Indices at previous closing
Nifty50: 17,671 ▼ -185 (-1.0%)
Sensex: 59,306 ▼ -677 (-1.1%)
Nifty Bank: 39,115 ▼ -393 (-1.0%)
For more updates on F&O, click here.
In the news
IDFC Bank’s Q2 profit surges
In the September quarter, the bank’s net profit rose 50% year-on-year to ₹152 crore. The sharp rise in profit was aided by a 27% rise in net interest income to ₹2,272 crore. A fall in provisioning by 29% to ₹475 crore gave a boost to the profit.
However, the asset quality of the bank has deteriorated with the gross non-performing assets rising to 4.2% in Q2FY22 from 1.6% in Q2FY21. In the same period, the bank’s CASA (current account saving account) ratio improved to 51% from 40%. Shares of IDFC Bank rose 0.1% on Friday, however, the results were announced on Saturday.
The IPO buzz continues
Three more companies are set to launch their public issues today. The IPOs of PB Fintech, SJS Enterprises and Sigachi Industries are open for subscription from 1 to 3 November.
Ahead of the launch of their IPOs, PB Fintech and SJS Enterprises raised ₹2,569 crore and ₹240 crore from anchor investors, respectively on Friday. Besides these IPOs, currently Nykaa and Fino Payments Bank are open for subscription. You can apply for all these IPOs on Upstox.
Chip shortage continues to hurt Maruti
India’s largest car manufacturer expects its production to take a hit in November due to the unabating semiconductor shortage crisis. The automaker has said that based on current estimates, the total vehicle production volume in both locations in Haryana could be around 85% of the normal roll-out.
This is the third month in a row that the company’s production capacity has been impacted. Last week, the company reported a 66% drop in net profit, largely due to chip shortage and rise in commodity prices. Meanwhile, shares of Maruti Suzuki India closed 1.1% higher and have risen by 2% in October.
Sectoral indices (October 29)
| Top gainers | Top losers |
| Nifty PSU Bank ▲ 1.4% | Nifty IT ▼1.4% |
| Nifty Pharma ▲ 0.7% | Nifty Bank ▼1.0% |
Global markets (at 8:00 am)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.2% |
| Nikkei 225 (Japan) | ▲ 2.3% |
| Hang Seng (Hong Kong) | ▼0.9% |
| SSE Composite (China) | ▼0.1% |
| Dow Jones (US) (October 29) | ▲ 0.2% |
| NYSE (US) (October 29) | ▼0.3% |
| Nasdaq (US) (October 29) | ▲ 0.3% |
| S&P 500 (US) (October 29) | ▲ 0.1% |
Fact of the day
Ten companies combined control 82% of global shipping market share. In comparison, their market share was 51% in 2000.
Source: The Journal of Commerce Online
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Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.