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CORPORATE AND ECONOMY NEWS

* Tata Motors Ltd: The company reported a net loss of Rs 944.6 crore for the JulySeptember period, down 78.7 percent from the corresponding period a year ago. The Tata group automobile giant clocked growth of 29.7 percent in quarterly revenue to Rs 79,611.3 crore compared with the year-ago period amid strong demand and improving supply of semiconductor chips.

* Pidilite Industries Ltd: The company reported September quarter results with EBITDA margin contracting over 430 basis points from the year-ago period. Gross margin during the quarter stood at 41 percent which is 70 basis points lower than the June quarter.

* Lupin Ltd: The drug maker reported its consolidated net profit stood at Rs 130 crore for the second quarter ended September. The Mumbai-based company had reported a net loss of Rs 2,098 crore in the July-September period of the previous fiscal.

* Gujarat State Fertilizers and Chemicals: The state run chemical player posted a 23.33 per cent jump in its consolidated net profit at Rs 285.27 crore for the second quarter of the 2022-23 fiscal. The company had clocked a net profit of Rs 231.29 crore in the same quarter previous fiscal.

* Piramal Pharma Ltd: The company announced its consolidated results for the JulySeptember quarter. The pharma company reported a consolidated loss of Rs 37.3 crore in the quarter, as against a net profit of Rs 36.6 crore in the corresponding period a year ago signifying a decline of 202 percent. EBITDA for the quarter went down by 12 percent to Rs 173 crore.

* Axis Bank: The government, through the Specified Undertaking of the Unit Trust of India or SUUTI, would sell 46.5 million shares or entire 1.55% stake in private lender Axis Bank for two days on November 10-11 through an OFS at a floor price of Rs 830.63.

* Tata Motors: The company will delist American Depository Shares from the New York Stock Exchange after January 2023.

* Hindustan Unilever: The company terminated its marketing, distribution and selling agreement with GlaxoSmithKline Asia and GlaxoSmithKline Consumer.

* Adani Ports and Special Economic Zone: The company bought Oiltanking’s 49% stake in Indian Oiltanking and additional 10% in the latter’s subsidiary, IOT Utkal, for a consideration of Rs 1,050 crore.

* Tata Power: The company’s subsidiary, Tata Power Renewable, received a letter of award from Maharashtra State Electricity Distribution Corporation Ltd. to set up a 150 MW solar project in Solapur.

* Balrampur Chini Mills: The company announced a Rs 145.44-crore buyback scheme, where it will buy back 40.4 lakh shares, or 1.98% of the entire shareholding, at Rs 360 each.

* Happiest Minds Technologies: The company announced partnership with Singapore-based ESG (environmental, social and governance) solution provider CredQuant for BFSI (banking, financial services & insurance) customers. This collaboration with CredQuant will help BFSI customers in addressing ESG screening, ESG rating models, sustainability disclosures & reporting, impact reporting and carbon footprint.

* Life Insurance Corporation of India: The company has increased its shareholding in Divi's Laboratories Ltd by purchasing from 1,32,54,663 to 1,33,60,663 equity shares via open market. The shareholding has risen from 4.99 percent to 5.03 percent of the paid-up capital of the said company.

* Natco Pharma: The drug maker announced the launch of the first generic version of Pomalyst capsules in the Australian market. The capsules have been launched in strengths of 1,2,3 and 4 mg. Pomalidomide is prescribed for treatment of Multiple Myeloma and Kaposi Sarcoma.

GLOBAL MARKETS

Global Market Update

Wall Street ended sharply lower on Wednesday as Republican gains in midterm elections appeared more modest than some expected, with investors also focusing on upcoming inflation data that will provide clues about the severity of future interest rate hikes. The S&P 500 declined 2.08 percent to end the session at 3,748.58 points. The Nasdaq declined 2.48 percent to 10,353.18 points, while the Dow Jones Industrial Average declined 1.95 percent to 32,513.94 points.

Crude Oil 

Oil prices sank by roughly $3 a barrel on Wednesday after industry data showed that US crude stockpiles rose more than expected and on concerns that a rebound in Covid-19 cases in top importer China would hurt fuel demand. Brent crude futures settled at $92.65 a barrel, shedding $2.71, or 2.8 percent, while US West Texas Intermediate (WTI) crude futures settled at $85.83 a barrel, dropping $3.08, 3.5 percent.

SGX Nifty: Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 55 points. The Nifty futures were trading around 18,138 levels on the Singaporean exchange.

Nifty Outlook:

Nifty opened gap up on Wednesday at 18288, made a high of 18296, made a low of 18117, and closed on a negative note at 18157 levels. For the day, support for the Nifty exists at 18100 and 18000 levels, whereas resistance for the Nifty stands at 18300 and 18500 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Wednesday at 41915 made a high of 41949, made a low of 41668, and closed on a positive note at 41783 levels. For the day, support for Bank Nifty exists at 41500 and 41000 levels, whereas resistance for Bank Nifty stands at 42000 and 42200 levels.

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