Nifty tops 18k, Sensex ends 785 pts higher; all sectors close in green | Mint – Mint

Asian markets had a mixed day with Nikkei gaining handsomely but China and Hong Kong shedding at record levels due to Covid-19 lockdown concerns. Europe was also trading lower in the morning 

31 Oct 2022, 03:44:07 PM IST

Indices surge 1.3% with Sensex going past 60,500 and Nifty 18,000

Indian benchmark indices continued to remain buoyant with the markets gaining more than a per cent on Monday. Sensex and Nifty crossed the psychological barriers of 60,000 and 18,000, respectively, in today’s session.

Sensex ended with a gain of 786 points at 60,749 and Nifty just above 18,000 – at 18,012, a gain of 225 points.

The rally was led by IT, Auto, Pharma, Oil & Gas, Consumer Durable and Financial Services indices with all sectoral indices ending in the green. Metal remained somewhat under pressure in today’s session but still managed to gain.

Among stocks that gained the most today, Ultratech Cement, M&M, HDFC and Eicher Motors were among the top performers. Apollo Hospitals, Dr Reddy’s, and Tata Steel shed in today’s session.

Indices around the world otherwise had a mixed day. Japan’s Nikkei share average ended at a six-week high on Monday with technology shares leading the charge. The Nikkei index rose 1.78%.

China’s stocks fell to a 3-1/2-year low while Hong Kong shares posted their biggest monthly loss in 14 years, as weak factory activity data and fresh Covid outbreaks compounded China growth fears.

China’s benchmark CSI300 Index fell 0.9% to 3508.7 points, the lowest closing level since February 2019. The Shanghai Composite Index lost 0.8%. Hong Kong’s Hang Seng Index fell 1.2% to the lowest level since early 2009, the depth of the Global Financial Crisis.

European shares edged lower on Monday led by declines in energy stocks and miners while investors await the key inflation figure in the eurozone which will likely show prices hitting new record highs in October. The STOXX 600 index slipped marginally in the morning session.

Sensex at Close

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Sensex at Close
31 Oct 2022, 03:29:47 PM IST

Aluminium companies looking at acute margin compression on higher input cost

Despite robust demand, aluminium makers are staring at intense compression in operating margins to the tune of 1,200 basis points to 22-24 per cent this fiscal due to lower realisation and higher production cost, says a report.

However, a Crisil report sees aluminium companies maintaining robust operating profits due to healthy domestic demand.

Operating margin of primary aluminium producers is expected to decline more than 1,200 basis points (bps) this fiscal to 22-24 per cent from a decadal high of 36 per cent last fiscal, due to lower realisations and higher cost of production, mainly power, Crisil said in a report on Monday. (PTI)

31 Oct 2022, 03:18:48 PM IST

Nifty crosses the 18,000 figure  

Nifty 18000

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Nifty 18000
31 Oct 2022, 03:12:44 PM IST

Sri Lanka’s key inflation rate slows to 66% in October

Sri Lanka’s key inflation rate slowed to 66% in October after hitting 69.8% in September, the crisis-struck country’s statistics department said on Monday.

The surge in the Colombo Consumer Price Index (CCPI) was led by a 85.6% jump in food prices and a 56.3% climb in the non-food group, the Census and Statistics Department said in a statement.

The CCPI, released at the end of each month, acts as a lead indicator for broader national prices and shows how inflation is evolving in Colombo, Sri Lanka’s biggest city, as the country battles its worst economic crisis since independence in 1948. (Reuters)

31 Oct 2022, 02:53:59 PM IST

Gold falls ₹146; silver declines ₹794

Gold price in the national capital fell 146 to 50,612 per 10 grams on Monday amid a drop in precious metal prices in the overseas market along with appreciation in rupee, according to HDFC Securities.

In the previous trade, the yellow metal had touched 50,758 per 10 grams.

Silver also declined by 794 to 57,305 per kilogram.

In the international market, gold was trading lower at USD 1,641.8 per ounce while silver was down at USD 19.08 per ounce. (PTI)

31 Oct 2022, 02:46:36 PM IST

All sectoral indices have turned green towards  the end with IT, Financial Service, Pharma and Consumer Durable leading the rally

Sectoral Indices

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Sectoral Indices
31 Oct 2022, 02:31:34 PM IST

Global Health IPO: Latest GMP ahead of issue opening for subscription this week

The three-day initial public offering (IPO) of Global Health Limited, which operates and manages hospitals under the Medanta brand, will open for public subscription this week on Thursday, November 3, 2022 and the initial share sale will conclude on Monday, November 7, 2022.

Global Health IPO consists of a fresh issue of equity shares aggregating to 500 crore and an offer for sale (OFS) of up to 5.08 crore equity shares by the company’s shareholders and the promoters. (Read More)

31 Oct 2022, 02:13:09 PM IST

Prabhudas Lilladher recommendations for IOC and Maruti Suzuki

Indian Oil Corporation (IOCL IN) – Avishek Datta – Research Analyst

Rating: REDUCE | CMP: Rs68 | TP: Rs50

Q2FY23 Result Update – LPG grants support earnings beat

We believe OMCs earnings will be hit by sharp jump in diesel marketing losses (current diesel loss at Rs10/litre) given low inventory, gas to oil switch (led by high spot LNG prices) and drop in Russian exports, despite improvement in refining profitability. We maintain ‘’REDUCE” rating given high crude price volatility with PT of Rs50 (unchanged). Any sharp correction in crude prices will be an upside risk to our estimates.

