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Recession fears remained in the minds of investors with most markets being very volatile on Wednesday. Tokyo and Hong Kong witnessed wild swings throughout the day and ended in the red. Europe started on a negative note but is trading flat in the afternoon.
HCL Tech raises full-year revenue guidance
IT services company HCL Technologies on Wednesday posted a 7 per cent year-on-year rise in consolidated net profit to ₹3,489 crore for the September quarter and raised the full-year revenue guidance. The net profit stood at ₹3,259 crore in the year-ago period. The revenue for the three months ended September 30, 2022, came in at ₹24,686 crore, 19.5 per cent higher than the same period the previous year. The board has also declared an interim dividend of ₹10 per equity share for the financial year 2022-23.
Short-term trend of Nifty is range bound with positive bias: Analyst
“The short-term trend of Nifty is range bound with positive bias. The market is now making an attempt to form a short-term higher bottom formation around 16950 levels. A sustainable move above the hurdle of 17260 levels could confirm more upside for the near term. Immediate support is placed at 16950 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Wipro Q2 profit misses estimate
Wipro Ltd on Wednesday reported a weaker-than-expected second quarter profit, hit by higher employee-related expenses. Wipro’s consolidated net profit for quarter-ended Sept. 30 came in at 26.59 billion Indian rupees ($323.3 million), compared with 29.31 billion rupees year ago. Analysts on average had expected a profit of 28.44 billion rupees, according to Refinitiv data.
Indices rallied 0.8% on Wednesday with Sensex gaining 475 points and Nifty 140 points
Indices snapped out of their downward spiral to register a gain of 0.8% on Wednesday. The day started on a volatile note but gained momentum towards the afternoon.
Sensex added 478 points to close at 57,625, while Nifty regained its 17,000 mark to close at 17,123, a gain of 140 points.
FMCG, Bank, Auto, Realty and IT ended with healthy gains, while Consumer Durable index remained under pressure throughout the session but closed with minor gains. All indices ended on the green side.
Asian Paints, Adani Enterprise and Dr Reddy’s lost ground in today’s session. On the other hand, Coal India, Axis Bank, Power Grid and Bajaj Auto were among the top gainers.
Asian market had a mixed day amidst worry of recession and further rate hikes.
Japanese stocks ended flat after a bumpy trading session with tech companies countering gains in travel-related firms. The Nikkei share average swung between losses and gains before closing down 0.02%.
Hong Kong stocks finished Wednesday with another loss having swung through the day. The Hang Seng Index shed 0.78%. But the Shanghai Composite Index jumped 1.53%.
European shares were trading flat but investors are keeping an eye on the earnings reports amidst heightened worries about the impact of tighter monetary policies on corporate profits.
The pan-European STOXX 600 index fell in the morning but turned flat soon. Meanwhile, sterling recovered after hitting a 13-day low overnight as the Bank of England reiterated that it would end its emergency bond-buying at the end of the week.
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China: Shanghai’s 25 mn residents on edge, as venues shutdown owing to Covid-19
China’s business capital Shanghai has spiralled back into the clasps of Covid-19 just ahead of their most important political event. China’s most important political event of 2022, and indeed of the coming five years, will kick off on October 16 when the 20th National Congress of the ruling Chinese Communist Party (CCP) and its 90 million members convene.
The tightening comes as Shanghai reported 38 new infections, all of which were found in its quarantine system. The country that first reported Covid-19 cases in December 2019, now remains the only major government that is still grappling to control the spread of the fatal virus. (Read More)
BoE gilt purchases will end on Oct. 14 – spokesperson
The Bank of England re-iterated on Wednesday that its programme of temporary gilt purchases will end on Oct. 14.
“As the Bank has made clear from the outset, its temporary and targeted purchases of gilts will end on 14 October,” a spokesperson said in an emailed statement.
“The governor confirmed this position yesterday, and it has been made absolutely clear in contact with the banks at senior levels. Beyond 14 October, a number of facilities, including the new TECRF, are in place to ease liquidity pressures on LDIs.” (Reuters)
Indian economy may grow at 6-7 pc in FY23 : PHDCCI
Industry chamber PHDCCI on Wednesday said going by the current trend, it is expecting the Indian economy to grow at 6-7 per cent during current fiscal year.
