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Foot Locker Set For India Entry – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Foot Locker signs pact with Metro Brands, Nykaa for India entry

American sportswear & footwear retailer Foot Locker has signed a long-term licensing agreement with Metro Brands Ltd (MBL) and Nykaa Fashion for its India entry. MBL will have the rights to own and operate Foot Locker stores within India and sell authorised merchandise in Foot Locker stores. Nykaa Fashion will be the exclusive e-commerce partner, operating Foot Locker’s India website and retailing authorised merchandise.

Read more here.

Aurobindo Pharma gets USFDA approval for HIV drug

Aurobindo Pharma has received approval from the US Food & Drug Administration (USFDA) to market a generic medication used to treat human immunodeficiency virus (HIV-1) infection. The approval is to manufacture and market Darunavir tablets in strengths of 600 mg and 800 mg. As per IQVIA data, the product has an estimated market size of $274.8 million for the 12 months ended October 2023.

Read more here.

ATGL launches green hydrogen blending pilot in Ahmedabad

Adani Total Gas Ltd (ATGL) has started blending green hydrogen in natural gas they sell to households for cooking purposes and industries as fuel in Ahmedabad. ATGL will employ the latest technologies to blend green hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers in Ahmedabad. The pilot project is expected to be commissioned by Q1 of the financial year 2024-25.

Read more here.

Adani Power to blend green ammonia with coal at Mundra plant

Adani Power Ltd (APL) will use green ammonia along with conventional fuel coal to run the boiler of 330 megawatts (MW) at its Mundra plant in Gujarat. The quantum of green ammonia will be up to 20% of the total fuel requirement. Adani Power has partnered with IHI and Kowa-Japan for the pilot project. They are also examining its expansion to other APL units and stations.

Read more here.

SBI takes possession of PC Jewellers promoters’ assets

State Bank of India has taken possession of two residential properties owned by PC Jewellers Ltd in New Delhi after the firm and its guarantors failed to repay ₹1,168.90 crore. In a notification, SBI cautioned the public not to deal with the property and that any dealings with the property would be subject to the charge of the bank for an amount of ₹1,267 crore. SBI has already filed a case against PC Jewellers in the National Company Law Tribunal.

Read more here.

UltraTech acquires assets of Burnpur Cement for ₹69.79 crore

UltraTech Cement has acquired the cement grinding assets of Burnpur Cement Ltd in Jharkhand for ₹169.79 crore. The company has acquired 0.54 million tonnes per annum (MTPA) cement grinding assets of Burnpur Cement Ltd at Patratu in Jharkhand. Last year, Punjab National Bank had put up for sale the account of loss-making Burnpur Cement and invited bids from Asset Reconstruction Companies (ARCs) to recover loans outstanding of over ₹50 crore.

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Report on Zee-Sony merger risks collapse incorrect: ZEEL

Zee Entertainment Enterprises Ltd (ZEEL) called the news report captioned “Sony-Zee Merger Risks Collapse Over Eleventh-Hour CEO Drama: Report” “factually incorrect.” The report was published by NDTV. ZEEL is continuing to work towards a successful closure of the proposed merger as per the Composite Scheme of Arrangement approved by NCLT, Mumbai Bench.

Read more here.

Fire reported at Aether Industries’ Surat plant

Aether Industries announced a fire incident at its manufacturing site in Surat, Gujarat. The fire caused injuries to about 25 workers and further evaluation of losses and damages is being conducted. However, no casualties had been reported.

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SEBI bans 9 entities from the stock market

The Securities & Exchange Board of India (SEBI) has barred nine entities from the securities market for at least two years and directed them to refund Rs 8 crore collected from investors, which they received via unregistered investment advisory services, within three months.  The regulator has also imposed a penalty totalling ₹18 lakh on them and asked them to pay the amount within 45 days.

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NSE, BSE grant approval for delisting ICICI Securities shares

ICICI Bank had obtained approval from the National Stock Exchange (NSE) and Bombay Stock Exchange to delist the shares of ICICI Securities. On November 9, the Reserve Bank of India (RBI) granted approval to ICICI Bank, allowing it to establish full ownership of ICICI Securities. On June 26, ICICI Bank disclosed its intention to review a proposal regarding the delisting of ICICI Securities.

Read more here.

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Daily Market Feed Post Market Analysis

Markets Holding Key Levels! Bearish Bank Nifty Expiry? – Post-Market Analysis

post-market analysis

NIFTY started the day at 19,622 with a small gap-down of 16 points. Right after opening, the index fell 140 points to 19,480 levels. It later consolidated in a nearly 70-point range throughout the day. Nifty closed at 19,528, down by 109 points or 0.56%.

Nifty chart Oct 3 - post-market analysis

BANK NIFTY (BNF) started the day flat at 44,566. After the flat opening, the index fell sharply by 320 points to 44,240 levels. It later consolidated within a 170-point range. BNF closed at 44,399, down by 185 points or 0.42%.

Bank Nifty chart Oct 3 - post-market analysis

All indices except Nifty PSU Bank (+2.38%), Nifty Media (+1%), and Nifty Realty (+0.46%) closed in the red. Nifty Auto (-1.2%) fell the most. 

Major Asian markets closed flat-to-red. UK’s FTSE100 is currently trading in the green, while Germany’s DAX and France’s CAC40 are in the red.

Today’s Moves

Bajaj Finance (+2.01%) was NIFTY50’s top gainer.

Metro Brands (+12.36%) surged and hit a fresh 52-week high of ₹1,298. The stock is up nearly 160% from its IPO price.

