Nykaa signs strategic partnership with Apparel Group

Opening Bell:

SGX Nifty is down by 45.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian markets were mixed in the early morning trades. The Japanese Nikkei was down by 0.45 percent, South Korea’s Kospi was flat with a positive bias and Hong Kong’s Hang Seng is down by 0.93 percent.

Wall Street’s witnessed selling on Thursday as the broader market continued pulling back from a surge earlier in the week. Treasury yields gained ground and put more pressure on stocks.

Dow Jones Industrial Average fell 1.1 percent, while the S&P 500 declined 1.0 percent. The Nasdaq Composite slipped 0.6 percent.

Stocks News:

?Titan Company reports 18% sales growth in Q2FY23, adds 105 stores during the quarter. The company witnessed healthy double-digit growth across most businesses with overall sales growing 18% YoY. The firm has continued its retail network expansion with addition of 105 stores (net) for the quarter ended September FY23. Its jewellery division grew 18% YoY on a high base of Q2FY22, while watches & wearables segment clocked 20% growth YoY.

?HCL Technologies & Google Cloud expand strategic partnership to accelerate digital services for enterprises. The company has expanded strategic partnership with Google Cloud to accelerate digital services for enterprises. HCL Tech will train up to 18,000 technology and consulting professionals on Google Cloud.

?Yes Bank gets RBI approval for appointment of Prashant Kumar as MD & CEO for 3 years. 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 3 years effective from October 6.

?Nykaa signs strategic partnership with Middle East-based retailer Apparel Group. Beauty and lifestyle retailer Nykaa has signed a strategic partnership with Middle East-based retailer Apparel Group. The company along with Apparel Group 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.

?NTPC signs MoU with GE Gas Power to reduce carbon intensity at Kawas gas power plant. The country’s largest power generation company has collaborated with GE Gas Power to reduce carbon intensity at its Kawas gas power plant in Gujarat.

?Foreign institutional investors (FIIs) remained net buyers to the tune of Rs 279.01 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 43.92 crore on October 6, as per provisional data available on the NSE.

Domestic and International Events

• The seasonally adjusted S&P Global India Services PMI declined to 54.3 in September 2022 from 57.2 in August 2022. This implies that the services activity in India grew for the 14th successive month, albeit at a slower pace than in the preceding month. An index reading above 50 denotes expansion and below 50 denotes contraction.
• World Bank has revised India’s real GDP growth projection for 2022-23 downwards to 6.5 per cent from 7.5 per cent. It cautioned that spillovers from the Russia-Ukraine war and global monetary tightening will weigh on the economic outlook. Also, heightened uncertainty and higher financing costs would likely dampen private investment growth.
• The Ministry of Finance has released the seventh monthly instalment of Post Devolution Revenue Deficit (PDRD) Grant of Rs.71.8 billion to 14 states. The grant has been released as per the recommendations of the 15th Finance Commission.
• Retailers are seeing heavy demand across categories during the festive season sales. Ecommerce firms are expected to have sales worth USD 11.8 billion this festive season, which is double the pre-Covid figure of USD 5 billion in 2019.

Key Equity Indices