Chamber’s new president Saket Dalmia said production has bounced back and there is a “big” demand in the country.
The statement comes a day after the International Monetary Fund (IMF) cut its economic growth forecast for India to 6.8 per cent in 2022.
The Reserve Bank of India too has cut the economic growth projection for FY23 to 7 per cent from 7.2 per cent estimated earlier on account of extended geopolitical tensions and aggressive monetary policy tightening globally. (PTI)
Gold falls ₹20; silver declines ₹473
Gold prices in the national capital fell by ₹20 to ₹51,155 per 10 grams on Wednesday, according to HDFC Securities.
In the previous trade, the precious metal had closed at ₹51,175 per 10 grams.
Silver also declined by ₹473 to ₹58,169 per kg from ₹58,642 per kg.
In the international market, gold was trading flat at USD 1,669.5 per ounce while silver was down at USD 19.18 per ounce. (PTI)
VVDN to manufacture Intel-based products in India
Gurugram-based engineering and contract manufacturing firm VVDN Technologies has signed a memorandum of understanding (MoU) with US chipmaker Intel to manufacture enterprise grade products for companies in India. While Intel will offer its chips and reference designs, VVDN will develop and build a range of products that include 5G radios and connected internet of things (IoT) sensors for the telecom sector, artificial intelligence (AI) and machine learning (ML)-based connected surveillance cameras, and more. (Read More)
RBI to stay hawkish even as inflation likely peaked, DBS says
India’s inflation likely peaked in September but that’s unlikely to convince the central bank at this point to halt its tightening cycle, according to DBS Bank Ltd.
“A bump up is expected in September numbers,” DBS Bank Senior Economist Radhika Rao said in an interview with Bloomberg Television’s Juliette Saly and Rishaad Salamat Wednesday. “But the good news is that, this is likely the peak and as we head into the end of the fiscal year, inflation numbers should begin to soften.” (Read More)
IndiGo set to lease wide-body Boeing planes soon
For the first time, the country’s largest airline IndiGo will soon lease up to four wide-body Boeing 777 planes to cover the shortfall in its international operations, according to officials.
The airline said the wet-leasing of “certain aircraft” will be done as an interim measure.
IndiGo, which has so far only been operating narrow-body Airbus planes, ATRs and freighters, will now be having wide-body aircraft in its fleet.
Currently, the airline has more than 275 planes and operates more than 1,600 flights daily. (PTI)
Rural economy to see a rebound with wider reopening: Morgan Stanley Research
The rural economy will likely see a rebound, helped by wider reopening, better labor market conditions and improving terms of trade, Morgan Stanley Research said in a note on Wednesday.
It said that government policy measures such as a focus on infrastructure spending and increasing agriculture support will help improve the structural outlook.
Rural demand has been sluggish post the second covid wave after showing strength earlier in the pandemic. The note said that the combination of resilient agricultural growth and government support measures meant that India’s rural economy was able to withstand the initial impact of the covid pandemic fairly well. (Read More)
Metal Index under pressure, remains in red throughout the session.
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India’s energy strategy mindful of commitments to global commons: Hardeep Puri
Twenty-five per cent of global energy demand growth in the next two decades is going to emanate out of India, Union Petroleum Minister Hardeep Puri said and noted that India’s energy strategy is mindful of commitments to the global commons.
Minister Puri made these remarks while attending a roundtable on “Opportunities in the India-US Strategic Partnership” in Houston, Texas.
“India’s energy strategy is mindful of commitments to the global commons, to green transition and to ensure energy availability, affordability and security to all,” Puri said while addressing the event. (ANI)
Credit Suisse slides on U.S. probe report
Credit Suisse dropped 3.6% after Bloomberg reported the U.S. Justice Department is investigating whether the Swiss lender continued helping U.S. clients hide assets from authorities, eight years after it paid a $2.6-billion tax evasion settlement.
Investigators are examining whether the bank aided U.S. account holders, particularly with South American passports, who may not have told the Internal revenue Service about assets worth hundreds of millions of dollar, the report said, citing people familiar with the matter. (Bloomberg/Reuters)
Tokyo stocks edge lower at close
Tokyo stocks ended flat on Wednesday, with investors taking a wait-and-see approach ahead of US inflation data.
