D-Mart clocked a 64.1% YoY growth in profit at Rs 685.8 crore

Opening Bell:

SGX Nifty is down by 129 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian markets declined on Monday following the sell off on Wall Street as investors brace for tightening in global financial conditions. The Japanese Nikkei dropped 1.2 percent and South Korea’s Kospi is down by 0.23 percent. Hong Kong’s Hang Seng also declined by 0.68 percent in the early morning trades.

US stocks dropped on Friday as worsening inflation expectations kept intact worries that the Federal Reserve’s aggressive rate hike path could trigger a recession, while investors digested the early stages of earnings season. S&P 500 closed 2.37 percent lower on Friday whereas Nasdaq composite crashed by 3.08 percent.

Oil prices plummeted more than 3% on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target.

Stocks News:

?HDFC Bank on October 15 reported a consolidated net profit of Rs 11,125 crore for the quarter ended September 30 (Q2FY23). The figure was 22.3 percent higher than the profit logged in the corresponding quarter of the previous fiscal.

?D-Mart clocked a 64.1% year-on-year growth in profit at Rs 685.8 crore for the quarter ended September FY23, with revenue rising 36.6% to Rs 10,638.3 crore and EBITDA climbing 33.4% to Rs 892 crore compared to year-ago period, but margin fell 20 bps to 8.4 percent in Q2FY23 YoY.

?Inox Wind board of directors on October 19 to consider raising of funds through issuance of securities including but not limited to non-convertible securities under private placement basis within the overall borrowing limits.

?L&T Infotech recorded consolidated profit at Rs 679.8 crore for the quarter ended September FY23, up 7.2%% sequentially, with revenue rising 6.9% to Rs 4,836.7 crore and EBIT climbing 7.8% to Rs 780.9 crore.

?Foreign institutional investors (FIIs) have net sold shares worth Rs 1,011.23 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 1,624.13 crore on October 14, as per provisional data available on the NSE.

Domestic and International Events

Foreign investors have pulled out nearly Rs 7,500 crore from the Indian equity markets in the first two weeks of October on concerns of monetary policy tightening by the US Federal Reserve and other central banks globally, which could hamper global economic growth.
India’s export rose by 4.82 percent to $35.45 billion in September, even as the trade deficit widens to $25.71 billion,. In its preliminary data, which was released in the first week of this month, the ministry stated that the country’s merchandise exports contracted by 3.52 percent to $32.62 billion in September.
With inflation ruling well above the upper bound of the Reserve Bank of India (RBI)’s target, HSBC economists expect another 50 basis points (bps) hike in December 2022. A delayed withdrawal of monsoon and uncharacteristically heavy rains in October 2022 has led to vegetable prices soaring.
Liquidity has been tightening in Indian banking system amid the festive season. Liquidity slipped into deficit in September 2022. This happened for the first time in three years. There has been a surge in demand from customer segment like the pre-Covid years.
Economists opine that retail inflation will start moderating from October 2022, reported Business Standard. Capital Economics India economist Shilan Shah is of the view that late recovery in the monsoon has boosted prospects for agriculture production, which should help in controlling prices.