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Benchmark stock indices closed higher as FMCG, realty and banking stocks gained. The Sensex rose 0.84% and the Nifty 50 index advanced 0.82%.
Broader markets gained, tracking benchmark indices. The Nifty Midcap 100 index ended 0.62% higher and the BSE Smallcap edged up 0.22%.
Top gainers Nifty sectoral indices were Realty [1.62%], PSU Bank [1.51%], FMCG [1.49%], Private Bank [1.28%] and Bank [1.05%]. Nifty Media slipped 0.07%.
Indian rupee was unchanged 82.32 against the US dollar on Wednesday.
Stock in News Today
Wipro: The IT firm reported a 14.6% YoY jump in its Q2 revenue at Rs 22,540 crore, while its net income decreased 9.27% to Rs 2,659 crore. Wipro’s operating margin for the quarter stood at 15.1% in the reported quarter, an increase of 16 bps QoQ. The company expects revenue from the IT services business to be in the range of $2,811-$2,853 million. In constant currency terms, the IT services segment revenue increased by 4.1% QoQ and 12.9% YoY.
Tata Power: The company’s subsidiary, Tata Power Trading Company (TPTCL), and 75F Smart Innovations India have signed an agreement to jointly promote building automation and energy-efficiency solutions in the commercial building space across industry verticals like IT/ITeS, BFSI Hospitality, Healthcare, Education, Government and Retail. The partnership will greatly help businesses to optimize their energy consumption and usage.
Adani Green Energy: The company announced that its wholly owned subsidiary, Adani Renewable Energy Holding Four, has incorporated two new subsidiaries — Adani Renewable Energy Forty Four and Adani Renewable Energy Forty Eight. The main objective of the new subsidiaries is to generate, develop, transform, distribute, transmit, sale, supply any kind of power or electrical energy using wind energy, solar energy or other renewable sources of energy, the company stated in the press release.
IndiGo and SpiceJet: Indian airlines are being forced to wet lease planes to increase capacity for the upcoming winter schedule due to slowdown in the delivery of new aircraft, reported The Economic Times. IndiGo has finalised a deal to wet lease up to three Boeing 777 aircraft in order to deploy higher capacity on international routes. The airline is also in talks for wet leasing narrow-body Airbus 321 aircraft, but a final decision is yet to be made. Meanwhile, SpiceJet has finalised a deal to wet lease up to seven Boeing 737 Max aircraft from Turkish airline Corendon.
HFCL: The company said that it has received orders worth Rs 39.19 crore from Reliance Projects & Property Management Services to roll out long distance fiber network.The order is expected to be executed by May 2023, the company said.
Godrej Agrovet: The company has made investment aggregating to Rs 20 crore in the equity share capital of Godrej Maxximilk (GMPL), a wholly-owned subsidiary company, by way of subscription to rights issue. The company has been allotted 5,88,236 equity shares of face value of Rs.10 each of GMPL.
NMDC: The state-owned miner said that it has received Ministry of Corporate Affairs (MCA) order approving scheme of arrangement for merger of NMDC into NMDC Steel and their respective shareholders and creditors. NMDC is setting up a 3 MTPA capacity Greenfield integrated steel plant (NMDC Iron & Steel Plant) at Nagamar, Chhattisgarh, to meet Government of India’s target of 300 million tons per year (MTPA) steel production in India by 2025.
PB Fintech (Policybazaar): Global investment firm, Morgan Stanley, has revised its forecasts for the company due to slower growth in core insurance premiums, led by weaker growth in retail protection and motor insurance segments, Bloomberg reported. The investment company said that they have cut the headline revenue forecasts by 8–28% for fiscal 2023–2027.
Sonata Software: The company informed the exchanges that it signed a deal with eir evo, Ireland’s leading telecommunications and ICT solutions provider, to support the standardisation of their CRM platform. Sonata Software will assist eir evo to migrate from Salesfore to Microsoft Dynamics. Sonata and eir evo also plan to implement a long-term strategy for growing Microsoft Dynamics within the Irish market. The optimisation will focus on supporting productivity and customer centric efficiencies.
Som Distilleries: The company said that it has entered a contract manufacturing arrangement with Radico Khaitan for manufacturing Radico Khaitan’s IMFL and ready to drink brands at the company’s plant at Hassan, Karnataka. The company said that it will lead to better utilization levels of the IMFL facility.
Fino Payments Bank: The board of PaySprint has approved an allotment of 7.98% stake to the bank. The board of PaySprint has approved allotment of 867 equity shares of face value of Rs 10 each to Fino Payments Bank at a premium of Rs 28,801 per share.
Spandana Sphoorty: The NBFC said that its board of directors will meet on Friday (October 14) to consider and approve the issue of non-convertible debentures (NCDs) on a private placement basis. Further, the company’s board will also consider Q2 earnings on Monday (October 170).
Indian Railway Finance Corporation (IRFC): The company has signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Company (IIFCL) to strengthen cooperation in financing railway infrastructure projects with forward and backward linkages to Indian Railways sector.