Maruti Suzuki (MSIL IN) – Mansi Lall – Research Associate, Prabhudas Lilladher Pvt Ltd

Rating: BUY | CMP: Rs9,493 | TP: Rs10,230

Q2FY23 Result Update – Beats estimates; strong order backlog

Considering, strong operational performance in 2Q, we increase our EPS estimates by 8/7% for FY24/25E to factor in (1) margin improvement on the back of Yen depreciation & commodity cost softening and (2) increased realizations to higher exports and UV’s share in the mix. Maintain ‘BUY’ rating with target price of 10,230 at 26x Sep-FY24E EPS.

31 Oct 2022, 02:07:01 PM IST

Indian music label Saregama’s profit rises 36% on new song releases

Saregama India reported a 36% increase in second-quarter profit on Monday, as the record label licensed more movie songs to its streaming partners following a rebound in the country’s film industry.

Profit climbed to 460.7 million Indian rupees ($5.59 million) in the three months ended Sept. 30, from 338 million rupees a year earlier.

Saregama, owned by soccer-to-electricity conglomerate RP-Sanjiv Goenka Group, said its revenue from operations rose around 30% to 1.89 billion rupees.

Revenue from its music business, which licenses its catalogue of over 130,000 songs to streaming apps such as Spotify and Amazon Music and television channels such as Kalaignar TV, surged 24% to 1.51 billion rupees. (Reuters)

31 Oct 2022, 02:04:22 PM IST

European shares inch down ahead of inflation data

European shares edged lower on Monday, led by declines in energy stocks and miners, while investors awaited key inflation reading in the euro zone which will likely show prices hitting new record highs in October.

The STOXX 600 index slipped 0.1% after closing higher on Friday, with the energy index down 1.2% and miners shedding 0.7% by 0813 GMT.

Both prices of oil and industrial metals took a beating after China posted weaker-than-expected factory activity data and on concerns its widening COVID-19 curbs will hurt demand. (Reuters)

31 Oct 2022, 01:48:00 PM IST

Ultratech Cement stock rallies in today’s session, climbs 3%

Ultratech Cement

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Ultratech Cement
31 Oct 2022, 01:29:57 PM IST

Tata Power shares: Should you buy/hold post Q2 results?

Tata Power Company Ltd reported an 85% jump in its consolidated net profit to 935 crore in the September 2022 quarter (Q2 FY23), mainly on the back of higher revenue. Total income of the company rose to 14,181 crore in the quarter from 10,187 crore a year ago. The company said it is working towards strengthening its presence across the entire green and clean energy value chain.

“Tata Power Company Ltd reported another strong quarterly performance in Q2FY23 buoyed by higher profits from coal and Mundra businesses, recovery in profits of TPSSL and Tata Projects, and strong performance of distribution businesses. On consolidated basis, the company’s reported revenue for the quarter was up 49% YoY mainly due to higher power sales across discoms and higher revenue from coal businesses,” said ICICI Securities in a note. The brokerage house has maintained its Buy rating on Tata Power shares with a target price of 262 apiece. (Read More)

31 Oct 2022, 01:26:03 PM IST

L&T Construction secures ₹1,000-2,500 crore orders in Saudi Arabia

The power transmission and distribution business of Larsen & Toubro has secured “significant” engineering, procurement and construction orders in the current quarter to build transmission lines and substations in Saudi Arabia.

Larsen & Toubro has received orders worth in the range of 1,000-2,500 crore.

According to a regulatory filing to the stock exchanges on Monday, it will undertake engineering, design, procurement and construction of more than 400KM of 380kV overhead transmission lines and a new 230kV gas-insulated substation with associated automation and protection systems.

“The transmission network strengthening augurs well for providing reliable, safe and efficient electricity supply as Saudi Arabia is embarked on an ambitious National Renewable Energy Program towards attaining optimal generation mix as envisaged in its strategic vision for 2030,” the filing said. (ANI)

31 Oct 2022, 01:19:47 PM IST

Saudi, UAE back OPEC cuts as US envoy warns of ‘uncertainty’

Saudi Arabia and the United Arab Emirates defended on Monday a decision by OPEC and its allies to cut oil production, even as an American envoy warned of “economic uncertainty” ahead for the world.

While cordial, the comments at the Abu Dhabi International Petroleum Exhibition & Conference showed the stark divide between the United States and Gulf Arab countries it supports militarily in the wider Middle East.

Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, hinted at that in brief remarks to the event, noting that upcoming U.N. climate change summits will be held in Egypt and the United Arab Emirates.

“We don’t owe it to anybody but us,” the prince said to applause. (AP)

31 Oct 2022, 01:07:17 PM IST

Gold prices today near one-month low. Why yellow metal is under pressure

Gold prices in India today remained near one-month lows as global rates were set for a seventh straight monthly loss. On MCX, gold futures were near 50,200 per 10 gram while silver edged lower to 57,395 per kg. The yellow metal, since rising over 55,000 in March, has been under pressure as US Fed embarked on a rate hike mode to tame inflation.

