Latest news with #MaZhaoxu
Business Standard
23-05-2025
- Business
- Business Standard
RBI dividend drumroll lifts market spirits, Nifty closes above 24,850
The domestic equities wrapped up the day on a high note, with benchmark indices clocking solid gains. The Nifty sailed past the 24,850 level, lifted by strong performances in FMCG and IT stocks. FMCG shares rallied on the back of upbeat monsoon forecasts, while IT stocks staged a smart comeback after a recent dip. Investor sentiment also got a boost from expectations of a record-high dividend payout by the RBI for FY25. The decision, expected at the central bank's board meeting on 23 May 2025, has fueled optimism around fiscal consolidation. The S&P BSE Sensex zoomed 769.09 points or 0.95% to 81,721.08. The Nifty 50 index jumped 243.45 points or 0.99% to 24,853.15. ITC (up 2.39%), Reliance Industries (up 1.21%) and HDFC Bank (up 0.69%) boosted the indices. In the broader market, the S&P BSE Mid-Cap index advanced 0.50% and the S&P BSE Small-Cap index rallied 0.45%. The market breadth was positive. On the BSE, 2,346 shares rose and 1,604 shares fell. A total of 156 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 0.11% to 17.28. Economy: Global rating agency Fitch Ratings has raised India's GDP growth potential by 0.2 percentage points to 6.4% over the next five years. The move comes following a sharper rise in the countrys labour force participation rate in recent years. Fitch highlighted that the revised estimate for India shows a stronger contribution from labour inputs, mainly total employment. At the same time, the global rating agency has scaled down Chinas growth projection by 0.3 percentage points to 4.3% from 4.6% earlier. The changes are part of Fitchs revised assessment of potential GDP growth for 10 emerging market economies over the next five years. India continues to remain the worlds fastest-growing major economy and the only country expected to clock over 6% growth in the next two years, according to an IMF report released last month. The IMF has trimmed the growth forecast for over 120 countries. Numbers to Track: In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.2950 compared with its close of 85.9500 during the previous trading session. MCX Gold futures for 5 June 2025 settlement rose 0.17% to Rs 95,700. The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.55% to 99.38. The United States 10-year bond yield shed 0.44% to 4.533. In the commodities market, Brent crude for July 2025 settlement fell 10 cents or 0.16% to $64.34 a barrel. Global Markets: Most European stocks advanced on Friday after U.K. retail sales rose by an estimated 1.2% in April on a monthly basis, according to data from the U.K.'s Office for National Statistics. Asian shares ended mixed as investors evaluated fresh economic data and monitored diplomatic signals. A call between Chinese Vice Foreign Minister Ma Zhaoxu and U.S. Deputy Secretary Christopher Landau led to an agreement to maintain communication, according to a statement from Chinas Foreign Ministry. The two officials discussed key bilateral issues, though no further details were provided. In Japan, the core consumer price index (CPI), excluding fresh food, rose 3.5% year-on-year in April, up from 3.2% in March and marking the highest rate since early 2023. A separate core CPI measure, which strips out both fresh food and energy and is closely watched by the Bank of Japan, rose to 3% from 2.9%, remaining above the central bank's 2% target. Headline inflation held steady at 3.6%. Investors are also reviewing South Koreas producer price index (PPI) for April and New Zealands Q1 retail sales figures. In the U.S., markets closed mixed Thursday. The Dow Jones Industrial Average was nearly flat, falling 1.35 points. The S&P 500 edged down 0.04%, while the Nasdaq Composite rose 0.28%. Concerns about rising interest rates and the growing federal deficit weighed on sentiment. The 30-year Treasury yield climbed to its highest level since 2023 after lawmakers passed a bill