Don’t worry, we’ll get our mojo back: Aditya Puri from HDFC Bank
Outgoing HDFC Bank CEO Aditya Puri told CNBC-TV18 that some slowdown in growth was inevitable, and that it had occurred even before the pandemic hit. He said, but there was no cause for concern. “‘Don’t worry, we’ll get our charm back,” he said. He said the business had been affected, but was also recovering.
Speaking about HDFC Bank’s business strategy, Puri said the bank has been making continuous changes to its technology and strengthening its presence in the rural segment as well. He said the bank was well positioned in semi-urban and rural centers, where 60 percent of the country’s population was located. He expects 30 percent of the bank’s business to come from digital services and 30 to 35 percent from rural and semi-urban India. Watch video for mroe
Expert opinion: Manish Hathiramani, Technical Analyst at Deen Dayal Investments says: “The Nifty is trading at the upper end of the 12000-12050 range. We need to break above the 12050 level to move to higher levels. We could target 12200-12300 once we have crossed 12050 The overall trend is positive with good support at 11650. “
Rupees update: The Indian currency opened with some changes due to the positive bias in the equity markets. The rupee opened at 73.41 against the US dollar compared to Tuesday’s close of 73.47.
Gold price update: Gold prices rose on Wednesday, supported by a weaker dollar and growing hopes for a new coronavirus relief package in the United States ahead of the November election.
Granules India Q2 Net Income Increases 71% to Rs 164 cr
Pharmaceutical company Granules India on Tuesday reported a 70.82 percent increase in its consolidated net profit to Rs 163.63 crore for the second quarter ended September 30, mainly due to strong sales. The company had posted a net profit of Rs 95.79 crore for the corresponding prior fiscal period, Granules India said in a BSE presentation. Consolidated income from operations was Rs 858.12 million for the quarter under review. It was Rs 699.53 crore in the same period a year ago, he added.
Opening bell: Sensex opens more than 250 points higher, Nifty above 11,950; all sectors in the green
Indian indices opened higher on Wednesday led by gains in all key sectors, as positive trends in Asian pairs also supported sentiment. Heavyweights RIL, HDFC Bank, HDFC, HUL, and Kotak Bank contributed the most to the indices. At 9:18 am, the Sensex was trading 286 points higher at 40,830 while the Nifty was up 77 points at 11,974 per share. The broader markets were also positive with the Nifty Midcap and Nifty Smallcap indices rising more than half a percent each. All sectors were also in the green with Nifty Bank and Nifty Fin Services leading the way, with an increase of more than 1 percent each.
BPCL Large Trade | Rs 4.34 crore shares are trading in the pre-trade block window at Rs 343.35 / share
L&T Infotech Second Quarter Net Profit Increases 27% to Rs 457 CR
IT company L&T Infotech (LTI) on Tuesday reported a 26.7 percent increase in consolidated net profit to Rs 456.8 crore for the quarter ended September 2020. This is against a net profit of 360, Rs 4 crore in the same period a year ago, LTI said in a statement. Its revenue grew 16.6 percent to Rs 2,998.4 crore in the reported quarter from Rs 2,570.7 crore in the prior year period. Sequentially, net income was up 9.7 percent, while the top line was up 1.7 percent. In constant currency terms, revenue was up 2.3 percent qoq and 10.5 percent yoy. More here
DCM Shriram’s second quarter net profit increased marginally to Rs 118.37 crore
Diversified group DCM Shriram Ltd reported on Tuesday a marginal increase in its consolidated net profit to Rs 118.37 crore in the second quarter of the 2020-21 financial year on higher sales. Its net profit stood at Rs 117.73 crore in the prior year period. DCM Shriram is engaged in the sugar, fertilizer, seed, and chlorine-vinyl businesses, among others. Total revenue increased on a consolidated basis to Rs 2,064.61 crore in the July-September quarter of this year from Rs 1,784.69 crore in the same period a year earlier, the company said in a regulatory filing. Expenses also remained higher at Rs 1,910.48 crore, compared to Rs 1,636.95 crore a year ago. More here
Cathay Pacific will cut 5,900 jobs and end the Cathay Dragon brand due to the COVID-19 pandemic
Hong Kong’s Cathay Pacific Airways Ltd said on Wednesday it would cut 5,900 jobs and end its regional Cathay Dragon brand, joining its peers to cut costs as it grapples with a drop in demand due to the coronavirus pandemic. The airline would also seek changes to the conditions in its contracts with cabin crew and pilots as part of a restructuring that would cost HK $ 2.2 billion ($ 283.9 million), it told the stock exchange. Overall, it will cut 8,500 positions or 24% from its normal headcount, but that includes 2,600 positions currently unfilled due to cost reduction initiatives, Cathay said. “The global pandemic continues to have a devastating impact on aviation and the harsh truth is that we must fundamentally restructure the group to survive,” Cathay Chief Executive Augustus Tang said in a statement.
US Trial of AstraZeneca COVID-19 Vaccine May Resume This Week: Sources
AstraZeneca Plc’s COVID-19 vaccine trial in the United States is expected to resume as soon as this week after the US Food and Drug Administration completed its review of a serious illness in a study participant. , four sources told Reuters. AstraZeneca’s large, late-stage American trial has been on hold since Sept. 6, after a participant in the company’s UK trial fell ill with what was suspected to be a rare spinal inflammatory disorder called myelitis. transverse. The sources, who were briefed on the matter but asked to remain anonymous, said they were told that the trial could resume later this week. It was unclear how the FDA would characterize the disease, they said. An FDA spokeswoman declined to comment. read more
First, here is a quick update on what happened in the markets on Tuesday
Indian equity indices ended higher after a volatile session on Tuesday. The broader markets outperformed the benchmark indices by closing more than half a percent. Nifty Realty continued to be the best performing index of the day, finishing at more than 4 percent led by gains at Oberoi Realty (settles at +20 percent). Meanwhile, HCL Technologies remained the main winner of Nifty50, while Britannia was the main loser. The Sensex finished 113 points higher at 40,544 while the Nifty rose 24 points to 11,897. The broader markets outperformed the benchmark indices with Nifty Midcap and Nifty Smallcap rising 0.6 percent and 0.4 percent, respectively.
Welcome to the CNBC-TV18 Market Live blog
Good morning readers! I am Pranati Deva, the market table of CNBC-TV18. Welcome to our market blog, where we provide live news coverage of the latest events in the stock market, business and the economy. We’ll also get instant reactions and guests from our stellar lineup of TV guests and editors, researchers, and internal reporters. If you are an investor, we wish you a great trading day. Good luck!
