Wall Street falls as Fed, Ford forecasts, give fright

Wall Street ended Tuesday lower as the eve of a U.S. Federal Reserve meeting expected to bring another large interest rate hike brought further evidence of the impact on corporate America from the inflation that the U.S. central bank wants to tame.

The benchmark S&P 500 index has dropped 19.1% so far this year as investors fear aggressive policy tightening measures by the Fed could tip the U.S. economy into a recession.

It closed for the third straight session below 3,900 ..

a level considered by technical analysts as a strong support for the index - as last week's dire outlook from delivery firm FedEx Corp was repeated, this time by automaker Ford Motor Co.

Shares of Ford slumped 12.3%, the biggest one-day drop since 2011, after it flagged a bigger-than-expected $1 billion hit from inflation and pushed delivery of some vehicles to the fourth quarter due to parts shortages.

Rival General Motors Co also sank 5.6%.

"We have seen some bellwethers talk about the pressures they are facing, so we could see some margin compression and some softening in the topline numbers in the third-quarter earnings," said Greg Boutle, head of U.S. equity & derivative strategy at BNP Paribas NSE -2.39 %.

The U.S. central bank is widely expected to hike rates by 75 basis points for the third straight time at the ..

At MAMA India: The Digital Bharat 2.0 event – the day-long India edition of AppsFlyer’s iconic MAMA (Mobile Attribution and Marketing Analytics) event series, which took place in Mumbai on December 2 – top leaders in the Indian startup, tech, product, and marketing ecosystem underscored the growth opportunities in India’s mobile app economy and Digital Bharat landscape.

Buoyed by a thriving digital mobile ecosystem, an online user base of over 900 million people, a tremendous opportunity .

I think we all sitting here – entrepreneurs, business leaders, policymakers – agree that India is a part of the new world order. And if we talk about this decade being a decade that will be driven by any nation, I believe India will be a key player,” said Ronen Mense, President & Managing Director - APAC, AppsFlyer, during his keynote address where he highlighted the tremendous opportunities for growth of Indian app developers, as a result of the void created by the Indian government’s ban o ..

Echoing these views, Ajay Sawhney, Former Secretary, Ministry of Electronics & Information Technology (MeitY), Govt. of India, also spoke about how the government’s clampdown on foreign apps due to data privacy issues had created an enormous room for growth for Indian apps and lauded Indian service providers and app developers for stepping up to fill this gap and seize the opportunities created.

Speaking about the national app challenge launched by the Indian government for Indian ..

Promoter group entity Max Ventures Investment on Wednesday sold 1.7% stake in Max Financial Services through the open market.

The promoter sold 58,85,000 shares of the company at Rs 679.20 per share, bulk deals data on the National Stock Exchange showed.

Sale of the stake has fetched the promoter about Rs 400 crore. The reason for the sale could not be ascertained. Max Ventures held 14.60% stake in

Ajanta Pharma Limited’s promoter group entities Ayush Agarwal Trust and Ravi Agarwal Trust plan to together sell 4.6% stake in the drugmaker through a block deal on Thursday, according to reports.

Through the sale, the entities are looking at raising close to Rs 650 crore. The minimum price they plan to offer for the sale is Rs 1,113, a 5% discount to the current market price.

On Wednesday, shares of Ajanta Pharma ended 0.6% ..