LIC has increased its stake in Dr Reddy’s Laboratories to 7.7 percent

Opening Bell:

SGX Nifty is up by 247 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian markets were trading higher The Japanese Nikkei jumped by 2.71 percent, South Korea’s Kospi rallied by 2.37 percent and Hong Kong’s Hang Seng is closed on public holiday in China.

Wall Street’s three major indices rallied to close over 2 percent on Monday as US Treasury yields tumbled on weaker-than-expected manufacturing data, increasing the appeal of stocks at the start of the year’s final quarter.

Dow Jones Industrial Average rallied by 2.7 percent, while the S&P 500 gained 2.6 percent. The Nasdaq Composite added 2.3 percent.

Stocks News:

?Odisha-based Neelachal Ispat Nigam has started operations nearly 90 days after it was acquired by a Tata Steel subsidiary for Rs 12,000 crore in a bidding process. The plant with a 1.1 million tonnes steel-making capacity was closed for almost two years on account of various reasons.

?Britannia Industries has acquired a controlling stake in Kenya’s Kenafric Biscuits by subscribing to 51 per cent of the equity share capital of the company while also fully taking over Catalyst Britania Brands. The cost of acquisition was about Rs 9.2 crore.

?LIC has increased its stake in Dr Reddy’s Laboratories to 7.7 percent through purchase of 33.86 lakh shares from open market over a period of time. LIC earlier held around 5.65 per cent stake in the company.

?Vedanta’s aluminium production increased by 2 per cent to 5,84,000 tonnes in the second quarter of the ongoing fiscal. The company’s aluminium production in the corresponding quarter of FY22 stood at 5,70,000 tonnes.

?Adani Group’s firm Adani Renewable Energy Holding Four has incorporated three new subsidiary companies for renewable energy business. The company said Adani Renewable Energy Holding Four is its own subsidiary and the newly incorporated entities are its step-down subsidiaries.

?Foreign institutional investors (FIIs) net sold shares worth Rs 1,565.31 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 3,245.45 crore on September 30, as per provisional NSE data.

Domestic and International Events

• The Securities and Exchange Board of India (Sebi) on October 3 warned investors against falling prey to fake portfolio managers who are promising fixed or assured returns. The market regulator said it has found that some entities are luring the public with a promise of high returns, through pamphlets and social media platforms.
• US manufacturing activity grew at its slowest pace in nearly 2.5 years in September as new orders contracted, likely as rising interest rates to tame inflation cooled demand for goods.
• India’s economic growth is expected to decline to 5.7 percent this year from 8.2 per cent in 2021, a top UN agency projected on Monday, citing higher financing cost and weaker public expenditures.
• The OPEC+ group of oil producers is discussing output cuts of more than 1 million barrels per day (bpd), OPEC sources said, and voluntary cuts by individual members could come on top of that, making it their largest cut since 2020.

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