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CORPORATE AND ECONOMY NEWS

* HCL Technologies: The IT major has expanded strategic partnership with Google Cloud to accelerate digital services for enterprises. HCL Tech will train up to 18,000 technology and consulting professionals on Google Cloud.

* Dabur: The company said its domestic business had a "steady performance" and is expected to report "consolidated revenue growth in mid-single digit" for the second quarter ended September 2022.

* FSN E-Commerce Ventures: Nykaa signs strategic partnership with Middle Eastbased retailer Apparel Group. Beauty and lifestyle retailer Nykaa has signed a strategic partnership with Middle East-based retailer Apparel Group. The company along with Apparel Group will recreate omnichannel beauty retail platform in the Gulf Cooperation Council (GCC). Apparel Group has more than 75 brands with over 2,000 stores across 14 countries.

* Indian Hume Pipe Company: Company bags order worth Rs 194 crore under Jal Jeevan Mission Project in Maharashtra. The project is to be completed within 24 months with a trial run for 12 months after completion of project.

* Titan Co.: The company said it witnessed healthy double-digit growth across most businesses with overall sales growing 18% annually during the quarter ended September 2022. The outlook for the festive season continues to be optimistic and is visible in positive consumer sentiment across categories, it added.

* Equitas Small Finance Bank: The lender recorded 20% growth on-year in total deposits during the quarter ended Sept. 30, 2022. The CASA deposits grew 28% onyear, with CASA ratio at 48.13%, compared to 45.31% a year ago.

* Hindalco/Hindustan Copper/Vedanta: London Metal Exchange began a formal discussion on a potential ban on new Russian metal.

* Samvardhana Motherson: The company opened a new facility at Tanger Med Industrial Platform, replacing an existing one in Morocco. This new facility is a part of Motherson’s Modules and Polymer Products division and will produce interior modules and components like instrument panels and door panels for passenger vehicles and light commercial vehicles.

* NTPC: NTPC and GE Gas Power signed MoU for demonstrating hydrogen co-firing in gas turbines to further decarbonise power generation.

* JK Tyre & Industries: Care Ratings upgraded long-term bank facilities of JK Tornel Sociedad Anonima De Capital Variable, Mexico, a subsidiary of the company, to ‘CARE A-; Stable’ from ‘CARE BBB+; Stable’. The agency downgraded long-term bank facilities of Cavendish Industries, a subsidiary of the company, to ‘CARE A-; Negative’ from ‘CARE A-; Negative’, and for long-term/short-term bank facilities

* Reliance Industries: Reliance Industries-backed Asteria Aerospace announced that it has received India's first micro category drone type certification for its indigenously designed A200 drone from the Directorate General of Civil Aviation, PTI reported.

* Quess Corp: The board approved disinvestment of 53% of equity investment held by the company in its non-material subsidiary Simpliance Technologies Pvt. Ltd. to Aparajitha Corporate Services. The deal is valued at an enterprise value of Rs 120 core.

* HDFC Bank: The private lender has completed over half of the digital transformation work it had undertaken over two years ago and is past the peak on tech spends as a percentage of the income. It can be noted that concerns on the digital front had led to an unprecedented penal action on the largest private sector lender from the RBI.

* Hero MotoCorp: To launch Vida today, its first electric scooter.

* Jet Airways: The airline denied reports of entering into any leasing agreement Avolon for Airbus A320 aircraft.

GLOBAL MARKETS

Global Market Update

Wall Street's major indexes closed lower on Thursday as concerns mounted ahead of closely watched monthly nonfarm payrolls numbers due on Friday that the Federal Reserve's aggressive interest rate stance will lead to a recession. The Dow Jones Industrial Average fell 346.93 points or 1.15 percent to 29,926.94; the S&P 500 lost 38.76 points or 1.02 percent to 3,744.52; and the Nasdaq Composite dropped 75.33 points or 0.68 percent to 11,073.31.

Crude Oil

Oil prices rose on Friday, continuing an upward trend after OPEC+ this week agreed to tighten global supply with a deal to cut production targets by 2 million barrels per day (bpd). The cut from the Organization of Petroleum Exporting Countries and allies including Russia, together known as OPEC+, is its largest reduction since 2020 and comes ahead of a European Union embargo on Russian oil. The decision would squeeze supplies in an already tight market, adding to inflation. Brent crude futures rose 19 cents to $94.61 a barrel by 0002 GMT. WTI crude futures rose 24 cents to $88.69 a barrel, after earlier hitting $89.37 per barrel, the highest since September 14.

SGX Nifty:

Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 39 points. The Nifty futures were trading around 17,277 levels on the Singaporean exchange.

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap up on Thursday at 17379, made a high of 17429, made a low of 17316, and closed on a positive note at 17332 levels. For the day, support for the Nifty exists at 17200 and 17000 levels, whereas resistance for the Nifty stands at 17430 and 17500 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Thursday at 39344 made a high of 39608, made a low of 39233, and closed on a positive note at 39283 levels. For the day, support for Bank Nifty exists at 39000 and 38600 levels, whereas resistance for Bank Nifty stands at 39600 and 40000 levels.

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