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*Business & Economy news*

*INDIA-RELATED :*

* IMF cuts India FY23 GDP growth estimate by 60 bps to 6.8% (Informist)

* RBI allows asset recast cos to act as resolution applicant under IBC (Informist)

* RBI issues revised norms for banks on borrowers' unhedged FX exposure (Informist)

* RBI tightens NPA, provisioning divergence disclosure norms for banks (Informist)

* RBI sets threshold to classify 'middle layer' non-bank lenders (Informist)

* CP supply by NBFCs jumps 32% in Sep, issuances by others fall (Informist)

* Infosys President Ravi Kumar resigns effective today (Informist)

* Suzlon Energy aims to cut debt by 5.84 bln rupees by end of October (Informist)

* Govt nudges Apple, Samsung and others to release 5G updates (RTR)

* Global coffee prices fall 0.2% on month to 199.63 cents a pound in Sep (Informist)

* Brigade Enterprises announces succession planning, splits CMD post (Informist)

* M&M, Jio-bp in pact to set up charging network for electric vehicles (Informist)

* Housing project launch to gain pace in festival season, says report (Informist)

* Govt ups base import price of silver by $67/kg, keeps gold unchanged (Informist)

* China’s BYD enters India's passenger car market amid global push (RTR)

* Govt may sell residual stake post strategic disinvestment in IDBI Bank to public (BL)

* India offers 26 blocks for producing oil, gas in mega offshore bid round (ET)

* Railways revenue up by 92% in passenger segment (Mint)

*FROM OVERSEAS :*

* IMF retains 2022 global GDP growth view, warns of recession feel 2023 (Informist)

* Putin says Russia not working 'against anyone' in energy markets (RTR)

* Russia’s financial monitoring agency adds Meta to ‘extremists’ list (RTR)

* Biden re-evaluating US relationship with Saudis after OPEC decision to cut production (RTR)
Biden's labor rule to shake up gig economy that relies on contractors (RTR)

* Goldman Sachs says too early to price in a Fed policy pivot (BB)

* Bank of England widens bond purchases as it warns of financial stability risk (FT)

* AstraZeneca nasal spray vaccine for COVID fizzles in small, early trial (BB)

* Nissan takes $687 mln loss on sale of Russian business to state-owned entity for 1 euro (RTR)

* Japan’s FX reserves fall by record $54 bln (FT)

* US Supreme Court spurns McKinsey & Co appeal in bankruptcy conflicts case (RTR)

* General Motors broadens electric goals with new division (AP)

* Renault CEO seeks partner on hybrids to bring scale, cut costs (RTR)

* Australia to cap work hours for international students again (ET)

* Sri Lanka to keep ‘middle-income’ status but seek concessional loans (RTR)
By: via Allies Fin Serve Stock Market

Allies Fin Serve Stock Market's Post

India Daybook – Stocks in News


*Suzlon:* Company secures order of 144.9 MW from The Aditya Birla Group (Positive)

*Railway stocks:* Railways' revenue earnings up by 92% in passenger segment. (Positive)

*Suven Life:* To Consider and Approve Terms of the Rights Issue including Issue Price and Record Date (Positive)

*L&T Fin:* Gets SEBI Nod For Change In Control Of L&T AMC With Conditions (Positive)

*Star Housing:* To Consider Stock Split, Bonus Issue on 17th October. (Positive)

*Genesys:* Bags Order Worth Rs 46 Crore From Andhra Pradesh Government For Mapping Project. (Positive)

*Honeywell:* Announced a new, innovative ethanol-to-jet fuel (ETJ) processing technology (Positive)

*IRFC:* Signs MoU With IIFCL To Strengthen Cooperation In Financing Railway Infra Projects (Positive)

*NMDC:* Says Got Corporate Affairs Ministry Nod for Steel Demerger (Positive)

*Tata Consultancy Services:* Says Quartz Solution to support entire lifecycle of CBDT (Positive)

*Tilaknagar Industries:* EARC TRUST SC sold 4.2m shares of TLNGR in three blocks, BOFA Securities Europe SA buys 4.69m shares (Positive)

