Tata Power to develop 7 MW solar project at Pantnagar manufacturing facility

Opening Bell:

SGX Nifty is down by 59.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian markets were mixed on Thursday as investors await inflation data from the US. The Japanese Nikkei is down by 0.47 percent and South Korea’s Kospi is down by 0.82 percent. Hong Kong’s Hang Seng is down by 0.2 percent in the early morning trades.

US markets edged lower on Wednesday after minutes from the last Federal Reserve meeting showed policymakers agreed they needed to maintain a more restrictive policy stance. S&P 500 closed 0.33 percent lower where as Nasdaq composite was down by 0.09 percent.

India’s headline retail inflation measured by the Consumer Price Index (CPI) rose to 7.41 percent in September from 7.00 percent in August. At 7.41 percent, the September CPI inflation figure was slightly above the consensus estimate

Stocks News:

?HCL Technologies reports 6.3% QoQ growth in Q2 profit, expects FY23 revenue to grow 13.5–14.5% YoY in constant currency. The IT services company recorded 6.3% sequential growth in consolidated profit at Rs 3,489 crore and revenue increased by Rs 5.2% QoQ to Rs 24,686 crore.

?Wipro reports 4.1% QoQ growth in IT services revenue in constant currency, operating margin expands 16 basis points QoQ. The company said IT services segment revenue in constant currency increased by 4.1% QoQ in Q2FY23 and dollar revenue rose by 2.27% QoQ to $2,797.7 million for the quarter ended September FY23.

?Tata Power to develop 7 MW solar project at Pantnagar manufacturing facility. The company is going to develop 7 MW solar project at its Pantnagar manufacturing facility in Uttarakhand. This installation is expected to generate 215 million units of electricity, potentially reducing carbon emissions by over 1.7 lakh tonnes.

?ITC Infotech incorporates subsidiary in Brazil. The company said its subsidiary ITC Infotech India has incorporated a wholly owned subsidiary in Brazil under the name of ITC Infotech Do Brasil LTDA. ITC Infotech has received registration certificate for incorporation of the subsidiary.

?Foreign institutional investors (FIIs) net sold shares worth Rs 542.36 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 85.32 crore on October 12, as per provisional data available on the NSE.

Domestic and International Events

• India’s industrial growth, as per the Index of Industrial Production (IIP), slid to an 18-month low of -0.8 percent in August from 2.2 percent in July. The last time India’s industrial production had contracted was in February 2021.
• Economists said that upside risks to India’s food inflation have grown with unseasonal rains hitting major crop producing states in October, with both harvest and sowing estimated to have taken a hit. That could keep overall inflation elevated
• Oil prices struggled to find their footing in early Asian trade on Thursday after a weakening global demand outlook depressed the market in the last session.
• The Union Cabinet has approved the proposal of Ministry of Petroleum & Natural Gas to extend one time grant of Rs.220 billion to three oil marketing companies (OMCs), Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL).
• Indian startups raised USD 3 billion during July-September 2022, which is 57 per cent lower as compared to April-June 2022. This is 80 per cent less than USD 14.9 billion raised during July-September 2021.

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