Stock Market LIVE: Sensex zooms 300 pts, Nifty above 17,500; Finance, Auto gain

Auto Index rallies with almost all stocks in the index in green

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Kotak Securities outlook on Commodities – Gold & Crude

Ravindra V.Rao, CMT, EPAT, VP-head commodity research, Kotak Securities Ltd: 

Gold: COMEX Gold trades flat near $1656/oz after a near 0.50% fall in yesterday’s session. Gold has been trading flat since the American currency showed signs of exhaustion at the top. However, the hawkish Fed is capping gains in the yellow precious metal. ETF outflows continue; however, the pace has reduced as indicated by holdings in the SPDR gold trust. The holdings fell by 0.29 tonnes to 938.81 tonnes, a fall by 0.03%.ETF holdings are witnessing outflows as investors are worried about bullion performance amid Fed’s aggressive monetary policy stance. Although Gold is holding $1650/oz level a strong bullish momentum may start only if we see a sustained down move in the American currency.

Crude: Crude oil prices traded 1.2% and 0.6% higher near $83.8/bbl and $90.5/bbl respectively following declines in the last three sessions. Crude oil prices have been hit by demand-side concerns with downgrades from OPEC, IEA and EIA. Coupled with this, fears of a sharp increase in inventories is weighing on prices as the US is moving toward a release of another 10 million to 15 million barrels of oil from the nation’s emergency stockpile in a bid to balance markets and keep gasoline prices from climbing further. However, American Petroleum Institute (API) reported a draw this week for crude oil of 1.27 million barrels. Today, prices may waver as markets cautiously eye the EIA inventory report where it’s expected to show a build-up of 2.5 million barrels.

After rallying for the past couple of sessions, the State Bank of India trims some of its gains in today’s sessions

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Multibagger chemical stock hits upper circuit on record date of bonus shares

Madhya Bharat Agro products shares are one of the multibagger stocks of Indian stock market. The fertilisers and agrochemical company has announced issuance of bonus shares in the ratio of 1:1, which means one bonus shares will be awarded to the shareholders for holding one share of the company on the record date. The record date for issuance of bonus shares is 19th October 2022. (Full Story)

IT Index sheds with L&T Technology Services dragging the index 

L&T Technology Services on Tuesday reported a net consolidated profit increased by 22.7% to ₹282 crore in Q2 from ₹230 crore in the same quarter the previous year. The company reported a net profit of ₹274.2 crore in Q1 of the current financial year and a 5.6% sequential rise in its EBITDA to ₹362.8 crore in Q2 from ₹343.3 crore in Q1.

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Rupee gains 6 paise to 82.34 against US dollar

The rupee appreciated 6 paise to 82.34 against the US dollar in early trade on Wednesday as a firm trend in domestic equities strengthened investor sentiment.

However, persistent foreign capital outflows capped the gains of the local unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened strong at 82.32 against the dollar, then lost some ground to quote at 82.34, a gain of 6 paise over its previous close.

In the previous session on Tuesday, the rupee slipped 10 paise to end at 82.40 against the dollar. (PTI)

HDFC Ltd gains in early trading, adds 3% in value

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Oil Advances From Two-Week Low on Lingering Supply Concerns

Oil climbed from a two-week low on concerns that the European Union’s latest sanctions on Russian fuel could exacerbate the market tightness that the US is trying to alleviate with additional sales.

West Texas Intermediate rose as much as 1.6%, after dropping 7% in the previous three sessions on the US attempts to tamp down prices. The EU’s moves on Russian petroleum could send shockwaves through the global tanker market, and have already caused some Indian refiners to halt spot purchases before the latest sanctions take effect early December.