*Delta Corp:* Cons net profit at Rs 68.3 cr Vs loss of Rs 22.6 cr YoY, Cons revenue at Rs 270 cr Vs Rs 75 cr (YoY). (Neutral)

*Gujarat Pipavav:* Q2 container volume up 18.5% (YoY) & down 0.5% (QoQ) (Neutral)

*IndusInd Bank:* Route One Fund sells 12m shares in IIB, while Goldman Sachs buys 6.97m shares: NSE Bulk Deals (Neutral)

*JSW Steel:* Joins the United Nations Global Compact Initiative (Neutral)

*Mahindra & Mahindra:* Says Jio-BP to set up charging network for Mahindra’s e-SUVs (Neutral)

*Spandana Sphoorty:* To consider raising funds on Oct. 14 (Neutral)

*Infosys:* The stock will be in focus as Ravi Kumar S has resigned as president effective October 11. (Neutral)

*REC:* The company has transferred its entire shareholding in ER-NER Transmission at par value along with all its assets and liabilities to Power Grid Corporation of India (Neutral)

*VST Tillers:* First Sentier Investors ICVC-SI Asia Pacific Sustainability Fund sold 1,62,707 shares.
By: via Allies Fin Serve Stock Market

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*Mkt. Updates :*

*SGX Nifty +41 pts (17002) from last trade 16961 ,*

Nikkei +83 pts ,
Hangseng -74 pts ,
Around @ 6.53am .

Dow +36.31 pts ,Nsdq -115.91 pts, S&P
-23.55 pts , Bovespa -1113 pts , Ftse -74 pts , Dax -52 pts , Cac -7 pts , Crude @ $88.63 brl (-0.72), Brent @ $94.29 brl (+0.00) , Gold @ 1671.10 (-14.90), Silver @ $19.12 (-0.36), Euro @ $0.9693, JPY @ $146.12, INR @ 82.255


*US GOVT. 10-YEAR YIELD : 3.95%*


*Today's Corporate Action, 12 Oct Ex Date :*

COLORCHIPS
Stock  Split From Rs.10/- to Rs.2/-GREENCREST
Stock  Split From Rs.10/- to Rs.1/-KAARYAFSL
Bonus issue 1:1
NIKHILAD
Stock  Split From Rs.10/- to Rs.1/-SECMARK
Bonus issue 3:2
SHBCLQ
Bonus issue 1:2


*Today's Key Results/Board Meetings, 12-Oct-22 :*

7NR
Quarterly Results   
ARTSONEN
Quarterly Results   
BIRLAPRECGeneral   
DYNAVSN
General   
HCLTECH
Quarterly Results;Interim Dividend  
INDITALIA
General   
MANGIND
Quarterly Results   
MNIL
General;Quarterly Results   
NATIONSTD
Quarterly Results   
NXTDIGITAL
Quarterly Results   
SARDAPPR
Preferential Issue of shares;General  
SCBL
Quarterly Results   
SEL
Quarterly Results   
STANCAP
Quarterly Results   
SWSOLAR
General;Quarterly Results   
WIPRO
Quarterly Results   
YASHCHEM
Quarterly Results   


*SEC. IN F&O BAN FOR, 11 OCT, 2022 :*

*1. IBULHSGFIN 2. INDIACEM 3. DELTACORP*

*ADDITION : DELTACORP*
*DELETION : NIL*
By: via Allies Fin Serve Stock Market

Allies Fin Serve Stock Market's Post

Tata Sons Chairman N Chandrasekaran says while we have to manage #inflation, strongly believe we have to support #growth.

