Stock Market Updates: Sensex and Nifty had a cautious and dovish session, with most sectors holding range. Financials, IT and banking indexes edged lower, while pharmaceuticals, metals, vehicles and energy indexes advanced.
Stocks in Asia fell on Wednesday as investors waited to hear more of the Federal Reserve’s speech scheduled for this week, Chair Jerome Powell added.
Oil fell to a three-month low as a projected drop in U. S. gas consumption added to a series of signs suggesting a deteriorating outlook.
U. S. Federal Reserve Chair Jerome Powell’s key comments on his financial policy outlook will also be a key detail for investors to watch.
Indian inventory indexes traded largely flat on Wednesday and ended with marginal gains amid broadly negative global indexes. Nifty earned more than Sensex thanks to Adani Ports’ gain after the U. S. invested in the port of Colombo.
Nifty 50 added 36 issues or 0. 19% to close at 19,443, while the S
Pharmaceuticals, real estate, metals, vehicles, and energy were among the biggest gainers, while heavyweights such as finance, banking, and information technology struggled in today’s session.
BPCL, Adani Ports, Asian Paints and Cipla topped the stock market rankings. ICICI Bank, Infosys, NTPC and Apollo Hospitals were among the laggards.
Asian stocks fell more frequently in the quiet industry on Wednesday as attention turned to customers over U. S. -China relations. Next week’s meetings on the sidelines of a Pacific Rim summit.
Japan’s Nikkei index closed lower, giving up early gains as investors sold off price inventories, even as gains in expansion inventories limited losses. The Nikkei closed down 0. 33%.
Chinese stocks closed lower, following their weaker regional counterparts, on fears of a global rate tightening, while asset corporations jumped after a Reuters report on China’s latest moves to prop up the debt-ridden sector.
The blue-chip CSI 300 index and the Shanghai Composite Index closed down 0. 2%. Hong Kong’s Hang Seng Index closed down 0. 6% and China’s Hang Seng Corporate Index closed down 0. 8%.
European stocks fell, with financials and insurance the hardest hit, as investors weighed economic knowledge and corporate earnings ahead of key central bank comments throughout the day.
U. K. stocks opened lower, weighed down by declines in life insurers, as investors await comments from Bank of England Governor Andrew Bailey and Federal Reserve Chair Jerome Powell for more clues on interest rate developments.
Recent research by Windmill Capital highlights that in times of geopolitical uncertainty, gold tends to rise in the immediate future. The study discusses gold’s functionality over the past two decades to understand the yellow metal’s long-term trend. that, on average, gold has generated a CAGR of around 11% over the past 20 years.
According to the study, gold is an effective asset that provides security. Historically, when there is turbulence in the market, the natural tendency for investors is to flee to safety. Gold as an asset tends to do well in crises. For example, while Nifty returns have been negative during the Covid crisis or the Russia-Ukraine war, gold’s returns have been positive, with returns <20%. Therefore, gold is an effective hedge against stocks.
Real estate company Prestige Estates Projects Ltd reported that its consolidated net profit increased sixfold to ₹850. 9 crore in the second quarter of this fiscal year thanks to higher revenues.
Its profit stood at Rs 140. 7 crore in last year’s era.
Total profit rose to ₹3256 crore in the July-September period 2023-2024 from ₹1474. 7 crore in the past year, according to a regulatory filing published on Tuesday.
In the April-September period this fiscal year, the profit increased to Rs 1,117. 8 crore from Rs 345. 6 crore in the prior-year period (PTI).
The contribution of Non-Resident Indians (NRIs) to India’s real estate sector has increased significantly, with their investments expanding over the past five years, NoBroker. com’s NRI Real Estate Report 2023 showed.
Between 2019 and 2020, NRIs accounted for approximately 10% of the total real estate investment in India. However, this figure has been increasing, currently reaching 15%, according to the survey report. It further predicts that until 2025, NRIs are expected to provide a 17% contribution to the Indian real estate market. (Read More)
The current El Niño weather phenomenon is expected to last at least until April 2024, the World Meteorological Organization (WMO) said on Wednesday, pushing temperatures higher in a year already on track to be record-breaking.
