Indian Oil Corporation posted standalone loss of Rs 272.35 crore

Opening Bell:

SGX Nifty is up by 162 points in the early morning trade, indicating a positive opening for Indian stock market.

Asia-Pacific indices rose on Monday ahead of China’s factory activity data that’s slated to be released, and as markets look ahead to the US Fed meeting later this week. The Japanese Nikkei is up by 1.28 percent and South Korea’s Kospi is higher by 0.53 percent. Hong Kong’s Hang Seng is up by 0.22 percent in the early morning trades.

Wall Street closed sharply higher on Friday as encouraging economic data and a sunnier earnings outlook fuelled investor risk appetite ahead of next week’s much-anticipated two-day policy meeting of the Federal Reserve. S&P 500 closed 2.46 percent higher whereas Nasdaq composite added by 2.87 percent.

Stocks News:

?Maruti Suzuki announced to recall 9,925 units of Wagon R, Celerio and Ignis manufactured between August 3 and September 1. “It is suspected that there is a possible defect in the rear brake assembly pin, which in a certain case, may break and cause a peculiar noise. There may be a possibility of impact on the brake performance in the long run,” the company said.

?Indian Oil Corporation posted standalone loss of Rs 272.35 crore for the quarter ended September FY23, against profit of Rs 6,360 crore in year-ago period and loss of Rs 1,993 crore in previous quarter, despite getting Rs 10,800 crore of LPG subsidy from the government. More than 50% rise in other income helped the company minimise loss for the quarter. Revenue from operations grew by 34.5% YoY to Rs 2.28 lakh crore for the quarter.

?NTPC has reported a 7.4% year-on-year decline in consolidated profit at Rs 3,417.7 crore for the quarter ended September FY23 impacted by higher fuel cost, finance cost, loss at joint ventures and lower other income. Revenue grew by 36% to Rs 44,175 crore compared to year-ago period.

?Zydus Lifesciences has received approval from the United States Food and Drug Administration to market Acetaminophen injection in the US. Acetaminophen injection is indicated to relieve mild to moderate pain and to reduce fever. It is also used in combination with opioid (narcotic) medications to relieve moderate to severe pain. The drug will be manufactured at the group’s injectable manufacturing facility at Vadodara.

?After withdrawing over Rs 7,600 crore last month, foreign investors have slowed down the pace of equity selling in India in October so far, as they pulled out Rs 1,586 crore from capital markets. Foreign portfolio investors (FPIs) were net buyers of Rs 51,200 crore in August.

Domestic and International Events

• The Reserve Bank of India (RBI) on October 28 announced a 231 basis point higher rate of interest on the government’s Floating Rate Bond (FRB), 2034, at 7.69 percent per annum. One basis point is one-hundredth of a percentage point.
• US consumer spending rose more than expected in September while underlying inflation pressures continued to bubble, keeping the Federal Reserve on track to hike interest rates by another three-quarters of a percentage point next week.
• Japan’s factory output fell 1.6 percent in September from the previous month, government data showed on Monday, slightly more than the median market forecast for a 1.0 percent decline.
• India’s foreign exchange reserves fell for the week ending October 21 as the Reserve Bank of India (RBI) continues to protect the rupee from falling further. The RBI’s weekly statistical supplement showed on Friday that the forex reserves of the country fell by $3.85 billion to $524.52 billion in the week ended October 21.

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