News Alerts 🔔🔔🔔🔔

New angel tax regime: No scrutiny of recognised startups, says CBDT
The Central Board of Direct Taxes (CBDT) has issued directives to tax officials that may prevent them from scrutinising funds raised by recognised start-ups under the new angel tax regime. In a recent communiqué to senior officials, the direct tax administration said that no verification would be done by any assessing officer if a start-up has been recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) and the case is selected under scrutiny for pending angel tax assessment. It said the applicability of angel tax would not be pursued during the assessment proceedings of such recognised start-ups and the assessing officer shall be duty-bound to accept the argument of such a firm and drop the proceedings. The angel tax is on the amount received by a company above the fair market value as income. The clarification concerns pursuing applicability of angel tax on registered startups in view of the new norms.

Export contraction narrows in September; govt sees 'green shoots'
The government on Friday claimed signs of revival in India’s outbound shipments as contraction of goods exports narrowed to 2.6 per cent in September and the commerce department revised the August exports data upwards, leading to a 3.9 per cent growth from the 6.9 per cent contraction estimated earlier. According to the data released by the commerce department, imports in September contracted at a faster pace than exports, at 15 per cent, leading to a narrowing of the trade deficit to $19.4 billion during the month. Commerce Secretary Sunil Barthwal said the government believed that September’s data was signalling the beginning of “optimism”. “There are green shoots. For the remaining six months (in FY24), there should be positive growth in our exports…The weekly trend in October is positive,” Barthwal said in a media briefing. A Sakthivel, president, Federation of Indian Export Organisations (FIEO), said with both the US Federal Reserve and the UK central bank pausing interest rates, the exports demand was expected to rebound from October onwards. “Further, with the economic outlook for Asia and the Pacific remaining upbeat, demand may pick up from these regions and countries also,” he added.

Commodities Play
Gold – Rs 60450/10gm, Silver – Rs 74100/kg, Brcrude – Rs 7267/barrel, Natural gas – Rs 270.20/mmBtu, Copper – Rs 698.25/kg.

Corporate News
Adani to pump in Rs 20,000 cr for 4x boost in ports capacity by 2030
.
Tata Motors rides Jaguar Land Rover on road to turn net cash positive.

Review of Resource Management Group issue completed, action taken: TCS

Gift Nifty indicates positive start to Indian markets trading at 19727 levels up by 0.14% or 27 points.

CMP 164.5
Near 1st target 🎉✈️
Running profit of Rs 2/- per share..
💰💰💰💰💰🎉🎉🎉🎉🎉✈️✈️✈️✈️✈️

🕉 ॐ नमः शिवाय: 🕉

Good Morning🙏
Namaste🙏
Assalamu alaikkum🙏
Sat Sri Akaal🙏
Kem Cho🙏
Shubo Sakal🙏
Subha Prabhata🙏
శుభోదయం🙏
ಶುಭೋದಯ🙏
శుభోదయం మిత్రులారా🙏
🙏HAVE A BLASTING DAY🙏

☀️ MORNING UPDATES 🗞️
📗 LAST DAY'S SUMMARY  💯

   The market consolidated in a narrow range throughout the session before ending with moderate losses and also remained within the previous day's trading range on October 16. For the Nifty50, 19,700 which coincides with the 20-day EMA (exponential moving average) can be an immediate support followed by 19,600, whereas on the higher side, 19,800-19,850 will remain a key resistance area for further upside going ahead, experts said, adding the market may be awaiting the speech by the Federal Reserve Chair Jerome Powell later this week.The BSE Sensex fell 116 points to 66,167, while the Nifty50 declined 19 points to 19,732 and formed a Doji or High Wave kind of candlestick pattern on the daily scale, indicating the indecisiveness among bulls and bears about the future market trend.

NIFTY (19,751.05)

The key support levels for the Bank  Nifty are placed  is  placed at 19,700.40  followed by 19,6300.30 . On the upside, key resistance levels are placed  19,850.40 & 19,900.70 up levels.

BANK NIFTY (44,287.95)

The key support levels for the Bank  Nifty are placed  is  placed at 44,050.40  followed by 43,700.30 . On the upside, key resistance levels are placed  44,500.40 and 44,750.70 up levels.