The WMO said there is a 90% chance that this herbal occasion will continue through the winter in the Northern Hemisphere, following a similar projection last month through a U. S. government forecaster.
El Niño is a warming of ocean surface temperatures in the eastern and central Pacific, and can lead to extreme weather events ranging from wildfires to tropical cyclones to prolonged droughts. The phenomenon is already causing errors around the world, and the stakes are likely to be higher for emerging markets that are more exposed to fluctuations in food and energy prices. (Reuters)
Local consumer goods maker Dabur India, armed with a cash reserve of Rs 7 billion, is looking for acquisition opportunities in the fitness and home care and private segments, according to Chief Executive Officer Mohit Malhotra.
In addition, Dabur is looking for acquisition opportunities in the online space, and with several D2C (Direct to Consumer) brands operating there, it finds that valuation is now “more reasonable” and will pursue it if it finds one suitable for growth, he said. saying.
The company is expanding its presence in the online space, which includes e-commerce channels and D2C businesses, where it plans to introduce more inventions under existing brands and inorganic opportunities.
“We introduce inventions. These inventions are based on existing brands and those inventions will be based on new brands that we could launch or be an acquisition for a new brand,” Malhotra told PTI.
Chinese stocks closed lower on Wednesday, following weaker regional figures on concerns about tightening global rates, while asset corporations jumped after a Reuters report on China’s latest moves to prop up the debt-ridden sector.
The blue-chip CSI 300 index and the Shanghai Composite Index closed down 0. 2%.
Hong Kong’s Hang Seng Index closed down 0. 6 percent and China’s Hang Seng Enterprise Index closed down 0. 8 percent.
MSCI’s broadest index of Asia-Pacific shares fell 0. 6% as investors wrestled with the option of a U. S. interest rate hike as they awaited comments from Federal Reserve Chair Jerome Powell for guidance on the policy outlook. Powell will speak on Wednesday and Thursday.
The Chinese government has asked Ping An Insurance Group to acquire a majority stake in Country Garden, the country’s largest personal asset developer, four other people familiar with the task told Reuters.
Chinese asset stocks rallied, with shares of Ping An Insurance Group hitting a one-year low. A spokesperson for Ping An said the company had been contacted through the government and denied the Reuters reports. (Reuters)
Adani Group, the Indian port energy conglomerate, is investing $750 million in Sri Lanka to establish wind projects that will generate 500 megawatts on the island.
Adani Green Energy Ltd. , the renewable energy arm of the sprawling corporation owned by billionaire Gautam Adani, has submitted a proposal to Sri Lanka to establish a wind farm in the northwest of the country, Karan Adani, the tycoon’s son, said in an interview. with Wednesday. Funding for the projects will come from the company’s balance sheet, he added.
Karan Adani, chief executive of Adani Ports and Special Economic Zone Ltd. , speaking on the sidelines of an event, announced a $553 million investment from the U. S. International Development Finance Corporation for a port terminal in Sri Lanka’s capital jointly developed through the conglomerate. (Bloomberg) )
Godrej Industries posted a significant year-on-year (YoY) decline of 44. 1 cents in profit for the quarter ended September 2023 to Rs 87. 3 crore. In the corresponding quarter last year, the company had reported a profit of Rs 156. 2 crore. .
In the second quarter of FY24, the company’s consolidated constant revenue source declined to 2. 1 per cent to Rs 3,937. 61 crore from Rs 4,021. 04 crore in the same period last year.
However, the company’s steady functionality advanced in the second quarter of FY24 as earnings before interest, taxes, depreciation and amortization (EBITDA) rose 20. 5 per cent to Rs 265. 5 crore from Rs 220. 3 crore, driving an EBITDA margin to 6. 7 per cent from 5. 5 consistent with the cent year-on-year. (Read more)
India and the United States will conduct a comprehensive review of their growing strategic ties at the next edition of the 2-2 Foreign Affairs and Defense Ministerial Dialogue on Friday.
