News Bulletin and Market Update: 27/10/2021

News Bulletin

▫️Daily E-way bill generation for the week ended on 24th October, was 17% higher than the previous week, reflecting increased economic activity.

▫️India Post Payments Bank and HDFC entered into an agreement to offer home loans to 4.7 crore customers of payments bank.

▫️ Govt. expects tax revenues for FY22 to be 10% above estimate.

▫️ Govt. is planning semiconductor design-linked investment policy to attract global chip makers.

▫️Global steel output fell by 9%, year-on-year in September, due to power and coal shortage in China.

▫️ Govt. plans to invest ₹100 crore per district, for health care infrastructure.

▫️IRB Infrastructure to raise ₹5,347 crore from GIC and Cintra Global.

▫️Kotak Mahindra Bank posted 7% fall in profit, due to 27% rise in provisions, during September quarter (YoY). Net interest margin of the bank fell 15 bps to 4.45% (QoQ).

▫️Axis Bank’s profit jumped 86%, on the back of 60% drop in provisions, in Q2 (YoY). Net interest margin fell 7 bps to 3.39% (QoQ).

▫️Canara Bank reported three fold jump in net profit, owing to 24.2% fall in bad loans provisioning (YoY). Net Interest Margin fell by 10bps to 2.72% (QoQ).

▫️Bajaj Finance recorded 53% rise in net profit, thanks to 22% growth in AUM (YoY).

▫️Jindal Stainless Steel posted 5 fold jump in net profit, on account of higher revenues (YoY).

▫️ India’s real estate index was at all time high levels in Q3, indicating healthy home demand.

▫️IEX commenced trading in energy saving certificates.

▫️Rates on short term commercial papers shot up 10-15 bps due to liquidity management by RBI to counter inflation (This may hurt IPO subscriptions)

▫️Arcelor Mittal-Nippon joint venture to invest ₹1 trillion in India in next 10 years.

▫️ Govt. is targeting major global firms for battery production.

Market Update

▫️ Equity markets rose in volatile session yesterday, aa the investors focused on management commentaries in the earnings heavy week.

▫️Sensex and Nifty closed at 61,350.3 (+0.63%) and 18,268.40 (+0.79%), respectively.

▫️Market breadth was in favour of bulls with 1388 advances against 433 declines. Midcap and Small indices outperformed the benchmark with gain of c.2%.

▫️All sector indices ended positive, with Metal, Realty and Auto leading the rally.

▫️Ruppee gained 12 paise to close at 74.96, owing to weakening dollar.

▫️Gold prices remained flat at 47,800 levels.

▫️Oil prices fell by more than 1%, owing to more than expected rise in US oil inventories. WTI is trading at $84 mark.

▫️US Consumer Confidence Index proppelled to 113.8, above expectations of 108.0.
As a result US markets closed at record high.

▫️Today morning US futures are trading slightly lower and Asia has also opened weak. SGX Nifty is suggesting gap down opening of 50 points.

▫️ Stocks in ban: CANBK, IEX, SUNTV, NMDC, IBULHSGFIN and SAIL.

▫️Key Results: Adani Enterprise, Adani Ports, Bajaj Auto, Induslnd Bank, ITC, L&T, Lupin, Maruti Suzuki, PNB, SBI Life, Tata Chemical and Titan.

This is for educational purposes only.

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