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CORPORATE AND ECONOMY NEWS

* ONGC/OIL/Reliance Industries: Natural gas prices hiked by 40% to record levels, with PPAC increasing gas prices for old fields of ONGC and OIL to $8.57/MMBtu from $6.1, and that for challenging fields of Reliance-bp to $12.46 from $9.92.

* CCL Products (India): The company’s manufacturing facility for agglomerated instant coffee in Kuvvakolli village in Tirupati district of Andhra Pradesh, with a capacity of 5,500 metric tonnes and packaging capacity of 10,000 metric tonnes has commenced commercial operations.

* Auto Sales: Hero MotoCorp: September vehicle sales at 5,19,980 Vs. 5,30,946 a year ago. Maruti Suzuki: September sales 1,76,306 units Vs. 86,380 YoY. Tata Motors: September local sales rise 44% YoY to 80,633 units. TVS Motor: September vehicle sales rise 9% YoY to 3,79,011 units. SML Isuzu: The company sold 752 vehicles in September 2022, up 5 percent compared to 716 vehicles sold in corresponding month last year, while in the current financial year, it sold 6,285 vehicles, a massive growth of 136% compared to 2,659 units in year-ago period. Escorts Kubota: its agri machinery segment sold 12,232 tractors in September 2022, registering a growth of 38.7% as against 8,816 tractors sold in same month last year.

* Oil companies: The government cut the windfall profit tax on locally-produced crude oil and diesel on Saturday, in line with a fall in international rates, and scrapped the levy on the export of jet fuel with effect from October 2. The government reduced the tax on domestically-produced crude oil to Rs 8,000 per tonne from Rs 10,500 per tonne.

* Zydus Lifesciences: The drug maker said it has received approval from the US health regulator to market Sildenafil for oral suspension, used to treat pulmonary hypertension, in the American market. The company has received approval from the US Food and Drug Administration (USFDA) to market the product.

* Poonawalla Fincorp: Care Ratings has upgraded the long-term rating of Poonawalla Fincorp and its subsidiary, Poonawalla Housing Finance (PHFL) to 'AAA' with Stable outlook. This rating is applicable for bank loan facilities, non-convertible debentures, market linked debentures and subordinated debt.

* Barbeque-Nation Hospitality: The company will now complete the acquisition of shares of its step-down subsidiary Barbeque Nation Restaurant LLC by December 31, 2022, due to some unanticipated delay in processing the transaction.

* Brigade Enterprises: Mysore Projects, a wholly owned subsidiary of the company, has ceased to be designated partner of Prestige OMR Ventures LLP. Mysore Projects’ profit sharing ratio in the LLP prior to cessation was at 30%.

* Telcos: Telecom companies will be at the focus as Prime Minister Narendra Modi launched the 5G telephony services that promise to provide ultra high-speed internet on mobile phones, saying it marks the beginning of a new era and presents an infinite sky of opportunities.

* APL Apollo Tubes: The steel tube maker registered the highest quarterly sales volume of 6.02 lakh tonnes in Q2FY23, up 41 per cent on a yearly basis. The sales volume for the first half of FY23 was 10.25 lakh tonnes compared to 8 lakh tonnes in the same period last year.

* Coal India: September production climbs 12.3% YoY to 45.7 million tonnes. September sales rise 1.1% YoY to 48.9 million tonnes.

* GST collections: India collected Rs 1.48 lakh crore as Goods and Services Tax (GST) in September, registering an increase of 26 percent from the same month last year, the finance ministry said on October 1. The September GST mop-up was 2.8 percent higher from August.

* Adani Ports and Special Economic Zones: The company has incorporated a wholly owned subsidiary, Adani Aviation Fuels, to commence business in the aviation fuel industry.

GLOBAL MARKETS

Global Market Update

The S&P 500 closed the books on its steepest September decline in two decades on Friday, skidding across the finish line of a tumultuous quarter fraught with historically hot inflation, rising interest rates and recession fears. All three major indices veered to a sharply lower end, having quashed a brief rally early in the session. The Dow Jones Industrial Average fell 500.1 points, or 1.71 percent, to 28,725.51; the S&P 500 lost 54.85 points, or 1.51 percent, to 3,585.62; and the Nasdaq Composite dropped 161.89 points, or 1.51 percent, to 10,575.62.

Crude Oil

Oil prices jumped more than 3% in early Asian trade on Monday as OPEC+ considers cutting output of up to 1 million barrels per day at a meeting this week to support the market. Brent crude futures rebounded $2.82, or 3.3%, to $87.96 a barrel by 2337 GMT after settling down 0.6% on Friday. U.S. West Texas Intermediate crude was at $82.09 a barrel, up $2.60, or 3.3%, following a 2.1% loss in the previous session.

SGX Nifty:

Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 190.50 points. The Nifty futures were trading around 16,897.50 levels on the Singaporean exchange.

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap down on Friday at 16798, made a high of 17187, made a low of 16748, and closed on a positive note at 17094 levels. For the day, support for the Nifty exists at 16900 and 16750 levels, whereas resistance for the Nifty stands at 17200 and 17250 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Friday at 37660 made a high of 38811 made a low of 37386, and closed on a positive note at 38632 levels. For the day, support for Bank Nifty exists at 38000 and 37400 levels, whereas resistance for Bank Nifty stands at 39000 and 39200 levels.

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