that markets believe could widen the deficit. Meanwhile, the U.S. S&P Global Composite PMI rose to 52.1 in May from 50.6 in April, indicating stronger private-sector activity. The Manufacturing PMI climbed to 52.3 from 50.2, and the Services PMI rose to 52.3 from 50.8. Stocks in Spotlight: ITC jumped 2.39% after the companys standalone net profit spiked 289.65% to Rs 19,561.57 crore in Q4 FY25 as against Rs 5,020.20 crore posted in Q4 FY24. Revenue from operations (excluding excise duty) was at Rs 17,248.21 crore in the March quarter FY25, up 9.26% year on year. Shares of Honasa Consumer, the parent of Mamaearth, surged 19.88% after the company posted a 13% YoY rise in consolidated revenue to Rs 534 crore for Q4 FY25. Gross profit climbed 14% to Rs 377 crore, lifting the gross margin slightly to 70.7% (from 70.0%), thanks to a better product mix and operational efficiency. However, EBITDA slipped 18.2% to Rs 27 crore, with the margin contracting to 5.1% from 7.0%. Net profit (PAT) dropped 17% YoY to Rs 25 crore, and the PAT margin shrunk to 4.7% from 6.5%. Credo Brands Marketing (Mufti) hit an upper limit of 20% after the company's consolidated net profit rose 96% to Rs 13.8 crore while net sales rose 15% to Rs 153.2 crore in Q4 March 2025 over Q4 March 2024. Grasim Industries shed 0.64%. The companys consolidated net profit rose 9.20% to Rs 1,495.90 crore in Q4 FY25 as against Rs 1,369.82 crore posted in Q4 FY24. Revenue from operations increased 17.33% YoY to Rs 44,267.26 crore in the fourth quarter of FY25, driven by superior performance in cement, chemicals and financial services businesses. Sun Pharmaceutical Industries declined 2.14% after the companys consolidated net profit declined 19% to Rs 2,149.88 crore, despite of 8.5% increase in revenue from operations to Rs 12,815.58 crore in Q4 FY25 over Q4 FY24. Shilpa Medicare jumped 7.48% after its wholly owned subsidiary, Shilpa Biocare, entered into a strategic partnership with Orion Corporation to commercialise Recombinant Human Albumin in Europe. Premier Explosives hit a lower limit of 10% after the company's standalone net profit fell 44.3% to Rs 3.7 crore while net sales declined 14.6% to Rs 74.08 crore in Q4 March 2025 over Q4 March 2024. Metro Brands (MBL) added 1.46%. The company has reported 38.7% fall in consolidated net profit to Rs 95 crore despite a 10.3% increase in revenue to Rs 643 crore in Q4 FY25 as compared with Q4 FY24. MTAR Technologies shed 0.46%. The company reported a 181.72% year-on-year (YoY) surge in consolidated net profit to Rs 13.72 crore for the quarter ended March 2025 (Q4 FY25), compared to Rs 4.87 crore in the corresponding quarter last year. The sharp rise in profit was supported by a 26.57% increase in revenue from operations, which stood at Rs 179.24 crore. GMR Airports Infrastructure declined 2.41% after the companys consolidated net loss widened to Rs 252.66 crore in Q4 FY25 as against a net loss of Rs 167.58 crore in Q4 FY24. Revenue from operations jumped 17.02% year on year (YoY) to Rs 2,863.34 crore in the quarter ended 31 March 2025. Bondada Engineering hit an upper circuit of 10% after the company announced that it has secured a major government order worth Rs 9,000 crore from the Energy Department of the Government of Andhra Pradesh. Devyani International shed 0.47%. The company reported consolidated net loss widened to Rs 14.74 crore in Q4 FY25 as against a net loss of Rs 7.47 crore reported in Q4 FY24. However, revenue from operations increased 15.80% year-over-year to Rs 1,212.59 crore in the March 2025 quarter. IPO Update: The initial public offer of Belrise Industries received bids for 7,30,23,16,926 shares as against 17,70,58,824 shares on offer, according to stock exchange data at 16:25 IST on 23 May 2025. The issue was subscribed 41.24 times. The issue opened for bidding on 21 May 2025 and it will close on 23 May 2025. The price band of the IPO is fixed between Rs 85 and 90 per share. An investor can bid for a minimum of 166 equity shares and in multiples thereof.