See #India becoming a $5 tn & #Maharashtra a $1 tn #economy soon. #alliesfin
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Biocon Limited has notified to the stock exchanges that the European Directorate for the Quality of Medicines & HealthCare (EDQM) conducted a GMP inspection of an API manufacturing site of Biocon Limited in Bangalore. There were no critical deficiencies and one deficiency cited under the category 'Major'. – positive

Sterlite Technologies (STL) announced a partnership with Vocus Group for Project Horizon in Western Australia. STL will supply high-strength optical fibre cables for Vocus' inter-capital network extension projects as part of the cooperation – Positive

Hindustan Unilever - company reduced the cost of some soap brands by up to 15% as palm oil and other raw materials become more affordable. – positive

Macrotech Developers – Company added four land parcels in the Mumbai and Pune regions during the last quarter in order to create home projects with a Rs 3,100 crore revenue potential. - positive

Gensol Engineering business Update - Revenue jumps approx. 5.5x in H1 FY23. Revenue for H1 FY23 to be around Rs 180 cr vs Rs 33 crore in H1 FY22. Results illustrate the ongoing positive momentum in this business and remains optimistic about the remaining period of this fiscal. Company is expecting the same growth at the end of ongoing fiscal.- positive but it has already run up

Aurionpro has bagged a prestigious project as the Data Center Consultant for a leading financial Institution in India.- positive

EKI Energy - Leading developer and supplier of carbon credits across the globe - EKI Energy restated that India will not witness any ban for the export of its surplus carbon credits. The announcement comes in the backdrop of a clarification by the country's Minister for Power and New & Renewable Energy - Shri RK Singh.- positive

Vikas Lifecare has acquired 30% stake in the Ardh Sainik Canteens in an all-cash deal of Rs150 Million from its existing stake holders.- positive

Artson Engineering received purchase order worth Rs 42.76 crore – positive

Gravita India announced that its step-down subsidiary situated in Senegal, West Africa started commercial production of Aluminium from a new recycling plant with an annual capacity of around 4,000 MTPA.- positive

Ramkrishna Forgings got exports order worth Rs 131.5 crore ($15.9 million) order for its application in North America HCVs from a Tier 1 Rear & Front Axle manufacturer customer in the auto segment.

Mold-Tek Packaging Gets LoA From Grasim Industries - Birla Paints Division worth Rs30cr – positive

IDBI Bank: The financial bids for IDBI Bank privatisation are likely to be invited by March and the conclusion of the sale process is expected by September 2023 – Stock gained 10% yesterday ahead of disinvestment – positive

Tata Motors’s global wholesales of passenger vehicles in the second quarter rose 43% y/y to 232,750 units – Lower than expectation

Adani Group Report of Plan to Raise $10 Billion – Media report that the company is looking to raise at least $10 billion to fund its expansion in clean energy and ports. Billionaire Gautam Adani and his family are in early talks with investors including Singapore’s sovereign wealth fund GIC Pte and Temasek Holdings Pte for the fundraising, the report said – positive

Loyal Equipment gets Rs15.1cr order from GAIL India – Positive

Tejnaksh Healthcare commences operations of URAN Hospital – positive

Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, announces the launch of Consumerisation of Commercial Banking (COCB) at Sibos 2022. – Positive

Paytm Loan Disbursals Q2 Business Update - Quarterly loans disbursed by value stood at Rs 7,313 crore, up 32% from June 2022, Deployed 48 lakh new payments devices, as of September 2022, added 10 lakh new devices in Q2 Monthly transacting users rose to 8 crore as of September 30, from 7.5 crore as of June 30, Merchant gross merchandise value rose 7.4% sequential to Rs3.18 lakh cr – impressive growth – positive
By: via Allies Fin Serve Stock Market

Allies Fin Serve Stock Market's Post

India Daybook – Stocks in News


Panacea Biotech: Receives long-term supply awards worth Rs1,040 crore from UNICEF (Positive)

Tata Motors: Tata Motors Group global wholesales in Q2FY23 were at 3,35,976 nos., higher by 33% (Positive)

Infosys: Board to consider a proposal for buyback of equity shares on Oct 13 (Positive)

IRB Infra: September toll collections increase by 37% on YoY basis, to Rs 328.2 cr. (Positive)

Inox Winds: Inox Green Energy Services sells entire investment in three subsidiaries to Adani Green (Positive)

India Cements: Company to divest its entire stake in Springway Mining to JSW Cement for Rs 476.87 crore (Positive)