The benchmark Nikkei 225 index inched down 0.02 percent, or 4.42 points, to end at 26,396.83, while the broader Topix index slipped 0.12 percent, or 2.24 points, to 1,869.00.
The dollar fetched 146.15 yen compared with 145.83 yen in New York late Tuesday, stronger than it was when Japan intervened to back its currency last month. (AFP)
Bajaj Auto shines in today’s session, gains 3%
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Apple to roll out 5G in India in Dec amid early adoption push
Apple Inc will start upgrading its iPhone models in India in December to make them compatible with 5G networks, the company said on Wednesday, as Indian authorities pressed mobile phone manufacturers to adoption the high-speed network.
The company said it would push software upgrades to recent models, including the iPhone 14, 13, 12 and iPhone SE, which, industry sources say, do not support the network currently.
“We are working with our carrier partners in India to bring the best 5G experience to iPhone users as soon as network validation and testing for quality and performance is completed,” Apple said in a statement. (Reuters)
India facing ‘cacophony of factors’ that may shake sovereign credit metrics: S&P
India is facing various factors that may shake its sovereign credit metrics but strong economic growth rate and external balance sheet are expected to neutralize the risks inherent in the global environment, S&P Global Ratings said on Wednesday.
In a credit FAQ titled ‘Can India Sovereign Ratings Withstand The Global Sputter’, S&P said despite India’s strong external balance sheet, it has not been able to escape the difficult landscape the rest of its emerging market peers have faced over the course of the year and ‘more severe conditions’, could apply downward pressure on India’s sovereign credit ratings.
S&P has the lowest investment grade rating of ‘BBB-‘ on India with a stable outlook. (PTI)
Noon Update: Amidst volatility, indices are in green now. Sensex is around 300 points higher and Nifty around 85 points
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IT attrition rates likely to remain high at 20%
Attrition rates at information technology (IT) services firms are likely to remain at elevated levels for the near term, considering the recession fears in key markets such as the US and Europe, according to staffing firms. Attrition is at the highest levels, at about 20%, they added.
For instance, Tata Consultancy Services (TCS) reported attrition at 21.5% (LTM) in July-September, up from 19.7% in the first quarter. “ We believe our quarterly annualized attrition has peaked in Q2 and should see it taper down from this point, while compensation expectations of experienced professionals moderate,” TCS’s chief human resources officer Milind Lakkad said on Monday. (Read More)
Adani Enterprises drags in today’s session after its unit, Adani Data Network, was granted unified licence to provide all telecom services in the country
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Oil retreats for third day as recession concerns rattle markets
Oil dropped for a third day on escalating concerns about a global slowdown, with US President Joe Biden saying a recession was possible.
West Texas Intermediate fell below $89 a barrel after losing more than 3% over the past two sessions. Biden’s comments to CNN, in which he downplayed the risks, followed similar gloomy assessments about the outlook from the International Monetary Fund and JPMorgan Chase & Co. boss Jamie Dimon.
As banks adjusted to the shifting outlook, RBC Capital Markets warned that global benchmark Brent could sink into the low $60s in 2023 in the event of a deep recession. It also outlined two more-benign scenarios, while cautioning that, given the cross-currents, “nailing an oil price is an exercise in futility.” (Bloomberg)
Worldline, NPCI join hands to expand UPI, RuPay services in Europe
Global payments services provider Worldline has joined hands with NPCI International Payments in a move to expand the acceptance of Indian payment means across Europe.
NPCI International Payments is the international arm of the National Payments Corporation of India (NPCI) — which is the driver of digital payments here in India.
As part of the partnership, Worldline will bring more convenience for Indian customers in the European markets by allowing merchants’ point-of-sale (POS) systems to accept payments from UPI, as well as RuPay — NPCI’s proprietary card payment network solution, a joint statement by the two entities said on Tuesday. (ANI)
India halts cough syrup production at factory linked to Gambia deaths
Indian authorities have halted production of cough syrup at a factory of Maiden Pharmaceuticals, a state minister said on Wednesday, after a WHO report that the medicine may be linked to the deaths of dozens of children in Gambia.
The health minister in Haryana state, Anil Vij, told Reuters partner ANI that authorities inspected a Maiden factory in the town of Sonepat in the state and found 12 violations of good practices. Production was ordered stopped, Vij said.
