India has raised ethanol prices from molasses and cane juice by as much as 5.9% from Dec. 1.
Shares of Balrampur Chini Mills, Rana Sugars gained 1.65%, 1.33%, respectively .
EID Parry gained 1.2%.
Meanwhile, Dwarikesh Sugars, Ugar Sugar fell 1.4% and 2.09% respectively.
Source: Bloomberg
The broader indices outperformed their larger peers with MidCap losing 0.05% and SmallCap gaining 0.23%. Fifteen of the 20 the sectoral measures complied of BSE declined with BSE Auto losing over 1%.
The market breadth is skewed in the favour of bulls. About 1,769 stocks rose, 1,570 fell and 161 remained unchanged.
In due course the letter will become public as the parliament will come to know about it, says RBI Governor
—There is no breach of transparency happening in this situation.
—There have been calls to raise the inflation target.
—RBI research shows that the median point of 4% inflation is necessary for sustainable growth.
Source: FIBAC Conclave
Shares of Alembic Pharmaceuticals rose after the drug maker received final approval from the U.S. Food and Drug Administration Mesalamine Extended-Release Capsules.
The stock gained as much as 6.43% intraday. It is now up 6.04%. Total traded quantity at 8 times the 30-day average.
Of the 19 analysts tracking the company, three maintain 'buy', six suggest 'hold' and ten recommend 'sell'. The return potential of the stock is 9.3%
The drug maker received final approval from U.S. FDA for Mesalamine Extended-Release Capsules USP, 0.375 g.
The drugs are indicated for the maintenance of remission of ulcerative colitis in adults.
The drug has an estimated market size of $133 million (Rs 1,099.9 crore) for twelve months ended June 2022.
Source: Bloomberg, Exchange Filings
The market breadth is skewed in the favour of bulls. About 1,631 stocks rose, 876 fell and 110 remained unchanged.
U.S. Dollar Index at 111.33
U.S. 10-year bond yield at 4.02% on Tuesday
Brent crude up 0.57% to $95.19 per barrel
Nymex crude at $89 per barrel
SGX Nifty down 0.16% to 18,225.5 as of 6:54 a.m.
Bitcoin up 0.24% to $20,528.69
Adani Transmission, Dalmia Bharat, EIH, Firstsource Solutions, Gravita India, Gati, Grindwell Norton, Jamna Auto Industries, JK Paper, Jindal Stainless, Kajaria Ceramics, KSB, Mahindra & Mahindra Financial Services, MAS Financial Services, Mahindra Holidays & Resorts India, MTAR Technologies, PDS, Redington, Relaxo Footwears, Share India Securities, SIS, Triveni Turbine
Grasim Industries: The board approved issue of non-convertible debentures worth up to Rs 1,000 crore on private placement basis.
IDFC First Bank: The board will meet on Nov. 04, 2022, to consider capital plan of the bank for the next one year and to explore raising of capital through various permissible modes.
Jai Corp: Deepak Ojha has taken over of as the Chief Financial Officer, with effect from Nov. 1, 2022. He succeeded Pramod Kumar Jaiswal.
Indian Bank: The bank will hike MCLR and TCLR in a range of 15-25 basis points and 45-50 basis points, respectively, across tenors from Nov. 3, 2022.
ONGC/Reliance Industries: The government has cut windfall tax on crude petroleum to Rs 9,500 per tonne, and raised the same on export of diesel and ATF to Rs 13 per litre and Rs 5 per litre, respectively.
