite pickup in urban and rural demand, the RBI estimates growth will take a hit. It has lowered its GDP growth forecast to 7% from 7.2% for FY23.

But it’s not all gloom and doom. The RBI highlighted that domestic outlook in manufacturing, services and infrastructure sectors continues to support growth. It also added that “unfettered” festive celebration will further boost demand revival. More importantly, economic activity in India is stable, said the RBI.   

RBI’s message was clear. Go out, have a blast this festive season. Markets certainly took the cue. So, watcha gonna do this weekend? 

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Good to know

What is hyperinflation?

Hyperinflation is when the prices of goods and services increase uncontrollably over a specific period of time. It occurs when there is a massive rise in money supply, possibly due to the government pumping money into the financial system. 

Hyperinflation might also occur in times of war and economic turmoil, when prices of basic goods like food, fuel skyrocket due to short supply. The consequence of hyperinflation: The currency value plunges dramatically.

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