Stock Market LIVE: Sensex around 59k, Nifty gains 150 pts; Bank, Auto, FMCG soar

Share Market LIVE Update: Benchmark indices started the day on a positive note with the Sensex gaining 600 points and the Nifty 150 points. All indices but Pharma are in green with Bank, FMCG, Auto and Media leading the race. Adani Ports and SBI gain, while BPCL and HDFC shed.

Markets got a boost on Monday after Britain's new finance minister Jeremy Hunt scrapped proposed tax cuts, while corporations continued with their better-than-expected third-quarter results.

Suzlon bags order to supply wind turbines totalling 48.3 MW to Adani Green Energy

Suzlon on Tuesday said it has bagged an order to supply 23 wind turbines totalling 48.3 MW from Adani Green Energy.

Suzlon will install 23 units of their wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each, a company statement said.

The project is located in Mandvi, Kutch Gujarat and is expected to be commissioned in 2023.

This order is a repeat order from Adani Green Energy and is in addition to the existing order of 226.8 MW as announced on 13th August 2021.

"We are delighted that Adani Green Energy Ltd has reaffirmed their trust in us for the additional order for their Wind Energy Project in Mandvi, Kutch, Gujarat.

India should pause rate hikes as growth fears loom - MPC's Varma

India's central bank should pause interest rate hikes, despite unacceptably high inflation, to avoid stalling a recovery in economic growth, monetary policy committee member Jayant Varma told Reuters on Monday.

The Reserve Bank of India's monetary policy committee has raised its key repo rate by 190 basis points since the start of its tightening cycle in May, with net impact of all steps taken resulting in a close to 250 basis points increase, Varma said.

"There is no denying that inflation is unacceptably high but the thing is that we have given a strong dose of medicine and the time has come to wait and see if that medicine works or if we need something even more potent," he said.

"It might conceivably be adequate. We don't know because we started acting in April, the effects of which will be seen only in early to mid-2023."

"So we need to let another quarter pass before we know whether our medicine is working."

China stocks edge higher on state support measures during congress

China stocks edged higher on Tuesday, with state firms seen taking measures to stabilise markets amid the ruling Communist Party's ongoing congress, while Premier Li Keqiang's vow to support growth also helped sentiment.

The blue-chip CSI 300 Index rose 0.1% by the end of the morning session, and the Shanghai Composite Index added 0.2%.

The Hang Seng Index climbed 1%, while the Hang Seng China Enterprises Index was up 1.2%.

Investors are closely waiting for the results of China's leadership reshuffle, which will be disclosed this weekend as the Communist Party Congress concludes.

China unusually delayed the release of economic indicators scheduled for publication this week amid the congress, including its third-quarter GDP data.

Covid-19: India logs over 1,500 new cases, lowest in 6 months

India saw a single-day rise of 1,542 coronavirus infections, the lowest in 182 days, according to the Union Health Ministry data updated on Tuesday.

The case tally climbed to 4,46,32,430, while the active cases have declined to 26,449, it said. There has been a decrease of 385 cases in the active Covid-19 caseload in 24 hours.

The death toll increased to 5,28,913 with eight fresh fatalities, which include five deaths reconciled by Kerala. The three new fatalities were reported from Gujarat, Odisha and West Bengal, the data updated at 8 am stated.

Tracxn Technologies IPO: Latest GMP as all eyes on shares listing after allotment

The finalization of basis of share allotment of Tracxn Technologies IPO is now done and all eyes are now on the company's stock market debut. The shares of the company are expected to list on stock exchanges BSE and NSE this week on Thursday, October 20, 2022. As per market observers, Tracxn Technologies shares are available at a discount of ?(-) 3 in the grey market today.

Rupee rises 22 paise to 82.08 against US dollar in early trade

The rupee appreciated 22 paise to 82.08 against the US dollar in early trade on Tuesday, tracking positive domestic equities and an overnight fall in the dollar index.

