NMDC registered a 62% YoY decline in profit at Rs 885.7 crore

Opening Bell:

SGX Nifty is up by 57 points in the early morning trade, indicating a positive opening for Indian stock market.

Shares in the Asia-Pacific were little changed on Tuesday ahead of a slew of economic data from China, and following the meeting between US President Joe Biden and Chinese President Xi Jinping. The Japanese Nikkei is down by 0.013 percent and South Korea’s Kospi is down by 0.26 percent. Hong Kong’s Hang Seng is up by 2.72 percent in the early morning trades.

Wall Street’s main indices ended lower on Monday, with real estate and discretionary sectors leading broad declines, as investors digested comments from US Federal Reserve officials about plans for interest rate hikes and looked for next catalysts after last week’s big stock market rally. S&P 500 lost by 0.89 percent whereas Nasdaq composite dropped 1.12 percent.

Stocks News:

?NMDC registered a 62% year-on-year decline in profit at Rs 885.7 crore for quarter ended September FY23, impacted by lower top line as well as operating income. Numbers were below analysts’ expectations. Revenue from operations for the quarter at Rs 3,328 crore declined 51% and EBITDA fell 73% to Rs 851.2 crore compared to year-ago period.

?Apollo Tyres reported better than expected earnings growth. It recorded 12% year-on-year growth in consolidated profit at Rs 194.5 crore for the quarter ended September FY23, supported by top line. Revenue from operations grew by 17% YoY to Rs 5,956 crore and EBITDA rose 11.6% to Rs 712 crore, though margin contracted 60 bps due to higher input cost.

?Balkrishna Industries recorded 2.2% year-on-year decline in consolidated profit at Rs 382.3 crore for quarter ended September FY23 dented by higher input cost, and freight & forwarding expenses, but supported by higher other income and top line. Revenue for the quarter rose 28.2% to Rs 2,657.5 crore, but EBITDA declined 20.7% to Rs 426.2 crore compared to corresponding period last fiscal.

?Mindtree the IT services company said L&T Infotech and itself started operating as a merged entity from November 14, 2022. The merger has received approval of National Company Law Tribunal. L&T Infotech said Debashis Chatterjee is appointed MD & CEO of L&T Infotech and Vinit Teredesai replaced Anil Rander as CFO.

?Foreign institutional investors (FIIs) have net bought shares worth Rs 1,089.41 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 47.18 crore on November 14, as per provisional data available on the NSE.

Domestic and International Events

• India’s headline retail inflation rate fell to a three-month low of 6.77 percent in October from 7.41 percent in the previous months on a favourable base effect, data released on November 14 by the ministry of statistics and programme implementation showed.
• Goldman Sachs said it expects a “significant” decline in the US inflation next year due to easing in supply chain constraints, a peak in shelter inflation and slower wage growth. The US lender on Sunday forecast core personal consumption expenditure (PCE) –– the Federal Reserve’s preferred measure of inflation –– falling to 2.9% by December 2023 from 5.1% currently.
• OPEC reduced its forecasts for global oil demand again as the group implements production cutbacks aimed at keeping markets in balance.
• Oil prices settled around $3 lower on Monday, dragged down by a firmer US dollar while surging coronavirus cases in China dashed hopes of a swift reopening of the economy for the world’s biggest crude importer.

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