STOCK RELATED NEWS FROM
LAST DAY

Jio Financial : The financial services company has registered healthy growth for the quarter ended September FY24, with profit rising 101.3 percent quarter-on-quarter to Rs 668.18 crore and revenue from operations growing 46.8 percent QoQ to Rs 608.04 crore. Meanwhile, the board has appointed AR Ganesh as Group Chief Technology Officer of the company with effect from October 16.

CEAT : The tyre company recorded consolidated profit at Rs 208 crore for the quarter ended September FY24, increasing significantly compared to Rs 7.8 crore in the same period last year, supported by healthy operating numbers with a fall in input cost. In Q2FY23, profit was also impacted by an exceptional loss of Rs 23.7 crore. Revenue from operations grew by 5.5 percent YoY to Rs 3,053.3 crore for the quarter.

Cyient DLM : The electronic manufacturing services and solutions company has reported a massive 106.4 percent on-year growth in profit at Rs 14.6 crore for the quarter ended September FY24, driven by other income and topline. Revenue from operations surged 71.5 percent YoY to Rs 291.8 crore for the quarter.

KEC International : The RPG Group company has secured new orders worth Rs 1,315 crore across its various businesses including transmission & distribution projects in India, the Middle East, Australia and the Americas.

Tata Power : Subsidiary Tata Power Renewable Energy has signed a power delivery agreement (PDA) with auto component manufacturer Endurance Technologies through a special purpose vehicle (SPV) TP Green Nature, for the development of 12.5MW AC captive solar plant. The plant will be set up at Aachegaon in Maharashtra and will generate 27.5 million units (MUs) of electricity every year.

📊 RESULTS ON 17 TH OCT 💯

Bajaj Finance , Can Fin Homes , ICICI Pru , HSCL , L&T Tech , TATA Elxsi ,  Hathway Cables .

💰 FIIs & DIIs DEALS  💴

Foreign institutional investors (FII) sold shares worth Rs 593.66 crore, while domestic institutional investors (DII) bought Rs 1,184.24 crore worth of stocks on October 16.

News Alerts 🔔🔔🔔🔔

Govt mulling another PLI scheme for batteries to bring down cost: Singh
The government will bring out another production-linked incentive scheme for batteries to bring down cost and boost the adoption of electric vehicles in India, union minister R K Singh said on Monday. Speaking at the EV (electric vehicles) Ready India Dashboard of OMI Foundation, the Union Power and New & Renewable Energy Minister said, "We are coming out with another production-linked incentive (PLI) to increase the volumes (of storage or battery)." He was of the view that the price of storage will come down with (higher) volumes. "The price of storage will come down only if you add volumes. That is why there is a production-linked incentive (PLI) for storage," he said. He pointed towards limited battery manufacturing capacity in the world and termed it as a reason for high prices. The minister opined that higher cost and lower driving range are issues in adopting EVs. The central government had approved the (PLI) scheme for manufacturing advanced chemistry cell (ACC) batteries at an estimated outlay of Rs 18,100 crore in May 2021, with an objective to attract foreign and domestic investment of Rs 45,000 crore.

India, UK holds first '2+2' foreign & defence dialogue to boost cooperation
The inaugural India-UK '2+2' foreign and defence dialogue on Monday saw the two sides focusing on ways to boost cooperation in a range of key areas such as trade and investment, defence, critical technologies, civil aviation, health and energy. At the senior official-level dialogue, the two sides also discussed international developments including in the Indo-Pacific region and considered the possibility of enhancing anti-terror collaboration, according to the Ministry of External Affairs (MEA). The 2+2 dialogue at senior official level is a mechanism to discuss and review all aspects of India-UK comprehensive strategic partnership. The dialogue took place as the two sides are exploring the possibility of a visit to India by British Prime Minister Rishi Sunak later this month.

