Pre Market Report: Dalal Street may open lower; Titan, Airtel and Bajaj Finance in news

Market Opening - An Overview

Nifty futures on the Singapore Exchange were trading 0.2% lower at 17,281, signalling that Dalal Street was headed for a negative start on Friday.

Asian stocks declined on Friday, tracking global equities, as investors were worried over recession risks and uncertainty also rose ahead of the US monthly payrolls data. Japan’s Nikkei fell 0.54% and Topix was down 0.57%. Hang Seng dropped 1.11%.

Indian rupee fell 36 paise to 81.88 against the US dollar on Thursday.

FII/DII Trading Data

Stocks in News Today

Titan Company: The Tata group firm said its overall sales grew 18 per cent year-on-year in the September quarter. The company, which operates in the segments as Jewellery, Watches & Wearables, and EyeCare has witnessed healthy double-digit growth across most businesses, according to its quarterly update. Titan’s jewellery division, which contributes around 85% of its revenue, grew 18% YoY on a high base of Q2FY22, aided by pent-up demand. Titan added 105 stores in its retail network in the second quarter of the current fiscal.

Airtel: The telecom company said that its customers across eight cities will get access to the new 5G Plus services at existing rates until the 5G service becomes more widespread. The new bouquet of services went live in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Siliguri, Nagpur, and Varanasi on Thursday. The company said that its customers need not change their SIM card as existing Airtel 4G SIMs are 5G-enabled.

Bajaj Finance: The lending and investing arm of Bajaj Finserv, has increased the interest rates on their Fixed Deposit (FD) programme by up to 30 basis points, for tenor between 24 to 30 months and the new rates will be applicable from October 07.

HCLTech: The IT company plans to train up to 18,000 technology and consulting professional on Google Cloud to scale up its ability to accelerate digital transformations globally with Google Cloud infrastructure, products and solutions. The partnership will enable two new offerings to help enterprise customers migrate to Google Cloud more quickly.

Dabur India: The FMCG major said its domestic business had a “steady performance” and is expected to report “revenue growth in mid-single digit” for the second quarter ended September. Its food & beverages vertical continued with robust double-digit growth on a high base of 43% growth in Q2FY22, while home & personal care portfolio is expected to record mid-single digit growth on a high base of 16.7% growth in Q2FY22. During the quarter ended September FY23, inflation was at peak levels which impacted gross margins. However, inflation is expected to ease in H2 FY22 as commodity prices eases, leading to y-o-y (year-on-year) improvement in operating margins.

NTPC: The power generation company has collaborated with GE Gas Power to reduce carbon intensity at its Kawas gas power plant in Gujarat. Both companies signed a Memorandum of Understanding (MoU) for feasibility to demonstrate of hydrogen (H2) co-firing blended with natural gas in GE’s 9E gas turbines installed at NTPC’s Kawas combined-cycle gas power plant in Gujarat. NTPC’s Kawas gas power plant is powered by four GE 9E gas turbines operating in a combined-cycle mode and has an installed capacity of 645 megawatt (MW).

Yes Bank: The Reserve Bank of India has given its approval for appointment of Prashant Kumar as the Managing Director & Chief Executive Officer of Yes Bank for a period of three years effective from October 6. Earlier Prashant Kumar was appointed as MD & CEO of Yes Bank after reconstruction in March 2020.

Quess Corp: The company has entered into definitive agreements to divest its 53% stake in subsidiary Simpliance Technologies, to Aparajitha Corporate Services, a HR compliance services company. The deal is valued at an enterprise value of Rs 120 crore, on a cash and debt free basis.

FSN E-Commerce Ventures: The lifestyle retailer has signed a strategic partnership with Middle East-based retailer Apparel Group and they 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.

Equitas Small Finance Bank: The small finance bank clocked 20% year-on-year growth in provisional gross advances at Rs 22,802 crore for the quarter ended September FY23. Deposits also grew by 20% YoY to Rs 21,726 crore during the same quarter, while CASA ratio improved to 48.13% in Q2FY23, up from 45.31% in year-ago period, while cost of funds declined to 6.25%, from 6.81% in corresponding period last fiscal.

Indian Hume Pipe Company: The company has received Letter of Acceptance for the work of Rs 194.03 crore from Maharashtra Jeevan Pradhikaran Division, Buldhana, Maharashtra, under Jal Jeevan Mission Project for Jalgaon Jamod 150 Villages Regional Rural Water Supply Scheme. The project is to be completed within 24 months with a trail run for 12 months after completion of project.

Datamatics Global Services: Datamatics and Scan-Optics have entered into a partnership to help organisations enhance automation of business operations. Scan-Optics is a leader in intelligent data management and digital transformation. Both the companies will offer enterprises with solutions such as document/digital conversion, intelligent document processing, digital record management, and robotic process automation.

Zuari Agro Chemicals: The company said it has appointed Manish Malik as Chief Financial Officer and Key Managerial Personnel with effect from October 6.

Dhruv Consultancy Services: The company in joint venture with Arkitechno Consultants (India) has received consultancy services contract for road project in Andhra Pradesh from NHAI. They will provide consultancy services for preparation of detailed project report for augmentation of four laning to six lane partial access controlled highway in Andhra Pradesh.