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PremiumInvestors switched to caution on Monday with most Asian markets dragging. Tokyo ended in the red but the Hong Kong market got a boost from after China announced support to push the property market. The Shanghai index ended flat.
Patanjali Foods has posted a decline of 31.6% in its standalone net profit to ₹112.30 crore in the quarter that ended September 30, against ₹164.30 crore net profit in the year-ago period.
The fast-moving consumer goods firm has posted a jump of 42% in its standalone revenue to ₹8,514 crore against ₹5,995 crore in the year-ago period.
The FMCG's standalone operating profit or Ebidta was down 41.1% to ₹194.6 crore, against ₹330.2 in the corresponding period the previous year.
The company said its margin was 2.3% against 5.5% in the year-ago period. (ANI)
Indian government bond yields are expected to open marginally higher on Monday, as traders look to secure profit after the benchmark bond yield posted its biggest weekly drop in nine months in the previous week.
However, the moves are likely to remain capped, going into domestic retail inflation data due after the day's trading hours.
The benchmark 10-year yield is likely to be in a 7.28%-7.33% band for the session, a trader with a private bank said. The yield ended lower for a fifth straight session at 7.3069% on Friday, after tumbling 16 basis points last week.
"There is some pullback in U.S. yields, and looking at Friday's closing trend, we may see some reversal in local bond yields as well," the trader said. "Inflation figure however remains the key driver for the near term, and bonds may be in a thin range today." (Reuters)
The U.S. Federal Reserve may consider slowing the pace of rate increases at its next meeting but that should not be seen as a "softening" in its commitment to lower inflation, Federal Reserve Gov. Christopher Waller said on Sunday.
Markets should now pay attention to the "endpoint" of rate increases, not the pace of each move, and that endpoint is likely still "a ways off," Waller said in response to a series of questions on monetary policy at an economic conference organized by UBS in Australia. "It depends on inflation."
"We're at a point we can start thinking maybe of going to a slower pace," Waller said, but "we're not softening...Quit paying attention to the pace and start paying attention to where the endpoint is going to be. Until we get inflation down, that endpoint is still a ways out there." (Read More)
Indian farmers have planted wheat on 4.5 million hectares since Oct. 1, when the current sowing season began, up 9.7% from a year ago, the latest data from the farm ministry showed on Friday.
The Ministry of Agriculture & Farmers' Welfare will keep updating the provisional crop sowing figures as it gathers more information from state governments.
In India, wheat is mainly produced in the northern states of Punjab, Haryana, Uttar Pradesh and the central state of Madhya Pradesh.
The planting figures are also subject to revision depending on weather conditions. (Read More)
Keystone Realtors Ltd (KRL), which sells properties under the brand 'Rustomjee', will be launching its initial public offering (IPO) on Monday, November 14, 2022, and investors will be allowed to subscribe till Wednesday, November 16. The Mumbai-based real estate developer has fixed a price band of ₹514-541 a share. The company on Friday said it has collected over ₹190 crore from anchor investors ahead of its issue.
The company is looking to raise ₹635 crore through the initial share sale, which consists of a fresh issue of equity shares aggregating up to ₹560 crore and an Offer-For-Sale (OFS) worth ₹75 crore by promoters. (Read More)
After hitting a 52-week low of ₹162.50 on Thursday's session, FSN E-Commerce Ventures Ltd has been continuously attracting buying interest from FIIs. Latest FII to invest in this fashion stock is Morgan Stanley. In a bulk deal executed on 11th November 2022, Morgan Stanley Asia (Singapore) has bought 8,213,050 Nykaa shares paying ₹186.40 apiece. This means Morgan Stanley Asia (Singapore) has bought Nykaa shares worth ₹1,53,09,12,520 or ₹153 crore.
On 10th November 2022, Norway's Norges Bank on account of the Government Petroleum Fund bought 3,981,350 Nykaa shares at ₹173.35 per share price. This means Norges Bank has invested ₹69,01,67,022.5 or ₹69 crore. On 10th November 2022, another FII Aberdeen Standard Asia Focus PLC bought 4,272,334 Nykaa shares paying ₹173.18 apiece. This means Aberdeen Standard Asia Focus PLC invested ₹73,98,82,802.12 or around ₹74 crore. This means in the last two days, three FIIs of big repute have bought Nykaa shares worth ₹290 crore. (Read More)
State-owned Punjab & Sind Bank would take a call on raising equity capital through qualified institutional placement (QIP) after taking into account third quarter numbers and pace of loan growth, the bank's managing director Swarup Kumar Saha said.
As far as capital adequacy is concerned, the bank is well-capitalised at 15.68 per cent and it can easily take care of business growth this year, he told PTI in an interaction.
However, he said, "There is a need to build some buffer on the equity side. So, we would plan a small amount of capital mobilisation either through equity or bonds, say ₹250 crore or ₹300 crore.