Ashiana Housing: 224 units booked in phase 1 of Ashiana Amarah’ Project for Rs 242.6 crore. (Positive)

Suzlon: Aims to raise Rs 1200 Crores via issue of additional 240 Crore Shares at Rs 5. (Positive)

Vedanta: Meeting of Equity Shareholders as per the directions of the NCLT today to vote on ‘creating shareholders’ value’ by distributing General Reserve (Positive)

PG Electroplast: AVESTHA FUND bought 142,000 shares at 1046.79 (Positive)

Gujarat Alkalies: PM Modi dedicates Gujarat Alkalies new plants to nation. (Positive)

Carborundum: Demand scenario remains strong across sectors such as Auto, manufacturing, infrastructure (Positive)

TCS: Rupee Revenues at Rs 55310 crore versus poll of Rs 54905 crore, Net Profit at Rs 10431 crore versus poll of Rs 10248 crore. (Neutral)

AU Small Finance Bank: Reappoints Raj Vikash Verma as the Part-time Chairman of the Bank (Neutral)

Adani Ports: Ahmedabad Bench has sanctioned the composite scheme of arrangement between Gangavaram Port and Adani Ports (Neutral)

HUL: Company says there has been a price drop For Lifebuoy in the Western region (Neutral)

Bank of Baroda: Banks hikes lending rates 10-15 bps across tenures (Neutral)

NDTV: Adani’s NDTV Open Offer Banker Replies on Clarifications to SEBI (Neutral)

MTAR Tech: Promoter pledge additional 7 Lakh Shares (Neutral)
By: via Allies Fin Serve Stock Market

Allies Fin Serve Stock Market's Post

Macquarie on TCS
O-P, TP Rs 4150
2Q beat on EBIT margin, PAT; revenue misses
Puts to bed concerns that margin issue could become structural
Continue to prefer TCS to Infosys (both OP)

Bernstein on TCS
O-P, TP Rs 3850
Delivered with Rev beat & inline margins
Commentary on deal closure/pipeline was constructive while remaining watchful on macro risks

Jefferies on TCS
Hold, TP Raised to Rs 3180
2Q ahead with revenues, margins & profits beating est.
Deal wins at US$8.1bn steady YoY
Raise FY23-25 est by 2-5%
Expect TCS to deliver 12% EPS CAGR over FY22-24
TCS' premium valuations may limit upside

CLSA on TCS
O-P, TP Rs 3450
2QFY23 in-line with est.
Near-term revenue outlook intact and supply pressure abating
Long-term demand outlook: softness, yes, but no alarms
Increased confidence in margin management

CS on TCS
Neutral, TP Rs 3300
2Q: Strong revenue growth & margin improvement, but FY24 demand scenario still uncertain
Margins benefitted from operational efficiencies & currency
Increase FY23-FY25E EPS by 2-4% to a/c for better margins in 2Q & currency benefits

CITI on TCS
Sell, TP raised to Rs 2900
Good 2Q - UK/India drives beat
Deal TCV at $8.1b (vs past 4 quarter avg: $8.7b; +7% yoy).
Demand sustainability key – management commentary was mixed; not surprising given backdrop

Kotak Inst Eqt on TCS
Add, TP Rs 3450
Strong 4% rev growth in c/c, 90 bps higher than est
EBIT margin increased 90 bps qoq to 24%, impressive
Margins will improve further & settle in 25% range
Signs of slowdown visible in moderate hiring & weak TCVs though not a surprise

CLSA on Kotak Bank
Outperform Call
Target Rs 2,100
Management Focussed On Growth & Strengthening ESG Practices
Kotak Ahead In Branch/Liability Efficiency But Lags Peers On Granularity Metrics
Significant Improvement Seen In PSL Compliance; Kotak Is PSL Surplus

Citi On Infosys
Buy Call
Target Rs 1,625
To Consider Share Buyback On Oct 13
The past 2 Buybacks, Were Of An Aggregate Amount Of Rs 9,200 Cr/ Rs 8,260 Cr Respectively
Open Market Buyback May Provide Support To Stock
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