Stock Market Today: Sensex, Nifty Slip For A Third Session As Oil Rises; FPIs Turn Net Sellers

Overseas investors turn net sellers of Indian equities on Monday

Foreign portfolio investors off loaded stocks worth Rs 593.66 crores, according to provisional data from the National Stock Exchange.

Domestic institutional investors turned out to be net buyers and mopped up equities worth 1,184.24 crore, the NSE data showed.

 Foreign institutions have been net buyers of Rs 1,11,116 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The S&P BSE Sensex closed down 116 points, or 0.17%, at 66,166.93, while the NSE Nifty 50 was 19 points or 0.10% lower at 19,731.75.

• The local currency depreciated 2 paise to close at all time weakest level of 83.28 against the U.S. dollar on Monday.

• It closed at 83.26 on Friday.

• As per intraday trade, 83.29 per dollar remains the weakest-ever level the rupee touched on Oct. 20, 2022.

Source: Bloomberg

India's benchmark stock indices swung between gains and losses through midday Monday to extend declined for the third straight day. Metals, PSU banks and consumer durables rose, whereas pharma and realty sectors were under pressure.

Nifty ended below 19,800 level, while Sensex closed below 66,200 mark. "Holding cash would be a good strategy in this uncertain time. The cash component in the portfolio may be increased as a measure of caution. Also, this will enable investors to buy when there is a big dip in the market, and it is important to note that big dips can happen since valuations are high. Paints, tyres and aviation stocks will be under pressure from the rising crude. HDFC Bank results today will be keenly watched by the market." said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The S&P BSE Sensex closed down 116 points, or 0.17%, at 66,166.93, while the NSE Nifty 50 was 19 points or 0.10% lower at 19,731.75.

European stocks and U.S. equity futures fluctuated. Technology shares were among the decliners in Europe after Bloomberg News reported that the U.S. is considering further restrictions to curb China’s access to advanced semiconductors.

S&P 500 contracts and those for the Nasdaq 100 were little changed after declines on Wall Street at the end of last week.

Japanese, Australian and South Korean shares declined. Stocks slipped in Hong Kong and mainland China despite the central bank making the biggest medium-term liquidity injection since 2020.

HDFC Bank Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., ICICI Bank Ltd., and Bharti Airtel Ltd. were negatively adding to the change in the Nifty 50 Index.

Whereas, Nestle India Ltd., Axis Bank Ltd., Tata Steel Ltd., HCL Technologies Ltd., and JSW Steel Ltd. were positively contributing to the change.

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.25%, whereas S&P BSE SmallCap Index was also 0.34% higher.

Eleven out of the 20 sectors compiled by BSE advanced, while nine declined. S&P BSE Metal rose the most and S&P BSE Telecommunication fell the most.

The market breadth was split between buyers and sellers. About 2,046 stocks rose, 1,742 declined, while 165 remained unchanged on the BSE.

• Revenue up 12.94% at Rs 1546.63 crore vs Rs 1369.38 crore

• Ebitda at Rs 213.48 crore vs Rs 62.82 crore

• Margin at 13.8% vs 4.58%

• Net profit at Rs 201.55 crore vs Rs 21.18 crore

• Revenue up 1.6% at Rs 76.65 crore vs Rs 75.44 crore

• Ebitda down 1.98% at Rs 13.91 crore vs Rs 14.19 crore

• Margin at 18.14% vs 18.8%

• Net profit up 27.29% at Rs 5.69 crore vs Rs 4.47 crore

• Gets Rs 313.43 crore order from Defence Ministry for upgrade and repowering of INS Beas.

• Upgrade and repowering to be completed by 2026.

Source: Ministry of Defence

• About 10.2 lakh shares changed hands in a large trade.

• 0.02% equity changed hands at Rs 62.40 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• Net Profit: Rs 919.78 crore Vs Rs 535.06 crore, up 72% (YoY)

• Net Interest Income: Rs 2432 crore Vs Rs 1887 crore, up 29% (YoY)

• Gross NPA: 2.19% Vs 2.28% (QoQ)

• Net NPA: 0.23% Vs .24% (QoQ)

• Revenue up 23.84% at Rs 110.17 crore vs Rs 88.96 crore

• Ebitda up 34.99% at Rs 15.97 crore vs Rs 11.83 crore

• Margin at 14.49% vs 13.29%

• Net profit up 2.92% at Rs 5.99 crore vs Rs 5.82 crore

• Revenue up 2.51% at Rs 91.03 crore vs Rs 88.8 crore

• Ebitda down 14.06% at Rs 20.05 crore vs Rs 23.33 crore

• Margin at 22.02% vs 26.27%

• Net profit down 28.86% at Rs 7.86 crore vs Rs 11.05 crore

• Net Profit: Rs 953.82 crore Vs Rs 704 crore (YoY), up 35.5% (Bloomberg estimates: Rs 862.8 crore)

