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Auto parts sector likely to grow 20-23%: ICRA
The Indian auto components industry is expected to witness a 20-23% growth in revenues in the current financial year on the back of strong demand in domestic as well as global markets, aided by the low base, ratings agency ICRA said.
The agency noted that the industry bounced back ‘handsomely’ during the second half of last fiscal (FY21), with many auto components suppliers registering record revenue and profits during the fourth quarter. Exports, which account for 29% of the industry’s turnover, also witnessed healthy recovery, supported by strong traction in the key markets of the U.S. and Europe, it said.
Benchmark Indian indices open higher
Indian indices opened higher on Tuesday. BSE Sensex opened at 52,995.72, up 143.45 points or 0.27%, while Nifty opened at 15,860.50, up 36.05 points or 0.23%.
Earnings announcements expected today
As the earnings season progresses, several companies are expected to release their earnings report on Tuesday, for the June ending quarter, including Canara Bank, Dr Reddy’s Laboratories, IIFL Finance, IndusInd Bank, InterGlobe Aviation, Lux Industries, Mahindra Logistics, Ramco Cements, Shemaroo Entertainment, and UCO Bank.
On Monday, firms such as Tata Motors, L&T, and Axis Bank announced their first quarter earnings.
Major U.S. indices close at new record highs
The three major U.S. indices closed at new record highs on Monday as investors were optimistic about the upcoming earnings announcements from major U. S. firms, including Apple, Microsoft, Amazon, and Alphabet.
The S&P 500 closed at 4,422.30, up 10.51 points or 0.24%, the Dow Jones Industrial Average gained 82.76 points or 0.24% to close at 35,144.31, and the Nasdaq Composite closed marginally higher at 14,840.71, up 3.72 or 0.03%.
Most Asian stock indices open in green, rise cautiously
Major Asian stock indices opened in green on Tuesday, except Hang Seng. Japan’s Nikkei opened at 27,911.93, up 78.64 points, and Topix at 1,934.18, up 8.56 points, while South Korea’s Kospi opened at 3,244.43, up 19.48 points.
Hong Kong’s Hang Seng, opened at 26,011.51, down 180.81 points after closing at 26,192.32 on Monday. The stock index took a hit on Monday as Chinese technology and education stocks plunged amid regulatory fears.
Traders in the Asian equity market would keep an eye on the earnings announcements from major U. S. firms as well as the U.S. Federal Reserve’s policy meeting this week.
On Monday, benchmark Indian indices plunged. The 30-share BSE index ended 123.53 points or 0.23% lower at 52,852.27, while the broader NSE Nifty slipped 31.60 points or 0.20% to 15,824.45.
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