Fund managers bullish on auto stocks

The Markets Today in a nutshell

• Domestic benchmark indices ended on a negative note.
• Equity markets the world over were shrouded in negativity after the world bank’s assessment that the world may be edging towards a global recession. The central banks across the world are simultaneously hiking interest rates to combat persistent inflation. All sectoral indices on the NSE declined sharply.

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News you could use

?IndusInd bank stock price rallies
The stock climbed 2.5 percent after the re-appointment of Sumant Kathpalia as the Managing Director & CEO of the bank for a further period of three years with effect from March 24, 2023 up to March 23, 2026. This is subject to the approval of the Reserve Bank of lndia and the shareholders of the bank.

?Vedanta stock declines on proposed semiconductor business clarification
The stock corrected 7.5 percent after the company issued a clarification that the proposed semiconductors business is not under it and would be undertaken by its holding company Volcan Investments.

?Fund managers bullish on auto stocks 
Domestic mutual fund managers are riding high on automobile stocks, with the enthusiasm for the sector, hit hard by falling demand, COVID-19 and semiconductor shortage, at its highest level in four years in the hope of recovery.

News from the IPO world?

• Mankind Pharma files papers for $700 mn plus IPO.
• Finmin to allow RRBs to raise funds via IPO.
• Harsh Engineers IPO sees strong demand subscribed over 74 times on last day.

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