Late recovery

Nifty50: 17,563 ▲ 51 (+0.3%)
Sensex: 59,202 ▲ 95 (+0.1%)

Greetings, people!

With the markets changing colours from red to green, ever wondered how you would look in your gender-swapped image? No need to guess now. An online content creator has used AI technology to gender-swap images of famous celebrities, and the results are spectacular!

• Benchmark indices recouped from early losses in the last hour of trade to close higher.
• In all, 35 of the Nifty50 stocks closed in the green.
• Rupee closed 27 paise higher at 82.69 against the dollar as compared to the last close of 83.02.

Among the Nifty sectoral indices, PSU Bank (+1.8%) and Oil and Gas (+1.4%) saw the most gains, while Bank (-0.6%) and Financial Services (-0.2%) were the top losers.

What’s trending

⭐ Asian Paints’ profit jumps

ASIANPAINT (NSE): 3,145 ▼ 67 (-2.1%)

India’s largest paint maker Asian Paints reported a jump of 31% year-on-year (YoY) in its net profit at ₹782 crore. Its revenue from operations also rose by 19% YoY to ₹8,457 crore. The company’s sales surged by nearly 20% to ₹8,430 crore. The management said the domestic decorative business saw a double-digit volume growth despite muted demand due to the extended monsoon season.

⭐ BEL secures big order

BEL (NSE): 108 ▲ 2.1 (+2.0%)

Triton Electric Vehicle India, a part of Triton Electric Vehicle LLC, USA, announced that it has issued a letter of intent to Bharat Electronics Limited (BEL) for the procurement of 300 KW Li-Ion battery packs for its semi-truck project in India. The estimated amount of the order is ₹8,060 crore. The battery packs are to be delivered to Triton in two years starting from January 2023.

⭐ Persistent Systems’s revenue rises

PERSISTENT (NSE): 3,695 ▲ 32 (+0.8%)

IT solutions provider Persistent Systems reported a 51.6% YoY rise in revenue to ₹2,048 crore during the September quarter. Further, its net profit grew by 36% to ₹220 crore, while its order bookings stood at $367.8 million. During the quarter, the company achieved a milestone of $1 billion in annualised revenue.

⭐ Metro acquires Cravatex Brands

METROBRAND (NSE): 881 ▼ 13 (-1.5%)

Footwear retail chain Metro Brands has announced the acquisition of Cravatex Brands at an enterprise value of ₹202 crore subject to adjustment. Cravatex Brands has presence in the sports and athleisure space and holds long‐term licences for sportswear brands like FILA. During the September quarter, Metro Brands reported a 46.7% YoY growth in revenue at ₹476.3 crore, while its net profit grew by 41.1% to ₹77.9 crore.

In Focus

FMCG cos feel the heat as palm oil boils

Price of palm oil, which is one of the most consumed cooking oils globally, is on the rise once again. Domestic palm oil prices have shot up by nearly 22% alone in the last one week. But why is there a sudden spike in prices and how will it impact companies and the overall economy? Let's find out.

Prices have bounced back unexpectedly because of factors linked to the Russia-Ukraine conflict. Russia has threatened to pull out of an agreement on grain exports via the Black Sea, which is due for renewal next month. Shipments through the Black Sea resumed in August this year, allowing exports of grains and Sunflower oil from Ukraine and fertiliser export from Russia. 

However, as per the Russian government, the terms of the agreement are not being followed by Western countries leading to low exports of Russian food and fertilisers. This has led to panic buying in palm oil as cancellation of the agreement could affect supply of sunflower oil, of which Ukraine is the leading producer. 

Besides this, heavy rainfall in Malaysia, which is one of the largest producers of crude palm oil, might also put pressure on its production and raise supply concerns. Also, a rise in the dollar value against the rupee is another factor impacting imported edible oil prices.

As palm oil is a key raw material used in biscuits to soaps. A price rise might put pressure on FMCG companies, which are already reluctant to reduce product prices and are offering discounts only on large pack sizes.

Palm oil price increase also impacts domestic inflation as India imports 14.5 million tonnes of edible oils annually, of which palm oil accounts for 8-9 million tonnes.

Ready-made Option Strategies on Upstox

Options offer traders the potential to make a profit whether the markets are moving up, down or sideways. However, options are complex instruments, and option strategies can be even more complicated. If not used in a disciplined way, they could lead to severe capital losses.

To solve such problems and to make options trading easier, Upstox has introduced Ready-made Option Strategies, which allow traders to:

• Choose from pre-curated option strategies
• Know profit probability, maximum profit and loss, and funds required for each strategy
• Trade with unique one-click entry and exit orders 

Click here to know more about Ready-made Option Strategies.

Good to know

What is profit after tax?

Profit after tax refers to the profit that is left after a company has paid off all of its operating and non-operating expenses and taxes. It is an important financial metric for any company, since it reflects the amount of money that it is making in that specific period. Investors often use this metric for margin analysis, particularly while comparing companies within an industry.

Click here to join us on Telegram for trading and investment-related videos, daily market updates, details on upcoming IPOs and more.