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CORPORATE AND ECONOMY NEWS

* NMDC: The state-owned metal player posted a 62 per cent fall in its consolidated net profit to Rs 885.65 crore during the quarter ended September, mainly on account of lower income. It had clocked a Rs 2,339.58 crore net profit during the July-September period of the preceding fiscal.

* Biocon : The biotechnology major said its consolidated net profit declined by 11 per cent to Rs 168 crore in the second quarter ended September 30, 2022, on account of rise in overall expenses. The Bengaluru-based firm had reported a net profit of Rs 188 crore in the July-September quarter of previous fiscal.

* Apollo Tyres: The tyre major said its consolidated net profit increased by 11 per cent to Rs 194 crore in the second quarter ended September, riding on the back of robust sales in domestic as well as international markets. It had reported a net profit of Rs 174 crore in the July-September period of the last fiscal.

* NBCC India: The public sector undertaking reported a massive 34% year-on-year increase in consolidated profit at Rs 95.5 crore for quarter ended September FY23 led by healthy operating performance. Revenue from operations for the quarter grew by 8% to Rs 2,029.7 crore and EBITDA surged 74% to Rs 88.4 crore compared to same period last year. The company secured total business of Rs 332 crore in October.

* Balkrishna Industries: The tyre maker recorded 2.2% year-on-year decline in consolidated profit at Rs 382.3 crore for quarter ended September FY23 dented by higher input cost, and freight & forwarding expenses, but supported by higher other income and top line. Revenue for the quarter rose 28.2% to Rs 2,657.5 crore, but EBITDA declined 20.7% to Rs 426.2 crore compared to corresponding period last fiscal.

* PB Fintech: Tiger Global Management offloaded 1,34,17,607 shares or 2.98 per cent of Policybazaar's parent firm at an average price of Rs 389.38-Rs 389.44 apiece for Rs 522.50 crore through open market transactions, according to the bulk deal data available with NSE.

* Hinduja Global Solutions: The company reported massive 599% sequential growth in consolidated profit at Rs 239 crore for quarter ended September FY23, aided by higher other income and tax write-back. Revenue from operations grew by 1.6% QoQ to Rs 1,167.5 crore in Q2FY23.

* Larsen & Toubro/L&T Infotech/Mindtree: The conglomerate secured NCLT approval to merge its software units—L&T Infotech and Mindtree—with effect from Nov. 14 to form the merged entity LTIMindtree. L&T Infotech appointed Debashis Chatterjee as CEO and MD, and Vinit Teredesai as CFO.

* Thomas Cook (India): The company signed a long-term agreement with KrisFlyer, the loyalty programme of Singapore Airlines, becoming the first forex partner on the platform.

* Adani Enterprises/NDTV: Market regulator SEBI has given its final approval to the company’s open offer for 26% stake of NDTV.

* Adani Ports and Special Economic Zone: The company floated a joint venture, Mediterranean International Ports ADGD Ltd., with Israel-based Gadot Group to acquire Haifa Port Company, which operates the Haifa Port in the country.

* Biocon: The board approved proposals to raise funds through issuance of nonconvertible debentures worth $250 million (Rs 2,024.61 crore) and commercial papers worth $275 million (Rs 2,227.07 crore).

* Zomato: Rahul Ganjoo, head of new initiatives at the company, resigned from his post.

* Life Insurance Corporation of India: The insurer diluted its shareholding in Adani Ports and Special Economic Zone to 9.35% from 11.37%.

* Fusion MicroFinance: The shares of the company will be listed on the BSE and National Stock Exchange on Nov. 15 at an issue price of Rs 368 apiece, with a face value of Rs 10 each. The IPO, which ran from Nov. 2-4, was subscribed 2.95 times.

GLOBAL MARKETS

Global Market Update

Wall Street's main indices ended lower on Monday, with real estate and discretionary sectors leading broad declines, as investors digested comments from US Federal Reserve officials about plans for interest rate hikes and looked for next catalysts after last week's big stock market rally. The Dow Jones Industrial Average fell 211.16 points, or 0.63 percent, to 33,536.7, the S&P 500 lost 35.68 points, or 0.89 percent, to 3,957.25 and the Nasdaq Composite dropped 127.11 points, or 1.12 percent, to 11,196.22.

Crude Oil 

Oil prices settled around $3 lower on Monday, dragged down by a firmer US dollar while surging coronavirus cases in China dashed hopes of a swift reopening of the economy for the world's biggest crude importer. Brent crude futures settled down $2.85, or 3 percent, at $93.14 a barrel after gaining 1.1 percent on Friday. WTI crude futures settled down $3.09, or 3.47 percent, to $85.87 after advancing 2.9 percent on Friday.

SGX Nifty: Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 28 points. The Nifty futures were trading around 18,405 levels on the Singaporean exchange.

Nifty Outlook:

Nifty opened gap up on Monday at 18376, made a high of 18399, made a low of 18311, and closed on a negative note at 18329 levels. For the day, support for the Nifty exists at 18200 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 42178 made a high of 42231, made a low of 41965, and closed on a negative note at 42077 levels. For the day, support for Bank Nifty exists at 41800 and 41500 levels, whereas resistance for Bank Nifty stands at 42500 and 43000 levels.

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