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236: Top News Podcast: Market halts 2-day rally, impact of RBI’s new credit and debit card rules, HCL Tech on attrition and more
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The market halted a two-day winning run on Friday dragged by financial, IT, and metal shares. This is amid weakness across global markets as concerns resurfaced about the aggressive tightening of COVID-era monetary policies.
Investors lost Rs 2.1 lakh crore in wealth as the market capitalisation of BSE-listed companies dropped to Rs 269.7 lakh crore, provisional exchange data showed.
Meanwhile, HCL Technologies shares jumped a day after the company’s quarterly profit exceeded Street estimates. The stock rose as much as 3.2 percent to Rs 1,135 on BSE, after Jefferies said the company's growth guidance of 12-14 percent for the current fiscal is the key positive. However, the brokerage lowered its earnings per share estimate for the stock.
Separately, HCL Technologies said that attrition, which is very high in the IT sector, is starting to stabilise for the company, and is expected to ease further in the next few quarters.
Apart from stock updates, CNBCTV18.com’s Kanishka Sarkar shares the latest on the Russia-Ukraine war, Boris Johnson’s India visit, the economy, attrition trend in the country, and RBI’s new card rules, and more.
British PM Boris Johnson is on a 2-day India visit. Today, he held extensive talks with Prime Minister Narendra Modi with an aim to expand cooperation in areas of defence, trade and clean energy.
Also, he thanked PM Modi for a grand reception in Gujarat. He said he felt like Sachin Tendulkar and Amitabh Bachchan when he saw hoardings everywhere.
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