Tech Mahindra Q2 FY23 (Consolidated, QoQ)
Revenue up 3% at Rs 13,130 crore Vs Rs 12,708 crore (Bloomberg estimate: Rs 13,165.54 crore)
EBIT up 5% at Rs 1,468 crore Vs Rs 1,403.4 crore (Bloomberg estimate: Rs 1,505.50 crore)
EBIT margin flat at 11% (Bloomberg estimate: 11.44%)
Net profit up 14% at Rs 1,285.4 crore Vs Rs 1,131.6 crore (Bloomberg estimate: Rs 1,202.55 crore)
Adani Ports and Special Economic Zone Q2 FY23 (Consolidated QoQ)
Revenue up 3% to Rs 5,210.8 crore Vs Rs 5,058.09 crore (Bloomberg estimate: Rs 4,670.59 crore)
Ebitda fell 1% to Rs 3,260.26 crore Vs Rs 3,290.48 crore (Bloomberg estimate: Rs 2,699.32 crore)
Ebitda margin at 62.6% Vs 65.1% (Bloomberg estimate: 57.8%)
Net profit increased 45% to Rs 1,677.48 crore Vs Rs 1,158.28 crore (Bloomberg estimate: Rs 1,311 crore)
Macrotech Developers Q2 FY23 (Consolidated YoY)
Revenue decline 17% to Rs 1,765.43 crore Vs Rs 2,123.83 crore (Bloomberg estimate: Rs 2,450.13 crore)
Ebitda declined 7% to Rs 424.03 crore Vs Rs 455.71 crore (Bloomberg estimate: Rs 570.63 crore)
Ebitda margin at 24% Vs 21.5% (Bloomberg estimate: 23.3%)
Net loss of Rs 933.07 crore Vs net profit of Rs 220.41 crore (Bloomberg estimate: Rs 355 crore)
Kansai Nerolac Paints Q2 FY23 (Consolidated, YoY)
Revenue up 19% at Rs 1,931 crore Vs Rs 1,620 crore (Bloomberg estimate: Rs 1,814 crore)
Ebitda up 22% at Rs 200 crore Vs Rs 163 crore (Bloomberg estimate: Rs 199.5 crore)
Ebitda margin flat at 10% (Bloomberg estimate: 11%)
Net profit up 23% at Rs 113.57 crore Vs Rs 92.01 crore (Bloomberg estimate: Rs 111.5 crore)
Voltas Q2 FY23 (Consolidated, YoY)
Revenue up 5% at Rs 1,768 crore Vs Rs 1,689 crore (Bloomberg estimate: Rs 1,759 crore)
Ebitda fell 22% at Rs 100.84 crore Vs Rs 129.12 crore (Bloomberg estimate: Rs 114.43 crore)
Ebitda margin 6% Vs 8% (Bloomberg estimate: 6.5%)
Net loss of Rs 7.41 crore Vs net profit of Rs 103.6 crore (Bloomberg estimate: Rs 86.72 crore)
Tata Investment Corporation Q2 FY23 (Consolidated, QoQ)
Revenue up 5% at Rs 107 crore Vs Rs 102 crore
Ebitda up 10% at Rs 100.36 crore Vs Rs 90.95 crore
Ebitda margin 94% Vs 89%
Net profit up 19% at Rs 107.13 crore Vs Rs 89.94 crore
LIC Housing Finance Q2 FY23 (Consolidated, YoY)
Interest income up 8% at Rs 5,053 Vs Rs 4,677.45 crore (Bloomberg estimate: Rs 5,311.2 crore)
Net profit up 25% at Rs 311.33 crore Vs Rs 249.74 crore
GNPA 4.91% Vs 5.14%
NNPA 2.83% Vs 2.98%
Chambal Fertilisers & Chemicals Q2 FY23 (Consolidated, YoY)
Revenue up 92% at Rs 8,587 crore Vs Rs 4,479 crore (Bloomberg estimate: Rs 7,601.7 crore)
Ebitda fell 40% at Rs 444.50 crore Vs Rs 736.85 crore (Bloomberg estimate: Rs 672 crore)
Ebitda margin 5% Vs 16% (Bloomberg estimate: 8.8%)
Net profit fell 46% at Rs 274.27 crore Vs Rs 505.92 crore (Bloomberg estimate: Rs 488.5 crore)
Cholamandalam Investment and Finance Company Q2 FY23 (Consolidated)
Interest income up 21% at Rs 2,829.26 crore Vs Rs 2,347.18 crore (YoY)
Net profit fell 7% at Rs 563.41 crore Vs Rs 606.54 crore (YoY)
GNPA 5.8% Vs 6.3% (QoQ)
NNPA 4.1% Vs 4.4% (QoQ)
Asian equities were mixed on Wednesday after U.S. shares declined amid fading hopes of the Federal Reserve softening its hawkish stance, influenced by robust U.S. jobs data.
Japan’s Topix gauge inched higher while the Nikkei 225 fell. South Korean shares edged higher while Australian shares gained slightly. Futures for Hong Kong fell and U.S. contracts fluctuated.
U.S. stocks pared losses in a volatile session to come off session lows, with U.S. Fed’s policy announcement close at hand. Bond yields changed little with 10-year Treasuries returning 4.05%.
The S&P 500 fell 0.3%, while the tech-heavy Nasdaq 100 fell 0.7%. Crude oil rose 2.4%, bolstered by speculations of China reopening. Gold rose 0.6%, while Bitcoin grew 0.2% to trade around $20,400-level.
Domestic benchmarks indices again closed higher on Tuesday with gains in supporting the surge ahead of Federal Reserve policy announcement.
Rupee closed higher against the U.S. dollar, rising seven paise after a volatile session.
At 6:54 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- slipped 0.16% to 18,225.5.
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