At the interbank foreign exchange, the domestic unit opened at 82.21 against the dollar, then gained further ground to touch 82.08, a gain of 22 paise over its previous close.

On Monday, the rupee depreciated by 11 paise to close at 82.30 against the US dollar.

The rupee started stronger this Tuesday, tracking an overnight fall in the dollar index, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Parle in talks to buy Polish biscuit maker Dr Gerard

Indian biscuit maker Parle Products is in discussions to consider buying Poland-based peer Dr Gerard from private equity firm Bridgepoint, newspaper Economic Times reported on Tuesday, citing people aware of the matter.

Dr Gerard is valued at 10 billion to 12 billion rupees ($121.72 million to $146.07 million), the report said, with one of the people it cited saying it could be as high as 24 billion rupees.

Home textile exporters to see contraction in turnover this fiscal

With increase in material and logistic costs, home textile exporters are likely to witness a double-digit contraction in turnover as well as moderation in margins in 2022-23, according to a report.

After peaking in the third quarter of FY22, the turnover of home textile exporters moderated in the quarters ended March 2022 and June 2022 amid a slowdown in demand, a report by rating agency Icra said.

Further, high and increasing raw material and logistic costs resulted in a consistent decline in operating margins since the second quarter of FY22, it added.

India has potential to become global supplier of green energy equipment: Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal said that India has the potential to grow into a global supplier of renewable energy equipment.

He made the remarks while addressing a session themed 'Making India a global manufacturing hub in renewable energy manufacturing' at the 3rd edition of the Confederation of Indian Industry's (CII) renewable energy conference, his ministry said in a statement on Monday evening.

Minister Goyal noted that atmanirbharta or self-reliance in renewable energy is integral to India's economic and national security.

Bitcoin, ether, Uniswap, other crypto prices today surge

Cryptocurrency prices today rose marginally with the world's largest and most popular digital token Bitcoin trading more than a per cent higher at $19,501. After surging to an all-time high of almost $69,000 in November last year, Bitcoin's price has been trading in a narrow range of around $20,000 since June this year.

SpiceJet incident: DGCA orders various inspections of Q400 fleet, analysis of engine oil samples

Aviation regulator DGCA on Monday directed embattled SpiceJet to carry out analysis of engine oil samples from its Q400 fleet and other inspections, days after one of its planes made an emergency landing at Hyderabad airport due to smoke in the cabin.

The Directorate General of Civil Aviation (DGCA) has also asked the carrier to conduct an inspection of the bleed-off valve screen and housing for evidence of oil wetness.

Boroscopic inspection of all operational engines of all Q400 engines within one week, immediate inspection of Magnetic Chip Detectors (MCD), drawing of engine oil samples every 15 days for analysis and inspection of bleed-off valve screen and housing for evidence of oil wetness in weekly check, are among the other directions.

Fight against inflation will be dogged, prolonged: RBI article

The fight against inflation will be dogged and prolonged, given the long and variable lags with which monetary policy operates, an RBI article said.

"Yet, if we succeed, we will entrench India's prospects as one of the fastest growing economies of the world enjoying a negative inflation differential with the rest of the world," according to the article on the state of economy authored by a team lead by Reserve Bank of India (RBI) Deputy Governor Michael Debabrata Patra.

It said this happy outcome will re-enthuse foreign investors, stabilise markets and secure financial stability on an enduring basis.

Retail inflation spiked to 7.41 per cent in September, remaining above RBI's upper tolerance level of 6 per cent for the ninth month in a row.

HeidelbergCement India net profit falls 88 pc in July-September

HeidelbergCement India Ltd on Monday reported a decline of 88.23 per cent in its net profit to ?7.01 crore in the second quarter ended September 30, 2022, citing lower sales volume.

The company had reported a net profit of ?59.56 crore in the year-ago period, HeidelbergCement India said in a BSE filing.

