Here are the top stories this afternoon:
LIC Housing plunges 10% as Q2 net disappoints street despite lower provisions
Shares of LIC Housing hit the 10 percent lower circuit on November 2, clocking its worst fall in over two years. Market participants seem to be disappointed with the 23 percent on-year growth in net profit at Rs 305 crore, sinking the stock down for a fourth day on heavy volumes.
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Tech Mahindra shares in focus after Q2 net profit slips 4%
IT services provider Tech Mahindra on November 1 reported a 4 percent year-on-year fall in consolidated net profit at Rs 1,285 crore for the quarter ended September 30, higher than analysts' estimate of Rs 1,224 crore. Sequentially, net profit jumped 13.6 percent from Rs 1,131.6 crore in the June quarter.
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Indian market can scale a new high but needs global tailwinds, says Mihir Vora of Max Life Insurance
The Indian market can make new highs with a little support from its global peers, Mihir Vora, Director and Chief Investment Officer at Max Life Insurance, has said. "Earnings momentum, results, and fundamental tailwinds" are there but "tailwinds from global markets are needed" for the Indian market to make new highs, Vora said, as he talked about the latest market trends.
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RBI letter to the government on inflation failure won't be a secret for long: Das
The Reserve Bank of India’s (RBI) report to the government after it failed to meet the inflation mandate may be a “privileged communication” but it will be released to the public at some point, Governor Shaktikanta Das said on November 2. The governor said there was no question about monetary policy being anything other than transparent.
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A 25-50bps hike possible in tomorrow's off-cycle MPC meet, says this market veteran
The Reserve Bank will hold a special meeting of the Monetary Policy Committee on November 3. "There is a probability of a rate hike of 25 -50 bps could also be announced in the off-schedule MPC meeting to tame the inflation, and considering the high inflation that is there globally," Arun Malhotra, the founder and chief investment officer of CapGrow Capital Advisors, said in an interview to Moneycontrol.
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