Bharti Airtel posted an 89% YoY rise in net profit for September quarter to Rs 2,145 crore

Opening Bell:

SGX Nifty is up by 105.5 points in the early morning trade, indicating a positive opening for Indian stock market.

Asia-Pacific are set to inch higher on Tuesday ahead of Australia’s central bank decision and the results of a private survey on Chinese factory activity. The Fed’s meeting also begins on Tuesday stateside. The Japanese Nikkei is up by 0.10 percent and South Korea’s Kospi is higher by 1.14 percent. Hong Kong’s Hang Seng is up by 2.24 percent in the early morning trades.

US stocks lost declined on Monday, with the major indexes closing out a strong month of gains on a weaker foot, as investor focus turned to the Federal Reserve’s policy meeting this week. S&P 500 closed 0.75 percent lower whereas Nasdaq composite declined by 1.03 percent.

Stocks News:

?L&T’s consolidated PAT spiked 22.5% to Rs 2,229 crore as consolidated revenue surged 23% to Rs 42,763 crore amid execution tailwinds in the infrastructure projects segment and sustained growth momentum in the IT and TS portfolio. The company won orders worth Rs 51,914 crore at the group level during the quarter, an on-year growth of 23%. The consolidated order book of the group was at Rs 372,381 crore as of September-end.

?TATA Steel reported an 87% YoY decline in consolidated PAT at Rs 1,514 crore as revenue remained flat at Rs 59,878 crore. Concerns about slowdown in key economies, persisting geopolitical issues, coupled with seasonal factors, led to a volatile operating environment. Sequentially, the profit declined 80%. Production for the quarter was down 3% on-year and deliveries were down 2%. EBITDA per tonne tanked 60 percent on-year and QoQ to Rs 8,673 crore.

?Castrol India reported a flat growth in its PAT of Rs 187 crore, while the revenues rose 4% to Rs 1,121 crore. The performance was impacted by forex pressures and inflationary pressures, leading to rising costs of additives and base oil.

?Bharti Airtel posted an 89 per cent year-on-year rise in consolidated net profit for September quarter to Rs 2,145 crore, as higher revenue per user, more data consumption, and expanded 4G base boosted realisations. Airtel’s total revenue rose nearly 22 per cent year-on-year to Rs 34,527 crore during the just-ended quarter.

?Foreign institutional investors (FIIs) net bought shares worth Rs 4,178.61 crore whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,107.10 crore on October 31, as per provisional data available on the NSE.

Domestic and International Events

The central government’s fiscal deficit widened to Rs 6.20 lakh crore in April-September, accounting for 37.3 percent of the full-year target, data released on October 31 by the Controller General of Accounts showed.
The fiscal deficit for April-September 2021 had accounted for 35 percent of the FY22 target. The fiscal deficit in the first half of the last financial year months was Rs 5.27 lakh crore. As such, the fiscal deficit in April-September of the current financial year is 17.65 percent higher on a year-on-year basis.
India’s eight core sectors grew 7.9 percent in September, quickening from an upwardly revised 4.1 percent in August, the commerce ministry said on October 31. Output in six of the eight core sectors grew in September. These sectors include coal, refinery products, electricity, fertilisers, cement and steel, said the ministry.
Japan’s manufacturing activity grew at its slowest pace in 21 months in October on marked declines in output and overall new orders, as exports were partly hurt by worsening conditions in China and South Korea.