Investors remained cautious ahead of this week’s Federal Reserve policy meet for guidance on its future stance. Spot gold was flat at $1,643.13 per ounce and down about 1% for the month. Spot silver fell 0.4% to $19.16 per ounce.

In a recent note, domestic brokerage Emkay said: “Despite the fact that we are witnessing high inflation, and economic uncertainties around the globe, gold has been largely trading range-bound. It is widely expected that in the near future gold may remain in narrow ranges. The only factor which gives some potential for strength to gold at this point in time is the occasional talk of gold as a hedge against inflation and uncertainties. But this property of gold as an asset class has been undermined to a large extent as evidenced by the fact that despite inflation has been very high in the US, Europe, and other territories, gold has not picked up.” (Read More)

31 Oct 2022, 12:54:13 PM IST

Gland Pharma shares crash 24% in just 3 sessions. What is triggering the selloff?

The company reported a 20% decline in consolidated net profit at 241 crore for the second quarter ended September (Q2 FY23), on lower sales and higher expenses. Meanwhile, its revenue and margin also reported a dip from the year-ago quarter.

“Gland Pharma reported weak set of results in Q2FY23 with consolidated revenue declining due to weak performance in geographies such as US, India and RoW. However, the company’s gross margins decreased due to one-time inventory write-off in Biosimilar CDMO as per customer requirement,” highlighted Axis Securities in a note. (Read More)

31 Oct 2022, 12:38:39 PM IST

Consumer Durable index among top performing indices today; gains 1%

Consumer Durable

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Consumer Durable
31 Oct 2022, 12:17:16 PM IST

Japan’s Nikkei ends at 6-week high as tech shares rally

Japan’s Nikkei share average ended at a six-week high on Monday, tracking a strong finish on Wall Street in the previous session, with technology shares leading the charge.

The Nikkei index rose 1.78% to 27,587.46, its highest since Sept. 20, and marked its biggest one-day gain since Oct. 14. The broader Topix index climbed 1.6% to 1,929.43.

A robust, broad-based rally sent Wall Street to a sharply higher close on Friday, as encouraging economic data and sunnier forecasts fuelled investor risk appetite ahead of the Federal Reserve’s much-anticipated policy meeting later this week.

“Japanese shares tracked the robust finish of the U.S. market and they are strong. But we can’t be optimistic,” said Shuji Hosoi, senior strategist at Daiwa Securities. (Reuters)

31 Oct 2022, 12:16:47 PM IST

5 EV battery stocks to watch out for potential multibagger returns

In November 2020, the government announced incentives worth 3 tn, encouraging sectors to boost local manufacturing and exports. A part of this 3 tn ( 180 bn) was earmarked towards advanced cell/battery chemistry.

Apart from this, the government has announced a slew of initiatives for electric two-wheelers ranging from increased discounts to incentives on purchase.

Top EV manufacturers import a large chunk of lithium-ion batteries from China. China is the top producer of lithium-ion batteries. However, this can quickly change.

The strong growth prospects offered by this sunrise sector have given rise to several Indian EV battery manufacturers. It has led to them accelerating their plans to build EV battery manufacturing plants in the country.

The players are all hoping to bite a large chunk of the 180 bn opportunity.

In this piece, we highlight the top five EV battery manufacturers well-poised to deliver multi-bagger returns. (Full Story)

31 Oct 2022, 12:02:11 PM IST

Noon Update: Indices display a strong showing on Monday and more than a per cent. Sensex remained above 60,500 and Nifty is within a touching distance of 18,000 mark

IT and Auto stocks pushed the rally, while Metal stocks remained somewhat in the flat territory

Sensex at Noon

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Sensex at Noon
31 Oct 2022, 11:52:27 AM IST

Vital Chemtech IPO opens today, to raise ₹64.64 crore

Vital Chemtech Ltd (VITAL) based in Ahmedabad is coming out with its maiden IPO of upto 64.64 cr. for NSE Emerge listing.

The company is coming out with an IPO of upto 64,00,000 equity shares of Rs. 10 each via the book-building route and has announced a price band of Rs. 95 – Rs. 101 per share. At the upper cap of the price band, the company mulls raising Rs. 64.64 cr. IPO is scheduled from October 31, 2022, to November 03, 2022. Investors will have to apply for a minimum of 1200 shares and in multiples thereon, thereafter. (ANI)

31 Oct 2022, 11:51:09 AM IST

Bikaji Foods IPO: GMP, price band, all details to know as issue opens on Thursday

FMCG firm Bikaji Foods International’s three-day initial public offering (IPO) will open for public subscription this week on Thursday, November 3, 2022 and conclude on Monday, November 7, 2022. The company has fixed a price band of 285 to 300 per share for its initial share sale.

