TATA Chemicals recorded consolidated profit at Rs 685 crore

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SGX Nifty is up by 45.5 points in the early morning trade, indicating a positive opening for Indian stock market.

Asian shares dropped following sharp swings on Wall Street as investors contended with mixed US economic data and disappointing results from tech giants. The Japanese Nikkei is down by 0.33 percent and South Korea’s Kospi is higher by 0.12 percent. Hong Kong’s Hang Seng is up by 0.56 percent in the early morning trades.

Stocks mostly rose in morning trading on Wall Street, but major indexes remained unsettled as more big companies report earnings. S&P 500 closed 0.61 percent lower whereas Nasdaq composite declined by 1.63 percent.

European stocks fell after the ECB policy announcement of 75 basis point rate hike.

Stocks News:

?TATA Chemicals recorded consolidated profit at Rs 685 crore for the quarter ended September FY23, against Rs 248 crore a year back. Revenue from operations for the quarter at Rs 4,239 crore grew by 40% YoY. The operating performance reflected improved realisations and efficient cost management in the context of elevated energy and input costs.

?Kaveri Seed Compny said the board has given its approval for share buyback proposal worth Rs 125.65 crore, at a price up to Rs 700 per share. At the maximum buyback price and buyback size, the maximum number of shares to buy would be 17.95 lakh shares

?Infibeam Avenues has received in-principle authorisation to operate as a payment aggregator, from Reserve Bank of India. Now the company is allowed to operate as a Payment Aggregator to provide digital payments services to any merchant(s) online or offline across the country.

?Maruti Suzuki to be in focus ahead of September FY23 quarter earnings. Among others, Dr Reddy’s Laboratories, JSW Energy, Vedanta, Tata Power Company, Bandhan Bank, Blue Dart Express, CCL Products (India), Dwarikesh Sugar Industries, Eveready Industries India, NIIT, Satin Creditcare Network, Sona BLW Precision Forgings, Sumitomo Chemical India, and TTK Healthcare will declare their September FY23 quarter earnings on October 28.

?Foreign portfolio investors (FPIs) were net buyers of domestic shares on Thursday, having bought stocks worth Rs 2818 crore, provisional data showed. DIIs on the other hand, net sold stocks to the tune of Rs 1580 crore.

Domestic and International Events

Oil prices fell in early trade on Friday on a stronger dollar, but were on track for a weekly gain on concerns about supply tightening with Europe’s pending cut-off of imports from Russia.
The ECB for the third time raised policy rates by 75 basis points, and hinted at more such hikes in order to bring down inflationary pressures.
The Reserve Bank of India (RBI) has announced that the Monetary Policy Committee (MPC) will hold an additional meeting on November 3.
Prime Minister Narendra Modi will lay the foundation stone on Sunday for a plant in Vadodara that will manufacture the C-295 transport aircraft. This contract is expected to support the development of India’s aerospace ecosystem, bringing investment and 15,000 skilled direct jobs and 10,000 indirect positions over the coming decade, according to Airbus officials.