US officials are planning to release 15 million barrels from the country’s emergency reserves, and may consider significantly more this winter. It’s the final tranche of oil from a program the White House began in the spring to release a total of 180 million barrels of crude. It’ll also seek to replenish its emergency stockpiles by buying when WTI is priced at or below $67 to $72 a barrel. (Bloomberg)

Indices jump at open with Sensex gaining 250 points and Nifty 50 points

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Piramal Pharma shares to list on stock exchanges today after demerger

With Piramal Enterprises Ltd (PEL) demerging its pharma business, shares of Piramal Pharma will make their stock market debut by listing on the exchanges on Wednesday, October, 19, 2022. In August this year, the National Company Law Tribunal (NCLT) approved the demerger of Piramal Enterprises’ Pharma business and the simplification of the company’s corporate structure.

Last week, Piramal Pharma Ltd (PPL) said that it has received an approval from the Securities and Exchange Board of India (Sebi) to list shares on domestic stock exchanges BSE and NSE. (Read More)

Japanese shares track Wall Street higher on strong U.S. corporate earnings

Japanese stocks rose on Wednesday, tracking overnight Wall Street gains buoyed by strong U.S. corporate earnings.

The Nikkei 225 share average opened up 0.25% and extended gains to 0.72%, staying above the key psychological level of 27,000, with no sign of the volatile trading seen in the previous day. It was at 27,353.87 at the break.

The broader Topix index rose 0.42%.

“Japanese stocks have been fairly steady compared to U.S. stocks,” said Seiji Arai, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. (Reuters)

Cryptocurrency prices today: Bitcoin, ether fall while dogecoin, Uniswap gain

Cryptocurrency prices today plunged with the world’s largest and most popular digital token Bitcoin trading more than a per cent lower at $19,276. After surging to an all-time high of almost $69,000 in November last year, Bitcoin’s price has been trading in a narrow range of around $20,000 since June this year. (Read More)

Sensex preopens flat with a tilt towards red; HCL Tech, HFCL, Polycab India in focus 

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Geojit Financial Services on today’s market: High global inflation and tightening central banks pose headwinds to the rally

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: “There are two factors supporting the ongoing rally in the market: One, support from the mother market US aided by some excellent quarterly results and two, FII selling getting completely overwhelmed by DII buying. DIIs bought stocks for ₹5290 crores in the cash market during the last 3 trading days against FII selling of ₹1536 crores. This complete dominance of DIIs over FIIs is triggering short covering too. Good Q2 results are imparting resilience in segments like IT and financials. The festive mood is another positive.

However, high global inflation and tightening central banks pose headwinds to the rally.”

Small-cap stock announces record date for stock split in 5:1 ratio. Do you own?

The board of directors of TD Power Systems Ltd has announced the record date for the stock sub-division on 1st November 2022. The board of directors has already approved a stock split in the ratio of 5:1, which means one equity share with a face value ₹10 each would split into 5 equity shares with a face value of ₹2 each. The stock split has been announced on an ex-date basis which means the small-cap stock will trade ex-split on 31st October 2022. (Full Story)

KPI Green Energy Q2 net profit rises over 72% to ₹21 crore

KPI Green Energy on Tuesday posted a jump of over 72 per cent in its consolidated net profit to ₹21.15 crore in the September quarter mainly on the back of higher revenues.

The consolidated net profit of the company was ₹12.25 crore in the year-ago period, a BSE filing showed.

The total income of the company rose to ₹160.14 crore in the quarter under review from ₹57.69 crore in the previous year.

The board also approved a third interim dividend at 2.5 per cent, that is, 25 paise per equity share having a face value of ₹10 each for the financial year 2022-23.

The record date for payment of this interim dividend is October 31, 2022, as per the earlier intimation dated October 12, 2022, it added. (PTI)

Reliance Securities Stock in Focus for today: Havells

STOCK IN FOCUS

Havells (CMP 1,257)

We have a BUY rating on the stock with a Target Price of Rs1,631.

Intraday Picks

SIEMENS (PREVIOUS CLOSE: 2,824) BUY

For today’s trade, a long position can be initiated in the range of Rs2,795- 2,780 for the target of Rs2,930 with a strict stop loss of Rs2,720.

