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CORPORATE AND ECONOMY NEWS

* State Bank of India: The bank posted its highest-ever net profit at Rs 13,264.5 crore for the July to September period of FY23, up 73.9 percent versus Rs 7,626 crore in the same period of FY22. The bank's operating profit grew by 16.82 percent to Rs 21,120 core versus Rs 18,079 core year-on-year.

* Bank of Baroda: Bank of Baroda Q2 profit jumps 59% YoY to Rs 3,313 crore on fall in provisions, other income. Net interest income rises 34.5%. The public sector undertaking recorded a 59% YoY growth in profit at Rs 3,313 crore for the quarter ended September FY23 as total provisions at Rs 1,628 crore fell by 41% YoY and other income fell 18.4% to Rs 745 crore in the same period. Net interest income for the quarter jumped 34.5% YoY to Rs 10,174 crore, with global deposits rising 13.6% and global advances growing 19% YoY.

* Power Grid Corporation of India Ltd: The company posted a 8.1 percent year-onyear growth in net profit to Rs 3,650.2 crore during the July-September period of this financial year versus Rs 3,376 crore in the same period in FY22.

* Britannia Industries: Britannia Q2 profit grows 28.5% YoY to Rs 490.6 crore driven by strong operating performance & top line. Revenue jumps 21.4%. The food company has recorded a 28.5% year-on-year growth in consolidated profit at Rs 490.6 crore for the quarter ended September FY23, driven by strong operating performance and top line. Consolidated revenue from operations at Rs 4,379.6 crore for the quarter increased by 21.4% compared to year-ago period aided by mid-single digit volume growth, with reaching market share to new 15-year high. EBITDA at Rs 711.7 crore for the quarter grew by 27.5% and margin expanded by 78 bps YoY to 16.25% in Q2FY23.

* Titan Company Q2 FY23 (Consolidated YoY): Revenue up 22% at Rs 9,163 crore Vs Rs 7,493 crore. EBITDA up 29% to Rs 1247 crore Vs Rs 968 crore. EBITDA margin at 13.6 % Vs 12.9%. Net profit up 30% at Rs 831 crore Vs Rs 639 crore.

* TVS Motor Q2 FY23 (Consolidated YoY): Revenue from operations rises 32% to Rs 8,560.76 Crore. EBITDA rises 47% to Rs 1,086.32 crore Vs 739.79 crore. EBITDA margin stood at 12.7% versus 11.4% last year. Net profit rises 60% to Rs 386.31 crore Vs Rs 242.17 crore.

* Cipla: The board decided not to proceed with the transfer of India-based U.S. business undertaking.

* Reliance Industries: Veteran banker K.V. Kamath has been appointed nonexecutive chairman of the company’s financial services arm Reliance Strategic Investments, which is soon to be demerged and listed as Jio Financial Services.

* Mahanagar Gas: The company increased CNG price by Rs 3.50 per kg, and domestic PNG price by Rs 1.50 per SCM in its license areas spread in and around Mumbai.

* Tata Motors Ltd: The company has announced a marginal price hike across its passenger vehicles effective from November 7. The weighted average increase will be 0.9%, depending on the variant and model.

* TVS Motor Company: The board approved issue of zero-coupon debentures up to Rs 310 crore to subsidiary Sundaram Auto Components.

* NIIT Ltd: The talent development company and managed training services provider said it had acquired US-based St Charles Consulting Group for a fixed consideration of $23.4 million (about Rs 192 crore).

* Jagran Prakashan: The company announced a Rs 345-crore buyback plan, where it will buy back 4.6 crore equity shares at Rs 75 apiece via tender offer route. The buyback size represents 17.45% of company's total equity shares.

* Escorts Kubota: The company will buy rough terrain crane business and the associated equipment and parts from Tadano Escorts India for Rs 16.59 crore. The company will also sell 49% stake in Tadano.

* Bank of India: The board approved Raising of Tier-1 capital via issue of AT-1 bonds worth Rs 2,500 crore.

GLOBAL MARKETS

Global Market Update

Global shares rose on Friday and the US dollar fell, after jobs data came in stronger than expected but also hinted at some slack in the tight American labour market, raising hopes the Federal Reserve might ease up on monetary tightening. The Dow Jones Industrial Average rose 1.26 percent to 32,403.22, the S&P 500 gained 1.36 percent to 3,770.55 and the Nasdaq Composite added 1.28 percent to 10,475.25.

Crude Oil 

Oil prices fell more than 2 percent at the start of Asia trade on Monday after Chinese officials on the weekend reiterated their commitment to a strict Covid containment approach, dashing hopes of an oil demand rebound at the world's top crude importer. Brent crude futures dropped $1.58, or 1.6 percent, to $96.99 a barrel by 2336 GMT, after hitting as low as $96.50 earlier. US West Texas Intermediate crude was at $90.84 a barrel, down $1.77, or 1.9 percent, dropping to a session-low of $90.40 a barrel earlier in the session.

SGX Nifty: Trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 98 points. The Nifty futures were trading around 18,301 levels on the Singaporean exchange.

Nifty Outlook:

Nifty opened flat on Friday at 18053, made a high of 18135, made a low of 18017, and closed on a positive note at 18113 levels. For the day, support for the Nifty exists at 18050 and 18000 levels, whereas resistance for the Nifty stands at 18300 and 18400 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Friday at 41315 made a high of 41516, made a low of 41051, and closed on a negative note at 41258 levels. For the day, support for Bank Nifty exists at 41000 and 40800 levels, whereas resistance for Bank Nifty stands at 41600 and 41800 levels.

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