Bikaji Foods IPO consists of 2.93 crore shares in the public issue, which will be a pure offer for sale (OFS) by its promoters and existing shareholders. The company will not receive any proceeds from the issue. Bikaji is aiming to mop-up an estimated 1,000 crore, through its initial share sale, sources told news agency PTI. (Read More)

31 Oct 2022, 11:29:35 AM IST

Sun Pharmaceuticals shines in todays’ trading, gains 3%

Sun Pharma

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Sun Pharma
31 Oct 2022, 11:21:30 AM IST

INDIA BONDS-Bond yields tad higher ahead of central bank meetings

Indian government bond yields were marginally higher in early trades on Monday, with markets awaiting critical cues from global central bank meetings during the week, especially of the United States and India.

The benchmark Indian 10-year government bond yield was at 7.4337% as of 0430 GMT, after closing at 7.4161% on Friday. It fell 10 basis points (bps) last week, having risen an aggregate 35 bps in previous six weeks.

“There are no bullish triggers now and, as we move towards the central bank meetings, we could see some nervousness and position cutting,” a trader with a state-run bank said.

“7.40% should now act as a bottom.”

The Federal Reserve’s policy decision is due on Wednesday, with broad expectations of another 75-bps rate hike, while future guidance and commentary will be key. The Fed has raised rates by 300 bps since March, including three back-to-back 75-bps hikes. (Reuters)

31 Oct 2022, 11:14:06 AM IST

India reports 1,326 Covid infections; active cases further decline

India has reported 1,326 new Covid cases in the last 24 hours, according to Union Health Ministry data on Monday. This slight decline in cases comes a day after India reported 1,604 cases yesterday.

A decrease of 405 cases has been recorded in the active COVID-19 caseload in a span of 24 hours.

Active cases now comprise 0.04 per cent of the total infections, while the national Covid-19 recovery rate has increased to 98.78 per cent, the health ministry said. (Read More)

31 Oct 2022, 10:46:37 AM IST

PSU Bank Index remains under pressure with most stocks trading in red

PSU Bank Index

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PSU Bank Index
31 Oct 2022, 10:44:28 AM IST

Angel One weekly outlook on Base Metal: We expect copper to trade lower towards 644 levels, a break of which could prompt the price to move lower to 634 levels.

Saish Sandeep Sawant Dessai, research associate- base metals, Angel One Ltd: Metals like lead and aluminum only managed to end higher, as the base metals group continues to see a mixed set of action.

After hopes that the US Federal Reserve might slow the pace of rate increases, the metals did move higher. The gloomy US economic figures this week increased expectations that the Federal Reserve will relax monetary policy, limiting economic harm and boosting commodity demand.

As a result, the dollar eventually fell, making commodities more affordable for holders of other currencies. Gains were however limited as a result of an increase in coronavirus cases in China, which raised questions about the pace of the largest consumer nation’s economic growth.

Additionally, the Yuan dropped to its lowest level against the dollar since 2008, increasing the price of products purchased in dollars by Chinese consumers.

Outlook: We expect copper to trade lower towards 644 levels, a break of which could prompt the price to move lower to 634 levels.

31 Oct 2022, 10:31:07 AM IST

Kotak Securities on Commodities – Gold and Crude

Ravindra V.Rao, CMT, EPAT, VP-head commodity research, Kotak Securities Ltd:

Gold: COMEX Gold traded in a narrow range between $1641.2/oz and $1679/oz in the week gone by and closed with marginal decline cushioned by a softer DXY as most economic data from the US signaled towards a slowing economy, adding to bets that the Fed may slow down the pace of monetary policy tightening after the November meeting. Investment demand has seen a continuous downturn as indicated by the SPDR gold trust holdings. SPDR Gold holdings currently stand at 922.59 tonnes, lowest since March 2020. Focus for the week will be on the US data print along with the all-important FOMC meeting. Traders are betting on a less hawkish fed after the November meeting. If that happens precious metals might recover amid US dollar weakness.

Crude: Crude oil started the previous week on a negative note hurt by decline in business activity in major global economies but robust exports and high refinery activity in the US coupled with weaker DXY reversed declines and helped WTI and Brent Crude close the week with more than 3% and 2% gains respectively. As per Weekly Petroleum Status Report for the week ending Oct. 21, US Crude exports surged to a weekly record of 5.129 million barrels per day, while Refineries operated at a four year high at 88.9% of their operable capacity. Crude oil trade lower today on weaker economic data from China but prices are headed for a monthly gain in October ahead of sizeable output cuts by OPEC

31 Oct 2022, 10:21:20 AM IST

Rupee gains 15 paise to 82.32 against US dollar

The rupee appreciated 15 paise to 82.32 against the US dollar in early trade on Monday tracking easing crude oil prices and a positive trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 82.35 against the dollar, then gained ground to quote at 82.32, registering a rise of 15 paise over its previous close.

In the previous session on Friday, the rupee declined by 14 paise to close at 82.47 against the dollar.

The rupee started on a stronger note on Monday tracking weak oil prices. However, most Asian and emerging market peers started weaker and could cap gains, said Sriram Iyer, Senior Research Analyst at Reliance Securities. (PTI)

31 Oct 2022, 10:20:18 AM IST

Mahindra twins (M&M and TechM) lead the stock market rally

Nifty gainers and losers

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Nifty gainers and losers
31 Oct 2022, 10:04:50 AM IST

After declaring 700% interim dividend, IT stock trades ex-dividend today

Shares of Sonata Software Ltd started trading ex-dividend on the BSE in Monday’s trading session, a day ahead of the record date for its declared interim dividend that it had announced with its second-quarter earnings for the current fiscal or Q2 FY23. Sonata Software shares were down about 0.3% at 512 apiece on the BSE in Monday’s opening deals.