U. S. Secretary of State Antony Blinken and Defense Secretary Lloyd Austin are visiting India for talks.
The Indian delegation will be led by External Affairs Minister S Jaishankar and Defence Minister Rajnath Singh.
“The Minister of Defence, Rajnath Singh, and the Minister of Foreign Affairs, S. Jaishankar, will receive U. S. Secretary of State Antony J. Blinken, and Defense Secretary Lloyd J. Austin III, for the V India-US Ministerial Dialogue 2-2 in New Delhi on Nov. 10,” the Ministry of Foreign Affairs said. Ministry of Foreign Affairs (MEA), he said on Wednesday. (PTI)
Prince Pipes
In the second quarter ending September (Q2FY24), the company reported a net profit of Rs 71 crore, marking a significant improvement from the net loss of Rs 24 crore in the same period last year. In particular, the company’s effects in the second quarter. FY24 included an ordinary item of a net profit of Rs 17. 93 crore related to the registration agreement of its registered workplace at The Ruby, Dadar, Mumbai, as consistent with the Company’s earnings report. (Read more)
The government may soon approve Elon Musk’s Starlink knowledge and voice communication services, officials told the Economic Times.
A source said Starlink had given “satisfactory” answers when it arrived at the company’s data shop and transfer standards. “The company will obtain a global Mobile Personal Communications Services Satellite (GMPCS) license to offer once the security trial is complete. “Added. (Read more)
Hindustan Petroleum Corporation Limited (HPCL) recorded a remarkable 7. 7% increase in its percentage value in Wednesday’s trading session, boosted by the oil trading company’s (OMC) positive second-quarter results. increase your target values for the stock, expecting upside potential. Notably, HPCL percentages have seen a nine-day consecutive increase, resulting in a remarkable 24% buildup. The percentage value of Hindustan Petroleum Corporation Limited opened today at an intraday low of ₹281. 50 each on the Mumbai Stock Exchange (BSE).
In addition, the fall in crude oil prices is another factor contributing to the upward trend observed in WTO companies. According to a Reuters report, oil prices fell more than 4% on Tuesday, reaching their lowest point since late July. to a stronger dollar and eased concerns about tighter markets, influenced by combined Chinese economic know-how and higher OPEC exports. (Read more)
The percentage value of Adani Ports rose about 3 percent in intraday trading on BSE on Wednesday, Nov. 8, after the company announced that the U. S. International Development Finance Corporation (DFC) had issued a new lease of life in the U. S. Department of Homeland Security. The U. S. government would fund Adani’s joint venture (JV) in Sri Lanka for $553. million.
“The U. S. International Development Finance Corporation (DFC) has announced that it will finance Colombo West International Terminal Pvt. Ltd. (CWIT), a consortium consisting of Adani Ports and SEZ, Sri Lankan company, John Keells Holdings (JKH) and the Port of Sri Lanka. Authority: to the $553 million song,” Adani Ports said in a change statement. (Read more)
State-owned CIL announced on Wednesday that it had granted an extension to Debasish Nanda, who is currently the company’s chief development officer.
The extension was granted to Nanda, who is currently the Company’s Director of Business Development, for a period of six months beginning November 2, 2023 or until a regular holder is appointed or until additional notice, whichever comes first, Coal India Ltd. (CIL) said in a regulatory filing.
Nanda took on the first-year role of CIL’s Director of Business Development.
Prior to CIL, Nanda worked as Executive Director (Gas) at Indian Oil (PTI).
Hospital Yatarth
In its recent financial report, the company revealed a remarkable revenue increase of 34 cents year-on-year, totaling Rs 171 crore. In addition, EBITDA grew 36 cents year-on-year to Rs 45. 6 crore, while EBITDA margin increased 40 core issues year-on-year to 26. 6 per cent. (Read more)
India’s demand for petroleum products rose 1. 6% month-on-month in October, driven by increased mobility and the incorporation of the country’s festive season that began in mid-October, according to a report by S
This accumulation equates to another 80,000 barrels per day (bpd). “Year-over-year, overall accumulation demand rose to 197,000 bpd, or 4%, as strong economic foundations were maintained,” the report said. .
