Suzlon Energy has received order for development of 144.9 MW wind power projects

Opening Bell:

SGX Nifty is up by 42 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian markets were mixed amid concerns over the global economy and ahead of Bank of Korea’s rate decision. The Japanese Nikkei is lower by 0.1 percent and South Korea’s Kospi is down by 0.2 percent. Hong Kong’s Hang Seng is down by 1.7 percent in the early morning trades.

US indices S&P 500 and Nasdaq edged lower on Tuesday with indications from the Bank of England that it would support the country’s bond market for just three more days adding to market jitters late in the session. S&P 500 closed 0.65 percent lower where as Nasdaq composite was down by 1.1 percent.

Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening COVID-19 curbs in China.

Stocks News:

?Infosys, which is scheduled to report its earnings report card for September quarter on October 13, will likely post a strong set of numbers thanks to strong momentum and ramp-up of past deals. A poll of analysts projected that the company will report revenue growth of 24 percent year on year at Rs 36,747 crore. Net profit is likely to grow 11 percent to Rs 6,031 crore. Sequentially, growth will be in mid-single digits.

?Goldman Sachs Investment (Mauritius) has acquired 69,66,712 equity shares in IndusInd Bank through open market transactions. However, Route One Fund I LP sold 1.2 crore shares.

?Suzlon Energy has received the order for development of 144.9 MW wind power projects for Aditya Birla Group. It will install 69 units of wind turbine generators with a hybrid lattice tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is expected to be commissioned in 2023

?L&T Finance Holding has received approval from Sebi for sale of 100% shareholding in subsidiary L&T Investment Management to HSBC Asset Management (India). With this approval, all necessary actions are being taken to ensure completion of the proposed transaction, said the company.

?Delta Corp has clocked 19.5% sequential growth in consolidated profit at Rs 68.25 crore for the quarter ended September FY23 and revenue during the same period increased by 8% to Rs 270 crore. The business is very resilient and has bounced back much stronger. The company has surpassed pre-Covid set of numbers and have registered strong growth.

?Foreign institutional investors (FIIs) turned net sellers to the tune of Rs 4,612.67 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 2,430.76 crore on October 11, as per provisional data available on the NSE.

Domestic and International Events

• The International Monetary Fund (IMF) has announced another cut to its gross domestic product (GDP) growth forecast for India for the current financial year, this time by 60 basis points to 6.8 percent. At 6.8 percent, the multilateral agency’s forecast is below that of the Reserve Bank of India (RBI), which on September 30 lowered it by 20 basis points to 7 percent.
• The worst for the global economy is yet to come, the International Monetary Fund’s (IMF) top economist Pierre-Olivier Gourinchas has warned.
• India’s economic activity showed signs of slowing down in September 2022, as readings of four of the eight high-frequency indicators tracked by Bloomberg News eased during the month.
• The central government expects direct tax revenue to grow in the range of 25-30 per cent in 2022-23. A 25 per cent growth in direct tax collections will translate into a revenue of Rs.17.25 trillion for the current fiscal as compared to direct tax collections target of Rs.14.2 trillion.
• The Ministry of Finance started its annual Budget making exercise by holding consultations with six ministries to firm up revised budget estimates (RE) for 2022-23 and budget estimate (BE) for 2023-24.

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