ICICI Bank reported a 31.43 per cent jump in its September quarter

Opening Bell:

SGX Nifty is down by 37.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian indices were in green on Tuesday. The Japanese Nikkei is up by 0.97 percent and South Korea’s Kospi is higher by 0.55 percent. Hong Kong’s Hang Seng is down by 0.64 percent in the early morning trades.

US stocks advanced on Monday, extending last week’s gains as signs of economic softness suggested the effects of the Fed’s aggressive policy aimed at cooling the economy, thereby curbing decades-high inflation, are beginning to take root. S&P 500 closed 1.19 percent higher on Monday whereas Nasdaq composite surged 0.86 percent.

India’s over $3 trillion worth of stock market made a strong start to the new Hindu calendar year of Samvat 2079 on October 24 with the mood on the Street cautiously optimistic after a year of volatility and negative returns.

Stocks News:

Reliance Industries reported a drop in the consolidated net profit for the September quarter. The bottom line fell year-on-year to Rs 13,656 crore, against expectations of double-digit growth. Consolidated revenue of the mainstay oil-to-chemicals business grew over 32% on year to Rs 1.59 lakh crore in the quarter.

ICICI Bank reported a 31.43 per cent jump in its September quarter consolidated profit at Rs 8,007 crore, helped by a steady growth in core business and also a dip in money set aside for bad loans.

Bajaj Finance reported an 88 per cent jump in its consolidated net profit at Rs 2,781 crore for the quarter ended September 2022. It had posted a net profit of Rs 1,481 crore in the same period of the previous fiscal.

Kotak Mahindra Bank reported a healthy set of numbers, with net profit growing 27 per cent to Rs 2,581 crore for the three months to September, boosted by record margins and loan sales. The country’s fourth largest private sector lender reported a 21 per cent rise in net profit at Rs 3,608 crore in the reporting quarter.

DLF the realty major sales bookings rose 62 per cent year-on-year during the April-September period to Rs 4,092 crore on better demand for its housing properties. Its sales bookings stood at Rs 2,526 crore in the first half of the previous financial year, according to an investor’s presentation by the firm.

Domestic and International Events

• China’s economy grew 3.9 percent year-on-year in the third quarter, according to official data released Monday, beating forecasts. The data, published six days later than scheduled, showed higher growth than the 2.5 percent predicted by a panel of experts surveyed by AFP.
• The US Federal Reserve will go for its fourth consecutive 75 basis point interest rate hike on November 2, according to economists polled by Reuters, who said the central bank should not pause until inflation falls to around half its current level.
• India’s forex reserves dropped by $4.50 billion to $528.37 billion for the week ended October 14, the RBI said on Friday. The overall reserves had increased by $204 million to $532 billion in the previous reporting week, which was the first weekly increase in the kitty since August this year.
• Oil edged higher on concern about near-term supply tightness, and as a raft of positive US earnings supported appetite for risk.

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