Categories: Miscellaneous

Adani Transmission reported a 32% dip in its consolidated net profit at Rs 194 crore

Opening Bell:

SGX Nifty is down by 146.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian share markets slid on Thursday after the US Federal Reserve laid the groundwork for a protracted tightening campaign that torpedoed market hopes for a pause, sank bonds and lifted the dollar. The Japanese Nikkei is closed on account of holiday and South Korea’s Kospi is down by 0.78 percent. Hong Kong’s Hang Seng is down by 2.16 percent in the early morning trades.

The Federal Reserve raised its benchmark interest rate Wednesday by 75 basis point for a fourth straight time but hinted that it could soon reduce the size of its rate hikes. S&P 500 closed 2.5 percent lower whereas Nasdaq composite declined by 3.36 percent.

Economists expect Chair Jerome Powell to signal at a news conference that the Fed’s next expected rate hike in December may be only a half-point rather than three-quarters.

Stocks News:

?Relaxo Footwear reported a decline of 67.38 per cent in its net profit at Rs 22.40 crore for the second quarter ended September 2022 on account of volume decline and high raw material prices. It had posted a net profit of Rs 68.69 crore in the July-September quarter a year ago fiscal.

?Adani Transmission reported a 32 per cent dip in its consolidated net profit at Rs 194 crore in September quarter compared to year ago, mainly due to adverse forex movement adjustment. The company explained in a statement that in the second quarter of FY23, consolidated PAT of Rs 194 crore was lower year on year.

?US health regulator has pulled up Lupin for manufacturing lapses, including failure to establish adequate written procedures for cleaning equipment, at its Maharashtra-based plant. In a warning letter, the USFDA has pointed out various lapses at the Tarapur (Thane) plant which produces active pharmaceutical ingredients (API).

?JK Cement subsidiary Jaykaycem (Central) has successfully commenced cement grinding capacity of 2 million tonne per annum its newly set up cement manufacturing facilities at Panna, Madhya Pradesh. The clinkerisation is at advanced stage and would to be commissioned shortly.

?Foreign institutional investors (FIIs) have net-bought shares worth Rs 1,436.30 crore, whereas domestic institutional investors (DIIs) net-sold shares worth Rs 1,378.12 crore on November 2, as per provisional data available on the NSE.

Domestic and International Events

  • US private payrolls increased more than expected in October, offering more evidence of labor market resilience and suggesting that the Federal Reserve could continue to aggressively raise interest rates for a while.
  • The dollar was on the front foot on Thursday after Federal Reserve Chair Jerome Powell signalled US rates would likely rise further than expected, disappointing traders’ hopes for a change in tone, and shifting the focus to Friday’s jobs data.
  • Central banks will get inflation under control, but there will be turbulence in the near-term due to monetary tightening and geopolitical risks, top bankers said at a summit in Hong Kong on Wednesday.
  • The US dollar index stood at 112.13, its highest in seven sessions. China’s yuan was hovering near record lows in offshore trade at 7.3408 per dollar, and other Asian currencies were under pressure.

Key Equity Indices

EMERGING LATEST % 1D
Hang Seng 15,827 2.4 %
Shanghai Composite 3,003 1.2 %
DEVELOPED LATEST % 1D
Dow Jones 32,148 (1.6) %
DAX 13,257 (0.6) %
FTSE 100 7,144 (0.6) %
Nikkei 27,663 0.1 %
Straits Times 3,141 0.3 %
Team Fisdom

Share
Published by
Team Fisdom

Recent Posts

Diwali Picks 2024

This Diwali, we present a portfolio that reflect both sector-specific and stock-specific opportunities. With 2…

2 months ago

Expert Recommended Stocks

Thank you for showing interest in taking a BTST position using our Delivery Plus product.…

6 months ago

Congratulations! Your FREE session with our expert is confirmed.

Thank you for showing interest in the consultation on trading strategies! Our expert will reach…

8 months ago

How to sell shares of unlisted companies?

Even if you are a new participant in the stock market, the process of buying…

1 year ago

Interest Coverage Ratio – Meaning, Types, Interpretation & Importance

A company’s debt position can be gauged using the interest coverage ratio or ICR. This…

1 year ago

Muhurat trading timings 2023-24: Indian stock exchanges

Muhurat Trading, a cherished tradition in the Indian stock market, takes place on Diwali, the…

1 year ago