Its total revenue from operation was down 12.21 per cent to ?506.05 crore during the quarter under review against ?576.47 crore in the corresponding quarter of the previous fiscal.

"Revenue decreased by 12 per cent y-o-y driven by a decrease in volume by 19 per cent and was partially offset by an increase in price by 8 per cent," said HeidelbergCement in a post-earnings statement.

Stocks to Watch: Zee, Tata Coffee, HeidelbergCement, SJVN, V-Mart, NTPC, Biocon, ONGC, PTC India, SpiceJet

ICIC Lombard, Gujarat Fluorochemicals, L&T Technology Services, HFCL, Tata Communications, and KPTI Technologies will be in focus as they declare their September quarter earnings today.

Three stocks are under the F&O ban on NSE today - Delta Corp, Indiabulls Housing and India Cements

Delta Corp, Indiabulls Housing Finance, and India Cements stocks continue to be a part of the F&O ban list by the stock exchange for today. The NSE updates the list of securities in F&O ban for trade every day.

The securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE.?

Four companies receive Sebi approval for initial public offerings

Markets regulator Sebi has given its nod for the proposed initial public offerings of four companies -- BIBA Fashions Ltd, Keystone Realtors Ltd, Plaza Wires Ltd and Hemani Industries Ltd.

These companies have received their respective observation letters from Sebi, according to an update on the regulator's website as on October 14.

In Sebi's parlance, issuance of the observation letter implies the go-ahead from the regulator for the proposed IPO.

Ethnic wear fashion label Biba Fashion, which is backed by Warburg Pincus and Faering Capital, had filed the Draft Red Herring Prospectus (DRHP) for an IPO in April.

The proposed IPO comprises fresh issuance of equity shares worth ?90 crore and an Offer For Sale (OFS) of 2.77 crore equity shares by the promoter and existing investors, as per the draft papers.

RBI likely to cite supply issues for failure to meet inflation target

The Reserve Bank of India’s (RBI) letter to the government, triggered by its failure to keep inflation within the target band, will likely blame supply-side issues for the runaway price rise, economists said.

Under Section 45ZA of the RBI Act, the government, in consultation with RBI, sets the medium-term retail inflation target once in five years. Failure to meet the current target of 2-6% for three consecutive quarters—January through to September in this case—requires RBI to write a letter to the government, explaining why it missed the goal. Retail inflation for September accelerated to 7.41%, staying above the 6% upper bound of the inflation target for three straight quarters.

Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — Oct 18

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher has recommended a buy on two stocks for today. The expert has recommended buying two stocks.

Pidilite Industries: Buy the stock at ?2,690 with a stop loss of ?2,660 for a target of ?2,755.

Indian Hotel: Buy the stock at ?318 with a stop loss of ?314 for a target price of ?328 apiece.

Byju’s raises $250 mn through rights issue

Edtech major Byju’s has raised $250 million in a rights issue from its existing investors at a $22 billion valuation.

The company on Monday said Qatar Investment Authority (QIA) participated in the round but did not give a split.

“Byju’s is now at that sweet spot of its growth story where the unit economics and the economies of scale both are in its favour. This means the capital that we now invest in our business will result in profitable growth and create sustainable social impact. Regardless of the adverse macroeconomic conditions, 2022-23 is set to be our best year in terms of revenue, growth and profitability. Continued support from our esteemed investors re-affirms the impact created by us so far, and validates our path to profitability," said Byju Raveendran, founder and chief executive of Byju’s.

V-Mart to acquire online marketplace LimeRoad

Fashion retailer V-Mart Retail Ltd on Monday said it will acquire online marketplace LimeRoad, in a move which will help the company expand its presence in the omni-channel space.

The company has signed a "business transfer agreement with A M Marketplaces (LimeRoad) and certain other parties for the acquisition of its LimeRoad business as a going concern on a slump sale basis," said V-Mart Retail in a regulatory filing.