The WHO said last week that laboratory analysis of four Maiden products – Promethazine Oral Solution, Kofexmalin Baby Cough Syrup, Makoff Baby Cough Syrup and Magrip N Cold Syrup – had “unacceptable” amounts of diethylene glycol and ethylene glycol, which can be toxic and lead to acute kidney injury. (Reuters)
Multibagger stock revises record date for bonus share issue. Details here
The board of directors of Veeram Securities Ltd has revised therecord date for the bonus share issue. The small-cap company board has now fixed 15th October 2022 as the record date for the issuance of bonus shares instead of 14th October 2022. The bonus shares will be issued on an ex-date basis and shareholders of the company will be given one bonus share for holding every two shares of the company. This means the company has announced bonus shares in 1:2 ratio. (Read More)
Consumer Durable drags the market; sheds 1% in today’s trading
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China, Hong Kong stocks languish near recent lows on COVID policy woes
China and Hong Kong stocks extended losses on Wednesday to hover around recent lows, as Beijing’s repeated vows to stick with its zero-COVID strategy dented sentiment, even as data showed China’s loan growth beat expectations.
** The blue-chip CSI 300 Index had lost 1.4% by the end of the morning session, hitting its lowest since March 2020, while the Shanghai Composite Index was down 1.2%.
** The Hang Seng Index declined 2%, hovering around 11-year lows, while the Hang Seng China Enterprises Index retreated 2.1%. (Reuters)
Ashika Stock Broking on today’s market: Trader needs to show patience and need to avoid trading aggressively
Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd.: On the technical front, Nifty formed a long bearish candle on the daily chart, suggesting further weakness up ahead. Going ahead, it can be expected that the index to consolidate in the broader range of 17500-16700 amid stock specific action for a few sessions while for the Index to end its prolonged correction, it needs to provide a decisive close above 17350. Presently a trader needs to show patience and need to avoid trading aggressively in the market as the risk of a bare minimum correction of 38.2% of the entire rally from 15,183 to 18,096 comes around 16990 followed by 50% correction at 16650 remains. During the day index is likely to open on a subdued note tracking muted global cues. Post initial decline, one can expect the Nifty to hold the crucial 200dma at 16900-16950 however, formation of lower high- lower low signifies corrective bias. Hence, until and unless Index provides a decisive close above 17350, it would be a sell-on-rise market.
Wipro, HCL Tech Q2 Results Live Updates: IT companies to announce earnings; shares higher; check this link for live update
IT companies HCL Tech and Wipro are scheduled to announce their earnings for the second quarter ended September 2022 on Wednesday, October 11, 2022. Shares of HCL Tech rose over 2% while Wipro was trading slightly higher ahead of their respective earnings announcements. Click on this link for live updates
India’s RBI likely sold dollars to support rupee – traders
The Reserve Bank of India is likely selling dollars via state-run banks on Wednesday to support the rupee, which slid to a record low earlier this week, traders told Reuters.
The rupee was last trading at 82.3225, barely changed from 82.3125 in the previous session.
The local unit has traded in a narrow 6 paisa range so far, as it did on Tuesday when the RBI likely sold dollars at around the 82.38-82.40 levels and received in forwards.
It was “quite evident” the RBI had decided to not let the rupee depreciate further “at least for the moment,” said one of the traders who suspected the intervention.
The rupee’s Asian peers were mostly lower on Wednesday, bogged down by the U.S. Federal Reserve rate outlook. (Reuters)
Asian under pressure in today’s sessions, sheds more than 2%
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Small-cap stock announces record date for stock split. Details here
The board of directors of TPL Plastech Limited has fixed record date for stock split. The small-cap company board has announced 20th October 2022 as record date for stock subdivision. The company has already approved and declared stock split in 1:5 ratio that means one equity share of face value ₹10 will be subdivided into five shares of face value ₹2 per equity share. (Read More)
PSU Bank index shines in early trading, gains more than a per cent.
