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CORPORATE AND ECONOMY NEWS

* Delta Corp: The casino operator has clocked 19.5% sequential growth in consolidated profit at Rs 68.25 crore for the quarter ended September FY23 and revenue during the same period increased by 8% to Rs 270 crore. The business is very resilient and has bounced back much stronger. The company has surpassed pre-Covid set of numbers and have registered strong growth.

* AstraZeneca Pharma India: The nasal Covid-19 vaccine by the company’s parent, AstraZeneca Plc, failed to elicit a strong immune response in an early test, reported Bloomberg.

* Reliance Industries/Mahindra & Mahindra: Jio-bp, the fuel retailing JV between Reliance Industries and bp, will extend its partnership with Mahindra & Mahindra to set up charging infrastructure for the upcoming electric launches of the Indian SUV maker.

* Infosys: Ravi Kumar S., has stepped down from the office of President of Infosys, with effect from Oct. 11, 2022.

* Tata Consultancy Services: The company enhanced its Quartz solution, which can be used by central and commercial banks to support the entire lifecycle of CBDCs, including issuance, book-keeping and transactions.

* Suzlon Energy: The company has secured an order from Aditya Birla Group to supply 69 units of wind turbine generators with a total installed capacity of 144.9 MW in Gujarat and Madhya Pradesh by 2023.

* Dr Reddy's Laboratories: The drug maker announced that the World Economic Forum has recognised its largest manufacturing facility in Bachupally, here, as part of its Global Lighthouse Network.

* Adani Enteprises: Adani Data Network, a unit of Adani Enterprises 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.

* Indian Railway Finance Corporation: The company has signed a MoU with India Infrastructure Finance Company to strengthen cooperation in financing railway infrastructure projects with forward and backward linkages to Indian railways sector.

* L&T Finance Holdings: SEBI approved the sale of L&T Investment Management Ltd., a wholly owned subsidiary and asset manager of L&T Mutual Fund, to HSBC Asset Management (India) Pvt. Ltd., subject to compliance with certain conditions.

* NMDC: The Ministry of Corporate Affairs approved the merger of NMDC into NMDC Steel and their respective shareholders and creditors.

* Shipping Corporation Of India: In separate meetings, unsecured and secured creditors, and equity shareholders of the company approved demerger of non-core assets of the company Shipping Corporation of India Land And Assets Ltd.

* JSW Energy: The JSW Group firm said its arm JSW Neo Energy has received a letter of intent from the Himachal Pradesh government for developing the 126 MW Chhatru hydro power plant. BOOT refers to Built, Own, Operate and Transfer.

* Matrimony.com: The matchmaking service provider has launched an exclusive marriage service -- techiematrimony.com -- to serve information technology, software professionals. The service helps information and technology and software professionals to find a suitable match from the same profession.

* Fino Payments Bank: PaySprint has finalised allotment of its 867 equity shares (7.98% stake) to Fino Payments Bank at a premium of Rs 28,801 per share on a face value of Rs 10 per share. The total investment is Rs 2.49 crore.

* Key Results : Wipro, HCLTech, Sterling and Wilson Renewable Energy, Nxtdigital, National Standard (India).

GLOBAL MARKETS

Global Market Update

The S&P 500 and Nasdaq ended lower on Tuesday, with indications from the Bank of England that it would support the country's bond market for just three more days adding to market jitters late in the session. The Dow Jones Industrial Average rose 36.44 points, or 0.12%, to 29,239.32, the S&P 500 lost 23.65 points, or 0.65%, to 3,588.74 and the Nasdaq Composite dropped 115.91 points, or 1.1%, to 10,426.19.

Crude Oil

Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening COVID-19 curbs in China. Brent crude futures fell 51 cents, or 0.5%, to $93.78 a barrel by 0033 GMT. US West Texas Intermediate crude was at $88.66 a barrel, down 69 cents, or 0.8%.

SGX Nifty:

Trends in SGX Nifty indicate a cautious opening for the broader index in India with a gain of six points. The Nifty futures were trading around 16,946 levels on the Singaporean exchange.

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap up on Tuesday at 17256, made a high of 17262, made a low of 16950, and closed on a negative note at 16984 levels. For the day, support for the Nifty exists at 16900 and 16780 levels, whereas resistance for the Nifty stands at 17100 and 17260 levels.

Bank Nifty Outlook:

Bank Nifty opened gap down on Tuesday at 39059 made a high of 39175, made a low of 38623, and closed on a negative note at 38712 levels. For the day, support for Bank Nifty exists at 38500 and 38000 levels, whereas resistance for Bank Nifty stands at 39000 and 39200 levels.

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