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CORPORATE AND ECONOMY NEWS

* Bharat Electronics: The Navratna defence PSU has signed an agreement with Yantra India (YIL), a defence PSU for co-operation in the areas of ammunition hardware and military grade components to jointly address the requirements of Indian defence and export markets. The company also signed deals with the USbased Profense LLC for co-operation in the manufacturing and marketing of light weapons. It entered into a pact with SVC Tech Ventures LLP for co-operation in the manufacturing and marketing of heavy duty blast doors, and with Defence PSU Hindustan Shipyard (HSL) to carry out joint development, manufacturing and product upgrades of identified products and systems.

* Tata Consultancy Services: TAP Air Portugal, the flag carrier airline of Portugal, has selected TCS as a strategic partner, to accelerate its digital transformation and drive innovation. The company will establish an Airline Digital Center (ADC) in Portugal, staffed with consultants with deep domain knowledge of the airline industry, solution architects and technology experts.

* Wipro Ltd : The IT giant has announced new retail solutions, built on the Microsoft Cloud and Cloud for Retail, and a new retail innovation experience in Mountain View, California. The company said that this physical, virtual, and hybrid experience will deepen collaboration between Wipro and Microsoft to accelerate delivery of new solutions that will enable retailers to grow their business and build stronger customer relationships.

* M&M: Mahindra & Mahindra Farm Equipment Services (FES), part of the Mahindra group, on Tuesday announced the opening of its first dedicated farm machinery manufacturing facility in Pithampur near Indore in Madhya Pradesh. The new plant is part of the group's plan to grow its farm machinery business (beyond tractors) by 10 times in 5 years, through the launch of 'made-in-India' farm machinery products, the company said in a statement.

* Reliance Power: Piramal Capital and Housing Finance Limited has withdrawn its application against the company to initiate corporate insolvency resolution process under Section 7 of the Insolvency and Bankruptcy Code.

* Godrej Properties: The realty firm said it has achieved sales worth Rs 500 crore in its new housing project at Pune. In September, the company had launched its new project 'Godrej Woodsville' in Hinjewadi, Pune.

* IIFL Wealth Management: The company has completed acquisition of 91% equity stake in MAVM Angels Network. In July this year, the company has executed share purchase and shareholders' agreement with MAVM Angels Network (MANPL) and its shareholders to acquire 91% stake. With this, MANPL has become a subsidiary of the company.

* ONGC: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has submitted an application to Russian authorities to retake a 20% stake in the Sakhalin-1 oil and gas fields in the far east region of the country, the company said. Russian President Vladimir Putin last month disbanded Exxon Neftegaz - a regional subsidiary of US super major ExxonMobil - as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator.

* InterGlobe Aviation Ltd: Low-cost carrier Indigo Airlines on Tuesday commenced operations of its first A321 freighter aircraft between Delhi and Mumbai, effective November 15, 2022.

* Indosolar: The renewable energy player approved setting up of one gigawatt solar manufacturing facility.

* Bikaji Foods International Ltd: The company will list on the bourses today with an issue price of Rs 300 apiece.

* Global Health Ltd: The company will debut on the bourses today with an issue price of Rs 336 apiece.

GLOBAL MARKETS

Global Market Update

Wall Street's main indices gained on Tuesday, shaking off an unconfirmed report of Russian missiles crossing into Poland that sparked volatility, as investors seized on softer-than-expected inflation data that raised hopes of a pullback in rate hikes by the US Federal Reserve. The Dow Jones Industrial Average rose 56.22 points, or 0.17 percent, to 33,592.92, the S&P 500 gained 34.48 points, or 0.87 percent, to 3,991.73 and the Nasdaq Composite added 162.19 points, or 1.45 percent, to 11,358.41.

Crude Oil

Oil prices rose on Tuesday and settled higher after news that oil supply to Hungary via the Druzhba oil pipeline has been temporarily suspended due to a fall in pressure. Brent crude futures rose 72 cents to settle at $93.86 a barrel, while US West Texas Intermediate crude rose $1.05 to $86.92.

SGX Nifty:

Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 64 points. The Nifty futures were trading around 18,430 levels on the Singaporean exchange.

Nifty Outlook: Nifty opened gap up on Tuesday at 18363, made a high of 18428, made a low of 18282, and closed on a positive note at 18403 levels. For the day, support for the Nifty exists at 18300 and 18200 levels, whereas resistance for the Nifty stands at 18500 and 18600 levels.

Bank Nifty Outlook: Bank Nifty opened gap up on Tuesday at 42235 made a high of 42450, made a low of 42080, and closed on a positive note at 42373 levels. For the day, support for Bank Nifty exists at 42000 and 41800 levels, whereas resistance for Bank Nifty stands at 42500 and 43000 levels.

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