S
Kalyani Cast Tech, a manufacturer of shipping containers, announced its initial public offering (IPO) on Nov. 8, with plans to raise Rs 30. 11 million. This IPO for SMEs, which is an accounting issue, is expected to close on November 10.
The IPO attracted a great deal of interest from investors and was fully subscribed within hours of opening. Kalyani Cast Tech specializes in the production of other types of shipping boxes and offers a varied diversity of castings, adding finished components. (Read more)
The percentage value of Cochin Shipyard rose more than 3% in morning trading on the Bombay Stock Exchange (BSE) on Wednesday, November 8, indicating a possible extension of gains for the third consecutive session. This uptrend follows the company’s recent announcement about its currency effects. for the September quarter.
In the leaked report on market hours on Tuesday, November 7, Cochin Shipyard revealed a very high year-on-year increase of 61 cents in consolidated net profit in the second quarter of FY24 to ₹181. 53 crore compared to ₹112. 79. crore in the corresponding quarter. last year. Moreover, the company’s steady cash inflow during the quarter showed a significant year-on-year expansion of 48 cents to ₹1,011. 72 crore compared to Rs 683. 18 crore in the same quarter last year. (Read more)
Param Desai – Research Analyst, Prabhudas Lilladher Pvt Ltd. Zydus Lifesciences (ZYDUSLIF IN) Reviews – Rating: ACCUMULATE | CMP: 599 rupees | TP: 670 rupees
FY24 Second Quarter Reuse Update: Healthy Margins Despite Lower gRevlimid Sales
Quick Tips:
§ Quarter-over-quarter sales in the United States due to weak sales of gRevlimid.
§ Aims to realize $100 million in benefits from the rare disease portfolio within 3-5 years.
Zydus Lifesciences (ZYDUSLIF) second-quarter EBITDA of Rs 10. 6 billion (up 55% year-on-year) was broadly in line with our estimate, supported by healthy margins despite negligible gRevlimid sales. We have the company’s strong domestic franchise, strong balance sheet, and potential new launches in the U. S. The U. S. Securities and Exchange Commission will help ease pressure on prices and, most likely, the festival on some key products such as gAsacol. In addition, ZYDUSLIF is also running a physically powerful portfolio of complex products, adding injectables, transdermals, NCEs, biosimilars, and vaccines, which are expected to materialize in the next 2-3 years. Our EPS support for FY 24/25E increased by approximately 7%. We maintain our ‘Cumulative’ score with a revised TP of Rs670 (Rs650 before), valued at 23x (unchanged). ) September 2025E earnings plus Rs 25 per share for gRevlimid.
The rupee was trading in close diversity against the U. S. dollar in early trading on Wednesday, amid a subdued trend in domestic equities and the strength of the U. S. currency in the market.
Forex investors said that sustained outflows from foreign budgets shook investor confidence.
In the interbank foreign exchange market, the national unit opened at 83. 25 against the dollar and then touched a high of 83. 23, registering a gain of four countries from its last close.
On Tuesday, the rupee stood at 83. 27 per U. S. dollar (PTI).
Salasar Techno Engineering Ltd (STEL) posted a steady 20 per cent increase in consolidated net profit to Rs 9 crore for the September 2023-24 quarter, helped by emerging revenue.
It had posted a profit of 7. 51 crore rupees in the same period a year earlier, the company said in a regulatory filing on Tuesday.
The total source of revenue rose to Rs 275. 66 crore from Rs 258. 78 crore in the same quarter last year.
Expenses stood at Rs 263. 32 crore versus Rs 248. 17 crore in the prior-year quarter.
As of September 30, 2023, STEL has a strong and diversified order book of Rs 1,440 crore that includes domestic and foreign contracts.