Wholesale inflation hits 6 months high in Sept but stays in negative
India’s wholesale price index (WPI)-based inflation touched a six-month high of -0.26 per cent in September, even as it remained in negative territory for the sixth consecutive month, data released by the ministry of commerce and industry on Monday showed. The continuing deflation in factory gate prices comes on the back of a high base and a sharp deceleration in food prices. It is also because of the continued contraction in the prices of fuel and manufactured products like mineral oils, textiles, basic metals, chemicals and chemical products, compared to the corresponding month of the previous year. Earlier in August, the wholesale inflation rate had stood at -0.52 per cent and it was 10.55 per cent in September last year.

Commodities Play
Gold – Rs 60825/10gm, Silver – Rs 71053/kg, Brcrude – Rs 7242/barrel,  Natural Gas – Rs 261.8/mmBtu, Copper – Rs 700.5/kg.

Corporate News
NCLT has considered SBI petition for withdrawal: Bajaj Hindusthan Sugar.

Grasim Industries to raise Rs 4,000 crore through rights issue of shares.

Jio Financial Services' net profit doubles sequentially in Sept quarter.

HDFC Bank's bad loan jumps, margin narrows post-merger, Q2 profit up 50.6%.

Gift Nifty indicates flat start to Indian markets trading at 19805 levels down by 6 points or 0.03%.

🕉 ॐ नमः शिवाय: 🕉

Good Morning🙏
Namaste🙏
Assalamu alaikkum🙏
Sat Sri Akaal🙏
Kem Cho🙏
Shubo Sakal🙏
Subha Prabhata🙏
శుభోదయం🙏
ಶುಭೋದಯ🙏
శుభోదయం మిత్రులారా🙏
🙏HAVE A BLASTING DAY🙏

☀️ MORNING UPDATES 🗞️
📗 LAST DAY'S SUMMARY  💯

   The market closed higher for the first time in the last four consecutive sessions, though it remained in the range of 19,500-19,850 on October 17. The Nifty50 ended at the previous week's high and faced a hurdle at 19,850 on the higher side, hence if the index decisively closes above this mark, then it can march towards the 19,000-20,000 area, provided it takes immediate support at 19,750-19,700 levels, experts said.The BSE Sensex jumped 261 points to 66,428, while the Nifty50 climbed 80 points to 19,812 and formed a bearish candlestick pattern with a minor lower shadow on the daily charts as the closing was lower than opening levels, making higher high, higher low formation after Inside Bar as well as Doji kind of candlestick pattern formation in the previous session.

NIFTY (19,811.50)

The key support levels for the Bank  Nifty are placed  is  placed at 19,750.40  followed by 19,700.30 . On the upside, key resistance levels are placed  19,900.40 & 19,950.70 up levels.

BANK NIFTY (44,409.50)

The key support levels for the Bank  Nifty are placed  is  placed at 44,150.40  followed by 43,800.30 . On the upside, key resistance levels are placed  44,700.40 and 44,850.70 up levels.

STOCK RELATED NEWS FROM
LAST DAY

Bajaj Finance : The non - banking finance company has registered a massive 28 percent on-year increase in profit after tax at Rs 3,551 crore for the quarter ended September FY24. Net interest income during the same period increased by 26 percent to Rs 8,845 crore, with the number of new loans booked rising 26 percent to 8.53 million, while assets under management (AUM) grew by 33 percent to Rs 2.9 lakh crore as of September 2023.

L&T Technology : The engineering services company has recorded a 1.4 percent sequential growth in net profit at Rs 315.4 crore for the quarter ended September FY24, with operating numbers coming in above analysts' estimates. Revenue for the quarter ended September FY24, with operating numbers coming in above analysts' estimates. Revenue for the quarter increased by 3.7 percent QoQ to Rs 2,386.5 crore, with dollar revenue rising 2.9 percent to $288.1 million and constant currency topline growth at 3.2 percent in the same period.

Zensar Technologies : The company has reported a net profit of Rs 173.9 crore for the quarter ended September FY24, growing 11.3 percent over the previous quarter, with EBIT rising 3.5 percent to Rs 194.4 crore and EBIT margin expanding 40 bps QoQ to 15.7 percent. Revenue from operations increased by 1.1 percent sequentially to Rs 1,240.8 crore for the quarter.