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Bajaj Finserv shares: IIFL maintains ‘Add’ rating on the stock. Key triggers
Domestic brokerage and research firm IIFL hosted the senior management of Bajaj Finserv Ltd for investor meetings in the USA. The brokerage in a note said that the company’s management highlighted that the Group is investing to create an ecosystem that could future proof their businesses in the long term. (Read MOre)
Angel One views on today’s market: If the market has to take a U-turn, there wouldn’t be a better place than this
Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: We started the session on a flat note and since global markets were trading on a weak note, we slipped inside the negative territory within a few minutes of trade. Thereafter, key indices consolidated in a range with a lot of stock-specific action visible on both sides. However, as we stepped into the final hour of the session, the sales augmented to even sneak below the 17000 mark. Eventually, Nifty concluded the session with one and half a percent cut.
Globally, whenever we try to sense some recovery, some or the other factor pops up and becomes the spoilsport. This uncertainty is restricting our market in spite of having a lot of tailwinds on the domestic front. Now, we have entered a crucial support zone of 17000 – 16800. If the market has to take a U-turn, there wouldn’t be a better place than this. Hopefully, relentless selling in US markets take a pause and any recovery there could provide the much-needed trigger to rebound from this zone. On the Flipside, 17100 – 17250 – 17400 remains to be a cluster of hurdles for our market. The next couple of sessions would be crucial for markets to decide on their next path of action.
Radhakishan Damani books profit in this multibagger paper stock
Ace investor Radhakishan Damani has offloaded his shareholding in Andhra Paper Limited. In Andhra Paper’s shareholding pattern for July to September 2022 quarter, Radhakishan Damani’s company Bright Star Investments Pvt Ltd has disappeared whereas the company was found holding 1.26 per cent stake in Andhra Paper Ltd in April to June 2022 quarter. This means, the market magnet has booked profit in the stock by offloading his shareholding in the company during July to September 2022 quarter. (Read More)
Indian energy firms join hands to develop a carbon market
India’s green energy companies, such as Adani Greens, owned by billionaire Gautam Adani’s Adani Group, and carbon offsetters like EKI Energy Services, have come together to develop a carbon credit market to help achieve energy transition goals.
India is one of the world’s biggest greenhouse gas emitters and it aims to reach net zero emissions by 2070.
Prime Minister Narendra Modi wants India to become an industrial powerhouse while also cutting emissions by 60 million tonnes a year by 2030, highlighting the importance of a robust carbon trading market. (Reuters)
Small-cap stock reports strong H1FY23 results after trading ex-bonus, ex-split
After issuance of bonus shares and stock-split, small-cap stock Excel Realty N Infra has announced strong H1FY23 results. The BSE-listed realty company has announced robust results for first six months of FY23 ended September 2022 with Standalone Revenues for 6 months ended September 2022 rising to ₹7.85 crore (H1FY23) as against ₹42.44 lakh in (H1FY22) for 6 months ended September 2021. (Read More)
HCL Tech gains in early trading ahead of quarterly result
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Indices open flat with a slight tilt towards green; Metal under pressure
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SpaceX to seek permit for Starlink services in India
Billionaire entrepreneur Elon Musk’s SpaceX is set to seek a permit to launch satellite internet services in India under its Starlink brand, becoming the third company to apply for such a permit, the Economic Times reported on Wednesday.
SpaceX will also seek statutory approvals from the government for landing rights and market access, the report said, adding that it is likely to seek approvals from Department of Telecommunications (DoT) to set up local gateways.
SpaceX and DoT did not immediately respond to Reuters requests for comment after regular hours.
Earlier this year, the Indian government asked Starlink to refund all its pre-orders until it received licences to operate in the country. (Reuters)
Geojit Financial Services quote on today’s market: Watch out for the crucial US CPI numbers
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: “Even though the trend of FII selling being countered by DII buying continued yesterday too the huge FII selling of ₹4612 crores overwhelmed the DII buying of ₹2430 crores dragging the Nifty down sharply by 257 points. Globally sentiments turned negative with IMF downgrading global growth to 2.7 % in 2023 and the market concerns surrounding financial stability in UK.
An important trend in the market is that FIIs are hugely net short in the derivatives market while retail and HNIs are long. If the market mood suddenly turns there can be massive short covering in the market leading to a sharp rally. A possible trigger for this is positive data from US inflation data coming tomorrow. So watch out for the crucial US CPI numbers for signs of inflation cooling off.
Even though the sentiments are negative long-term investors can slowly accumulate high-quality stocks in financials, capital goods, telecom and IT.”
