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CORPORATE AND ECONOMY NEWS

Chennai Petroleum Q2 FY23 (Consolidated, YoY): Revenue up 75% at Rs 22,894 crore Vs Rs 13,088 crore. EBITDA fell 26% at Rs 227.6 crore Vs Rs 306 crore. EBITDA margin 1% Vs 2%. Net profit fell 72% at Rs 17 crore Vs Rs 61.05 crore.

Crompton Greaves Consumer Electricals: The consumer electrical goods reported a 17.69 per cent decline in its consolidated net profit to Rs 130.71 crore for the second quarter ended September 30, mainly due to weak consumer demand. The company had posted a net profit of Rs 158.81 crore in the July-September quarter a year ago.

Dabur India: The homegrown FMCG major reported a 2.85 per cent decline in its consolidated net profit to Rs 490.86 crore for the second quarter ended September 30 due to high inflation impacting consumption. The company had posted a net profit of Rs 505.31 crore in the July-September quarter a year ago.

Gland Pharma: The pharmaceutical firm reported a 20.14 per cent decline in consolidated net profit at Rs 241.24 crore for the second quarter ended September 30, on lower sales and higher expenses. The company had posted a consolidated net profit of Rs 302.08 crore in the same period last fiscal.

Hero MotoCorp: The two-wheeler maker announced its plans to enter the Philippines for which it has partnered with Terrafirma Motors Corporation for assembly and distribution of its vehicles. Terrafirma Motors Corporation (TMC) will be the exclusive assembler and distributor of Hero MotoCorp motorcycles in the Philippines.

DLF: The company plans to launch new projects worth Rs 3,500 crore, mainly in Gurugram and Panchkula, during the second half of this fiscal.

Embassy Office Parks REIT: The investment trust will invest Rs 2,200 crore in the next four years to develop premium workspaces

Macrotech Developers: ICRA has assigned [ICRA] A+ (Stable) rating to the company’s term loan facility worth Rs 600 crore.

Trident: The company has commissioned a new solar power project of 8.87 MWp at Budhni, Madhya Pradesh for captive use at its locally based manufacturing facilities.

Mahindra & Mahindra: The company incorporated a wholly owned subsidiary, Mahindra Electric Automobile, to undertake its four-wheeler passenger electric vehicles business

 Zydus Lifesciences: The company has received approval from the United States Food and Drug Administration (USFDA) to market Micafungin for injection in the US. Micafungin is indicated to treat variety of fungal infections. It is also used to prevent fungal infections in patients who are having a stem cell transplant.

Route Mobile: The company said its board has approved to provide the corporate guarantee in favour of Standard Chartered Bank for term loan facility proposed to be taken by subsidiary Route Mobile (UK) up to $15 million. The corporate guarantee will be treated as a contingent liability for the company

Glenmark Pharmaceuticals: The drug maker said the US health regulator has put its manufacturing plant at Baddi under import alert. The drugs produced at the Baddi unit can now be detained without physical examination.

Zee Entertainment: Media groups Sony and Zee have decided to sell three Hindi channels to address the possible anti-competition concerns arising out of the merger deal. The three Hindi channels are Big Magic, Zee Action and Zee Classic

Key Results: Aditya Birla Sun Life AMC, Anupam Rasayan India, Balaji Amines, Gokaldas Exports, Indian Metals & Ferro Alloys, Indus Towers, Latent View Analytics, Lloyds Steels Industries, CE Info Systems, PC Jeweller, PNB Housing Finance, REC, SBI Cards and Payment Services, Supreme Petrochem, Tata Chemicals, Tamilnad Mercantile Bank, Vaibhav Global, and V-Guard Industries.

Global Market Update

The S&P 500 ended a three-day winning streak on Wednesday, closing in negative territory as gloomy earnings guidance added to growing fears of a global economic slowdown. But those fears, along with a smaller-than-expected interest rate hike from the Bank of Canada, continued to feed hopes that the Fed might consider easing the size of its rate hikes after its November 1-2 policy meeting. The Dow Jones Industrial Average rose 2.37 points, or 0.01 percent, to 31,839.11, the S&P 500 lost 28.51 points, or 0.74 percent, to 3,830.6 and the Nasdaq Composite dropped 228.12 points, or 2.04 percent, to 10,970.99.

Crude Oil

Oil prices continued to rise in early Asian trade on Thursday after surging more than 3% in the previous session, driven by record U.S. crude exports and a weaker U.S. dollar. Brent crude futures rose 25 cents, or 0.3 percent, to $95.94 a barrel by 0015 GMT. US West Texas Intermediate (WTI) crude rose 19 cents, or 0.2 percent, to $88.10. US crude stocks rose 2.6 million barrels last week, according to weekly government data on Wednesday, with crude exports rising to 5.1 million barrels a day, the most ever

SGX Nifty:

Trends on SGX Nifty indicate a positive start for the broader index in India, with a gain of 104 points. The Nifty futures were trading around 17,917.50 level on the Singaporean Exchange.

Nifty Outlook:

Nifty opened gap up on Tuesday at 17808, made a high of 17811, made a low of 17637, and closed on a negative note at 17656 levels. For the day, support for the Nifty exists at 17500 and 17400 levels, whereas resistance for the Nifty stands at 17800 and 18000 levels

Bank Nifty Outlook:

Bank Nifty opened gap up on Tuesday at 41514 made a high of 41531, made a low of 41021, and closed on a negative note at 41123 levels. For the day, support for Bank Nifty exists at 40800 and 40500 levels, whereas resistance for Bank Nifty stands at 41530 and 42000 levels.

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