The Star
23-05-2025
- Business
- The Star
Senior US, China diplomats hold phone call
BEIJING: Two senior diplomats from the United States and China held a phone call on Thursday (May 22) to discuss "issues of mutual interest", according to official statements. The call between US Deputy Secretary of State Christopher Landau and China's Executive Vice Foreign Minister Ma Zhaoxu came during a thaw in Washington's bruising trade war with Beijing. The two officials "discussed a wide range of issues of mutual interest, and agreed on the importance of keeping open lines of communication", US State Department spokeswoman Tammy Bruce said in a statement on Thursday. "They acknowledged the importance of the bilateral relationship to the people of both countries and the world," Bruce said. In a statement published Friday morning in China, Beijing's foreign ministry said Ma and Landau had "exchanged views on China-US relations and important issues of common concern". "The two sides agreed to continue to maintain communication," the statement said. Neither statement gave further details of the discussion. After US President Donald Trump took office in January, Washington slapped sweeping tariffs on goods imported from China as part of a trade blitz that rattled global markets and supply chains. Beijing hit back with retaliatory duties and has consistently derided the US measures as unfair, discriminatory and designed to contain China's rise. The two sides slashed tariffs on each other's goods for 90 days earlier this month, marking a temporary de-escalation in the trade war. - AFP
Yahoo
23-05-2025
- Business
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures waver as Wall Street digests Trump's trade and tax agendas
US stocks fluctuated before the bell on Friday, poised for weekly losses after deficit worries pushed up Treasury yields as President Trump's giant tax bill forged ahead. Futures on the Dow Jones Industrial Average (YM=F) and the S&P 500 (ES=F) swung between small gains and losses, and were last roughly 0.2% lower. Contracts on the tech-heavy Nasdaq 100 (NQ=F) also wobbled, falling 0.2% as stocks continued Thursday's lack of progress. All three major gauges are on track for a losing week, with the S&P 500 (^GSPC) and the Dow (^DJI) eyeing a drop of around 2%, and the Nasdaq Composite headed for a 1.5% loss. Markets are still weighing the economic impact of Trump's revised tax-and-spending bill, which cleared a key hurdle in the House vote for approval. Fears that it could boost the US deficit by trillions have stoked a surge in longer-dated Treasury yields, already in high focus after a Moody's downgrade. The 30-year yield (^TYX) held above the key level of 5% on Friday, having risen to highs not hit since the financial crisis. Next week, Wall Street will be counting down to Nvidia (NVDA) earnings, which are set for Wednesday after the bell. This year, the chip giant has found itself in the crosshairs of Trump's fast-moving trade policy as well as debates in Big Tech over costly AI investments. Nevertheless, options traders expect a lower level of volatility from Nvidia shares after this earnings report compared to recent quarters. Asian markets mostly advanced overnight Thursday as investors weighed regional economic data and fresh diplomatic signals between the US and China. Japan's Nikkei 225 (^N225) rose 1% with the government recording core inflation at 3.5%, the highest in over 2 years. South Korea's Kospi (^KS11) added 0.4% despite weakness in Korean tech stocks. Australia's S&P/ASX 200 (^AXJO) climbed 0.3%, led by gains in miners and banks. Hong Kong's Hang Seng Index (^HSI) and China's CSI 300 ( were flat at the open, as caution prevailed among investors navigating mixed economic signals from the mainland. Many of the gains were driven by Chinese Vice Foreign Minister Ma Zhaoxu and U.S. Deputy Secretary of State Christopher Landau held a phone call, agreeing to keep communication open. The exchange, confirmed by China's Foreign Ministry, comes amid efforts by both nations to stabilize ties following trade tensions and policy disputes. Oil prices fell late Thursday as OPEC+ producers pointed toward an increase in supply as the US faces a surplus. Bloomberg reports: Asian markets mostly advanced overnight Thursday as investors weighed regional economic data and fresh diplomatic signals between the US and China. Japan's Nikkei 225 (^N225) rose 1% with the government recording core inflation at 3.5%, the highest in over 2 years. South Korea's Kospi (^KS11) added 0.4% despite weakness in Korean tech