Asian stocks declined following sharp swings on Wall Street as mixed US economic data along with disappointing results from technology companies dampened investor sentiments.
Equities slid in Japan, South Korea and Australia. Futures for Hong Kong pointed lower and a gauge of US-listed Chinese stocks resumed losses.
Meanwhile, U.S. stocks seesawed in a volatile session as traders tried to balance conflicting earnings message with mixed economic data. Bond yields saw a downtrend as returns on 10-year Treasuries declined 6 basis points to 3.95%.
The S&P 500 changed little till mid of the day, while the tech-heavy Nasdaq 100 fell 1.3%. Oil jumped 1.4% as economic data showed a rebound in the U.S., easing recession fears and bolstering demand outlook. Gold fell 0.5%, while Bitcoin dipped 0.8% to trade around $20,500-level.
India benchmarks Sensex and Nifty ended in green after a volatile day, aided by broad-based gains led by metal, realty, energy, and power stocks.
Rupee appreciated 61 paise against the U.S. dollar to hit 82.12, before trimming gains from the intraday trade.
At 6:37 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- traded 0.02% higher at 17,805.5.
GLOBAL CUES
U.S. Dollar Index at 110.57
U.S. 10-year bond yield at 3.93% on Thursday
Brent crude down 0.41% to $96.56 per barrel
Nymex crude at $88.59 per barrel
SGX Nifty up 0.02% to 17,805.5 as of 6:23 a.m.
Bitcoin down 0.49% to $20,299.44
Earnings Post Market Hours
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
Stocks To Watch
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.
IDBI Bank: The finance ministry extended the deadline for potential bidders to submit queries on IDBI Bank privatisation by 13 days till Nov. 10.
IFCI: The company issued 9.29 crore shares at a price of Rs 10.76 per share on preferential basis to the Government of India, aggregating to around Rs 100 crore. Now the government holds 66.35% shares in the company.
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.
Spandana Sphoorty Financial: The board of the company will convene on Nov. 1, 2022, to consider and approve raising of funds via NCDs on a private placement basis.
FSN E-Commerce Ventures: The company will appoint Rajesh Uppalapati as Chief Technology Officer, with effect from Nov. 01, 2022.
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 received in-principle authorisation from the Reserve Bank of India to operate as a payment aggregator.
Dhanuka Agritech: The board of directors will meet on Nov. 1 to we wish to consider the proposal for buyback of fully paid-up equity shares through tender offer route.
Kaveri Seed Company: The board approved buyback of equity shares at a price of Rs 700 apiece, aggregating to Rs 125 crore.
PC Jeweller: The company defaulted on loans worth Rs 3,466.28 crore.
Earnings
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, TTK Healthcare
Who’s Meeting Whom
Rane Holdings: To meet investors and analysts on Oct. 31.
Kansai Nerolac Paints: To meet investors and analysts on Nov. 3.
Rane Brake Lining: To meet investors and analysts on Oct. 31.
Rane Engine Valve: To meet investors and analysts on Oct. 31.
Cummins India: To meet investors and analysts on Nov. 7.
Shri Keshav Cements And Infra: To meet investors and analysts on Nov. 3.
Ajanta Pharma: To meet investors and analysts on Nov. 3.
Kalyan Jewellers India: To meet investors and analysts on Nov. 10.
Redington: To meet investors and analysts on Nov. 3.
Tata Power Company: To meet investors and analysts on Oct. 28.
Anupam Rasayan India: To meet investors and analysts on Oct. 28.
Meghmani Finechem: To meet investors and analysts on Oct. 28.
Music Broadcast: To meet investors and analysts on Nov. 1.
Astec LifeSciences: To meet investors and analysts on Oct. 31.
Sandhar Technologies: To meet investors and analysts on Nov. 11.
Westlife Development: To meet investors and analysts on Nov. 9.
SIS: To meet investors and analysts on Nov. 3.
Trading Tweaks
Ex-Date Interim Dividend: IIFL Wealth Management
Record-Date Interim Dividend: Bhansali Engineering Polymers, ICICI Lombard General Insurance Company, Infosys, L&T Technology Services
Record-Date Spin Off: NMDC
Insider Trades
Som Distilleries & Breweries: Promoter Jagdish Kumar Arora bought 30,000 shares on Oct. 24.
Ramkrishna Forgings: Promoter Riddhi Portfolio bought 5,100 shares on Oct. 24.
Sasken Technologies: Promoter Group Arti Mody bought 900 shares on Oct. 24.
Pledge Share Details
Jindal Steel & Power: Promoter Group Siddeshwari Tradex created a pledge of 2 lakh shares on Oct. 20.
Insider Trades
KPI Green Energy: Promoter & Director Farukbhai Gulambhai Patel bought 10,000 shares on Oct. 25.
Research Reports
Money Market Update
Rupee closed higher against the dollar at Rs 82.5, compared to the Tuesday close of 82.73.
F&O Cues
Nifty October futures ended at 17,803.10, a premium of 114.45 points.
Nifty October futures gained 64.60% and 85,836 shares in Open Interest.
Nifty Bank October futures ended at 41,300.00, a premium of 188.85 points.
Nifty Bank October futures shed 43.60%, 17,733 shares in Open Interest.
Securities added to the ban list: none.
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