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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 0.30% higher at 16,990.5, signalling that Dalal Street was headed for a positive start on Wednesday.
Asian shares were trading lower as concerns over recession spooked investors and a strong US dollar dampened sentiments further. Japan’s Nikkei 225 index fell 0.14% and Topix slipped 0.05%. Hang Seng tanked 2.01% and CSI 300 was down 1.13%.
Indian rupee stood at 82.33 against the US dollar on Tuesday.
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Wipro, HCL Technologies, Sterling and Wilson Renewable Energy, 7NR Retail, Artson Engineering, Mangalam Industrial Finance, Mega Nirman and Industries, National Standard (India), Nxtdigital, Sanathnagar Enterprises, Standard Capital Markets, and Yash Chemex will be in focus ahead of quarterly earnings on October 12.
Stocks in News Today
Tata Consultancy services (TCS): The IT company said it has enhanced its blockchain solutions platform Quartz to enable central and commercial banks to support the entire lifecycle of Central Bank Digital Currency (CBDC) issuance, book-keeping and transactions. The company’s president for BFSI products and platforms, Vivekanand Ramgopal, said that having the CBDC solution is “incredibly important” strategically and added that it is already working with multiple stakeholders in the system.
Reliance Industries Ltd (RIL): The company said Jio-bp will set up a charging network for Mahindra & Mahindra’s upcoming e-SUVs launches. will set up a charging network for Mahindra & Mahindra’s upcoming e-SUVs launches. Jio-bp is a fuels and mobility joint venture between RIL and bp, a British multinational oil and gas company.
Infosys: The IT major said that Ravi Kumar S has resigned as president effective October 11. Ravi Kumar worked with Infosys for almost 20 years, and led the Infosys Global Services Organisation across all industry segments.
Adani Enteprises: Adani Data Network, a unit of Adani Enterprises, has been granted unified licence for access services, which enables it to provide all telecom services in the country, Ecoonomic Times reported citing two official sources. Adani Group entered the telecom sector after buying spectrum in the recent auction.
IndiGo: The airline said that it will connect Mumbai with Istanbul in Turkey from early next year. The non-stop air services on the new route will commence from January 1 and the service will be operated daily. Bookings for these flights began from Tuesday, the airline said in a statement. The company added that the new routes and additional frequencies will enhance international connectivity between India and Turkey and beyond, through IndiGo’s code share with Turkish Airlines.
Reliance Jio and Airtel: Telecom major Jio’s 5G network has showed top median download speed of close to 600 megabit per second, while Bharti Airtel’s network has posted top speed of about 516 mbps, broadband speed research firm Ookla said in a report. The report, based on the data collected from Speedtest Intelligence, showed 5G speed variation between low double-digits (16.27) Mbps to 809.94 Mbps, which the firm said is indication of ongoing network calibration for the 5G service. Ookla had taken measurements since June 2022.
IndusInd Bank: The US-based hedge fund Route One Fund I divested a 1.54% stake or 1.20 crore shares in the private lender. The divestment was at an average price of Rs 1,168.26 aggegating to Rs 1,401.91 crore through an open market transaction, as per the data available with the NSE. Goldman Sachs Investment (Mauritius) I Ltd picked up over 69 lakh shares of the company.
L&T Finance Holdings: The company has received approval from the market regulator for the sale of 100% shareholding in subsidiary L&T Investment Management to HSBC Asset Management (India). With this approval, all necessary actions are being taken to ensure the completion of the proposed transaction, said the company.
Suzlon Energy: The company said that it has received an order for the development of 144.9 MW wind power projects for Aditya Birla Group. It will install 69 units of wind turbine generators with a hybrid lattice tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located at sites in Gujarat and Madhya Pradesh and is expected to be commissioned in 2023.
Delta Corp: The casino operator has clocked 19.5% sequential growth in consolidated profit at Rs 68.25 crore for the quarter ended September FY23 and revenue increased by 8% to Rs 270 crore during the same period. The company said it has surpassed the pre-COVID set of numbers and has registered strong growth.
REC: The state-owned company has transferred its entire shareholding in ER-NER Transmission at par value along with all its assets and liabilities to Power Grid Corporation of India. Power Grid is the successful bidder selected through a tariff-based competitive bidding process, for the development of ‘a transmission system for evacuation of power from ER-NER SEZ.
Commercial Syn Bags: The company said the board of directors on October 22 will consider the proposal for issuance of bonus shares. The board will also consider the increase in the authorised share capital of the company.
Genesys International Corporation: The company has received an order worth Rs 46 crore for the land titling project from the Andhra Pradesh government. The project is planned to be finished by the end of FY23.
Marksans Pharma: The drug firm said it has signed a pact with Tevapharm India to acquire its Goa-based pharmaceutical formulations business.