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CORPORATE AND ECONOMY NEWS

* Vedanta: Mining conglomerate Vedanta reported a 60.8 per cent decline in consolidated net profit at Rs 1,808 crore for the quarter that ended September 30 on the back of higher expenses. The company had posted a consolidated net profit of Rs 4,615 crore in the year-ago period.

* Dr Reddy’s Labs: Dr Reddy’s Laboratories reported a nearly 12% year-on-year (YoY) rise in consolidated net profit for the quarter that ended September at Rs 1,114 crore. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter rose about 40% on year to Rs 1,899 crore. The operating margin expanded 651 basis points to 29.99 per cent.

* Tata Power Q2 FY23 (Consolidated, QoQ): Revenue fell 3.2% at Rs 14,030.7 crore Vs Rs 14,495.5 crore. EBITDA up 5% at Rs 1,760.4 crore vs 1,683.3 crore. EBITDA margin: 12.5% vs 11.61%. Net profit up 6% at Rs 935.2 crore Vs Rs 883.54 crore.

* CCL Products (India) Q2 FY23 (Consolidated, YoY): Revenue up 50% at Rs 507 crore Vs Rs 337 crore. EBITDA up 18% at Rs 97.47 crore Vs Rs 82.29 crore. EBITDA margin 19% Vs 24%. Net profit up 17% at Rs 57.78 crore Vs Rs 49.34 crore.

* Blue Dart Express Q2 FY23 (Consolidated, QoQ): Revenue up 2% at Rs 1,325 crore Vs Rs 1,293 crore. EBITDA fell 9% at Rs 243 crore Vs Rs 267 crore. EBITDA margin 18% Vs 21%. Net profit fell 7% at Rs 37.49 crore Vs Rs 40.17 crore.

* JSW Energy Q2 FY23 (Consolidated, QoQ): Revenue fell 21% at Rs 2,387.5 crore vs Rs 3,026 crore. EBITDA fell 13% at Rs 889.7 crore vs 1,022. EBITDA margin: 37.3% vs 33.8%. Net profit fell 18% at Rs 456.7 crore vs Rs 555 crore.

* Hero MotoCorp: The two-wheeler manufacturer registered retail growth of 20% during the festive period this year over the corresponding period of last year.

* Steel Authority of India: The company signed an agreement with Airport Authority of India to facilitate commercial operations at Rourkela airport under RCS UDAN scheme.

* Vedanta: The board approved the expansion of rolled product capacity at subsidiary Bharat Aluminium Company to 180 KTPA from existing 50 KTPA at a revised cost of Rs 595 crore, and expansion of its smelter capacity to 994 KTPA from existing capacity of 580 KTPA at a revised cost of Rs 8,094 crore.

* Solar Industries: The board of the company will consider on Nov. 4 the offer, issue and allotment of unsecured redeemable NCDs of up to Rs 100 crore on private placement basis, in one or more tranches.

* Zydus Lifesciences: The company has received approval from the United States Food and Drug Administration to market Acetaminophen injection in the US. Acetaminophen injection is indicated to relieve mild to moderate pain and to reduce fever. It is also used in combination with opioid (narcotic) medications to relieve moderate to severe pain. The drug will be manufactured at the group’s injectable manufacturing facility at Vadodara.

* Centrum Electronics: The company announced a strategic partnership with Israel headquartered Rafael Advanced Defense Systems. Both the companies will collaborate in the field of electronic warfare systems for the Indian Navy and the Indian Coast Guards.

* Hindustan Copper: Credit rating firm ICRA has reaffirmed the Long-term rating of the company at ICRA AA+ and Short-term rating at ICRA A1+. The outlook on the Long-term rating is stable.

* Lupin: The US FDA inspected Lupin's Nagpur Unit-2 injectable manufacturing facility. The inspection was a Pre-Approval Inspection (PAI) of the injectable facility. The inspection closed with the issuance of a Form-483 with five observations.

* Key Results Today: Tata Steel, Larsen & Toubro, Bharti Airtel, Supreme Industries, Motherson Sumi Wiring India, Castrol India, Timken India, Asahi India Glass, LT Foods, Data Patterns (India), Equitas Small Finance Bank, GHCL, Saregama India, and TCI Express.

GLOBAL MARKETS

Global Market Update

A robust, broad-based rally sent the Wall Street to a sharply higher close on Friday as encouraging economic data and a sunnier earnings outlook fueled investor risk appetite ahead of next week's much-anticipated two-day policy meeting of the Federal Reserve. The Dow Jones Industrial Average rose 828.52 points, or 2.59 percent, to 32,861.8, the S&P 500 gained 93.76 points, or 2.46 percent, to 3,901.06 and the Nasdaq Composite added 309.78 points, or 2.87 percent, to 11,102.45.

Crude Oil 

Oil prices fell on Monday on concerns that widening COVID-19 curbs in China will curtail demand, offsetting signs that output at the top U.S. shale field is losing steam. Brent crude futures dropped 36 cents, or 0.4%, to $95.41 a barrel by 0151 GMT after slipping 1.2% on Friday. U.S. West Texas Intermediate (WTI) crude was at $87.67 a barrel, down 23 cents, or 0.3%, after settling down 1.3% on Friday.

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 Friday at 17756, made a high of 17839, made a low of 17724, and closed on a positive note at 17787 levels. For the day, support for the Nifty exists at 17600 and 17500 levels, whereas resistance for the Nifty stands at 17850 and 18000 levels.

Bank Nifty Outlook:

Bank Nifty opened gap down on Friday at 41237 made a high of 41482, made a low of 40839, and closed on a negative note at 40991 levels. For the day, support for Bank Nifty exists at 40800 and 40500 levels, whereas resistance for Bank Nifty stands at 41300 and 41500 levels.

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