Coal India Q2 profit jumps 106% YoY to Rs 6,044 crore

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SGX Nifty is up by 61.5 points in the early morning trade, indicating a positive opening for Indian stock market.

Asia-Pacific stocks are set to rise as investors await the results of the United States midterm elections and a slew of economic data is expected, including China’s inflation data. The Japanese Nikkei is down by 0.16% and South Korea’s Kospi is up by 0.88 percent. Hong Kong’s Hang Seng is up by 0.32 percent in the early morning trades.

Wall Street ended higher on Tuesday during voting in midterm elections that will determine control of the US Congress, with investors betting on a political stalemate that could prevent major policy changes. S&P 500 climbed 0.56 percent lower whereas Nasdaq composite gained by 0.49 percent.

Stocks News:

?Coal India Q2 profit jumps 106% YoY to Rs 6,044 crore supported by healthy top line, higher other income. Revenue jumps 28%. The country’s largest coal mining company clocked a massive 106% year-on-year increase in consolidated profit at Rs 6,044 crore for the quarter ended September FY23, supported by healthy top line, higher other income, and strong operating performance.

?CEAT Q2 profit tanks 85% YoY to Rs 6.44 crore impacted by increase in input cost, expenses towards voluntary retirement scheme. The RPG Group company has reported a 85% year-on-year decline in consolidated profit at Rs 6.44 crore for the quarter ended September FY23, dented by increase in input cost and expenses towards voluntary retirement scheme. Revenue from operations increased by 18% YoY to Rs 2,894 crore, and EBITDA at Rs 203.14 crore fell by 7.8% compared to year-ago period.

?Paytm Q2 loss widens YoY to Rs 571.5 crore. Operating revenue increases 76%. Paytm posted consolidated loss at Rs 571.5 crore for the quarter ended September FY23, widening from loss of Rs 473.5 crore in same period last year, but falling from loss Rs 645.4 crore in previous quarter. Revenue from operations increased by 76% on-year to Rs 1,914 crore for the quarter, driven by increase in merchant subscription revenues, growth in bill payments due to growing MTU (monthly transaction user) and growth in disbursements of loans through the platform. The sequential rise in top line was 14%.

?Bharat Petroleum Corporation Q2 loss at Rs 304.2 crore despite one-time compensation from government for under recoveries. The oil marketing company reported standalone loss of Rs 304.2 crore for the quarter ended September FY23, against profit of Rs 2,841 crore in same period last year, despite one-time compensation of Rs 5,582 crore from government for under recoveries. Revenue from operations increased 26% YoY to Rs 1.28 lakh crore for the quarter.

?Foreign institutional investors (FIIs) net bought shares worth Rs 1,948.51 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 844.20 crore on November 7, as per provisional data available on the NSE.

Domestic and International Events

• Oil prices fell more than $2 on Tuesday in choppy trading on growing worries about fuel demand as Covid-19 outbreaks worsened in top crude importer China, and jitters about the outcome of US midterm elections.
• The total housing sales have jumped 24 percent to 1,08, 817 units in the third quarter of 2022 as against 87,747 units in the same quarter of 2021. The total unsold inventories in the top cities at the end of the third quarter of 2022 went down by 12 percent as compared to last year, according to a report by PropEquity.
• Japanese manufacturing optimism dropped to a 22-month low in November, while the service-sector mood brightened to a three-year high, the Reuters Tankan poll showed, underscoring the fragility and unevenness of Japan’s post-Covid recovery.
• Several Republican senators easily won re-election on Tuesday in US midterm elections that could usher in an era of divided government and scale back President Joe Biden’s power in Washington. With polls closed in six states, the initial results would not alter the balance of power in the 50-50 Senate, which Democrats currently control with a tie-breaking vote.

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