Sensex gains 550 pts, Nifty near 17,500; PSB index up 4%, HDFC twins weak

CLOSING BELL: The gains were largely led by bank, auto, IT, and FMCG stocks. Their sectoral indices were up over 1 per cent each

3:15 PM

Growth, moderate valuations positive for ICICI Prudential Life Insurance

The quarter two results for the 2022-23 financial year (Q2FY23) for ICICI Prudential Life Insurance got a mixed reaction from analysts. The value of new business (VNB) grew strongly by 21 per cent year-on-year (YoY) to hit Rs 620 crore. But another key metric, annualised premium equivalent (APE), was flat with roughly 1 per cent growth. In Q2 however, the gross premium grew 3.8 per cent YoY to Rs 9,900 crore, well below expectations of Rs 10,900 crore, with new business premium up 7.3 per cent YoY and renewal premiums up 1.3 per cent. READ MORE

3:08 PM

Just In:: EPOS and Mindtree expand strategic Digital Engineering partnership

According to a release issued by Mindtree to the BSE, the a global technology services and digital transformation company has extended its relationship with premium audio and video solutions brand, EPOS as a digital engineering partner to help augment and accelerate the brand’s development of audio technologies and solutions.

3:01 PM

Global Check:: US, UK stock futures up smartly

Source: Investing.com

2:54 PM

Seasonal gains, deal pipeline point to strong FY23 for L&T Infotech

The September quarter results of Larsen & Toubro Infotech (LTI), India's sixth largest information technology services company, were better than street estimates, barring the slip in margin performance. Macro challenges were expected to impact the sector, but the same were not reflected in LTI’s show and it reported growth across verticals and geographies. READ MORE

2:40 PM

USFDA issues four observations to Alembic Pharma's Panelav plant

Alembic Pharmaceuticals Ltd said the US health regulator has issued a Form 483 with four procedural observations after inspection of its oncology injectable formulation facility at Panelav in Gujarat. Read here

2:30 PM

ONGC Videsh making a proposal to retake 20% stake in Russia's Sakhalin-1

ONGC Videsh Ltd is making a proposal to retake 20 per cent stake in Russia's Sakhalin-1 oil and gas project in the far east, sources said. Read more

2:18 PM

NMDC set to call for EoI for appointment of consultant for mining license

State-owned NMDC Limited has said it is taking the first step for obtaining a Mining License (ML) to start operations at a gold mine in Andhra Pradesh. Read more

2:07 PM

Global markets | US equity futures firmly higher

1:57 PM

Axis Bank hikes MCLR by 25 bps, joining other lenders in policy action

Central bank's MPC has cumulatively increased the repo rate by 190 bps since May. Read here

1:48 PM

TVS Motor gains 4%, scales new summit on hopes of strong Q2 earnings

In September, TVS Motors’ volumes grew by 9 per cent year-on-year (YoY) to 379,011 units, above analyst estimates, owing to better-than-expected volumes in the domestic market. On the international markets front, the company said there is marginal improvement, however, the challenges with economic slowdown and higher inflation still persists. The management is cautiously optimistic that the sales momentum will continue to improve. READ MORE

1:38 PM

India's festival gold sales to shine less brightly this year, says WGC

Demand for gold jewelry, coins and bars typically peaks in the world’s second-biggest consumer over October to December, driven by festivals including Diwali that starts next week and the spate of weddings that follow. Jewelry sales nearly doubled in the final quarter last year as consumption revived after two bleak years dominated by the pandemic. READ MORE

1:28 PM

ALERT :: Government examining proposal to increase Palm Oil Import Tax, reports Reuters

1:18 PM

Crude may retest higher levels in coming week

>> The OPEC output is still about 3 million barrels per day short compared to the target. This shortfall has been met with the supply from the Strategic Petroleum Reserve (SPR) of the US on a weekly basis.

>> In the last couple of weeks, the release from the SPR has been to the tune of 7 million barrels for commercial use. The SPR level is at its lowest level in recent history.

>> According to some reports, the US would replenish the stock that has been released in any case at some point in time. The US will have to move into replenishing the stock once the oil price touches lower levels. It is a fact that close to 15% of the global energy demand has been shifted to renewable and non -conventional energy sources in the last decade.

 

Crude prices likely to stay elevated

Despite the strength of the US Dollar as indicated by the Dollar Index, oil prices are expected to stay northbound mainly on the account of supply-restricting factors, and therefore, we could see a retest of higher levels in the coming weeks.

Views by: Emkay Wealth Management

 

 

1:07 PM

Tata Elxsi dips 14% in 2 days, hits 3-month low post weak Q2 revenue growth

For Q2FY23, Tata Elxsi reported Rs 763 crore of revenue from operations, a growth of 5.1 per cent quarter-on-quarter (QoQ), and 28.2 per cent year-on-year (YoY). EBITDA margin declined by 312 basis points QoQ to 29.7 per cent, while net profit stood at Rs 174.3 crore, down 5.7 per cent QoQ but up 39.1 per cent YoY. READ MORE

12:54 PM

Nifty500: 248 stocks have more upside; Sun Pharma, RITES 'overbought'

Technically, overcoming of key resistances after a brief period of sideway movement points towards a positive trigger. The BSE Sensex and Nifty have thus far climbed 2 per cent in the last two trading sessions on a weekly scale; such move was last seen in August 2022 that further accelerated into an additional 1.7 per cent gain. READ MORE