“This quarter has been turbulent and a success for us, marked by strong monetary performance, strong foreign orders and increased capacity,” a corporate spokesperson said. (PTI)
In Q2FY24, Bank of Baroda (BOB) delivered the expected result in terms of operational and asset quality. Fresh slippages were higher at Rs 43. 3 billion compared to Rs 24. 5 billion in 1QFY24. Additionally, relief (improvement and recovery) was also higher at Rs 56 billion compared to Rs 47 billion in the last quarter. Reported that GNPA (3. 32% vs 3. 51% in 1QFY24) and NNPA (0. 76% vs 0. 78% in 1TQFY24) decreased moderately along with a strong PCR (including DOS) of 93 %. The bank witnessed physically powerful expansion in net advances (19. 3% YoY, 3. 6% QoQ) and deposits (14. 6% YoY, 4. 1% QoQ) with advanced position liquidity (LCR of 132% +). Additionally, the bank reported a net profit of Rs 42. 6 billion on higher provision for credit losses (Rs 22. 8 billion compared to Rs 16. 9 billion in the last quarter) and a reduction in NIM (national NIM: 3. 19% vs. 3. 41% in 1QFY24). . The SMA1/2 group was sequentially reduced to ~22 bp. Our affordable valuation (P/ABVPS: 1. 0x) makes BOB lucrative. So reiterate BUY with an unchanged target value of ₹239.
At least 150,000 tonnes of India-bound pigeon peas are being held at Mozambique’s ports awaiting customs clearance for export, despite requests from traders in recent weeks, five industry officials said on Wednesday.
India, the world’s largest manufacturer and customer of pigeon peas, relies on imports in the last quarter of the year, ahead of the new harvest in January. More than a portion of India’s pigeon pea imports come from Mozambique.
Delayed shipments have pushed up the costs of this protein-rich staple, known in India as arhar or tur, used in the preparation of the most widely consumed daal curry during the Christmas season.
“Lately, stocks are being stored in port warehouses and distributors are taking on huge garage and refumigation costs,” said Suhas Chougule, managing director of MozGrain Lda, a local subsidiary of Ma’aden Saudi Arabia, in Beira, Mozambique. (Reuters)
Federal Reserve Governor Michelle Bowman reiterated her view that the central bank will want to raise interest rates further to bring inflation back to its 2% target.
“We’ve seen abundant progress in bringing inflation down, but inflation remains high and recent numbers have been mixed,” Bowman said at the 2023 Ohio Bankers League Main Event in Columbus, Ohio, on Tuesday (local time), excerpts were taken from. available on the Federal Reserve’s website.
U. S. client inflation was 3. 7% year-over-year in September, well above the central bank’s target of 2%. (ANI)
The initial public offering of Protean eGov Technologies commenced on Monday, November 6 and is expected to end today, Wednesday, November 8. The IPO saw strong participation from retail and non-institutional investors, leading to a full underwriting from day one. The retail segment continued to show very broad demand on the second day, Nov. 7, as non-institutional investors also showed strong interest. Notably, the factor was fully subscribed within the first fifteen minutes after the third day open, driven by strong demand from Retail investors and NII investors. (Read more)
Hindalco Industries Ltd saw a steady percentage value increase of up to 1. 81% in early trading on Wednesday. This increase is attributed to the encouraging functionality of its U. S. subsidiary Novelis Inc. in the quarter ending in September. Notably, profitability consistent with the tonne advanced for the third consecutive quarter, and the recovery in volumes is also a significant positive factor, driving confidence in Hindalco’s long-term prospects. It is worth mentioning that Novelis contributes to more than a portion of Hindalco’s ongoing profits (Read more).
Mehul Desai Reviews from JM Financial, Devyani International Ltd (DEVYANI IN): 2QFY24 | Margin surprises negatively
BUY 210 INR
Devyani’s performance in 2QFY24 was below expectations as the operating environment remained challenging, as also reflected in other QSR players. In the most sensible sense, the sales expansion was largely due to store expansion, with KFC/PH’s same-store sales declining by 4% to 10%. KFC’s performance in terms of sales and profitability seems weaker than that of Sapphire Foods. PH’s functionality experienced further deterioration as the category was impacted by price declines towards lower value and higher competitive intensity QSR categories. This, combined with the disruption of the foreign business (Nigeria) and margin compression at Costa Coffee, resulted in a result below our expectations. Although management remains confident in KFC’s profitability recovery, PH’s margin recovery may take longer in the current environment. On the positive side, store expansions remained physically powerful and the RM situation across all key brands is favorable; However, the recovery of SSSG will be essential in the short term to increase profitability. From a long-term perspective, we believe the duration of the opportunity, execution capabilities, strong promoter support from RJ Corp and optionality in other brands (Costa Coffee) ensure supply on the expansion path.
