Stock Market LIVE: Indices expected to remain strong; SGX Nifty trading flat

Kotak eyes $1 bn fund to invest in residential mkt in five cities

Kotak Investment Advisors Ltd., backed by Asia’s richest banker Uday Kotak, is looking to raise about $1 billion for a new fund dedicated to investing in India’s residential real estate, according to a person familiar with the matter.

Abu Dhabi Investment Authority could chip about $500 million into the property fund, while Allianz SE could invest about $220 million, said the person, who asked not to be identified as the information is private. Kotak Investment is also in advanced talks with other investors for the fundraising, the person added. (Read More)

Sojitz Corp sells 2.83 pc stake in Samvardhana Motherson for ₹825 crore

Sojitz Corporation on Tuesday divested 2.83 per cent stake in auto component major Samvardhana Motherson International for ₹825 crore through an open market transaction.

According to the bulk deal data available with the BSE, Sojitz Corporation offloaded 12,80,00,000 shares, amounting to 2.83 per cent stake in the company.

The shares were disposed of at an average price of ₹64.53 apiece, taking the transaction value to ₹825.98 crore.

In July 2020, the Motherson Group announced that they will reorganise its businesses and will change the name of Motherson Sumi Systems Ltd (MSSL) to Samvardhana Motherson International Ltd (SAMIL). (PTI)

Polycab India’s Q2 consolidated profit up 37 pc at ₹270 crore

Wires and cables manufacturer Polycab India (PIL) on Tuesday reported a 36.72 per cent growth in consolidated profit during the September quarter at ₹270.45 crore.

The company’s profit stood at ₹197.80 during the corresponding quarter of 2021-22, it said in a regulatory filing.

Revenue from operations of the company during the quarter under review grew by 10.83 per cent to ₹3,332.35 crore as against ₹3,006.55 crore in the year-ago period. (PTI)

L&T Technology Services reports 18% growth in profits for Q2FY23

Leading pure-play engineering services company L&T Technology Services (LTTS) on Tuesday posted an 18% year-on-year growth in net profit at ₹2,824 million for the quarter ended September 30.

The company’s revenue grew 24% to ₹19,951 million during the reviewed quarter. The margin of earnings before interest and taxes was at 18.2 per cent. The company also said dollar revenue was at $247.1 million, which is 24 per cent y-o-y growth in constant currency over the previous year’s figure. The company also said an interim dividend of ₹15 per share would be declared on October 28.

During the quarter, LTTS said it won a $60-million plus deal and a deal with TCV of $10 million. (ANI)

Bonus shares issue in 1:1 ratio announced by this company. Details here

Maharashtra Seamless on Monday informed that its board in its meeting held has recommended the issue of bonus equity shares of the company in the ratio of 1:1, subject to shareholders’ approval. Shares of Maharashtra Seamless were trading nearly 2% lower at ₹860 apiece on the BSE in Tuesday’s opening deals. (Read More)

Adani Group agrees to acquire Air Works

The Adani Group on Tuesday said that it agreed to acquire Air Works, one of India’s major centres for the maintenance, repair and overhaul (MRO) of aircraft.

The Adani Group is also setting up India’s first comprehensive aircraft MRO facility in Nagpur and offers aircraft maintenance services in partnership with Indamer, an aviation services company.

The MRO sector is of critical importance to the Indian and global aerospace and defence industry, the Adani Group said in its annual report for 2021-22. (Read More)

Rupee falls 10 paise to close at 82.40 against US dollar on forex outflows

The rupee pared its initial gains to close 10 paise down at 82.40 against the US dollar in a restricted trade on Tuesday.

At the interbank forex market, the local unit opened at 82.21 against the greenback. It witnessed an intra-day high of 82.02 and a low of 82.40 against the American currency during the session.

It finally ended at 82.40 against the US dollar, down 10 paise from its previous close of 82.30.

Stocks climb on Wall Street as investors focus on earnings

Stocks closed broadly higher again on Wall Street Tuesday, adding to weekly gains for major indexes that have been mired in a broad slump amid inflation and recession concerns.

The S&P 500 rose 1.1%, with roughly 90% of the stocks in the benchmark index notching gains. The Dow Jones Industrial Average rose 1.1% and the Nasdaq composite ended 0.9% higher.

Trading was choppy, at one point pulling the Nasdaq into the red as technology stocks lost ground then rallied by the end of the day. It was the latest knee-jerk motion in a market that has been moving erratically in recent weeks. Major indexes are still stuck in a bear market, which is when they’ve fallen at least 20% from their most recent all-time highs.

Netflix surged 14.5% in after-hours trading after its latest quarterly results topped Wall Street’s forecasts. The streaming giant also reported an increase of 2.4 million subscribers during the July-September quarter. The stock fell 1.7% during regular trading before the company released its earnings. Its shares have lost more than half their value so far this year. (AP)