Pidilite Industries reported a decline of 10.06% in consolidated net profit at Rs 337.75 crore

Opening Bell:

SGX Nifty is up by 68.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Shares in the Asia-Pacific fell Thursday as investors await US inflation data, a key metric closely watched by the Federal Reserve, and as US midterm results continue to roll in. The Japanese Nikkei is down by 1.0 percent and South Korea’s Kospi is down by 0.13 percent. Hong Kong’s Hang Seng is down by 1.82 percent in the early morning trades.

Wall Street ended sharply lower on Wednesday as Republican gains in midterm elections appeared more modest than some expected, with investors also focusing on upcoming inflation data that will provide clues about the severity of future interest rate hikes. S&P 500 declined 2.08 percent whereas Nasdaq composite was down by 2.48 percent.

European stock markets eyed their fourth straight week of gains and started the month on solid ground, driven by better-than-feared corporate earnings and hopes the Fed will deliver rate hikes in smaller increments.

Stocks News:

? Tata Motors Limited on November 9 reported a consolidated net loss of Rs 944.61crore for the quarter ended September (Q2FY23). The homegrown multinational automotive manufacturing firm had posted a net loss of Rs. 4,441.57 crore in the year-ago period (Q2FY22).

? HUL and GSK mutually decided to terminate their agreement for selling of Over-the-Counter (OTC) and oral care products. The agreement was for brands such as Crocin, Eno, Iodex, Ostocalcium, Otrivin, and Sensodyne, which were owned by GSK.

? Tata Group arm said its subsidiary Tata Power Renewable Energy has received the ‘Letter of Award’ from the Maharashtra State Electricity Distribution Corporation (MSEDCL) to set up 150MW solar project in Solapur, Maharashtra. The project will be commissioned within 18 months from the PPA execution date.

? Pidilite Industries the manufacturer of adhesives, sealants and construction chemicals reported a decline of 10.06 per cent in consolidated net profit at Rs 337.75 crore for the second quarter of FY23 on account of raw material inflation and high-priced inventory. It had logged a profit of Rs 375.53 crore in the July-September quarter a year ago.

? Foreign institutional investors (FIIs) have net bought shares worth Rs 386.83 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,060.12 crore on November 9, as per provisional data available on the NSE.

Domestic and International Events

• Oil prices sank by roughly $3 a barrel on Wednesday after industry data showed that US crude stockpiles rose more than expected and on concerns that a rebound in Covid-19 cases in top importer China would hurt fuel demand.
• Gold prices were steady on Thursday as cautious investors held to the sidelines and awaited key US inflation report to gauge the size of the Federal Reserve’s future interest rate hikes.
• Meta Platforms climbed 8% as the Facebook-parent said it would let go of 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year.
• Several Republican senators easily won re-election on Tuesday in US midterm elections that could usher in an era of divided government and scale back President Joe Biden’s power in Washington. With polls closed in six states, the initial results would not alter the balance of power in the 50-50 Senate, which Democrats currently control with a tie-breaking vote.

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