Ujjivan Small Finance Bank (+9.06%) jumped today. The company’s board will convene next month for the proposed scheme of amalgamation with its holding company, Ujjivan Financial Services Ltd.

ONGC (-3.78%) was NIFTY50’s top loser. Stocks of oil companies were under pressure after the Ministry of Petroleum & Natural Gas hiked domestic natural gas prices by 7% as of Sept. 30.

Delta Corp (-4.1%) fell sharply after the 28% Goods & Service Tax (GST) on online gaming came into effect on October 1. 

Markets Ahead

Markets moved in the same channel as discussed in our previous post-market report. Nifty and Bank Nifty are holding their important support zones. But clearly, there’s selling pressure in the markets, and we can see that every uptick is being sold into.

Nifty: The next important support for Nifty is 19,480. A breakdown from this level may give us targets of 19,400 and 19,350. The immediate resistance will be 19,560-600 levels. Meanwhile, a major hurdle on the upside is 19,740 levels. A breakout from there could give us targets of 19,800 and 19,860.

Bank Nifty: The immediate support in Bank Nifty is near the low of the channel near 44,300 levels. A breakdown from there could give us targets of 44,240, 44,180, and 44,000 eventually. The immediate resistance to watch out for is the round level of 44,500.

Being Bank Nifty expiry tomorrow, the index may give a directional movement after today’s consolidation. So watch out for the key support and resistance levels to trade accordingly.

As per market experts, rising U.S. bond yields and strength in the U.S. Dollar are prompting FIIs to pull funds from the market! 

What levels are you watching out for BNF expiry tomorrow? Let us know in the comments below!

Do tune in to The Stock Market Show at 7 PM on our YouTube channel!

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Market News Top 10 News

HDFC Bank’s Net Profit Rises 18% YoY in Q3 – Top Indian Market News

HDFC Bank Q3 Results: Net profit rises 18% YoY to Rs 10,342 crore

HDFC Bank reported an 18% YoY increase in net profit to Rs 10,342.2 crore for the quarter ended December (Q3 FY22). Net profit increased 17% when compared to the previous quarter. Its net interest income (NII) grew 13% YoY (or 4% QoQ) to Rs 18,443.5 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 1.26% in Q3 FY22, compared to 1.35% in Q2 FY22. HDFC Bank’s provisions fell 12.3% YoY to Rs 2,994 crore in Q3 FY22. 

Read more here. 

Maruti Suzuki hikes prices for fourth time in FY22

Maruti Suzuki India Ltd has hiked the prices of its models for the fourth time in the current financial year (FY22). Prices of all models will go up 1.7% on a weighted average basis. Prices of select Maruti Suzuki cars went up by 1.6% in April and 1.9% in September 2021. The rise in input costs has put pressure on the margins of automakers, leading them to pass these costs on to consumers.

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Telcos seek refund of Rs 35,000 crore input tax credit, GST waiver on license fee, SUC: COAI

As per the Cellular Operators Association of India (COAI), telecom operators want the government to refund input tax credit (ITC) of around Rs 35,000 crore, reduce levies, and waive Goods & Service Tax (GST) on licence fees and spectrum usage in the upcoming Budget. Telcos Vodafone Idea, Bharti Airtel, and Reliance Jio also want the govt to suspend the universal service obligation fund (USOF) to reduce the burden on service providers. [USOF financially supports the rollout of telecom services in rural areas.]

Read more here.

Hero MotoCorp lines up Rs 420 crore fresh investment in Ather Energy

Hero MotoCorp Ltd announced a new investment of Rs 420 crore in electric vehicle (EV) company Ather Energy. Prior to the proposed investment, Hero MotoCorp’s shareholding in Ather Energy was 34.8%. The two-wheeler manufacturer is also exploring collaborations with Ather Energy in various spheres such as charging infrastructure, technology, and sourcing.

Read more here.

Metro Brands Q3 Results: Net profit rises 53% YoY to Rs 102 crore

Metro Brands Ltd reported a 53% YoY increase in consolidated net profit to Rs 102 crore for the quarter ended December (Q3 FY22). Net profit increased 84% when compared to the previous quarter. Its revenue from operations rose 59% YoY (or 49% QoQ) to Rs 484 crore during the same period. 

In other news, Metro Brands has signed an exclusive strategic partnership with wellbeing footwear brand FitFlop for sale and distribution in India.

Read more here.

Vedanta plans investments in Saudi Arabia’s mineral sector

Vedant Ltd has announced plans to invest in Saudi Arabia’s mineral sector, as the country is looking to team up with global companies to become a leading producer of zinc metal. “The company is in discussions to identify investment opportunities in Saudi Arabia, which will transform itself into a mineral hub in the Middle East,” said Vedanta’s chairman, Anil Agarwal.

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Govt to offer land for EV public charging stations through bidding

The Indian government has allowed state-owned entities to offer land to private agencies setting up public charging stations through a bidding process. The land available with government agencies can be offered to public sector undertakings (PSUs) at a concessional rate of Rs 1 per unit for setting up public charging stations. The tariff of public charging stations has also been capped to not exceed the average cost of supply till March 2025.

Read more here.

NXTDigital board approves sale of digital, media businesses to Hinduja Global Solutions

NXTDigital Ltd’s (NDL) board has given in-principal approval for the sale of its digital and media businesses to Hinduja Global Solutions Ltd (HGSL). The move will fuel and accelerate NDL’s planned expansion across the digital ecosystem through optimal synergies with HGSL’s strength in digital processing. The proposed acquisition will include the management team, employees, all businesses and technology across NDL’s media, communications, and broadband segments.

Read more here.