Sonata Software Ltd earlier this month said that its board has also declared an interim dividend of 7 per share (700% on par value) for FY 2022-23 and fixed Tuesday, November 1, 2022, as the record date for the purpose of payment of the Interim Dividend. (Read More)

31 Oct 2022, 09:57:29 AM IST

Ashika Stock Broking on today’s market: Buy on dip strategy towards 17700-17750 would be the ideal approach going forward.

Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a small bullish candle on daily time frame, positive bias of the Nifty heading towards 18100 remains intact with its consecutive higher high formation. breakout from past few weeks consolidation range of 17500-16700 along with broader participation and relative outperformance against global peers augurs well for extension of ongoing up move. Elevated support base for the market is at 17300 as it happens to be the 50% retracement (16950-17811) and 50 days EMA. The momentum indicator RSI (relative strength index) is also moving near 60 levels, which further reaffirms that positive momentum of the index for the short to medium term is likely to remain. During the day index is likely to open on a positive note tracking positive global cues. Hence, as long as Index trades above 17350 momentum is likely to remain positive and buy on dip strategy towards 17700-17750 would be the ideal approach going forward. 

31 Oct 2022, 09:50:18 AM IST

Nikkei tracks Wall Street’s robust finish, tech shares shine

Japan’s Nikkei share average rose on Monday, tracking a strong finish on Wall Street in the previous session, with technology heavyweights leading the charge.

The Nikkei index had risen 1.56% to 27,529.33 by the midday break, in what could be its biggest daily gain since Oct. 14. The broader Topix had gained 1.25% to 1,922.71.

A robust, broad-based rally sent Wall Street to a sharply higher close on Friday, as encouraging economic data and sunnier forecasts fuelled investor risk appetite ahead of the Federal Reserve’s much-anticipated policy meeting later this week.

“Japanese shares tracked the robust finish of the U.S. market and they are strong. But we can’t be optimistic,” said Shuji Hosoi, senior strategist at Daiwa Securities. (Reuters)

31 Oct 2022, 09:39:46 AM IST

Reliance Securities Stock in Focus for today: Engineers India

STOCK IN FOCUS

Engineers India (CMP 69)

The company has maintained a healthy average dividend payout ratio of ~64% over FY18-FY22. Considering its assetlight business model, strong clientele base, foray into newer segments and healthy execution track record, we have a BUY rating on ENGR, with a SOTP-based Target Price of Rs100.

Intraday Picks

ACC (PREVIOUS CLOSE: 2325) BUY

For today’s trade, long position can be initiated in the range of 2290- 2310 for the target of Rs.2370 with a strict stop loss of 2270.

HDFCLIFE (PREVIOUS CLOSE: 530) BUY

For today’s trade, long position can be initiated in the range of 524- 527 for the target of Rs.540 with a strict stop loss of 522.

TATAMOTORS (PREVIOUS CLOSE: 410) BUY

For today’s trade, long position can be initiated in the range of 405- 408 for the target of Rs.418 with a strict stop loss of 402.

31 Oct 2022, 09:37:08 AM IST

NTPC, our stock in focus, drags in today’s session after a dip in its profit

NTPC posted a 7.4% decline in its profit after tax to 3,417.67 crore for the quarter ended September 30, against 3,977.77 crore in the year-ago period. Fuel and finance costs had impacted the company’s performance during the quarter.

NTPC

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NTPC
31 Oct 2022, 09:29:12 AM IST

IT Index off to a stellar start and gains more than 1.5% in the morning session. All stocks in green

IT Index

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IT Index
31 Oct 2022, 09:26:48 AM IST

In China, workers flee Covid lockdown at one of world’s biggest iPhone factory

In China, droves of migrant workers have been fleeing back to their hometowns from the country’s largest iPhone factory in Covid-hit Zhengzhou, amidst a lockdown triggered by the Covid outbreak. Apple supplier Foxconn’s COVID-19 woes at its vast iPhone manufacturing facility in China’s Zhengzhou city could slash the site’s November iPhone shipments by up to 30%, Reuters reported.

“Workers have broken out of Apple’s largest assembly site, escaping the Zero Covid lockdown at Foxconn in Zhengzhou. After sneaking out, they’re walking to hometowns more than 100 kilometers away to beat the Covid app measures designed to control people and stop this. China,” tweeted Stephen McDonell, BBC’s correspondent in China. (Read More)

31 Oct 2022, 09:21:59 AM IST

Indices gain on Monday at open with Sensex and Nifty gaining 500 and 150 points, respectively. Sensex reclaimed the 60,000 mark in the process

Sensex at Open

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Sensex at Open
31 Oct 2022, 09:14:35 AM IST

Elon Musk says Twitter will revise how it verifies users; likely to charge $20 per month for verification badge

From the time Elon Musk took over the micro blogging site, he has been dropping hints or updating the changes that Twitter will undergo. Now Elon Musk has said that, Twitter will revise its user verification process. “Whole verification process is being revamped right now”, Musk said in his tweet without giving more details on what may change.