SAR Televenture IPO Date: SAR Televenture by percentage value made a notable debut on NSE SME today. On NSE SME, the percentage value of SAR Televenture now trades at ₹105 per cent, up 90. 9% from the factor value of ₹55.
The diversity of securities for SAR Televenture’s IPO is between ₹52 and ₹55. Investors will offer a minimum of 2000 shares and multiples of that amount. (Read more)
Shares of Apollo Tires jumped more than 5% in early trading on Wednesday, helping strong September quarter earnings that beat market projections. The company’s consolidated net profit rose 164. 80 per cent to Rs 474 crore, beating the net profit of Rs 179 crore reported in the same year as last year, as well as the net profit of Rs 397 crore recorded in the last quarter of June. (Read more)
The Indian rupee opened on Wednesday with little replacement against the US dollar, amid a sharp drop in crude oil costs overnight and falling US Treasury bond yields. The local unit opened at $83. 25, compared to a previous close of $83. 26.
The U. S. Dollar Index, which measures the greenback’s strength against a basket of six currencies, rose 0. 03% to 105. 58. The yield on the 10-year U. S. note fell to 4. 58% after several Federal Reserve officials struck a balanced tone in their comments on inflation and inflation. (Read more)
The United States will provide $553 million in investments for a port terminal in Sri Lanka’s capital being developed by Indian billionaire Gautam Adani, as New Delhi and Washington seek China’s influence in South Asia.
International Development Finance Corp. ‘s financing for the Western Deepwater Container Terminal in Colombo is the U. S. government agency’s largest infrastructure investment in Asia, and one of the largest globally. This will contribute to Sri Lanka’s economic expansion and “regional economic integration, adding up with India, a key spouse of both countries,” the DFC said in a statement.
Rapid wage expansion in the euro area could keep inflation at record highs for longer and the European Central Bank could keep interest rates at or near record highs until next year to extinguish price pressures, the International Monetary Fund said on Wednesday.
The ECB ended a streak of ten consecutive rate hikes last month, fueling market expectations that its next move will be a cut, most likely as early as April, with a total of 90 core issue cuts discounted through the end of next year. .
Rejecting early bets on a rate cut, Alfred Kammer, head of the IMF’s European department, argued that the ECB’s deposit rate would most likely remain near its all-time high of 4% for next year’s total. (Reuters)
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services: There are three trends in the stock markets lately: first, global markets are stable, as indicated by the seven-day winning streak of the Dow and the S.
The tug-of-war between FII and IID continues with FII-backed sales and IID-backed purchases. Since the dip buying strategy works, retail investors buy into the broader market with each dip. There is no selling pressure in the broader market, as the sale of FIIs is limited to giant caps.
The most productive opportunity for long-term investors is in high-quality giant-cap stocks, as those stocks will perform well when FIIs eventually take long positions.
Godrej Industries, BHEL, Oil India, Lupin, Raymond Mazagon Dock, Tata Power, Nazara Technologies, Bata India and PFC will be the stocks to watch on Wednesday when they report their quarterly results. (Read more)
Birlasoft, RITES, Great Eastern Shipping Company, and Oberoi Realty are the stocks that will stand out on Wednesday as they will trade today without a dividend. A total of six shares will trade without a dividend today, according to BSE data.
The board of directors of those shares declared dividends for its eligible shareholders. The record date and ex-dividend date for those shares is Nov. 8. (Read more)
State-owned SJVN Ltd announced on Tuesday that it has won a letter of intent from Uttarakhand Power Corporation Ltd (UPCL) for the procurement of two hundred MW of green energy.
