TCS reported a 10% sequential growth in consolidated profit at Rs Rs 10,431 crore

Opening Bell:

SGX Nifty is down by 20.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian markets opened negative. The Japanese Nikkei is down by 1.65 percent and South Korea’s Kospi is down by 2.13 percent. Hong Kong’s Hang Seng is down by 0.7 percent in the early morning trades.

US stocks edged lower on Monday ahead of latest round of corporate earnings and a busy week of inflation updates. S&P 500 closed 0.75 percent lower where as Nasdaq composite was down by 1.04 percent.

European shares edged lower on Monday as investors stayed cautious ahead of major corporate earnings this week, with nerves around rising interest rates and escalating geopolitical tensions also weighing on sentiment.

Stocks News:

?TCS reported a 10% sequential growth in consolidated profit at Rs Rs 10,431 crore for Q2FY23, with profitable growth across all industry verticals and in all major markets. Consolidated revenue grew by 4.8% sequentially (up 18% YoY) to Rs 55,309 crore, driven by strong execution, with dollar revenue rising 1.4% and constant currency revenue growth at 4% for the quarter.

?Nippon Life India Trustee sold 2.92 lakh equity shares or 0.09% stake in Triveni Turbine via open market transactions. With this, its shareholding in the company reduced to 2.98%, from 3.07% earlier.

?Inox Wind subsidiary Inox Green Energy Services sold entire equity shareholding held in Wind One Renergy, Wind Three Renergy and Wind Five Renergy, to Adani Green Energy. All three special purpose vehicles successfully commissioned 50 MW each of SECI Tranche 1 in 2019.

?Zydus Lifesciences shares reached an eight-month high after a series of US regulatory approvals for its drugs. Since August 31, the company has received final and temporary approvals from the US Food and Drug Administration for eight of its abbreviated new drug applications (ANDAs). It now has 326 approvals from 428 ANDAs filed since June 30, 2022.

?Foreign institutional investors (FIIs) turned net sellers to the tune of Rs 2,139.02 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 2,137.46 crore on October 10, as per provisional data available on the NSE.

Domestic and International Events

• Oil prices fell on Tuesday, extending nearly 2% losses in the previous session, as a stronger U.S. dollar and a flare-up in COVID-19 cases in China increased fears of slowing global demand.
• The U.S. dollar rose for a fourth straight session on Monday as investors braced for high inflation data released this week, leading to expectations of continued aggressive monetary policy from the Federal Reserve.
• COVID-19 cases in the world’s second-largest oil consumer China rose to their highest since August. Its services activity in September contracted for the first time in four months, as pandemic restrictions weighed.
• EU sanctions on Russian crude and oil products will take effect in December and February respectively while the bloc last week gave its final approval for a new batch of sanctions against Russia including a price cap on Russian oil exports.
• India maintains a “healthy dialogue” with Russia and will look at what is offered following an announced ownership revamp to the Sakhalin-1 oil and gas project.

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