Bharat Electronics bags order worth Rs 8,060 crore for battery packs from Triton Electric Vehicle India

Opening Bell:

SGX Nifty is down by 150 points in the early morning trade, indicating a negative opening for Indian stock market.

Shares in the Asia-Pacific traded lower on Thursday as economic fears weighed The Japanese Nikkei is down by 1.27 percent and South Korea’s Kospi is lower by 1.25 percent. Hong Kong’s Hang Seng also declined by 2.65 percent in the early morning trades.

Wall Street closed lower on Wednesday, marking the end of a multi-session rally, and Treasury yields spiked as gloomy data and downbeat corporate outlooks tossed cold water on investor risk appetite. S&P 500 closed 0.67 percent lower on Wednesday whereas Nasdaq composite declined by 0.85 percent.

Oil prices opened mixed in early Asian trade on Thursday as investors balanced caution over tightening supply against lower demand projections.

Stocks News:

?IndusInd Bank posted a 57 percent year-on-year rise in net profit this September quarter. Its net profit was Rs 1,805.3 crore in Q2FY23 against Rs 1,146.7 crore in Q2FY22. The private lender’s net profit rose 10.6 percent quarter-on-quarter from Rs 1,631 crore in Q1FY23. Operating profit has gone up 10% YoY and 3% QoQ to Rs 3,554 crore.

?Axis Bank Ltd is expected to report a 45 percent year-on-year surge in its net profit for the July-September quarter, supported by healthy core income growth and strengthening asset quality, when the private lender reports its Q2 performance on October 20.

?Bharat Electronics bags order worth Rs 8,060 crore for battery packs from Triton Electric Vehicle India. Triton Electric Vehicle India, a part of Triton Electric Vehicle LLC, USA, has issued a Letter of Intent to navratna defence PSU Bharat Electronics for 300 KW Li-ion battery packs for its semi-truck project in India at a value of Rs 8,060 crore. The battery packs will be delivered by the company to Triton in 24 months commencing from January 2023.

?Life Insurance Corporation of India to invest Rs 13.20 crore in LIC (Lanka). The life insurance major said the board has given its approval for infusion of Rs 13.2 crore capital in LIC (Lanka). This investment is subject to approval from Insurance Regulatory and Development Authority of India and Central Bank of Sri Lanka. LIC Lanka is a joint venture of LIC of India and the Bartleet Group of Sri Lanka.

?Foreign institutional investors (FIIs) net sold shares worth Rs 453.91 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 908.42 crore on October 19, as per provisional data available on the NSE.

Domestic and International Events:

• RBI Monetary Policy Committee (MPC) member Ashima Goyal on Wednesday said that the efforts of the Reserve Bank to contain price rise by repeatedly increasing interest rates will help in containing inflation, which is likely to fall below 6 per cent next year.
• 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.
• India still is on a strong footing when it comes to external sector metrices despite a drawdown of over $100 billion of the country’s forex reserves in less than a year. Gross external debt stood at 18.6 per cent of GDP in 2Q22, which is low compared with the median of 72 per cent for ‘BBB’ rated sovereigns in 2021.
• The GST Council is likely to meet in the first half of November to discuss the reports of the panel of ministers on setting up GST appellate tribunal and levy of tax casinos and online gaming, an official said.

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