PIIND (PREVIOUS CLOSE: 3,089) BUY

For today’s trade, a long position can be initiated in the range of Rs3,070- 3,055 for the target of Rs3,190 with a strict stop loss of Rs2,990.

TORNTPHARM (PREVIOUS CLOSE: 1,563) SELL

For today’s trade, a short position can be initiated in the range of Rs1,574- 1,586 for the target of Rs1,535 with a strict stop loss of Rs1,597.

Vodafone Idea to consider fundraising this week

Vodafone Idea (Vi) on Tuesday informed that the company’s board will meet this week Friday, 21st October, 2022, to consider fundraising Via issuance of debenture securities convertible into equity shares on a preferential/private placement basis to a vendor.

“we wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Friday, 21st October, 2022, inter-alia, to consider and evaluate a proposal for issuance of debenture securities convertible into equity shares on a preferential / private placement basis to a vendor, subject to regulatory and other statutory approvals as may be required, including approval of the shareholders of the Company,” Vodafone Idea said in an exchange filing. (Full Story)

Stocks to Watch: HCL Tech, HFCL, ICICI Lombard, Polycab, Jupiter Wagons, Tata Motors, Adani Enterprises, KPI Green Energy, Samvardhana Motherson, and L&T Technology Services

IndusInd Bank, Havells India, AU Small Finance Bank, HDFC Asset Management, Inox Leisure, Nestle India, and Ultratech Cement will be in focus as they declare their September quarter earnings today. (Read More)

BHEL, Zee among 5 stocks under F&O ban on NSE today

Delta Corp, Indiabulls Housing Finance, and India Cements stocks continue to be a part of the F&O ban list whereas Bharat Heavy Electricals Ltd (BHEL) and Zee Entertainment have been added to the list by the stock exchange for today. The NSE updates the list of securities in F&O ban for trade every day. 

The securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Read More)

Multibagger stock that surged 425% in one year to trade ex-rights today

Hilton Metal Forging shares are one of the multibagger stocks of the Indian stock market. The small-cap stock has rallied from around ₹14 to ₹73.25 apiece levels on NSE in the last one year. The multibagger stock has recently approved rights issue in a 2:5 ratio on an ex-date basis. The board of directors of the company has fixed 20th October 2022 as the record date for the rights issue. Hence, the small-cap multibagger stock is going to trade ex-rights today. (Read More)

Jupiter Wagons to take control Stone India

Jupiter Wagons Ltd (JWL) on Tuesday said it has been selected as the successful resolution applicant of Stone India Limited which used to supply engineering products to Indian Railways.

City-based Stone India, however, is now delisted from trading. Lenders filed for insolvency under the Corporate Insolvency Resolution Process after the city-based company failed to repay its dues.

JWL has an expansive product portfolio and is the one-stop mobility solutions provider, company officials said.

Stone India will strengthen JWL’s offerings for railways, including brake systems and other engineering products. (PTI)

Kotak eyes $1 bn fund to invest in residential mkt in five cities

Kotak Investment Advisors Ltd., backed by Asia’s richest banker Uday Kotak, is looking to raise about $1 billion for a new fund dedicated to investing in India’s residential real estate, according to a person familiar with the matter.

Abu Dhabi Investment Authority could chip about $500 million into the property fund, while Allianz SE could invest about $220 million, said the person, who asked not to be identified as the information is private. Kotak Investment is also in advanced talks with other investors for the fundraising, the person added. (Read More)

Sojitz Corp sells 2.83 pc stake in Samvardhana Motherson for ₹825 crore

Sojitz Corporation on Tuesday divested 2.83 per cent stake in auto component major Samvardhana Motherson International for ₹825 crore through an open market transaction.

According to the bulk deal data available with the BSE, Sojitz Corporation offloaded 12,80,00,000 shares, amounting to 2.83 per cent stake in the company.

