TATA Coffee recorded a 172% YoY growth in consolidated profit at Rs 147 crore

Opening Bell:

SGX Nifty is up by 120 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian markets rallied on Tuesday following Wall Street rally overnight. The Japanese Nikkei is up by 0.6 percent and South Korea’s Kospi is up by 0.53 percent. Hong Kong’s Hang Seng also rose by 0.69 percent in the early morning trades.

US stocks kicked off the trading week on Monday with a rally after Britain reversed course on an economic plan, while Bank of America was the latest financial company to post solid quarterly results, which lifted optimism about the corporate earnings season. S&P 500 closed 1.86 percent higher on Monday whereas Nasdaq composite added by 3.43 percent.

Oil prices rose slightly on Monday in choppy trading as China’s continuation of loose monetary policy was partly offset by fears that high inflation and energy costs could drag the global economy into recession.

Stocks News:

?TATA Coffee recorded a 172% year-on-year growth in consolidated profit at Rs 147 crore for the quarter ended September FY23 driven by improved performance of plantation and instant coffee businesses and one-time exceptional income on disposal of a non-core property.

?Aster DM Healthcare subsidiary Aster Pharmacies Group LLC entered into a joint venture agreement with Abdulmohsen Al Hokair Holding Group to establish, manage and operate pharmacy chain across the Kingdom of Saudi Arabia to market and commercialize pharmaceutical products under the ‘Aster Pharmacy’ brand.

?Spandana Sphoorty Financial a non-banking finance company has turned profitable with Q2FY23 net at Rs 49.5 crore against loss of Rs 222.68 crore in previous quarter and loss Rs 58.87 crore in Q2FY22. Revenue fell 24.5% year-on-year to Rs 281 crore, but grew by 21% sequentially.

?Invesco Developing Markets Fund will sell a 5.51 per cent stake in Zee Entertainment Enterprises in a block trade on Tuesday that will fetch the investor as much as $169.5 million, according to deal terms. The stake will be offloaded at a price range of Rs 250-Rs 263.7 per share.

?Foreign institutional investors (FIIs) have net sold shares worth Rs 372.03 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 1,582.24 crore on October 17, as per provisional data available on the NSE.

Domestic and International Events

• Retail inflation is set to ease from September levels, while economic activity is poised to expand, the Reserve Bank of India said in its monthly bulletin published on Monday.
• The Reserve Bank of India (RBI) sold $23.11 billion on a gross basis in August as it looked to stem the rupee’s fall against the US dollar, data released on October 17 by the central bank showed. This follows a record-breaking July, where the RBI sold a massive $38.77 billion – again, on a gross basis – to defend the exchange rate in a month when it crossed the 80-per-dollar mark for the first time.
• The dollar dipped against a basket of major currencies and sterling jumped on Monday after Britain’s new finance minister ditched most of the government’s “mini-budget”, while better than expected earnings from Bank of America helped to boost risk appetite.
• US will continue to force sanctions on Russian and Iranian arms trade, asserting that it will stand with the people of Ukraine for as long as it takes. This will make it harder for Iran to sell weapons to Russia as per the White House Press Secretary Karine Jeane-Pierre.
• Assam government has inked 7 MOUs and Agreements with different industry players. The Mission has envisaged to skill 1.50 lakh youth every year.

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