Consumer Durables News

Benchmarks end flat, Nifty holds 17,300 mark; Titan jumps over 5%




The frontline indices ended almost flat after a volatile session on Friday. The sentiment was dented as the rupee hit a fresh low against the dollar today. Investors were also cautious ahead of the monthly US nonfarm payroll numbers due later today. The Nifty held above the 17,300 level after hitting the day’s low of 17,216.95 in the early afternoon trade. Consumer durables and media stocks advanced while oil & gas and IT shares declined.

The barometer index, the S&P BSE Sensex, shed 30.81 points or 0.05% to 58,191.29. The Nifty 50 index lost 17.15 points or 0.1% to 17,314.65.

M&M (down 1.37%), TCS (down 1.28%), HDFC Bank (down 0.43%) and SBI (down 1.28%) were major drags.

In the broader market, the S&P BSE Mid-Cap index declined 0.15% while the S&P BSE Small-Cap index rose 0.30%.

The market breadth was negative. On the BSE, 1,862 shares rose, and 1,576 shares fell. A total of 115 shares were unchanged.

The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, declined 2.60% to 18.81.

Economy:

The World Bank on Thursday projected a growth rate of 6.5% for the Indian economy for the fiscal year 2022-23, a drop of one percent from its previous June 2022 projections, citing deteriorating international environment.

In its latest South Asia Economic Focus released ahead of the annual meeting of the International Monetary Fund and the World Bank, the Bank, however, noted that India is recovering stronger than the rest of the world.

Numbers to Track:

The yield on India’s 10-year benchmark federal paper rose to 7.462 as compared with 7.454 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.30, compared with its close of 82.17 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement declined 0.05% to Rs 51,947.

The US Dollar index (DXY), which tracks the greenback’s value against a basket of currencies, was down 0.12% to 112.12.

The United States 10-year bond yield increased to 3.849 as compared with 3.824 at close in the previous trading session.

In the commodities market, Brent crude for December 2022 settlement gained $1.02 or 1.08% at $95.44 a barrel.

Global Markets:

European shares advanced while Asian shares declined on Friday, ahead of the monthly U.S. jobs report, which is likely to guide the Federal Reserve’s monetary decision in November. Markets in mainland China remain closed for a holiday.

Wall Street’s major indexes closed lower on Thursday as concerns mounted ahead of closely watched monthly nonfarm payrolls numbers due on Friday that the Federal Reserve’s aggressive interest rate stance will lead to a recession.

Stocks in Spotlight:

Titan Company rallied 5.27%. The Tata Group company said that it witnessed double-digit growth across most businesses with overall sales growing 18% year on year (YoY). Retail network continued the pace of expansion adding 105 stores (net) for the quarter. The company’s flagship Jewellery division grew 18% YoY on a high base of Q2 FY22 that had elements of pent-up demand and spillover purchases of a Covid disrupted Q1 FY22.

RattanIndia Enterprises soared 8.13%. The company said that it will acquiring 100% shareholding in the electric motorcycles market leader Revolt Motors.

Indian Hume Pipe Company surged 9.22%. The company received letter of acceptance (LOA) for Rs 194.03 crore under Jal Jeevan Mission Project in Maharashtra.

Dabur India shed 1.08%. The company said that the consolidated revenue is expected to grow at mid-single digit. The company said that it will continue to grow ahead of category growths and gain market share in most of its segments, both in domestic and overseas markets.

During the quarter inflation was at peak levels which impacted gross margins. The input cost pressure led to a near term impact on operating margin which is expected to be lower by around 150-200 bps as compared to Q2 FY22 but will see sequential improvement. With commodity prices easing, inflation is expected to ease in H2 FY22 leading to YoY improvement in operating margins.

Kalyan Jewellers India 2.16%. The company said that it achieved a consolidated revenue growth of approximately 20% in Q2 FY23 as compared to the same period in the previous financial year. The company said it witnessed continued robust momentum in footfalls and revenues across all markets in India and Middle East, while effectively navigating through a challenging economic environment. The counter hits a record high of 104.60 in intraday today.

NTPC rose 0.95%. The company and GE Gas Power signed a Memorandum of Understanding (MoU) for feasibility to demonstrate hydrogen co-firing blended with natural gas in GE’s 9E gas turbines installed at NTPC’s Kawas combined-cycle gas power plant in Gujarat.

Zuari Agro Chemicals advanced 3.70%. The company’s board approved appointment of Manish Malik as chief financial officer (CFO) and key managerial personnel (KMP) with effect from Thursday, 6 October 2022.

Datamatics Global Services jumped 4.33%. Datamatics and Scan-Optics, a leader in intelligent data management and digital transformation, announced that they have entered in a partnership to help organizations enhance automation of business operations.

Equitas Small Finance Bank advanced 1.60%. The bank said its gross advances rose 20% to Rs 22,802 crore as on 30 September 2022 as against Rs 18,978 crore as on 30 September 2021. Total deposits grew 20% YoY to Rs 21,726 crore in Q2 FY23.

PVR slipped 1.87%. CRISIL Ratings has assigned CRISIL A1+’ ratings to the commercial paper programme of the company (PVR). The ratings on the long-term bank facilities and debt instruments continues to be on ‘rating watch with positive implications’. CRISIL said that the ratings continue to consider strong market position and established brand of PVR, improving operating efficiency, and healthy financial risk profile and liquidity. These strengths are partially offset by exposure to risks inherent in the film exhibition business.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)





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