Tata Elxsi: The design-led technology services company has clocked 5.9 percent sequential growth in net profit at Rs 200 crore for the July-September period FY24, with revenue increasing 3.7 percent to Rs 881.7 crore during the same period.
VST Industries: The Hyderabad-based cigarettes manufacturer has reported a 17.6 percent year-on-year decline in net profit at Rs 75.95 crore, with tepid growth in topline, lower profit before tax and other income. Revenue from operations for the quarter increased by 2.86 percent on-year to Rs 452.3 crore.

Mazagon Dock Shipbuilders : The state-owned shipbuilding company has signed a contract with the acquisition wing of the Ministry of Defence for the construction and delivery of one training ship for Indian Coast Guard (ICG) at a cost of Rs 310 crore.

HUDCO : The Government of India will be selling up to 7,00,66,500 equity shares of HUDCO, representing 3.50 percent of total paid-up equity on October 18-19, with an option to additionally sell up to 7,00,66,500 equity shares in case the oversubscription option is exercised. The floor price has been fixed at Rs 79 per share.

📊 RESULTS ON 18 TH OCT 💯

Wipro, IndusInd Bank, Bajaj Auto, LTIMindtree, Bandhan Bank, ICICI Lombard General Insurance Company, IIFL Fin .

💰 FIIs & DIIs DEALS  💴

Foreign institutional investors (FII) bought shares worth Rs 263.68 crore, while domestic institutional investors (DII) purchased Rs 112.55 crore worth of stocks on October 17.

News Alerts 🔔🔔🔔🔔

Motor Vehicles Act: DFS asks pvt insurance companies for compliance drive
The Department of Financial Services on Tuesday asked private sector general insurance companies to coordinate with state governments and the Ministry of Road Transport and Highways to initiate a special drive to ensure compliance with the Motor Vehicles Act. In a meeting with the General Insurance Council and the chief executives of private sector general insurance companies chaired by DFS secretary Vivek Joshi, "several critical issues having implications for the general insurance sector" were discussed. Joshi also asked the private insurers to collaborate with the Ministry of Health to increase cashless facilities and standardisation of treatment costs to boost the growth of health insurance. "After fruitful deliberations and focused exchange of opinions on these matters, Joshi directed DFS officials to take them up actively for resolution. It was also decided that regular meetings will be held with the industry—both private and public sector—so that the growth and development of the insurance sector is facilitated with continuous collaborative efforts," the finance ministry said in a statement.

India to spend Rs 143 trillion in infrastructure by 2030, says Crisil
India’s investments in infrastructure will rise to Rs 143 trillion between financial years 2024 and 2030, analytics firm CRISIL said on Tuesday. It will be more than twice the Rs 67 trillion spent in the past seven financial years, the rating agency said during its flagship India Infrastructure Conclave 2023 held in New Delhi on Tuesday. CRISIL’s Managing Director and CEO Amish Mehta estimates India to be the fastest expanding large economy with an average gross domestic product growth rate of 6.7 per cent through FY31. “Per capita income is seen rising from $2,500 to $4,500 by fiscal 2031, creating a middle-income country,” Mehta said, adding that this growth would be underpinned by massive all-round infrastructure development, with sharp focus on integrating sustainability." Green investments are expected to reach Rs 36.6 trillion, a fivefold rise from 2017, Mehta said. “The next phase of infrastructure development will be marked by growth in the average ticket size of projects and a significant number of mega-scale projects. Appropriate and consistent policy and regulatory interventions and focus on timely execution build an attractive case for various stakeholders to accelerate investments across infrastructure sectors,” the firm said.

Semiconductor, deep tech to be in focus at the India Mobile Congress
The three-day India Mobile Congress (IMC) will showcase the widening convergence of telecom with new domains, such as semiconductors and deep tech, P Ramakrishna, the forum’s chief executive officer, said on Tuesday. With more than 250 global and domestic exhibitors, the seventh edition is expected to draw more than 100,000 visitors this year, he said. There will also be over 5,000 CXO-level delegates and more than 350 speakers. Deep tech, semiconductors, manufacturing, broadcasting, green energy, innovation centres, and public-sector enterprises will be focal areas, Ramakrishna said. The event, beginning October 27, will also showcase advancements in 5G networks, the increasing use of artificial intelligence (AI) in telecommunications and other domains, edge computing, Industry 4.0, and the emergence of the India stack of technologies. The IMC describes itself as the largest telecom, media, and technology forum in Asia, jointly organised by the Department of Telecommunications and the Cellular Operators Association of India. With the theme of ‘Global Digital Innovation’, the marquee event is expected to play a major role in positioning India as a technology developer, telecom manufacturer and exporter this year.

