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CORPORATE AND ECONOMY NEWS

* Jubilant FoodWorks Q2FY23 (Consolidated , YoY): Net profit increased by 9.76% at Rs 131.52 crore Vs Rs 119.82 crore. Revenue up by 16.6% at Rs 1,301.48 crore Vs 1,116.18 crore. Expenses up by 19.76% at Rs 1,153.92 crore.

* Bajaj Electricals Q2FY23 (Consolidated , YoY): Net profit fell to Rs 62 crore Vs Rs 62.55 crore. Net sales slipped 6.41% to Rs 1,201.14 crore Vs Rs 1,283.44 crore. Expenses fell 6.81% to Rs 1,159.22 crore Vs Rs 1,243.94 crore. Revenue down by 2.45% at Rs 882.87 crore Vs Rs 905.08 crore.

* MRF Q2FY23 (Consolidated , YoY): Net profit declined by 32% to Rs 130 crore Vs Rs 190 crore. Revenue rose to Rs 5,826 crore Vs Rs 4,908 crore. Expenses up by 21% at Rs 5,730 crore Vs Rs 4,741 crore.

* Godrej Consumer Products Q2 FY23 Highlights (YoY): Revenue rose 7% to Rs 3,391.92 crore vs estimate of Rs 3,408.23 crore. Operating profit fell 18% to Rs 542.11 crore, vs Rs 576.25 crore. Margin came in at 16% against 20.8%. Total expenses rose 14% to Rs 2,951.38 crore. ? Coal India: The state-owned coal miner reported a 106 per cent jump in its consolidated profit at Rs 6,043.99 crore in the September quarter of FY23 on higher revenue from operations. The pubic sector enterprise had posted a consolidated profit of Rs 2,932.73 crore in the year-ago period.

* Hindalco: Novelis Inc, the wholly-owned subsidiary of the Aditya Birla Group reported a 23 per cent fall in net income to $183 million for the quarter ended September 30. The company had posted a net income of $237 million in the corresponding period of the previous fiscal.

* Dr Lal Path Labs: The diagnostic services provider said its consolidated profit after tax declined 24.8 per cent to Rs 72.4 crore in the second quarter ended September. The company had posted a profit after tax (PAT) of Rs 96.3 crore in the year-ago period.

* Bharat Electronics: The company signed an MoU with Delhi Metro Rail Corporation for jointly developing the Indigenous Communication-based Train Control System. The company also confirmed, n response to a clarification sought by exchanges, that it has signed an MoU with Motorola Solutions India for cooperation in the field of broadband, push-to-talk service. ? Lupin: The drug firm said it has received approval from the US health regulator to market Doxycycline Capsules used to treat bacterial infections in the American market.

* Escorts Kubota: The farm equipment player's division Escorts Agri Machinery said it will increase tractor prices by 1-2 per cent next week. The price hike with effect from November 16 is to offset the impact of the cost inflation in both commodity and other costs.

* Punjab National Bank: The government-run bank appointed KG Ananthakrishnan as non-executive chairman and part-time non-official director for three years from the date of notification of his appointment or until further orders.

* Key Results Today: 3M India, Action Construction Equipment, Allcargo Logistics, APL Apollo Tubes, Astra Microwave, Balrampur Chini Mills, Barbeque-Nation Hospitality, BEML, Borosil Renewables, Deepak Nitrite, Engineers India, Finolex Cables, Galaxy Surfactants, Gateway Distriparks, General Insurance Corporation of India, Godrej Properties, GSFC, Gujarat Alkalies & Chemicals, H.G. Infra Engineering, Hikal, HLE Glascoat, Ion Exchange (India), KIOCL, Kiri Industries, Lupin, Max Ventures and Industries, National Aluminium Co., Narayana Hrudayalaya, Nuvoco Vistas Corporation, Orient Cement, Piramal Enterprises, Petronet LNG, POWERGRID Infrastructure Investment Trust, Pidilite Industries, Prestige Estates Projects, Prince Pipes and Fittings, Quess Corp, The Ramco Cements, Rhi Magnesita India, Rolex Rings, Seamec, Shyam Metalics and Energy, Star Health and Allied Insurance Company, Sudarshan Chemical Industries, Tata Motors, Tata Motors – DVR, TeamLease Services, Venky's (India), and Westlife Foodworld.

GLOBAL MARKETS

Global Market Update

Wall Street ended higher on Tuesday during voting in midterm elections that will determine control of the US Congress, with investors betting on a political stalemate that could prevent major policy changes. The Nasdaq gained 0.49 percent to 10,616.20 points, while the Dow Jones Industrial Average rose 1.02 percent to 33,160.83 points. The S&P 500 climbed 0.56 percent to end the session at 3,828.13 points.

Crude Oil 

Oil prices fell more than $2 on Tuesday in choppy trading on growing worries about fuel demand as Covid-19 outbreaks worsened in top crude importer China, and jitters about the outcome of US midterm elections. Brent futures for January delivery fell $2.56 to $95.36 a barrel, a 2.6 percent loss. US crude fell $2.88, or 3.14 percent, to $88.91 per barrel.

SGX Nifty: Trends in SGX Nifty indicate a cautious opening for the broader index in India with a gain of 16 points. The Nifty futures were trading around 18,398 levels on the Singaporean exchange. The Indian stock market was shut on November 8 on the account of Guru Nanak Jayanti.

Nifty Outlook:

Nifty opened gap up on Monday at 18212, made a high of 18255, made a low of 18065, and closed on a positive note at 18203 levels. For the day, support for the Nifty exists at 18100 and 18000 levels, whereas resistance for the Nifty stands at 18400 and 18500 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Monday at 41741 made a high of 41779, made a low of 41337, and closed on a positive note at 41687 levels. For the day, support for Bank Nifty exists at 41300 and 41000 levels, whereas resistance for Bank Nifty stands at 41800 and 42000 levels.

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