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After just 45 days in 10 Downing Street, British PM Liz Truss called it quits, thankfully Indian origin Rishi Saunak rose to the occasion. Rishi Saunak has been in news for many things these past days- being the youngest Prime Minister of the UK, lighting lamps on Downing Street, the wealth of his wife (Daughter of Infosys founder Narayan Murthy) and also for choosing to live in a different residence than the historic 10 Downing Street. What we eagerly wait to see is how he can help ease financial volatility in the U.K.
Talking about new leadership, there’s a new Chief Twit. Elon Musk has completed his acquisition of Twitter and walked into the Twitter head office with a sink, to let that feeling “Sink in”. The 44-billion acquisition of Twitter will pay shareholders $54.20 per share, post which Twitter will operate as a private company. Musk started off with a bang, firing top execs from the company including the CEO, this led to a memefest and a hilarious prank where people posed as fired Twitter employees to hog the limelight.
Check out the highlights of the acquisition:
While we are talking about acquisitions, Dabur adds a Spicy Tadka to its portfolio and buys a majority stake in Badshah masala for ₹588 crores. This spicy deal comes after a slew of entries into this segment. Yes, we are talking about ITC’s acquisition of Sunrise Foods, Emami and Tata Consumer’s foray into the spices segment, and more recently, rumours of HUL investing in MDH.
Samvat 2079’s first week ended firmly in the green, despite bears entering the markets once or twice. For now, the markets seemed to be immune to global uncertainties. After crossing the 60,000 mark this week, Sensex ended the week at 59,960 (up 1.1%), while Nifty closed 1.2% up at 17,787. Bank Nifty ended a mere 0.51% higher, at 40,991.
Among the sectoral performers, PSU Bank, Auto and Oil and Gas showed cheer, while FMCG, IT and Media closed in the red.
This week, the market remains volatile ahead of RBI and Fed monetary policy meeting. We observe the Upward gap area on the daily chart and on the weekly chart, we are observing the Doji candlestick formation. The market may remain in a range due to uncertainty over major events. Nifty can face resistance around the 17,880 level if it starts to trade above it, then it can touch 18,050-18,200 levels. While on the downside, support is 17,700 if it starts to trade below this, then it can test 17,550 and 17,450 levels.
On the daily chart of Bank Nifty, we can see that the price is trading far away from short-term moving averages and on the weekly chart we observe a “Doji Candlestick” pattern formation. We believe Bank Nifty may remain in consolidation and may show strong movement after the RBI and Fed meeting. If it trades above 41,350 then it can touch 41,700 and 42,100 levels, however, downside support comes at 40,900 below that we can see 40,500-40,200 levels.
- DCX Systems Limited IPO is starting from 31 Oct and closing on 02 Nov. The issue is priced at ₹197 to ₹207 per share. The minimum order quantity is 72 shares.
- Bikaji Foods International Limited IPO is open from Nov 3 to Nov 7 2022.
- Fusion Micro Finance Limited IPO is open from Nov 2 to Nov 4 2022, its issue price is between ₹350 to ₹368 per share in lots of 40 shares.
- Global Health IPO opens on Nov 3, 2022, and closes on Nov 7, 2022, its issue price is ₹319 to ₹336 per share in lots of 44 shares.
- The US economy grew at 2.6% from Jul-Sep, the first growth after two quarters of contraction.
- EU bans new combustion engine cars from 2035.
- European Central Bank raised rates by 0.75% to 1.5%.
- Inflation in Australia rose to a 32-year high, at 7.3%.
- RBI has increased floating interest rates on Floating Rate Govt Bonds 2034, to 7.69%.
- RBI MPC to discuss inflation target lapse in Nov 3 meeting.
- RBI has extended its US bond-buying spree to the fourth consecutive month, amid surging US treasury yields. India’s investment in US treasury securities surged by a net $9.2 billion in August to $221.2 billion, the highest in nearly two years.
Banking and Finance
- BSE announced the launch of Electronic Gold Receipts (EGR)
- JSW Group will foray into lending with ₹400 cr investment in an NBFC.
- RIL plans to list its financial services arm Jio Financial Services Ltd
Energy and Infrastructure
- Reliance to commission new gas condensate field by year-end in the Bay of Bengal.
- Oil PSUs spent 43% of annual CAPEX in 1st half.
- DLF sales booking rose 62% Yoy during April – Sep to ₹4,092 crores.
- NARCL to make its first acquisition in Jaypee Infra.
- Vedanta has got a 10-year extension of the license for its prolific Rajasthan oil block till May 14, 2030.
- KEC International bags new orders worth ₹2,042 crores across its businesses.
- JSW Steel raised $182 million in long-term debt to upgrade its Texas plant.
- Bharat Forge inked a pact with General Atomics for collaboration of Li-ion battery systems.
- Hero Motorcorp festive cheer: sales went up 20% over last year during the same period.
- Hero Motorcorp partners with Terrafirma Motors, to enter the Philippines.
- Maruti Suzuki scales up CAPEX by 40% to a record ₹7,000 crores to zoom past its peers.
- Tata group and Airbus to manufacture C-295 transport aircraft for the Indian Air Force. The deal is worth $22 billion, and it is expected to create 15,000 skilled jobs and much more indirect employment.
- Kaveri Seed initiated a ₹125 crores share buyback.
- Unilever recalls aerosol dry shampoo like Dove, and Tresemme; says they are contaminated by cancer-causing chemicals. Meanwhile, HUL has said it does not sell these products in India.
- Tata’s eyes ₹15,000 crores working capital debt for Air India.
- Dabur India will launch all of its new products in a digital environment or through e-commerce channels going forward.
- Route Mobile‘s board approved providing a corporate guarantee in favour of Standard Chartered Bank for a term loan facility proposed to be taken by subsidiary Route Mobile (UK) of up to $15 million.
- Reliance Industries reported a consolidated profit of ₹13,656 crores in Q2FY23, against ₹13,680 crores in the same period last year. Revenues surged 33.7% to ₹2.32 lakh crore, led by the strong performance of the oil-to-chemical, telecom and retail operations during the quarter.
- Maruti profits zoomed 4X to ₹2,062 crores, and revenue jumped 46% to ₹29,931 crores.
- Dr Reddy’s net profit jumped 12% to ₹1,113 crores.
- Vedanta’s profit fell 61% Yoy to ₹1,808 crores.
- Tata Chemicals reported consolidated revenues increased by 40.3% YoY to ₹4,239 crores.
- SBI Cards and Payment Services reported a 52% on-year increase in its net profit at ₹526 crores.
- Dabur India reported a 2.85% decline in its consolidated net profit to ₹491 crore for the second quarter due to high inflation impacting consumption.
- ICICI Bank has registered 37% YoY growth in Q2FY23 standalone profit at ₹7,558 crores, with a significant fall in bad loan provisions.
- SJVN commissioned a 75 MW solar power project in Uttar Pradesh.
- Jakson Green, an Indian energy company set up a green hydrogen and green ammonia plant in Rajasthan with ₹22,400 crore investment.
- Borosil Renewables acquired an 86% stake in Europe’s largest solar glass manufacturer, Interfloat Group.
- Coal India to invest ₹11,000 crores for eco-friendly coal transport.
- PE funds in India’s EVs may cross $1B in 2022.
- Tata Steel will supply Ford “zeremis green steel”, which uses low-carbon technologies in its manufacturing process.
- Delhi airport operator DIAL to deploy more electric vehicles to reduce emissions.
- One in ten petrol pumps now offers EV charging, CNG.
- EV maker Revamp Moto of Shark Tank fame in talks to raise $3.5 million.