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Yen at 34-yr low after BoJ ends negative interest rate; these 3 Indian stocks may benefit

Money Control

Money Control · 1y ago

Yen at 34-yr low after BoJ ends negative interest rate; these 3 Indian stocks may benefit

The weakening of the Japanese yen against the US dollar presents opportunities for auto-ancillary companies supplying components to Japanese automakers and Indian banks with exposure to yen. A weaker yen makes Japanese products cheaper in global markets and reduces import costs for Indian businesses reliant on Japanese goods and services. Sectors like electronics, machinery, automotive, chemicals, and FMCG may benefit from this exchange rate gain. For example, Maruti Suzuki, which has collaborations with Japanese companies, stands to gain from a weaker yen. Lumax Industries and JTEKT India, with royalty payments and transactions in yen, are also poised for favorable outcomes.

Related News

India makes a push for cheaper foreign loans in yen, rupee

Livemint

Livemint · 1m ago

India makes a push for cheaper foreign loans in yen, rupee

India is increasing its reliance on yen-denominated loans to benefit from Japan’s ultra-low interest rates and the rupee’s appreciation against the yen. By engaging multilateral development banks, New Delhi aims to reduce borrowing costs and manage exchange rate risks effectively. This strategic shift primarily supports infrastructure and development projects through official development assistance (ODA) and loans facilitated in Japanese currency, ensuring stable repayment and financial efficiency.

India’s IT sector much-awaited moment has arrived: the US Fed’s rate cut

Livemint

Livemint · 10m ago

India’s IT sector much-awaited moment has arrived: the US Fed’s rate cut

The US Federal Reserve's half percentage point interest rate cut could benefit India's IT services sector, as it may encourage companies to increase their technology spending. The US is the largest market for India's IT services industry. Fortune 500 companies, which are clients of Indian IT services providers, have previously reduced their spending on non-essential technology. However, the rate cut is expected to revive demand for IT services. Indian IT stocks dropped on Wednesday ahead of the US rate decision, with the Nifty IT Index falling to a two-week low.

Sensex, Nifty end at 3-week low as financials, IT fall in run-up to election outcome

VCCircle

VCCircle · 1y ago

Sensex, Nifty end at 3-week low as financials, IT fall in run-up to election outcome

Indian stock markets closed at a three-week low as financial stocks and IT stocks declined ahead of the election outcome. The Nifty 50 index fell 0.8% while the Sensex dropped 0.9%. Financial services stocks fell 1.65%, with HDFC Bank losing 1.5%. The election outcome has generated uncertainty among investors, leading to higher volatility. IT stocks, which are sensitive to US interest rate cuts, also declined 1%. Some stocks, however, fared well, such as Hindalco Industries and Paytm, while Prestige Estates Projects recorded a quarterly profit slump.

Japan’s economy unexpectedly slips into recession, loses 3rd largest economy tag

CNBC

Japan’s economy unexpectedly slips into recession, loses 3rd largest economy tag

Japan's economy unexpectedly slipped into a recession in the October-December period, with provisional GDP contracting by 0.4% year-on-year and 0.1% quarter-on-quarter. Weak domestic demand, attributed to high inflation, hampered growth. This challenges the Bank of Japan's interest rate normalization plans and Japanese Prime Minister Fumio Kishida's fiscal policies. Despite some positive indicators, such as a low unemployment rate, sluggish growth is anticipated due to negative household savings rates. Germany overtook Japan as the world's 3rd largest economy.

Shriram NIFTY 1D Rate Liquid ETF (Growth) launched: 5 things you need to know

Money Control

Money Control · 1y ago

Shriram NIFTY 1D Rate Liquid ETF (Growth) launched: 5 things you need to know

Shriram Asset Management Company has launched Shriram Nifty 1D Rate Liquid ETF (Growth), an open-ended Exchange Traded Fund that tracks the Nifty 1D Rate Index. The NFO will be open for subscriptions from July 1 to July 3, 2024. The ETF aims to provide investors with easy cash management, high liquidity, low interest rate risk, and low credit risk. It invests only in the overnight money market, backed by government securities, to reduce risk. The ETF will also be eligible as collateral for margin trading. The minimum subscription during the NFO is Rs 1,000.

Rupee falls 35 paise to hit all-time low of 83.48 against US dollar

Money Control

Money Control · 1y ago

Rupee falls 35 paise to hit all-time low of 83.48 against US dollar

The Indian rupee depreciated to a record low of 83.48 against the US dollar as the greenback strengthened against major currencies. The decline was driven by the surprising interest rate cut by the Swiss National Bank, which increased the likelihood of a rate cut by the European Central Bank. Foreign fund outflows also impacted the rupee. However, the domestic equity market showed gains, with the Sensex rising by 0.26% and the Nifty by 0.39%. Overall, the rupee is expected to have a negative bias due to the strong US dollar and potential rebound in crude oil prices.

Rupee ends at fresh record low but fares better than regional peers

VCCircle

VCCircle · 9m ago

Rupee ends at fresh record low but fares better than regional peers

The Indian rupee hit a new all-time low against the US dollar, but performed better than other Asian currencies due to dollar sales from state-run banks. The rupee closed at 84.08 against the dollar, slightly down from the previous session. The US dollar has been strengthened by rising bets on a Donald Trump victory in the US presidential election and expectations of interest rate cuts by the Federal Reserve. While other Asian currencies saw declines, the rupee is not expected to experience significant volatility as the Reserve Bank of India is likely to limit large moves.

WPI inflation falls to a 20-month low of -0.1% in June

Economic Times

Economic Times · 25d ago

WPI inflation falls to a 20-month low of -0.1% in June

India's wholesale inflation declined to a 20-month low of -0.1% year-on-year in June, driven by reduced food and fuel prices and moderation in manufactured goods costs. Economists predict Wholesale Price Index (WPI) inflation might remain negative in July due to ongoing deflation in food and crude oil prices. The commerce ministry cited decreased prices of food articles, mineral oils, and crude petroleum as primary factors for June's negative inflation rate.

Investors snap up 'Magnificent 7' tech stocks and crypto - BofA

Reuters · 1y ago

Investors snap up 'Magnificent 7' tech stocks and crypto - BofA

Investors have shown increased interest in technology stocks and cryptocurrencies, according to a report from Bank of America Global Research. Inflows into tech stocks reached $4.7 billion, the highest since August, with the potential for a record annualized amount of $98.8 billion. Crypto inflows also rose, reaching $2.4 billion in the latest week. This surge in investments comes as investors anticipate interest rate cuts from the US Federal Reserve and the continued resilience of the economy. Additionally, emerging-market stocks experienced their first outflow since November due to a shift out of China-exposed funds.

Retail inflation hits over 6-year low of 2.10% in June; WPI turns negative

Economic Times

Economic Times · 25d ago

Retail inflation hits over 6-year low of 2.10% in June; WPI turns negative

India's retail inflation dropped to a six-year low of 2.1% in June, driven by a sharp decline in food prices, according to official data. The inflation rate now borders the lower end of the Reserve Bank of India's target range of 2-6%, prompting speculation about a potential rate cut. Meanwhile, the Wholesale Price Index turned negative, with food inflation moving into deflationary territory and a decline in fuel and manufactured goods prices.

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