Twitter is considering charging for the coveted blue check mark verifying the identity of its account holder, technology newsletter Platformer reported on Sunday, citing two people familiar with the matter. (Read More)

31 Oct 2022, 09:09:25 AM IST

Rupee may inch up at open on upbeat risk appetite; Fed meet in focus

The Indian rupee is tipped to open slightly higher versus the dollar on Monday, helped by an improved risk sentiment.

The rupee’s advance is, however, likely to be capped by the higher Treasury yields.

The rupee is expected to open at 82.40-82.45, compared with 82.47 in the previous session.

It is likely to be a “holding session” for the rupee, with the currency balancing a “decent” revival in risk and renewed uptick in U.S. yields and the dollar index, a trader at Mumbai-based bank said.

“Rupee should broadly be in a 82.20 to 82.60 range till we hear from the Fed.” (Reuters)

31 Oct 2022, 09:04:19 AM IST

Sensex preopens flat; NTPC, IOC, JSW Steel, UBL in focus today

Sensex at Preopen

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Sensex at Preopen
31 Oct 2022, 08:57:36 AM IST

Lula wins Brazil’s bitter presidential vote, Bolsonaro silent

Brazilian president-elect Luiz Inacio Lula da Silva called for “peace and unity” after narrowly winning a divisive runoff election Sunday, capping a remarkable political comeback by defeating far-right incumbent Jair Bolsonaro — who has yet to accept defeat.

The victory marks a stunning turnaround for charismatic but tarnished leftist icon Lula, who left office in 2010 as the most popular president in Brazilian history, fell into disgrace when he was imprisoned for 18 months on controversial, since-quashed corruption charges, and now returns for an unprecedented third term at age 77.

All eyes will now be on how Bolsonaro and his supporters react to the result, after months of alleging — without evidence — that Brazil’s electronic voting system is plagued by fraud and that the courts, media and other institutions had conspired against his far-right movement. (AFP)

31 Oct 2022, 08:52:01 AM IST

Geojit Financial Services on today’s market: The driving force behind the ongoing rally is the strength of the US economy

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: “Technically the market is poised to continue the ongoing rally aided by support from the mother market US where the Dow’s 828-point rally last Friday recorded fourth straight week of gains. The driving force behind the ongoing rally is the strength of the US economy which is indicating a lower probability of an immediate US recession and, more importantly, indications that inflation is plateauing and might show a declining trend soon. This might enable the FED to slightly moderate their hawkish stance. Already central banks of Canada and Australia have hiked rates below expectations. If this trend spreads, that will favour continuation of the rally in the short-term. The fact that FPIs have turned buyers during the last 2 days is another positive. However, DIIs might sell at higher levels since valuations are high.”

31 Oct 2022, 08:48:48 AM IST

Bitcoin, ether, other crypto prices today fall; dogecoin tumbles 6%, Shiba Inu tanks 10%

In cryptocurrencies, the world’s largest and most popular digital token Bitcoin was trading more than a per cent lower at $20,478. After surging to an all-time high of almost $69,000 in November last year, Bitcoin’s price has been trading in a narrow range of around $20,000 since June this year.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also surged by nearly 3% to $1,574. Meanwhile, dogecoin price today was trading more than 6% lower at $0.12 whereas Shiba Inu was also about 10% down to $0.000011. (Read More)

31 Oct 2022, 08:32:53 AM IST

Stocks to Watch: Hero MotoCorp, Dr Reddy’s, IOC, NTPC, Mondelez India, United Breweries, Vedanta, JSW Energy, Maruti Suzuki, Tata Power

Bharti Airtel, Tata Steel, L&T, Castrol India, and Aashi India Glass will be in focus as they declare their September quarter earnings today. (Read More)

31 Oct 2022, 08:27:47 AM IST

Four cos set to go public this week; seeks to raise over ₹4,500 cr via IPO

The primary market is heading for a busy time, with four firms, including Global Health Ltd, which operates hospitals under the Medanta brand, and micro finance lender Fusion Micro Finance Ltd, lining up their IPOs next week.

The other two companies whose IPOs are ready to open are DCX Systems, a manufacturer of cables and wire harness assemblies, and Bikaji Foods International.

Together, these four companies are expected to fetch over 4,500 crore through the IPOs, according to merchant banking sources.

Apart from these, Uniparts India and Five Star Business Finance are expected to come out with their respective IPO in November, they added.

The initial share sale of DCX Systems will open for public subscription on October 31 and conclude on November 2, while that of Fusion Micro Finance will be open during November 2-4.

The IPOs of Global Health and Bikaji Foods will open for subscription on November 3 and close on November 7. (PTI)

31 Oct 2022, 08:21:45 AM IST

DCX Systems IPO: Should you subscribe to issue that launches today? Check GMP

The three-day initial public offering (IPO) of DCX Systems, manufacturer of cables and wire harness assemblies, will open for public subscription on Monday, October 31, 2022 and conclude on Wednesday, November 2, 2022. The price band has been fixed at 197 to 207 per share. The company on Friday said it has raised 225 crore from anchor investors days ahead of its initial share sale.