Sensex is toying around yesterday’s closing mark at the preopening session; Adani Enterprise, TCS, Infosys, Adani Green in focus
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Cryptocurrency prices today mixed: Bitcoin, dogecoin gain while Uniswap, Stellar plunge
Cryptocurrency prices today rose marginally with the world’s largest and most popular digital token Bitcoin trading almost flat with a positive bias at $19,045. The global crypto market cap today was below the $1 trillion mark, even as it was almost flat in the last 24 hours at $957 billion, as per CoinGecko. (Read More)
Axis Securities – Pharma Q2FY23 Earnings Preview: Companies like Dr Reddy, CIPLA, Abbott India and HCG could surpass the industry growth
Axis Securities says “In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins. The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY. Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter. A low single digit growth in US market due to intense competition and muted growth in India business due to high base (Covid-19 products) in the last quarter. A single digit revenue growth could be observed in Europe and International market in Q2FY23. In US, the aggregate US Revenue expected to grow by 7.0% YoY despite high single digit price erosion in the industry which is offset by launch of new products. Currency depreciation could add revenue growth by 5.0% YoY for US business. In India, IPM delivered a strong growth of 13% for Q1FY23 as last year same quarter. In IPM, the strong growth was witnessed in key therapies like Neuro (+18% YoY), Derma (+18% YoY) and Gynaecological (+22% YoY) while cardiac and diabetics grew by 18% and 15% respectively. The price index of API/KSM that comprises top 15 APIs imported from China which are majorly used as raw material by Pharma Companies indicates aggregate prices have gone up by 15% YoY and 5% QoQ in last quarter. We expect raw material prices are peaked out and have shown 10% fall in last months from the peak prices as prices for organic chemicals and solvents already has corrected in last 2 months. Similarly, in Q2FY23 crude prices and shipping rates have corrected the peak that could improve the profitability of pharma companies. The above factors could improve aggregate EBITDA margins by 220 bps QoQ for Q2FY23 for the Pharma companies.
We expect companies like Dr Reddy, CIPLA, Abbott India and HCG could surpass the industry growth due to superior product portfolio and strong product pipeline for future. In hospitals, HCG is expected to deliver higher occupancies and realisations as company is gaining market share continuously.”
INDIA BONDS-Bond yields seen marginally lower as oil prices dip further
Indian government bond yields are expected to open marginally lower on Wednesday as crude oil prices eased further, but major moves are unlikely ahead of inflation data due later in the day.
The benchmark Indian 10-year government bond yield is seen in a 7.41%-7.47% band, a trader with a private bank said. The yield ended at 7.4257% on Tuesday.
The fall on Tuesday was largely driven by buying from a large corporate, along with lower oil prices. “There could be some follow-up buying today as oil has come down further, but any major moves can be seen only after inflation data.” (Reuters)
Reliance Securities Stock in Focus: Prince Pipes
STOCK IN FOCUS
Prince Pipes (CMP Rs.576
In view of the healthy performance despite challenges, cost optimization measures and series of strategies for the next level of growth, we have a BUY rating on the stock, with a Target Price of Rs700.
Intraday Picks
BATAINDIA (PREVIOUS CLOSE: 1,810) BUY
For today’s trade, long position can be initiated in the range of Rs1,790- 1,780 for the target of Rs1,860 with a strict stop loss of Rs1,750.
EICHERMOT (PREVIOUS CLOSE: 3,408) SELL
For today’s trade, short position can be initiated in the range of Rs3,444- 3,462 for the target of Rs3,365 with a strict stop loss of Rs3,497.
CHOLAFIN (PREVIOUS CLOSE: 719) SELL
For today’s trade, short position can be initiated in the range of Rs724- 729 for the target of Rs707 with a strict stop loss of Rs737.