Commodities Play
Gold – Rs 60980/10gm, Silver – Rs 71540/kg, Brcrude – Rs 7193/barrel, Natural Gas – Rs 256.3/mmBtu, Copper – Rs 699/kg.

Corporate News
L&T Tech PAT grows 5.1%, FY24 revenue guidance slashed to 17.5-18.5%.
Bajaj Finance Q2 results: Consolidated net profit up 28% to Rs 3,551 cr.

ICICI Prudential Life Insurance Q2 net profit up 22.4% to Rs 244 crore.

Gift Nifty indicates negative start to Indian markets trading at 19792 levels down by 19 points or 0.10%.

🕉 ॐ नमः शिवाय: 🕉

Good Morning🙏
Namaste🙏
Assalamu alaikkum🙏
Sat Sri Akaal🙏
Kem Cho🙏
Shubo Sakal🙏
Subha Prabhata🙏
శుభోదయం🙏
ಶುಭೋದಯ🙏
శుభోదయం మిత్రులారా🙏
🙏HAVE A BLASTING DAY🙏

☀️ MORNING UPDATES 🗞️
📗 LAST DAY'S SUMMARY  💯

    After severe correction on October 18, the market needs to take support at the 19,600-19,550 area, which coincides with the 50-day EMA (exponential moving average) and upward-sloping support trendline. In case of failure, the index may break the previous week's low of 19,480, whereas, on the higher side, the 19,750-19,850 zone will remain as a resistance for the index. After the rangebound trade with a positive bias in the previous session, the market turned negative with bench mark indices erasing all the previous day's gains. The BSE Sensex plummeted 551 points to 65,877, while the Nifty50 plunged 140 points to 19,671 and formed a long bullish candlestick pattern on the daily timeframe with lower high, lower low formation.

NIFTY (19,671.10)

The key support levels for the Bank  Nifty are  placed at 19,600.40  followed by 19,550.30 . On the upside, key resistance levels are placed  19,750.40 & 19,800.70 up levels.

BANK NIFTY (43,888.70)

The key support levels for the Bank  Nifty are  placed at 43,500.40  followed by 43,300.30 . On the upside, key resistance levels are placed  44,100.40 and 44,300.70 up levels.

STOCK RELATED NEWS FROM
LAST DAY

Bajaj Auto: The Pune-based automobile company has reported standalone profit at Rs 1,836.1 crore for the quarter ended September FY24, growing 20 percent over the year-ago period, with better-than-expected operating numbers. Standalone revenue from operations increased by 5.6 percent year-on-year to Rs 10,777.3 crore supported by double-digit volume growth, with the sustained buoyancy on the domestic front cushioning the weak, albeit improving export performance .

IndusInd Bank: The private sector lender has recorded standalone profit of Rs 2,181.5 crore for the quarter ended September FY24, growing 22.09 percent YoY, with a fall in provisions and stable asset quality. Net interest income grew by 18 percent YoY to Rs 5,076.7 crore during the same period, while net interest margin remained flat at 4.29 4.29 percent QoQ but grew 5 bps YoY.

Persistent Systems: The Pune-based technology services company has reported a profit of Rs 263.3 crore for the quarter ended September FY24, growing 15.1 percent sequentially, with revenue rising 3.9 percent to Rs 2,411.7 crore for the quarter. Revenue in dollar terms increased by 3.1 percent QoQ to $291.7 million and topline in constant currency term grew by 3.2 percent, coming in better than analysts' estimates.

📊 RESULTS ON 19 TH OCT 💯

Hindustan Unilever, ITC, Nestle India, UltraTech Cement, Voltas, Coforge, Cyient, PVR Inox, Aarti Drugs, Agro Tech Foods, Equitas Small Finance Bank, Hatsun Agro Product, Havells India, HFCL, Indoco Remedies, Jindal Stainless, Mastek, Metro Brands, Mphasis, Ramkrishna Forgings, South Indian Bank, Tanla Platforms, Tata Coffee, Tata Communications .

