IIFL Finance reported a 36% YoY growth in consolidated profit at Rs 397 Cr

Opening Bell:

SGX Nifty is up by 97.5 points in the early morning trade, indicating a positive opening for Indian stock market.

Most Asian indices were in green on Thursday. The Japanese Nikkei is down by 0.11 percent and South Korea’s Kospi is higher by 1.47 percent. Hong Kong’s Hang Seng is up by 2.37 percent in the early morning trades.

US Tech stocks declined on Wednesday as disappointing results and warnings from Microsoft and Alphabet sparked losses in Megacap companies and raised fears of slowing economic growth. S&P 500 closed 0.74 percent lower whereas Nasdaq composite declined by 2.04 percent.

European stocks slipped from one-month highs on Wednesday, with technology stocks leading the losses as disappointing results from Wall Street giants and a warning from Dutch semiconductor supplier ASM added to concerns about slowing economic growth.

Stocks News:

?Chennai Petroleum Corporation has recorded a 99% sequential decline in standalone profit at Rs 27.88 crore for the quarter ended September FY23, impacted by windfall tax on exports. Revenue declined nearly 17% QoQ to Rs 22,894 crore for the quarter. The Government of India on July 1 levied duties on export of petroleum products at the rates notified on fortnightly basis, which have been reduced in the refinery transfer pricing. This has resulted in lower revenue and profitability for the quarter, the company said

?HDFC Mutual Fund through its several schemes sold 2.07% stake in Power Finance Corporation via open market transactions on October 21. With this, its shareholding in PFC reduced to 6.94%, down from 9.01% earlier.

?Quant Mutual Fund bought 45,56,962 equity shares or 1.88% stake in Punjab Alkalies and Chemicals through open market transactions at an average price of Rs 79 per share. However, investor Paramone Concepts has offloaded 21 lakh shares in the company

?IIFL Finance reported a 36 percent year-on-year growth in consolidated profit at Rs 397 crore for the quarter ended September FY23, driven by topline as well as operating performance. Revenue from operations grew by 21% to Rs 2,023 crore compared to year-ago period.

?The world’s largest two-wheeler maker Hero Motocorp is set to commence its operations in the Philippines. Terrafirma Motors Corporation (TMC), a part of the Columbian Group of Companies, announced partnering with Hero. Terrafirma will be the exclusive assembler and distributor of Hero MotoCorp motorcycles in Philippines.

Domestic and International Events

• India and China bilateral trade continued to boom, crossing USD 100 billion for the second year in the first nine months of 2022 while India’s trade deficit climbed to over USD 75 billion.
• India aims to raise the share of its exports in global trade to 3% by 2027 and 10% by 2047 from the current 2.1%, promoting hundred Indian brands as global champions.
• Sales of newly constructed U.S. homes plunged in September while mortgage rates hit their highest level in more than two decades, adding to the growing pile of data suggesting a softening economic landscape.
• The month-long festival season that ended on Wednesday brought cheer to passenger vehicle makers as sales rose, buoyed by strong demand in India.

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