Ashish Kacholia buys stake in multibagger stock that surged 600% in 4 years
‘Big Whale’ of the Indian stock market has added Megastar Foods in its portfolio during July to September 2022 quarter. As per the shareholding pattern of Megastar Foods Ltd for Q2FY23, the ace investor’s name has appeared in the list of individual shareholders of the company. In April to June 2022 quarter, Ashish Kacholia’s name was missing from the list of individual shareholders of the company. This means the market magnet has bought a fresh stake in the company during July to September 2022 period. (Read More)
Stock to Watch: TCS, Delta Corp, Infosys, Suzlon, Adani Enterprises, IndusInd Bank, Marksans Pharma, Kaarya Facilities and Services, Shivalik Bimetal, and Adani Green,
Wipro, HCT Tech, Nxtdigital, and Sterling and Wilson Renewable Energy stocks will be in focus today as they declare the September quarter earnings. (Full Report)
No plans to enter 5G consumer space: Tata Sons Chairman
Tata Group does not have any plans to enter the 5G consumer space as the conglomerate exited its consumer-facing telecom services due to losses a few years ago, said Chairman N Chandrasekaran on Tuesday.
Tata Sons Chairman N Chandrasekaran said that the group has concentrated its efforts on building modern technology infrastructure for 4G and 5G and is also investing in 6G. (Read More)
Adani Renewable Energy Holding Four incorporates two arms
Adani Green Energy on Tuesday said its arm Adani Renewable Energy Holding Four has incorporated two new subsidiaries.
These two subsidiaries are Adani Renewable Energy Forty Four Ltd (ARE44L) and Adani Renewable Energy Forty Eight Ltd (ARE48L), according to a BSE filing.
Adani Renewable Energy Holding Four Limited, a wholly-owned subsidiary of the company, has incorporated two new subsidiaries, it stated.
The main objective of the new subsidiaries is to generate, develop, transform, distribute, transmit, sell, and supply any kind of power or electrical energy, using wind energy, solar energy or other renewable sources of energy. (PTI)
Why indices shed 1.5% on Tuesday – views from experts
Vinod Nair, head of research at Geojit Financial Services: “Investors are becoming risk-averse due to rising geopolitical turmoil as well as worries about the global economic slump. Investors’ caution ahead of the announcement of inflation data prevented a better-than-expected start to IT earnings from improving market mood. However, as compared to global counterparts, domestic selling is not as aggressive since FII selling is primarily absorbed by DIIs.”
S Ranganathan, head of research at LKP securities: “India’s outperformance till date made a case for profit booking for the FIIs today as geopolitical and currency risks came to the forefront. Practically all sectoral indices ended in the red with the Nifty closing below 17k on a day when nothing was spared. The broader markets too saw a steep correction in several stocks which have been defying gravity and moving up since the past several weeks.”
Rupak De, senior technical analyst at LKP Securities: “Nifty witnessed selling pressure in the second half of the session. On the daily chart, the index has slipped below the psychological 17000 mark. Besides, the Nifty fell below 200DMA briefly before closing a bit higher. The trend looks weak, a fall below 16980 may trigger a selling pressure in the market with a potential to fall towards 16800. On the higher end resistance is visible at 17100.”
Tracxn Technologies IPO: Check GMP on the last day of the subscription
The Initial Public Offering (IPO) of Tracxn Technologies was subscribed 54 per cent on the second day of offer on Tuesday. The public issue will close on Wednesday, October 12, 2022. On Friday, market intelligence platform Tracxn Technologies said it has raised a little more than ₹139 crore from anchor investors.
As per market observes, Tracx Tech shares are available at a premium (GMP) of ₹8 in the grey market today. The finalisation of the basis of share allotment could happen on Monday, October 17, 2022 and the shares of the company are expected to list on leading stock exchanges BSE and NSE this month on Thursday, October 20, 2022. (Read More)
Maiden Pharma missed out quality test in cough syrup: Report
Maiden Pharmaceuticals Limited, an organization that is under scrutiny for four ‘substandard’ and ‘contaminated’ cough syrups potentially linked to the deaths of 66 children in The Gambia, did not perform the quality test of raw material used in the manufacturing process of one of the medicines, according to a notice sent after an official inspection in the case.
A total of 69 children lost their lives from kidney injury linked to contaminated India-made cough syrups, Gambia’s Health Minister Ahmadou Lamin Samateh told journalists in Banjul Saturday. (Read More)
Buy or sell: Vaishali Parekh of Prabhudas Lilladher recommends 2 stocks to buy today — Oct 12
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher believes that NSE Nifty has formed “Big Bearish Engulfing” candle pattern on the daily chart that indicates further weakness in the Indian stock market. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended two stocks to buy today and those two stocks are Bata India and Axis Bank.