stocks. Australia's S&P/ASX 200 (^AXJO) climbed 0.3%, led by gains in miners and banks. Hong Kong's Hang Seng Index (^HSI) and China's CSI 300 ( were flat at the open, as caution prevailed among investors navigating mixed economic signals from the mainland. Many of the gains were driven by Chinese Vice Foreign Minister Ma Zhaoxu and U.S. Deputy Secretary of State Christopher Landau held a phone call, agreeing to keep communication open. The exchange, confirmed by China's Foreign Ministry, comes amid efforts by both nations to stabilize ties following trade tensions and policy disputes. Oil prices fell late Thursday as OPEC+ producers pointed toward an increase in supply as the US faces a surplus. Bloomberg reports: Sign in to access your portfolio
HKFP
23-05-2025
- Business
- HKFP
Senior US, China diplomats hold phone call to discuss ‘issues of mutual interest'
Two senior diplomats from the United States and China held a phone call on Thursday to discuss 'issues of mutual interest', according to official statements. The call between US Deputy Secretary of State Christopher Landau and China's Executive Vice Foreign Minister Ma Zhaoxu came during a thaw in Washington's bruising trade war with Beijing. The two officials 'discussed a wide range of issues of mutual interest, and agreed on the importance of keeping open lines of communication', US State Department spokeswoman Tammy Bruce said in a statement on Thursday. 'They acknowledged the importance of the bilateral relationship to the people of both countries and the world,' Bruce said. In a statement published Friday morning in China, Beijing's foreign ministry said Ma and Landau had 'exchanged views on China-US relations and important issues of common concern'. 'The two sides agreed to continue to maintain communication,' the statement said. Neither statement gave further details of the discussion. After US President Donald Trump took office in January, Washington slapped sweeping tariffs on goods imported from China as part of a trade blitz that rattled global markets and supply chains. Beijing hit back with retaliatory duties and has consistently derided the US measures as unfair, discriminatory and designed to contain China's rise. The two sides slashed tariffs on each other's goods for 90 days earlier this month, marking a temporary de-escalation in the trade war.
Epoch Times
23-05-2025
- Business
- Epoch Times
US and China Resume Trade Talks After Geneva Meeting
China's communist regime said on May 23 that it would continue talks with the U.S. government to stabilize their bilateral relationship as both sides work to resolve trade disputes. Chinese Vice Foreign Minister Ma Zhaoxu spoke via phone with U.S. Deputy Secretary of State Christopher Landau on May 22 to address 'important issues of common concern,' according to a The officials also exchanged views on U.S.-China relations and agreed on the need to continue to maintain communication, the ministry stated, without providing further details. State Department spokesperson Tammy Bruce also confirmed the phone discussion between the two officials, Both sides acknowledged the importance of the bilateral relationship to their people and the world, and agreed to keep lines of communication open, she said in a 90-Day Pause The two nations U.S. Treasury Secretary Scott Bessent said both sides Related Stories 5/11/2025 5/22/2025 Under the agreement, the United States and China will each reduce tariffs by 115 percentage points while retaining an additional 10 percent tariff on each other's imports, according to a As a result, the U.S. reciprocal tariff rate on Chinese imports dropped from 145 percent to 30 percent, while China lowered its tariffs on U.S. goods from 125 percent to 10 percent. President Donald Trump imposed those tariffs on imports from China and other trade partners in an effort to close trade deficits and address what he described as unfair trade practices against the United States. In a China's Ministry of Commerce has On May 21, the U.S. delegation at the World Trade Organization (WTO) urged member states to address failures in commercial relations that it said had led to huge trade deficits, and called for urgent reforms to the WTO system. 'The multilateral trading system, as currently constructed, has been unable to address the serious challenges that face the system,' the delegation said in a statement. The United States claimed that WTO members had not addressed severe trade imbalances and non-market policies that it described as contrary to WTO principles. Reuters contributed to this report.
