TATA Motors has received an order for 200 electric buses

Opening Bell:

SGX Nifty is up by 24 points in the early morning trade, indicating a positive opening for Indian stock market.

Shares in the Asia-Pacific inched higher on Wednesday following a second day of gains in major US indices. The Japanese Nikkei is up by 0.7 percent and South Korea’s Kospi is up by 0.64 percent. Hong Kong’s Hang Seng is down by 0.57 percent in the early morning trades.

Wall Street stocks closed higher and Treasury yields dipped on Tuesday as upbeat earnings and better-than-expected factory data stoked a risk-on rally. S&P 500 closed 1.14 percent higher on Monday whereas Nasdaq composite added by 0.9 percent.

The US dollar edged higher against a basket of currencies on Tuesday, shaking off some of the weaknesses of the previous session, but a revival in risk appetite in global financial markets kept a lid on its gains.

Stocks News:

? Tech Mahindra the country’s fifth largest IT services exporter announced it will be hiring 3,000 people in Gujarat over the next five years. The company’s current staff strength in Gujarat could not be immediately ascertained.

? TATA Motors has received an order for 200 electric buses which will be deployed in Jammu and Srinagar. The Mumbai-based auto major has won the tender of 200 electric buses floated by Jammu Smart City.

? Adani Defence & Aerospace, a subsidiary of Adani Group’s flagship firm, has decided to acquire Air Works for an enterprise value of Rs 400 crore. Adani Defence Systems & Technologies has signed definitive agreements for the acquisition of Air Works, the biggest and highly diversified independent MRO with the largest pan-India network.

? ICICI Lombard General Insurance the private sector non-life player reported a 32.2 per cent growth in net profit at Rs 591 crore for the September quarter, boosted by a tax reversal of Rs 128 crore. The ICICI Bank group company said excluding this tax reversal, net income inched up by 3.4 per cent. In the year-ago quarter.

? Foreign institutional investors (FIIs) have net sold shares worth Rs 153.40 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 2,084.71 crore on October 18, as per provisional data available on the NSE.

Domestic and International Events

• Production at US factories climbed in September, led by output gains in both durable and nondurable goods, indicating that the manufacturing sector remains on a reasonable footing, despite the Federal Reserve’s efforts to hamper demand – and lower inflation – through higher interest rates.
• Production at US factories spiked in September, led by output gains in both durable and nondurable goods, indicating strength in the manufacturing sector despite Fed efforts to hamper demand through higher interest rates.
• As a case of BQ.1 Covid-19 variant is detected in the country, the Ministry of Health and Family Welfare (MoHFW) took a review meeting on Tuesday on the pandemic situation in India.
• Freshers’ hiring intentions have increased to 61 per cent for the July-December 2022 period as employers across India look to hire due to the accelerated rate of tech and digital advancements.
• The government on Tuesday hiked the minimum support price (MSP) of six Rabi crops by up to 9 per cent, with Rs 110 per quintal increase for wheat crop to boost domestic production and farmers’ income.

Key Equity Indices