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CORPORATE AND ECONOMY NEWS

* L&T Technology Services: The midcap IT company posted a 22.7 per cent growth in consolidated net profit to Rs 282.4 crore for the second quarter ended September 2022. The company had reported a net profit of Rs 230 crore in the same period a year ago.

* ICICI Lombard General Insurance: The private sector non-life player reported a 32.2 per cent growth in net profit at Rs 591 crore for the September quarter, boosted by a tax reversal of Rs 128 crore. The ICICI Bank group company said excluding this tax reversal, net income inched up by 3.4 per cent. In the year-ago quarter.

* HFCL: The domestic telecom gear maker's consolidated net profit remained flat at Rs 84.31 crore for the quarter ended September 30, 2022. The company had posted a net profit of Rs 85.94 crore in the same period a year ago.

* Mahindra CIE Automotive : The auto ancillary company has recorded a 3 per cent growth in consolidated profit at Rs 171.4 crore for the quarter ended September FY23 supported by topline and other income, but dented by higher tax cost. Revenue grew by 30 per cent to Rs 2,723 crore.

* TV18 Broadcast Q2 FY23 (Consolidated, QoQ): Revenue up 14% at Rs 1,473 crore Vs Rs 1,295 crore. EBITDA fell 54% at Rs 40.65 crore Vs Rs 87.75 crore. EBITDA margin 3% Vs 7%. Net profit fell 83% at Rs 10.28 crore Vs Rs 60.02 crore.

* Bharat Electronics: The company signed an MoU with defence PSU Munitions India to jointly address the requirements of Indian defence and export markets in the areas of ammunition, explosives and related systems.

* Adani Enterprises: Adani Defence & Aerospace, a subsidiary of Adani Group's flagship firm, has decided to acquire Air Works for an enterprise value of Rs 400 crore. Adani Defence Systems & Technologies has signed definitive agreements for the acquisition of Air Works, the biggest and highly diversified independent MRO with the largest pan-India network.

* Reliance Industries/Bharti Airtel/Vodafone Idea: Reliance Jio replaced BSNL to become the largest fixed-line operator in the country, the first private player to do so, according to TRAI subscriber data for August. Reliance Jio and Bharti Airtel added new telecom subscribers, whereas Vodafone Idea lost subscribers during the month.

* Brightcom Group: The company Peshwa Acharya and Narayana Raju to consummate the final transaction closure with Daum Corporation to complete the outstanding Lycos deal after being apprised of the process followed and the final settlement terms.

* ITC: The company entered into an agreement to acquire additional 1,000 compulsorily convertible preference shares of Rs 10 each of Mother Sparsh, taking its shareholding to 22%.

* Harsha Engineers International: The company issued a letter of intent to Clean Max Enviro Energy Solutions for setting up hybrid power project with a configuration of wind turbine generator of 2.7 MW along with 0.675 MW solar power plant at Pipaliya, Gujarat.

* Tata Motors: The homegrown auto major has received an order for 200 electric buses which will be deployed in Jammu and Srinagar. The Mumbai-based auto major has won the tender of 200 electric buses floated by Jammu Smart City.

* Polycab India: The board considered and approved the merger of subsidiary Silvan Innovation Labs with the company.

* Key Results: Ultratech Cement, Nestle India, IndusInd Bank, IIFL Wealth, HDFCAMC, Home First Finance Company, Havells India, Hatsun Agro Product, Navin Fluorine International, Nippon Life Asset Management, Max Financial Services, Metro Brands, Syngene International, Shoppers’ Stop, Sagar Cements, Rallis India, Persistent Systems, Oracle Financial Services, Maharashtra Scooters, INOX Leisure, e-Mudhra, DCM Shriram, DB Corp, CG Power, and AU Small Finance Bank.

GLOBAL MARKETS

Global Market Update

Wall Street stocks closed higher and Treasury yields dipped on Tuesday as upbeat earnings and better-than-expected factory data stoked a risk-on rally. The Dow Jones Industrial Average rose 337.98 points, or 1.12 percent, to 30,523.8, the S&P 500 gained 42.04 points, or 1.14 percent, to 3,719.99 and the Nasdaq Composite added 96.60 points, or 0.9 percent, to 10,772.40.

Crude Oil

Oil prices rose in early Asian trade on Wednesday, paring losses from the previous session, as concern over tight supplies following reports of lower inventories in the United States offset fears of lower demand from top oil importer China. Brent crude futures rose 73 cents, or 0.8%, to $90.76 a barrel by 0100 GMT. U.S. West Texas Intermediate crude was at $83.95 a barrel, up $1.13, or 1.4%. WTI's front-month contract expires on Thursday.

SGX Nifty: Trends in the SGX Nifty indicate a cautious opening for the broader index in India with a loss of 1 point. The Nifty futures were trading around 17,494 levels on the Singapore exchange.

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap up on Tuesday at 17439, made a high of 17528, made a low of 17434, and closed on a positive note at 17487 levels. For the day, support for the Nifty exists at 17300 and 17200 levels, whereas resistance for the Nifty stands at 17600 and 17700 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Tuesday at 40252 made a high of 40435, made a low of 40140, and closed on a positive note at 40319 levels. For the day, support for Bank Nifty exists at 40000 and 39500 levels, whereas resistance for Bank Nifty stands at 40500 and 41000 levels.

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