Karnataka bank recorded a massive 228% YoY growth in standalone profit at Rs 412 crore

Opening Bell:

SGX Nifty is down by 14 points in the early morning trade, indicating a flat opening for Indian stock market.

Shares in the Asia-Pacific were mixed on Wednesday as investors brace for another likely 75-basis-point rate hike by the Federal Reserve. The Japanese Nikkei is lower by 0.02 percent and South Korea’s Kospi is up by 0.18 percent. Hong Kong’s Hang Seng is down by 1.05 percent in the early morning trades.

US stocks closed lower for a second straight session on Tuesday after data indicating that the labour market remained on solid ground dimmed hopes the Federal Reserve might have enough reason to begin reducing the size of its interest rate hikes. S&P 500 closed 0.41 percent lower whereas Nasdaq composite declined by 0.89 percent.

Global factory output weakened in October as widespread recession fears, high inflation and China’s zero-COVID policy hurt demand, business surveys showed on Tuesday, adding to persistent supply disruptions and darkening recovery prospects.

Stocks News:

?Tech Mahindra has recorded a 13% sequential increase in consolidated profit at Rs 1,299 crore for the quarter ended September FY23. Consolidated revenue increased by 3.3% QoQ to Rs 13,129 crore for the quarter. Revenue in dollar terms grew by 0.3% QoQ to $1,638 million and it clocked 2.9% growth in revenue in constant currency terms. The company has declared special dividend of Rs 18 per share.

?Adani Ports and SEZ consolidated profit increased by 65.5% YoY to Rs 1,738 crore for the quarter ended September FY23, supported by top line, operating income and lower tax cost. Revenue surged 33% YoY to Rs 5,211 crore for the quarter. Cargo for the quarter stood at 86.6 MMT, a 15% YoY growth.

?Voltas posted consolidated loss of Rs 6 crore for the quarter ended September FY23 as against a profit of Rs 104 crore for the same period last year, impacted by provision made on an overseas project. Total income for the quarter at Rs 1,833 crore rose by 5.5 percent compared to the year-ago period.

?Karnataka bank recorded a massive 228% year-on-year growth in standalone profit at Rs 412 crore for the quarter ended September FY23 as there was write-back of provisions and contingencies of Rs 14 crore in Q2FY23. Net interest income grew by 26% YoY to Rs 803 crore for the quarter.

?Foreign institutional investors (FIIs) have net bought shares worth Rs 2,609.94 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 730.14 crore on November 1, as per provisional data available on the NSE.

Domestic and International Events

India’s manufacturing sector activity gained some momentum in October, while price pressures remained contained. According to the S&P Global’s Purchasing Managers’ Index, India’s manufacturing PMI rose to 55.3 from 55.1 in September, data released on November 1 showed.
U.S. job openings unexpectedly rose in September, suggesting demand for labor remained strong, which could temper financial market expectations that the Federal Reserve would dial back its aggressive interest rate increases in December.
Oil prices rose in early trade on Wednesday after industry data showed a surprise drop in US crude stockpiles, suggesting demand is holding up despite steep interest rate hikes dampening global growth.
British manufacturing last month suffered its biggest contraction since the depths of the first Covid-19 lockdown in May 2020, with optimism draining fast, a survey showed on Tuesday.