Over the nature of consideration, V-Mart said: "for the acquisition of LimeRoad business, the company shall pay lump sum cash consideration of ?31.12 crore, which amount shall be subject to adjustments as mutually agreed between the parties."

Moreover, V-Mart is also "acquiring assets worth ?14.61 crore and assuming current liabilities of ?36.26 crore", which shall be subject to adjustments as mutually agreed between them, it added.

Gold falls ?40; silver declines ?594

Gold price in the national capital fell ?40 to ?50,833 per 10 grams on Monday amid a fall in the precious metal prices in the overseas market, according to HDFC Securities.

In the previous trade, the yellow metal had touched ?50,873 per 10 grams.

Silver also declined by ?594 to ?56,255 per kilogram from ?56,849 per kg.

In the international market, gold was quoting lower at USD 1,655.75 per ounce while silver was down at USD 18.55 per ounce.

Rupee ends unchanged amid likely central bank intervention

The Indian rupee ended flat on Monday, while its Asian counterparts dropped on recession fears, as the Reserve Bank of India's likely intervention continued supporting the local currency.

The partially convertible rupee closed unchanged at 82.35 per dollar, having traded in an extremely narrow six paisa range all session.

The RBI was likely selling dollars and receiving forwards through state-run banks as the central bank tries to keep the currency around 82.40 levels, traders said.

The forwards market had been quite "volatile," said a Mumbai-based trader. The USD/INR 1-year forward implied yield dropped to 2.45%, its lowest since November 2011, from 2.55% on Friday.

India may not join US-led push to cap prices of Russia oil

India is averse to joining a US-led global initiative to cap prices of Russian crude oil, two people aware of the matter said, as it gets a steep discount on oil cargoes from Russia and wants to maintain the relationship with its long-time strategic partner. As the world’s third-largest oil importer, India’s stand is likely to influence the efficacy of the price cap plan.

Finance ministers of G7 countries on 2 September proposed that oil-related service providers be allowed to transact in Russian seaborne oil and petroleum products only at the price cap or lower. They said the price cap is specifically designed to reduce Russia’s revenues and its ability to fund the war in Ukraine and limit the impact on global energy prices, particularly for low and middle-income countries. Russia has warned that it will snap oil supplies to any country that joins the price cap plan.

Invesco to sell 5.5% Zee stake for $169.5mn

Invesco Developing Markets Fund will sell a 5.51% stake in Zee Entertainment Enterprises Ltd (ZEEL) in a block trade that will fetch the investor as much as $169.5 million, according to deal terms seen by Mint.

The block trade will see Invesco offload over half of its stake in Zee Entertainment, which stood at 10.14% as of 30 June, held through OFI Global China Fund LLC.

The block trade involves the sale of 52.93 million shares at a price range of ?250 to ?263.70 per share, a discount of up to 5.2% at the lower end of the price range from the closing price of ?263.70 on Monday.

Wall Street ends sharply higher, dollar dips on UK U-turn, strong earnings

Wall Street jumped to robust gains on Monday as solid earnings and a financial policy reversal in Britain fueled risk appetite and boosted the sterling and euro against the greenback.

All three major U.S. stock indexes rallied to end the session 1.9% to 3.4% higher while and the dollar lost ground against a basket of world currencies.

"The catalysts that have triggered in the markets year-to-date are well-known," said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. "Now, investors are looking for green shoots of catalysts that can start to provide some improvement."

Stocks were primed for a strong open after Britain's new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss's proposed tax cuts and reined in her energy subsidies, while Bank of America Corp posted consensus-beating third quarter results, having benefited from a spate of interest rate hikes from the Federal Reserve.

The Dow Jones Industrial Average rose 550.99 points, or 1.86%, to 30,185.82, the S&P 500 gained 94.88 points, or 2.65%, to 3,677.95 and the Nasdaq Composite added 354.41 points, or 3.43%, to 10,675.80.

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