DCX Systems IPO consists of issuance of fresh equity shares worth 400 crore. Apart from the fresh issue, the promoters and shareholders of the company will sell shares worth 100 crore via an offer for sale (OFS). NCBG Holdings and VNG Technology are the promoters of the company. (Read More)

31 Oct 2022, 08:17:03 AM IST

Gautam Adani’s group to invest $150 billion in pursuit of $1 trillion valuation

Gautam Adani’s group will invest over $150 billion across businesses ranging from green energy to data centres as it chases the dream to join the elite global club of companies with $1 trillion valuations, according to a report by PTI news agency.

Recently, Adani Group Chief Financial Officer Jugeshinder ‘Robbie’ Singh revealed detailed the growth plans of the group, which started off as a trader in 1988 and expanded rapidly into ports, airports, roads, power, renewable energy, power transmission, gas distribution, and FMCG and more recently into data centres, airports, petrochemicals, cement, and media, at an investor meet organised by Ventura Securities Ltd in New Delhi. (Read More)

31 Oct 2022, 08:13:25 AM IST

Markets upbeat as FIIs cut bearish bets overnight

Foreign institutional investors (FIIs) have dramatically squared off their cumulative bearish bets on index futures, Nifty and Bank Nifty contracts, and turned bullish on them in the past two days, raising hope among technical and derivatives analysts that this could add more steam to the 6% rally that got under way at the end of September, at least in the short term.

Until 25 October, FIIs were 66% short index futures. By the expiration of the October series of derivatives contracts two days later — derivatives contracts expire on the last Thursday of every month — they squared off all their shorts and actually turned 59% long. The next day, 28 October, they remained 57% long and 43% short . (Read More)

31 Oct 2022, 08:04:41 AM IST

Angel One Rollover Report for October-November: Maintain positive bias and consider dips as a buying opportunity

Sneha Seth, Derivatives Research Analyst, Angel One Ltd

– Rollover for Nifty and BankNifty stood at 76% and 77% respectively

– FIIs covered shorts and rolled-over longs in the November series

– Banking index starting new series with low base

– Maintain positive bias and consider dips as a buying opportunity

– Nifty rollovers below the three-month average

– FIIs ‘Long Short Ratio’ surged from 13% to 59%

– Stronger hands rolled over bullish bets

31 Oct 2022, 08:01:26 AM IST

Two new Covid sub-variants spark concern

Scientists have detected two new virulent sub-variants of Omicron spreading covid-19 infection in India, weeks after sounding the alarm over two others in the run-up to festivities.

A total of 233 cases of sub-variants XBB and seven cases of XBB.1 have been found in various pockets to add to infections caused by the BF.7 and BF.5.1.7 strains detected earlier.

Indian SARS-CoV-2 Genomics Consortium (INSACOG) experts said XBB and XBB.1 are perhaps the most immune-evasive variants to date and evade the immune response of vaccines currently being used to treat Covid. (Read More

31 Oct 2022, 08:00:24 AM IST

NTPC’s profit dips 7.4% in second quarter

State-run power giant NTPC posted a 7.4 per cent decline in its profit after tax to 3,417.67 crore for the quarter ended September 30, against 3,977.77 crore in the year-ago period. Fuel and finance costs had impacted the New Delhi-headquartered company’s performance during the quarter.

Revenue from operations for the reviewed quarter stood at 4,4175 crore from 32,403.58 crore in the year-ago period, a jump of 36.3 per cent over the previous year, according to the company’s statement shared with exchanges on Saturday evening.

The percentage of revenue was posted at 62 per cent in the reviewed quarter, against 55 per cent in the year-ago period. The company’s performance was hit by 6.2 per cent rise in fuel costs during the quarter. (AN()

31 Oct 2022, 07:49:22 AM IST

India’s tea production jumps 16.5% in September

The Tea Board of India on Sunday said the total tea production in the country is estimated to be 190 million kilogram (mkg) during September, as against 163 mkg in the year-ago month, which is a surge of 16.5 per cent.

The production of tea leaves by the largest producer among states, Assam, is estimated at 109 mkg in the reviewed month as against 92 mkg in the corresponding previous year whereas West Bengal’s production is pegged at 52.94 mkg in September, against 46.32 mkg in the year-ago period.

North India’s production of tea is estimated at 166.75 mkg, against 142.56 in September of the previous year. The production of tea leaves in the South is estimated to be 23.28 mkg, against 20.61 mkg in September the previous month. (ANI)

31 Oct 2022, 07:48:03 AM IST

Mehli Mistry joins 3 Tata trusts’ boards

Mehli Mistry, a director of M. Pallonji Group and a businessman seen to be a close associate of chairman Ratan Tata, has been inducted on the boards of two of the largest Tata Trusts, which together own 66% of Tata Sons Ltd, the holding company of the sprawling Tata group, a senior executive familiar with the development said.

