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CORPORATE AND ECONOMY NEWS

* Bajaj Auto Q2 FY23 (Consolidated, YoY): Revenue up 16% at Rs 10,202.77 crore Vs Rs 8,762 crore. EBITDA up 26% at Rs 1,758.74 crore Vs Rs 1401.12 crore. EBITDA margin 17% Vs 16%. Net profit up 20% at Rs 1,530 crore Vs Rs 1,274.55 crore.

* Tata Elxsi Q2 FY23 (Consolidated, QoQ): Revenue up 5% at Rs 763 crore Vs Rs 726 crore. EBITDA fell 5% at Rs 226.53 crore Vs Rs 238.14 crore. EBITDA margin 30% Vs 33%. Net profit fell 6% at Rs 174.27 crore Vs Rs 184.72 crore.

* Shree Cement Q2 FY23 (Consolidated, YoY): Revenue up 20% at Rs 4,038 crore Vs Rs 3,373 crore. EBITDA fell 41% at Rs 542.76 crore Vs Rs 920.96 crore. EBITDA margin 13% Vs 27%. Net profit fell 67% at Rs 183.

* HDFC Bank (Consolidated, YoY): Net Profit: 10,606 crore vs Rs 8,834 crore. NII: 21,012 crore vs 17,684 crore. GNPA: 1.28% vs 1.23%. NNPA: 0.33% vs 0.35%.

* Avenue Supermarts (Consolidated, YoY): Revenue jumped 37% to Rs 10,638.33 crore. Operating profit rose 33% to Rs 892.02 crore. Margin came in at 8.4% against 8.6%. Net profit increased 64% to Rs 685.7 crore.

* Axis Bank: Irdai has imposed Rs 3 crore penalty on Max Life Insurance Company for certain violations in a case pertaining to purchase and sale of shares by the Axis Bank and group companies, and a Rs 2 crore penalty on Axis Bank, a corporate agent of the insurer.

* Adani Enterprises: The Adani Group's flagship company will acquire SIBIA Analytics and Consulting Services, a Kolkata-based advanced analytics and machine learning company, for an undisclosed amount.

* Dilip Buildcon: The road construction company has received project worth Rs 702 crore from Gujarat Metro Rail Corporation. The completion period for the said project is 26 months.

* Tata Power: The company suffered a cyberattack on its IT infrastructure, impacting some of its systems. The company has taken steps to retrieve and restore the systems and all critical operational systems are functioning.

* Bharat Petroleum Corporation: The company has aimed to convert its 7,000 conventional retail outlets into energy stations providing multiple fueling options including EV charging facility.

* Shree Cement: The company’s board approved appointment of Hari Mohan Bangur as the Chairman, while Chairman Emeritus Benu Gopal Bangur resigned effective immediately. The board also named Prashant Bangur as Vice Chairman and Neeraj Akhoury as the Managing Director.

* HDFC: NCLT has ordered the company to hold shareholders meeting on Nov. 25, 2022, to approve the merger deals of wholly owned subsidiaries HDFC Investments and HDFC Holdings with and into the company, and HDFC with and into HDFC Bank.

* IRB Infrastructure Developers: The company will transfer Vadodara Kim Expressway Project to an InvIT arm, following which, it will receive Rs 342 crore as against sponsor contribution and debt of Rs 955 crore will reduce from its consolidated debt.

* Ujjivan Small Finance Bank/Ujjivan Financial Services: The boards of the two companies approved the merger of Ujjivan Financial Services into and with Ujjivan Small Finance Bank.

* Narayana Hrudayalaya: The company executed a share purchase agreement by Health City Cayman Islands Ltd., its wholly owned subsidiary, to acquire ENT in Cayman Ltd.

* Electronics Mart India to debut on the bourses today. The offer was subscribed 71.93 times.

* Key Results: PVR, Tata Metaliks, Tata Coffee, Spandana Sphoorty Financial, Oriental Hotels, Maharashtra Seamless, Bank of Maharashtra, IRB InvIT, Heidelberg Cement, Craftsman Automation, Choice International, Can Fin Homes, and ACC.

GLOBAL MARKETS

Global Market Update

US stocks dropped on Friday as worsening inflation expectations kept intact worries that the Federal Reserve's aggressive rate hike path could trigger a recession, while investors digested the early stages of earnings season. The Dow Jones Industrial Average fell 403.89 points, or 1.34 percent, to 29,634.83, the S&P 500 lost 86.84 points, or 2.37 percent, to 3,583.07 and the Nasdaq Composite dropped 327.76 points, or 3.08 percent, to 10,321.39.

Crude Oil

Oil prices plummeted more than 3% on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target. Brent crude futures dropped $2.94, or 3.1 percent, to settle at $91.63 a barrel, while US West Texas Intermediate (WTI) crude futures fell $3.50, or 3.9 percent, to $85.61.

SGX Nifty:

SGX Nifty: Trends in SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 165 points. The Nifty futures were trading around 17,047 levels on the Singaporean exchange. 

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap up on Friday at 17322, made a high of 17349, made a low of 17170, and closed on a positive note at 17186 levels. For the day, support for the Nifty exists at 16950 and 16780 levels, whereas resistance for the Nifty stands at 17300 and 17400 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Friday at 39446 made a high of 39571, made a low of 39196, and closed on a positive note at 39306 levels. For the day, support for Bank Nifty exists at 39000 and 38500 levels, whereas resistance for Bank Nifty stands at 39600 and 40000 levels.

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