UPCL intends to procure 200 MW of electricity at a rate of ₹2. 57 per unit from its 1,000 MW Bikaner solar allocation in Rajasthan, SJVN said in a statement.
“The company has won a letter of intent for the acquisition of two hundred MW of solar power from Uttarakhand Power Corporation Ltd. The solar allocation is being developed through SJVN Green Energy Ltd (SGEL), a wholly-owned subsidiary of the company in Rajasthan. under the CPSU program, with the Government of India to finance the sustainability gap,” he said. (PTI)
According to NielsenIQ (NIQ) market research, sales of packaged products for customers increased by as much as 9% in the September quarter, driven by higher demand for snacks and crackers, as well as higher demand for personal care products in rural areas. markets.
In terms of volume, sales rose 8. 6% in the quarter after falling 0. 6% in the same period a year earlier, the NIQ said on Tuesday. Rural markets reported a 6. 4% increase in quarterly volumes, following a 3. 6% drop a year earlier. Read more)
ASK Automotive’s IPO opened for underwriting on Nov. 7 and 38 percent were subscribed by the end of the first day of issuance. The motherboard’s IPO will close on Nov. 9. ASK Automotive’s IPO was subscribed at 38 percent on the first day of issuance.
The percentage retail investor of ASK Automotive’s IPO subscribed at 56 percent on the first day, the non-institutional investor (NII) portion subscribed at 41 percent, and the qualified institutional buyer (QIB) by reserved percentage at 3 percent. hundred. (Read more)
Aramco has maintained its dividend to the Saudi government despite a drop in production and falling oil costs as the kingdom faces a growing budget deficit.
The total payment of $29. 4 billion to the government and other investors, adding a special component, remained at last quarter’s level, even as declining output helped reduce the net source of revenue 23% year-on-year to $32. 6 billion in the 3rd quarter.
The world’s largest crude oil exporter supplies much of the Saudi government’s generous dividends. (Read more)
Reliance Industries plans to raise two hundred billion rupees through bonds. IRCTC’s net profit rose 30. 4 per cent to Rs 294. 7 crore. Turnover increased by 23. 5% to Rs 995. 3 million. Powergrid’s net profit rose to Rs 3,781. 4 crore, up 3. 6 from the previous year. IndiGo plans to ground 35 aircraft in the March quarter due to engine problems. Shree Cement’s net profit soared 159% to Rs 491 crore. rupees, with sales volume up to 10%. Zydus Lifesciences’ net profit rose 53. 2 percent to Rs 800. 7 million. SJVN won a letter of intent to sell 200 MW of green energy at Rs 2. 57 per unit. Apollo Tires’ net profit rose 164 per cent to Rs 474 crore, with cash inflow of Rs 6,280 crore. RITES has introduced a new green mobility consulting vertical and plans to increase its cash income from exports. Trent’s net profit nearly tripled to Rs 228. 06 crore, with cash income of Rs 2,982. 42 crore. (Learn more)
IndiGo, India’s largest airline, plans to ground at least 35 aircraft in the next quarter of March due to a steel dust factor with Pratt engines
This is in addition to the nearly 40 aircraft already grounded by other engine-related issues. With a fleet of 334 aircraft at the end of September, the airline is expected to face capacity constraints in the March quarter, despite continued efforts to address the situation. (Read more)
Oil fell to a three-month low as a projected drop in U. S. gas consumption added to a series of signs suggesting a deteriorating outlook.
Global benchmark Brent crude fell to $81 a barrel after falling 4. 2% on Tuesday, while West Texas Intermediate approached $77 a barrel. In line with capita gas demand, next year will fall to its lowest level in 20 years, according to a U. S. government report, and pump costs and inflation will most likely lead to a relief in discretionary driving.
Oil has fallen sharply over the past three weeks as the threat of war between Israel and Hamas has evaporated and the demand outlook has deteriorated. There are concerns about the state of the economy in China, the world’s largest importer, and new doubts. In terms of sources, Russian shipments hit a four-month high, while industry insights showed U. S. crude inventories rose just around 12 million barrels last week. (Bloomberg)
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