Adani Group to invest ₹1 lakh crore

Good morning!

Here are the top stories to start your day.

For more updates on F&O, click here.

⭐ Adani Group to invest ₹1 lakh crore 

Adani Group plans to invest nearly ₹1 lakh crore over the next seven years in Karnataka. The company has already invested over ₹20,000 crore in the state and is active in multiple sectors in the state like edible oil, logistics, transport and others. 

⭐ Relaxo Footwears reports weak results 

Sparx shoes maker, Relaxo Footwears reported a 6.3% year-on-year (YoY) drop in its revenue from operations at ₹670 crore during the September quarter. Meanwhile, its net profit declined by 67.4% YoY to ₹22 crore. As per company, the decline in sales volume in the retail category as consumers shifted to cheaper alternatives mainly due to inflationary pressures impacted the revenue and profitability. 

⭐US Fed hikes interest rate again 

The US Federal Reserve has raised its key policy rates by 0.75% today, taking the federal fund rate to 4%. This is the sixth consecutive rate hike and fourth straight 0.75% increase by the US Fed in an attempt to ease the inflation rate, which rose to 8.2% in September.

Global markets (at 7:30 AM today)

Fact of the day

Call of Duty Modern Warfare II sold $800 million worth of game copies in the first three days of launch, surpassing box-office earnings of Doctor Strange and Top Gun: Maverick. 

Source: Money Control