Vaishali Parekh of Prabhudas Lilladher recommended two shares to buy today. Here we list out details in regard to Vaishali Parekh’s stock recommendations:
1] Bata India: Buy at ₹1810, target ₹1890, stop loss ₹1770; and
2] Axis Bank: Buy at ₹785, target ₹818, stop loss ₹768.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. (Read More)
Electronics Mart IPO share allotment date today. Latest GMP, how to check status online
Announcement of share allotment for the public issue worth ₹500 crore can be announced any time soon as most likely Electronics Mart IPO allotment date is 12th October 2022 i.e. today. Those who have applied for the public offer are advised to check Electronics Mart IPO allotment status online by logging in at the BSE website or at the website of its official registrar. The official registrar of the IPO is KFin Technologies Limited. (Read More)
Rupee darts up 19 paise to 82.21 against US dollar
The rupee rebounded from its all-time low to close 19 paise higher at 82.21 against the US dollar on Tuesday amid softening crude oil prices.
At the interbank forex market, the local unit opened at 82.35 against the greenback. It witnessed a high of 82.21 and a low of 82.41 during the session.
It finally ended at 82.21, up 19 paise from its previous close. (PTI)
Suzlon secures 144.9 MW wind power order from Aditya Birla Group
Suzlon Group, a renewable energy solutions provider, on Tuesday said it has secured a new order for the development of a 144.9-Megawatt (MW) wind project from the Aditya Birla Group.
The project, the company added, is located at sites in Gujarat and Madhya Pradesh and is expected to be commissioned in 2023.
The value of the deal is not yet ascertained.
Suzlon informed in a note to National Stock Exchange that it would install 69 units of wind turbine generators (wind turbines) with a hybrid lattice tubular (HLT) tower and a rated capacity of 2.1 MW each. (PTI)
Adani Data Networks gets licence for full fledge telecom services
Adani Data Network has been granted unified licence for access services, which enables it to provide all telecom services in the country, according to two official sources.
Adani Group entered the telecom sector after buying spectrum in the recent auction.
“Adani Data Networks has been granted UL (AS),” an official source said. Another official said that the permit was granted on Monday.
An e-mail query to Adani Group did not elicit any reply.
Adani Data Networks Ltd (ADNL), a unit of Adani Enterprises Ltd, acquired the right to use 400MHz of spectrum in the 26GHz millimetre wave band worth ₹212 crore for 20 years in the recent 5G spectrum auction. (PTI)
Wipro Q2 results: Will the IT giant improve profitability YoY? Key highlights
Ahead of its Q2 earnings, IT-major Wipro shares were under pressure on Tuesday. The company will present its quarterly and half-yearly earnings for the period ending September 30, 2022, tomorrow. Experts believe Wipro’s margins are likely to improve despite the wage hike in Q2. The company’s IT services revenue growth in constant currency is expected to be between 3-4% this Q2. Wipro is seen to record strong growth in order book. Although sequentially, Wipro’s profitability is expected to rise, however, year-on-year, experts believe it will decline. Deals and guidance outlook are among key monitorable. (Read More)
IMF slashes India growth forecast for FY23 to 6.8%
The International Monetary Fund (IMF) on Tuesday sharply cut India’s economic growth estimate for FY23 to 6.8% from its July estimate of 7.4%, citing the impact of external headwinds and weaker-than-expected second-quarter growth. Multilateral agency cites impact of external headwinds, weaker growth in Q2. (Read More)
Wall Street ends mostly lower after another volatile day
Another volatile run on Wall Street left stocks lower Tuesday, extending the market’s recent losses as traders brace for updates on inflation and corporate earnings.
The S&P 500 fell 0.7%, marking its fifth straight loss. The benchmark index had been down as much as 1.2% in the early going after a dour forecast from the International Monetary Fund stoked recession fears. It then gained as much as 0.8% before a late-afternoon reversal.
The Nasdaq composite also slid back into the red, ending 1.1% lower. The Dow Jones Industrial Average shed most of a 1.2% gain to finish 0.1% higher.
The major indexes came into the day with four straight losses. Recession fears have been weighing heavily on markets as stubbornly hot inflation burns businesses and consumers. Economic growth has been slowing as consumers temper spending and the Federal Reserve and other central banks raise interest rates. (AP)
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