The shares were disposed of at an average price of ₹64.53 apiece, taking the transaction value to ₹825.98 crore.

In July 2020, the Motherson Group announced that they will reorganise its businesses and will change the name of Motherson Sumi Systems Ltd (MSSL) to Samvardhana Motherson International Ltd (SAMIL). (PTI)

Polycab India’s Q2 consolidated profit up 37 pc at ₹270 crore

Wires and cables manufacturer Polycab India (PIL) on Tuesday reported a 36.72 per cent growth in consolidated profit during the September quarter at ₹270.45 crore.

The company’s profit stood at ₹197.80 during the corresponding quarter of 2021-22, it said in a regulatory filing.

Revenue from operations of the company during the quarter under review grew by 10.83 per cent to ₹3,332.35 crore as against ₹3,006.55 crore in the year-ago period. (PTI)

L&T Technology Services reports 18% growth in profits for Q2FY23

Leading pure-play engineering services company L&T Technology Services (LTTS) on Tuesday posted an 18% year-on-year growth in net profit at ₹2,824 million for the quarter ended September 30.

The company’s revenue grew 24% to ₹19,951 million during the reviewed quarter. The margin of earnings before interest and taxes was at 18.2 per cent. The company also said dollar revenue was at $247.1 million, which is 24 per cent y-o-y growth in constant currency over the previous year’s figure. The company also said an interim dividend of ₹15 per share would be declared on October 28.

During the quarter, LTTS said it won a $60-million plus deal and a deal with TCV of $10 million. (ANI)

Bonus shares issue in 1:1 ratio announced by this company. Details here

Maharashtra Seamless on Monday informed that its board in its meeting held has recommended the issue of bonus equity shares of the company in the ratio of 1:1, subject to shareholders’ approval. Shares of Maharashtra Seamless were trading nearly 2% lower at ₹860 apiece on the BSE in Tuesday’s opening deals. (Read More)

Adani Group agrees to acquire Air Works

The Adani Group on Tuesday said that it agreed to acquire Air Works, one of India’s major centres for the maintenance, repair and overhaul (MRO) of aircraft.

The Adani Group is also setting up India’s first comprehensive aircraft MRO facility in Nagpur and offers aircraft maintenance services in partnership with Indamer, an aviation services company.

The MRO sector is of critical importance to the Indian and global aerospace and defence industry, the Adani Group said in its annual report for 2021-22. (Read More)

Rupee falls 10 paise to close at 82.40 against US dollar on forex outflows

The rupee pared its initial gains to close 10 paise down at 82.40 against the US dollar in a restricted trade on Tuesday.

At the interbank forex market, the local unit opened at 82.21 against the greenback. It witnessed an intra-day high of 82.02 and a low of 82.40 against the American currency during the session.

It finally ended at 82.40 against the US dollar, down 10 paise from its previous close of 82.30.

Stocks climb on Wall Street as investors focus on earnings

Stocks closed broadly higher again on Wall Street Tuesday, adding to weekly gains for major indexes that have been mired in a broad slump amid inflation and recession concerns.

The S&P 500 rose 1.1%, with roughly 90% of the stocks in the benchmark index notching gains. The Dow Jones Industrial Average rose 1.1% and the Nasdaq composite ended 0.9% higher.

Trading was choppy, at one point pulling the Nasdaq into the red as technology stocks lost ground then rallied by the end of the day. It was the latest knee-jerk motion in a market that has been moving erratically in recent weeks. Major indexes are still stuck in a bear market, which is when they’ve fallen at least 20% from their most recent all-time highs.

Netflix surged 14.5% in after-hours trading after its latest quarterly results topped Wall Street’s forecasts. The streaming giant also reported an increase of 2.4 million subscribers during the July-September quarter. The stock fell 1.7% during regular trading before the company released its earnings. Its shares have lost more than half their value so far this year. (AP)