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CORPORATE AND ECONOMY NEWS

* HCL Technologies: HCL Technologies reports 6.3% QoQ growth in Q2 profit, expects FY23 revenue to grow 13.5–14.5% YoY in constant currency. The IT services company recorded 6.3% sequential growth in consolidated profit at Rs 3,489 crore and revenue increased by Rs 5.2% QoQ to Rs 24,686 crore. Constant currency revenue growth stood at 3.8% QoQ and the top line in dollar terms increased 1.9% QoQ to $3,082 million. Total contract value bookings (new deal wins) stood at $2,384 million, up 16% QoQ. HCL Tech expects revenue to grow 13.5–14.5% YoY in constant currency and EBIT margin guidance has been revised to 18-19% in FY23.

* Wipro: Wipro reports 4.1% QoQ growth in IT services revenue in constant currency, operating margin expands 16 basis points QoQ. The company said IT services segment revenue in constant currency increased by 4.1% QoQ in Q2FY23 and dollar revenue rose by 2.27% QoQ to $2,797.7 million for the quarter ended September FY23. IT services operating margin for the quarter was at 15.1%, an increase of 16 basis points QoQ. Profit during the quarter grew by 3.7% QoQ to Rs 2,659 crore.

* Tata Power: The Tata Groups utility arm said it will set up a 7 MW solar project for Tata Motors in Pantnagar. The project once completed will generate 215 million units of electricity, mitigating over 1.7 lakh tonnes of CO2.

* BHEL: State-owned engineering playe said it has entered into two separate agreements with Coal India and NLC India Ltd to set up coal gasification based plants. Under the Memorandum of Understanding with Coal India, BHEL said it will jointly set up a coal to ammonium nitrate project based on gasification of high ash domestic coal.

* PVR, Inox Leisure: The multiplex operator said it has received the nod from its shareholders for the scheme of merger with rival Inox Leisure. The leading cinema exhibitor convened a meeting of its shareholders on Tuesday following the directions of the Mumbai bench of the National Company Law Tribunal (NCLT).

* Indian Oil Corporation/Bharat Petroleum Corporation: The Union Cabinet granted a relief package worth Rs 22,000 crore for state-run OMCs to offset the losses on account of rising LPG prices due to surging global oil prices.

* InterGlobe Aviation: The airline will ‘wet lease’ up to four wide-body Boeing 777 aircraft on interim basis to cover the shortfall in its international operations, PTI reported.

* ITC: ITC Infotech incorporates subsidiary in Brazil. The company said its subsidiary ITC Infotech India has incorporated a wholly owned subsidiary in Brazil under the name of ITC Infotech Do Brasil LTDA. ITC Infotech has received registration certificate for incorporation of the subsidiary.

* Adani Ports and Special Economic Zone: The company received letter of award from West Bengal Industrial Development Corporation Ltd. for development of deep-sea port at Tajpur, West Bengal on design, build, finance, operate and transfer basis.

* Jubilant Ingrevia: Jubilant Ingrevia raises Rs 100 crore via commercial papers. The company has issued commercial papers of Rs 100 crore with tenure of 49 days. The coupon rate for the commercial papers is 6.5 percent per annum.

* Suven Life Sciences: The board of the company approved the terms for its upcoming rights issue. The company will issue 7.27 crore shares aggregating to Rs 399.80 crore at a price of Rs 55 apiece. The company will issue one rights share for every two shares held by eligible shareholders.

* CESC: The utility services provider said the board of directors will consider a proposal for issue of secured unlisted non-convertible debentures up to Rs 300 crore on October 15.

* Key results today : Infosys, Mindtree, Cyient, Angel One, Anand Rathi Wealth, and Den Networks.

GLOBAL MARKETS

Global Market Update

US stocks ended a choppy session slightly lower on Wednesday after minutes from the last Federal Reserve meeting showed policymakers agreed they needed to maintain a more restrictive policy stance. The Dow Jones Industrial Average fell 28.34 points, or 0.1%, to 29,210.85, the S&P 500 lost 11.81 points, or 0.33%, to 3,577.03 and the Nasdaq Composite dropped 9.09 points, or 0.09%, to 10,417.10.

Crude Oil

Oil prices struggled to find their footing in early Asian trade on Thursday after a weakening global demand outlook depressed the market in the last session. US crude futures fell 7 cents to trade at $87.20 per barrel at 0012 GMT, while Brent crude futures fell 1 cent to trade at $92.44 per barrel.

SGX Nifty:

Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 73 points. The Nifty futures were trading around 17,031 levels on the Singaporean exchange.

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap up on Wednesday at 17026, made a high of 17142, made a low of 16960, and closed on a positive note at 17124 levels. For the day, support for the Nifty exists at 16950 and 16780 levels, whereas resistance for the Nifty stands at 17260 and 17400 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Wednesday at 38784 made a high of 39164, made a low of 38606, and closed on a positive note at 39119 levels. For the day, support for Bank Nifty exists at 38800 and 38500 levels, whereas resistance for Bank Nifty stands at 39300 and 39500 levels.

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