On Thursday, the domestic equity markets are set to start the day in the green despite conflicting global cues. The SGX Nifty was trading at 17,903 points, up over 50 points.
Q2 Result: Results for the second quarter will be announced on October 27 by a number of companies, including SBI Cards, Indus Towers, Tata Chemicals, REC, Aditya Birla Sun Life AMC, Balaji Amines, V-Guard, Anupam Rasayan, and PNB Housing Finance, among others.
Zee Entertainment: In order to allay concerns about their proposed merger’s potential anti-competitive effects, Sony India and Zee Entertainment want to sell three Hindi channels, namely Big Magic, Zee Action, and Zee Classic. The Competition Commission of India (CCI) received the broadcasters’ proposal, and on October 4 it awarded it conditional permission.
Tata Steel: As the company shifts to steel production based on hydrogen, the company signed a deal with American automaker Ford to provide zeremis green steel from their plant in the Netherlands. Ford is the first customer to purchase the green steel that Tata Steel promises to develop using a hydrogen-based production process since Zeremis carbon lite steel is 100% carbon neutral.
Hero MotoCorp: The manufacturer of two-wheelers has a contract for vehicle distribution and assembly with Terrafirma Motors Corporation (TMC). In its current primary manufacturing facility in Laguna City, TMC will build a 29,000 square metre assembly facility. This facility will begin operating in the second half of the fiscal year 2024.
Glenmark Pharmaceuticals: The USFDA has issued an import notice for Glenmark Pharmaceuticals’ Baddi manufacturing facility. The pharmaceuticals produced at the Baddi factory can therefore be detained without a physical inspection. The management declared that it will work with the US health regulator to quickly address the import notice.
Dabur: The major FMCG company is to spend Rs 325.87 crore at its Madhya Pradesh factory in Indore. The management stated that production would begin in March 2024 when the capacity augmentation work was finished in the following 1.5 years. Internal accruals are used to finance the capital expenditure.
Tech Mahindra: The company’s board will discuss a proposal for an interim dividend payment for the current fiscal year at its meeting next week, on November 1. If the interim dividend is approved by the board, the corporation has set November 10 as the record date to determine the members who will be eligible to receive it.
IIFL Finance: The company’s consolidated net profit increased 36% to Rs 397 crore in Q2FY23 from Rs 292 crore in the same quarter last year. The total income also increased, going from Rs 1,713.3 crore in Q2FY22 to Rs 2,051.4 crore in Q2FY23.
Telecom Stocks: Communications Minister Ashwini Vaishnaw stated that the telecom operators must increase the installation of 5G towers from the present 2,500 per week to at least 10,000 per week. The telcos may scale their 5G infrastructure with the help of about 8,000 towers, but the pace at which 5G is deployed must be maintained.
J&K Bank: In order to strengthen its balance sheet, the public sector lender would reportedly sell over Rs 960 crore worth of non-performing assets. By the end of this month, the bank hopes to have finished the sale of NPAs to National Asset Reconstruction Company Limited (NARCL).
Gland Pharma: The company’s consolidated net profit fell by 20,1% to Rs 241.2 crore in Q2FY23 from Rs 302.08 crore the previous quarter. From Rs. 1,080.4 crore in Q2FY22 to Rs. 1,044.4 crore in Q2FY23, the combined revenue from operations remained constant.
Century Textiles: The business saw its consolidated net profit increase by 59.38% to Rs 69.97 crore in Q2FY23 from Rs 43.9 crore in Q2FY22. The total income from operations also increased, going from Rs. 1,034.27 crore to Rs. 1,242.11 crore in the same period last year.
Stocks in F&O ban: On Thursday, October 27, shares of BHEL and PNB were subject to the F&O suspension.