Separately, Tata Trusts’ chief executive N. Srinath has resigned, having superannuated 30 months after he assumed the role, the person said, requesting anonymity. The boards of Tata Trusts approved both decisions on Saturday in a special meeting. Candidates are being evaluated to replace Srinath but no clear contender has emerged as yet, the executive said. (Read More)

31 Oct 2022, 07:44:01 AM IST

NHAI InvIT to tap markets to raise ₹5000 cr

The National Highways Authority of India’s (NHAI’s) infrastructure investment trust (InvIT) will tap the capital markets again in February to raise close to 5,000 crore to fund road projects acquired from the state-run highway developer, two people aware of the development said. Funds may  be  used by InvIT  to acquire projects  from the  state-run  highway  developer. So far, NHAI has raised about 10,000-11,000 crore through the InvIT route over two funding rounds. (Read More)

31 Oct 2022, 07:37:14 AM IST

UBL plans ₹350 cr capex in 2023 to meet expected volume growth

Beer maker United Breweries Ltd, controlled by Dutch multinational brewing company Heineken, plans to infuse around 350 crore as capital expenditure in 2023 to meet the expected volume growth in the country, according to a top company official. The company has “good capex plans” in place for its breweries to meet anticipated volume growth going into 2023, said its Chief Financial Officer Radovan Sikorsky in its latest earning conference call. (PTI)

31 Oct 2022, 07:36:11 AM IST

Rupee slips 15 paise to settle at 82.48 against US dollar

The rupee declined by 15 paise to close at 82.48 (provisional) against the US dollar on Friday as a stronger greenback in the overseas markets weighed on the local unit.

However, a positive trend in domestic equities and fresh foreign fund inflows capped the rupee’s loss, traders said.

At the interbank foreign exchange market, the local currency opened weak at 82.39 and witnessed a high of 82.29 and a low of 82.49. It finally settled at 82.48 against the American currency, registering 15 paise loss over its previous close. (PTI)

31 Oct 2022, 07:35:01 AM IST

Maruti Suzuki recalls 9,925 units of Wagon R, Celerio and Ignis

Maruti Suzuki on Saturday announced that it was recalling 9,925 units of its three models — Wagon R, Celerio and Ignis.

The carmaker said it was recalling in order to rectify a possible defect in the rear brake assembly pin. It also noted that these affected vehicles were manufactured between August 3 and September 1 this year.

Maruti said in a statement to the stock exchanges, “It is suspected that there is a possible defect in rear brake assembly pin (‘Part’), which in a certain case, may break and cause a peculiar noise. There may be a possibility of impact on brake performance in the long run,” said the company, adding that, “Considering the safety of customers and out of abundant precaution, the Company has decided to recall the suspected vehicles for inspection and replacement of the faulty part, free of cost.” (ANI)

31 Oct 2022, 07:30:09 AM IST

Bharti Airtel Q2 preview: Will PAT see another 3-digit growth? Key factors here

Telecom giant Bharti Airtel will be in the focus during this week’s trading session due to its second-quarter performance for FY23. Airtel shares ended on a broadly flat note on exchanges last week ahead of its Q2. In the July to September 2022 quarter, Airtel is expected to record another triple-digit growth in percentage terms in its profitability. The company’s revenue is likely to stay robust with currency tailwind aiding performance in African business. ARPU is expected to rise further, while the customer base may see a modest addition. Overall, EBITDA margins may improve further.

On October 28, Airtel shares closed at 816.80 apiece on BSE flat compared to the previous closing. Its market cap is over 4.54 lakh crore. (Read More)

31 Oct 2022, 07:29:35 AM IST

Hero MotoCorp see healthy growth in retail sales during festive season

The country’s largest two-wheel maker Hero MotoCorp on Friday said that it has registered double-digit growth in retail sales during the festive season.

The company said that retail sales increased by over 20 per cent in the festive period in FY22, compared to the corresponding period.

Hero MotoCorp festival season retails were driven by the strong performance of its popular models across segments, including the 100cc Splendor+, 125cc motorcycles Glamour and Super Splendor and the XPulse range in the premium segment. The festive season also witnessed strong customer preference for Destini scooters, resulting in double-digit growth. (Read More)

31 Oct 2022, 07:27:41 AM IST

Wall Street Friday rally marks first weekly win streak since summer

Technology stocks led a broad rally on Wall Street Friday, capping another strong week for the market, as investors welcomed solid profits from Apple and other companies.

The S&P 500 rose 2.5% and posted its first back-to-back weekly gains since August. The Dow Jones Industrial Average rose 2.6% and the tech-heavy Nasdaq composite climbed 2.9%. Smaller company stocks also gained ground, lifting the Russell 2000 index by 2.3%.

Apple’s latest quarterly results showed the iPhone maker made even fatter profits during the summer than expected. Its shares rose 7.6% and led a rally in technology stocks that had largely been beat up a day earlier.

Intel jumped 10.7% after delivering much bigger profit than analysts forecasted even though it said it saw “worsening economic conditions.”

Investors were also encouraged by a report on consumer spending that came a day after new data showing the economy grew modestly in the third quarter and inflation eased.

“You have an economy that almost refuses to keel over, an economy that at its core is resilient, but a the same time inflation is easing and that is what the Fed wants and that’s obviously what the market wants,” said Quincy Krosby, chief equity strategist for LPL Financial.

That’s helped fuel hopes on Wall Street for a “pivot” by the Federal Reserve, where the central bank dials down the big interest-rate hikes that have shaken the market. Such a move could boost the market, though many analysts say such hopes may be overdone. (AP)


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