💰 FIIs & DIIs DEALS  💴

Foreign institutional investors (FII) sold shares worth Rs 1,831.84 crore, while domestic institutional investors (DII) purchased Rs 1,469.50 crore worth of stocks on October 18.

News Alerts 🔔🔔🔔🔔

India, UK free trade deal unlikely to finalise by month end: Report
India and the United Kingdom (UK) are unlikely to ink the much-anticipated trade deal by the end of October as differences are yet to be ironed out, it is learnt. A top official aware of the development told Business Standard Wednesday late evening that although negotiations are on in full swing, a timeline for a deal cannot be ascertained at this point. In fact, officials from the Indian side are currently in London for negotiations. Both nations missed last year’s Diwali deadline for the deal set by former British Prime Minister Boris Johnson. With general elections in both countries next year, the window for a trade deal is rapidly closing. “A lack of progress” in opening up the Indian markets for British professional services, including law and accountancy firms, is one of the reasons for the delay, a Financial Times report said earlier in the day, quoting unnamed British officials. “The UK and India continue to work towards an ambitious trade deal that works for both countries. We have always been clear we will only sign a deal that is fair, balanced and ultimately in the best interests of the British people and the economy,” a British High Commission spokesperson told this newspaper on Wednesday while responding to a query.

Festival season gains momentum, leads to surge in airfares, hotel tariffs
Airfares and hotel tariffs are shooting through the roof as the festival season kicks off. During the  Diwali week (November 10-16), airfares on major routes across the country have surged by up to 44 per cent from the previous Diwali week. Robust demand and limited capacity, aided by Go First's insolvency and SpiceJet's financial stress, seem to be driving the extraordinary rise in fares. The average one-way airfare for the Mumbai-Delhi route during the Diwali week is Rs 8,788, up 27.8 per cent compared to the Diwali week of the previous year (October 21-27, 2022). These figures are based on data provided by travel website Ixigo and reflect fares for tickets booked 30-35 days before the travel date. Last Diwali, approximately 668 weekly flights operated on the route. However, despite the increase in demand, this Diwali will see just a 1.2 per cent increase in the number of flights on this route.  The absence of Go First, which was operating 80 weekly flights on this route last October, explains the mismatch.

Large banks preparing for maturity of RBI's $5 billion forex swap
Large Indian banks are preparing for a $5 billion forex swap maturing next week by accumulating dollars, with the trading pattern suggesting that lenders do not expect the swap to be rolled over, traders said on Wednesday. The $5 billion dollar/rupee swap that the Reserve Bank of India undertook in April 2022 will mature on Monday, meaning $5 billion can potentially be taken out of the banking system, fuelling a potential dollar shortage. In anticipation of this shortage, large banks are raising dollars by conducting USD/INR buy/sell swaps in which they will receive dollars on the spot date (in two working days) and have access to them for the tenure of the contract. "In the run-up, banks will want to take steps that they do not face a dollar crunch. That is why we are seeing significant demand (for buy/sell swaps)," said Sakshi Gupta, principal economist at HDFC Bank. This demand has pulled down one-month rupee forward premiums to near 7 paisa, from 12 paisa late last month, which, in yield terms, is a decline of about 60 basis points.

Commodities Play
Gold – Rs 61540/10gm, Silver – Rs 71860/kg, Brcrude – Rs 7345/barrel, Natural Gas – Rs 256.6/mmBtu, Copper – Rs 700.6/kg.

Corporate News
Wipro posts flat Q2 profit, cuts Q3 revenue growth guidance on weak demand.

BOB suspends senior officials for manipulations involving 'bob world' app.

Glenmark Pharma launches triple-combination drug for Type 2 Diabetes.

Gift Nifty indicates negative start to markets trading at 19572 levels down by 21.5 points or 0.11%.

BTSTT Trade 🎉✈️
Dr Reddy call 5700 @34
TGT 42-48-51++
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