US Fed Raises Rates- How Will Markets React?
During the third week of September 2022, the United States Federal Reserve enhanced the rates by 75 basis points. As a result, the rates stood at 3.25 per cent during the third & fourth weeks of September. So, the adverse impacts of this increase were observed in markets globally. All the crucial indices in the United States witnessed an overall decrease and depreciation.
PB Fintech, SBI and Wipro were among the significant Indian stocks in the limelight in the third & fourth week of September.
Wipro had fired approx. three hundred employees from its payroll. It was discovered in a series of investigations that these employees were working for other corporations. This came as a major shock to the entire IT industry.
SBI was making headlines for all the right reasons because it had raised funds to the tune of Rs. 4000 crores by the issuance of bonds. The rate of interest for these bonds, which were in line with BASEL- III standards, stood at approx. 7.5 per cent.
PB Fintech made substantial investments in its subsidiary. The insurance brokerage arm of PB Fintech Policybazaar received investments in excess of Rs. 600 Crores. The other major subsidiary of PB Fintech – Paisabazaar, also received a Rs. 250 crore investment from its parent body.
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