After a strong response given by investors in three days biding from 9th to 11th November 2022, bidders are eagerly waiting for the Archean Chemical IPO allotment date, which is most likely on 16th November 2022. The initial public offering (IPO) of Archean Chemical Industries Limited got subscribed 32.23 times while its retail portion was subscribed 9.96 times. Meanwhile, the grey market premium (GMP) of Archean Chemical IPO is signalling strong vibes. According to market observers, shares of Archean Chemical Industries Limited are available at a premium of ₹85 in the grey market today. (Read More)
After the allotment of shares, bidders of the IPO (Initial Public Offering) are eagerly waiting for the Fusion Microfinance IPO listing date, which is most likely on 15th November 2022. In three days of bidding from 2nd to 4th November 2022, the public issue worth ₹1,103.99 got subscribed 2.95 times whereas its retail portion was subscribed 0.51 times. Meanwhile, the grey market premium (GMP) of Fusion Microfinance IPO is signalling a tepid listing of the public issue as shares of Fusion Microfinance Ltd are available at a premium of ₹7 in the grey market today. (Read More)
Adani Power on Friday posted a consolidated net profit of ₹696 crore for the September quarter of 2022-23, mainly due to higher one-time income.
In the year-ago period, it incurred a net loss of ₹231 crore, a company statement said.
Total income was 52 per cent higher at ₹8,446 crore as against ₹5,572 crore in the September quarter of 2021-22.
The increase in revenue was aided by improved tariffs under long-term power purchase agreements (PPAs) on account of higher prices of imported coal as well as improved merchant/short-term tariffs due to more demand.
Revenue in the quarter includes one-time income of ₹912 crore, primarily in the form of higher other income on account of late payment surcharge, it said. (PTI)
A 27% jump in premium income and massive gains from changes in its accounting policy along with investment income helped national insurer LIC on Friday report a multifold jump in net income at ₹15,952 crore in Q2 from ₹1,434 crore a year ago.
More than 40 per cent of the net income came in from profit from investments which reached ₹6,798.61 crore, but down from the year-ago period when it had booked ₹6,961.14 crore.
The bottom line was also boosted by gains from changes in its accounting policy, the nation's financial powerhouse said in exchange filings.
In the June quarter, which was its first earnings after going public in May with an over ₹20,530-crore IPO, the insurer had reported a net profit of just ₹682.9 crore. (PTI)
Wadia Group-promoted Go First airline has come under the scanner of aviation regulator Directorate General of Civil Aviation (DGCA) on account of a surge in passenger inconvenience due to non-existent flights and massive flight delays, Mint has learnt. “The DGCA will look into the matter and due process will be followed," a senior aviation ministry official told Mint.
There has been a surge in passenger complaints on social media platforms wherein passengers are finding out after arrival at the airport that the flight they are supposed to take, does not exist, two people aware of the development said. (Read More)
With a market valuation of ₹20,511 Cr, Emami Limited is a large-cap company that engages in the FMCG industry. With a remarkable segment of well-known household brand names including BoroPlus, Navratna, Fair and Handsome, Zandu Balm, Mentho Plus Balm, Fast Relief, and Kesh King, Emami Limited is one of the leading personal and healthcare businesses in India. The company has released its Q2 earnings along with a 400% dividend.
The company declared net sales of ₹807.36 crore in Q2FY23 compared to ₹777.1 crore in Q2FY22, representing a YoY growth of 3.9%. The company declared revenue from operations of ₹813.75 crore in Q2FY23 compared to ₹787.12 crore posted in Q2FY22, representing a YoY growth of 3.4%. The company reported an EBITDA of ₹195.38 crore in Q2FY23 compared to ₹277.18 crore posted in Q2FY22, representing a fall of -29.5% YoY. The company reported a net profit of ₹184.18 crore in Q2FY23 compared to ₹185.27 crore posted in Q2FY22, representing a YoY fall of -0.6%. The company's EPS stood flat at ₹4.17 per share. (Read More)
Wall Street piled more gains Friday onto its mammoth rally from a day earlier to close out its best week since the summer.
The S&P 500 rose 0.9% a day after soaring 5.5% for its best day in more than two years. The Dow Jones Industrial Average added 32 points to its surge of more than 1,200 from a day earlier, while the Nasdaq composite jumped 1.9%.
Markets got a boost after China relaxed some of its strict anti-COVID measures, which have been hurting the world’s second-largest economy. Hopes for more growth from China helped not only stocks but also oil prices to rise, with U.S. crude gaining 2.9% to $88.96 per barrel.
The main reason for this week’s euphoria in markets was a report on Thursday showing inflation in the United States slowed by more than expected last month. That raised hopes the worst of inflation may have passed and the Federal Reserve can be less aggressive about raising interest rates to get it under control, though analysts cautioned high inflation could be slow to fall and some called Wall Street's big rally overdone. (AP)
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