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CORPORATE AND ECONOMY NEWS

SBI Cards and Payment Services Q2 FY23: Interest income up 27% at Rs 1,484 crore Vs Rs 1,173 crore crore (YoY). Net profit up 28% at Rs 526 crore Vs Rs 345 crore (YoY). GNPA 2.14% Vs 2.24% (QoQ). NNPA 0.78% Vs 0.79% (QoQ).

Aditya Birla Sun Life AMC Q2 FY23 (Consolidated, YoY): Revenue fell 6% at Rs 311 crore Vs Rs 332 crore. EBITDA fell 8% at Rs 258.17 crore Vs Rs 280.03 crore. EBITDA margin 83% Vs 84%. Net profit up 11% at Rs 191.68 crore Vs Rs 173.07 crore

Anupam Rasayan India Q2 FY23 (Consolidated, YoY): Revenue up 55% at Rs 386 crore Vs Rs 249 crore. EBITDA up 63% at Rs 104.25 crore Vs Rs 63.98 crore. EBITDA margin 27% Vs 26%. Net profit up 15% at Rs 41.56 crore Vs Rs 36.05 crore.

Indus Towers Q2 FY23 (Consolidated, YoY): Revenue up 16% at Rs 7,967 crore Vs Rs 6,877 crore. EBITDA fell 23% at Rs 2,812.40 crore Vs Rs 3,640.5 crore. EBITDA margin 35% Vs 53%. Net profit fell 44% at Rs 871.8 crore Vs Rs 1,558.5 crore

Tata Chemicals Q2 FY23 (Consolidated, YoY): Revenue up 40% at Rs 4,239 crore Vs Rs 3,022 crore. EBITDA up 84% at Rs 920 crore Vs Rs 501 crore. EBITDA margin 22% Vs 17%. Net profit up 2.8x at Rs 628 crore Vs Rs 221 crore

Supreme Petrochem Q2 FY23 (Standalone, YoY): Revenue up 4% at Rs 1,235 crore Vs Rs 1,191 crore. EBITDA fell 55% at Rs 78.68 crore Vs Rs 176.01 crore. EBITDA margin 6% Vs 15%. Net profit fell 53% at Rs 59.64 crore Vs Rs 127.07 crore. Declared interim dividend of Rs 4 per share of face value of Rs 4 each.

Vedanta: The company, along with other parties to the production sharing contract, got government approval for 10-year extension till May 14, 2030, for Rajasthan oil block.

EKI Energy Services: The company has executed a joint venture agreement to incorporate a public limited company to drive focused educational initiatives and establish climate finance marketplace to mobilise funds from global markets for sustainable climate projects across the world.

Infibeam Avenues: The company has received in-principle authorisation to operate as a payment aggregator, from Reserve Bank of India. Now the company is allowed to operate as a Payment Aggregator to provide digital payments services to any merchant(s) online or offline across the country.

Kaveri Seed Company: The company said the board has given its approval for share buyback proposal worth Rs 125.65 crore, at a price up to Rs 700 per share. At the maximum buyback price and buyback size, the maximum number of shares to buy would be 17.95 lakh shares.

Indus Towers: The board of the company has approved raising Rs 2,000 crore via non-convertible debentures in one or more tranches on private placement basis.

RBI: The Reserve Bank of India (RBI) on Thursday announced that it will hold additional meetings of its Monetary Policy Committee (MPC) on November 3. As per the sources to CNBC-TV18, the meeting is purely held to discuss the response of the MPC to the government on inflation.

Key Results: Vedanta, Maruti Suzuki India, Mangalore Refinery & Petrochemicals, Tata Power, JSW Energy, Dr. Reddy's Laboratories, Astec Lifesciences, Bandhan Bank, Blue Dart Express, Carborundum Universal, CCL Products (India), Datamatics Global Services, Dwarikesh Sugar Industries, Eveready Industries India, IFB Industries, Intellect Design Arena, NIIT, Olectra Greentech, Punjab Alkalies & Chemicals, Ramco Industries, Rane Holdings, Satia Industries, Satin Creditcare Network, Sona BLW Precision Forgings, Sumitomo Chemical India, and TTK Healthcare.

GLOBAL MARKETS

Global Market Update

The S&P 500 and the Nasdaq posted losses on Thursday, as investors contended with solid economic data and a mixed bag of corporate earnings. The price-weighted Dow advanced, held aloft by industrials, while weakness in market-moving tech and techadjacent mega-caps depressed the S&P 500 and Nasdaq in the wake of downbeat quarterly results and dour guidance. The Dow Jones Industrial Average was up 194.17 points, or 0.61 percent, to 32,033.28, the S&P 500 lost 23.3 points, or 0.61 percent, to 3,807.3 and the Nasdaq Composite dropped 178.32 points, or 1.63 percent, to 10,792.68.

Crude Oil 

Oil rose more than $1 a barrel on Thursday, extending the previous day's rally of nearly 3 percent, as optimism over record U.S. crude exports and signs that recession fears are abating outweighed concern over slack demand in China. Data showed record US crude exports, a hopeful sign for demand. Speculation that central banks could be nearing the end of rate-hiking cycles added support, after the European Central bank raised rates by 75 basis points. Brent crude settled up $1.27, or 1.3 percent, to $96.96 a barrel while US West Texas Intermediate (WTI) crude settled up $1.17, or 1.3 percent, to $89.08 a barrel.

SGX Nifty: Trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 48 points. The Nifty futures were trading around 17,851 levels on the Singaporean exchange.

Nifty Outlook:

Nifty opened gap up on Thursday at 17771, made a high of 17784, made a low of 17655, and closed on a positive note at 17737 levels. For the day, support for the Nifty exists at 17600 and 17500 levels, whereas resistance for the Nifty stands at 17800 and 18000 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Thursday at 41441 made a high of 41512, made a low of 41179, and closed on a positive note at 41299 levels. For the day, support for Bank Nifty exists at 40800 and 40500 levels, whereas resistance for Bank Nifty stands at 41530 and 42000 levels.

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