• Net Interest Income: Rs 2056.42 crore Vs Rs 1762 crore (YoY), up 17%

• Gross NPA: 2.26% Vs 2.38% (QoQ)

• Net NPA: 0.64% Vs 0.69% (QoQ)

• Advances rose to Rs 1.9 lakh crore, up 20% YoY

• Deposits rose to Rs 2.3 lakh crore, up 23% YoY

• CASA ratio at 31.2% as of Sep 30 vs 36.41% YoY

• NIM at 3.22% as of Sep 30 vs 3.20% QoQ

• About 10 lakh shares changed hands in a large trade.

• 0.01% equity changed hands at Rs 137.25 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

India's benchmark stock indices opened lower and swung between gains and losses through midday on Monday after advancing for the second week on Friday despite a two-day fall. Metals, PSU banks and consumer durables rose, whereas pharma and realty sectors were under pressure.

Nifty was trading below 19,800 level, while Sensex was below 66,300 mark. "In the daily chart, the Nifty index continues to exhibit a bullish trend, forming higher highs and higher lows. This positive trend is likely to continue as long as the index remains above the 19,845 level. There is potential for the index to extend its gains towards the 20,000 mark, but if it falls below 19,550, a period of consolidation may be observed," said Mandar Bhojane, Equity Research Analyst at Choice Broking.

As of 12:22 p.m., the S&P BSE Sensex was down 16 points, or 0.02%, at 66,266.62, while the NSE Nifty 50 was 10 points or 0.05% higher at 19,760.80.

U.S. equity futures inched higher. S&P 500 futures rose by about 0.1%, while European contracts fluctuated.

Japanese, Australian and South Korean shares declined, following on Friday’s decline by the S&P 500. Stocks slipped in mainland China despite the central bank making the biggest medium-term liquidity injection since 2020.

Big tech sold off on Friday in New York, with the Nasdaq 100 down over 1%. Boeing Co. sank after saying it’s investigating quality issues affecting the 737 Max aircraft. JPMorgan Chase & Co. and Wells Fargo & Co. gained on solid earnings.

HDFC Bank Ltd., Reliance Industries Ltd., Tata Consultancy Services Ltd., ICICI Bank Ltd., and Asian Paints Ltd. were negatively adding to the change in the Nifty 50 Index.

Whereas, Axis Bank Ltd., Nestle India Ltd., JSW Steel Ltd., ONGC Ltd., and NTPC Ltd. were positively contributing to the change.

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.37%, whereas S&P BSE SmallCap Index was also 0.57% higher.

Seventeen out of the 20 sectors compiled by BSE advanced, while three declined. S&P BSE Metal rose the most.

The market breadth was skewed in the favour of the sellers. About 2,160 stocks rose, 1,460 declined, while 194 remained unchanged on the BSE.

• Inaugurates green-field manufacturing unit of Eugia Steriles worth nearly Rs 600 crore in Vishakhapatnam.

• Unit to manufacture general injectables and supply globally in phases.

• Note: Eugia Steriles Private is a step-down subsidiary of Aurobindo Pharma.

Source: Exchange Filing

• Passenger vehicle sales rise 2% to 3,61,717 units

• Two-wheeler sales rise 0.8% to 17,49,794 units.

• Three-wheeler sales rise 47% to 74,418 units.

Source: SIAM

• Undertook technology upgradation, due to which there may be intermittent fluctuations in UPI services.

Source: Twitter

• Inaugurates new development center in Visakhapatnam, Andhra Pradesh.

• New centre to accommodate approximately 1,000 employees.

Source: Exchange Filing

Shares of Delta Corp Ltd. fell after its unit received a demand notice for the payment of shortfall tax, interest and penalty, as per its exchange filing.

The unit Deltatech Gaming received a GST demand notice for Rs 6,236.81 crore from DG of GST, Kolkata.

The scrip fell as much as 12.43% to hit a 52-week low Rs 122.60 apiece. It pared losses to trade 8.54% lower at Rs 128.05 apiece, compared to a 0.03% advance in the benchmark NSE Nifty 50 as of 11:06 a.m.

It has fallen 39.85% on a year-to-date basis. The total traded volume so far in the day stood at 4.1 times its 30-day average. The relative strength index was at 20, implying that the stock maybe oversold.

One analyst tracking the company maintains a 'buy' rating, according to Bloomberg data.

Most brokerages raised target price for Avenue Supermarts Ltd., even after the operator of DMart hypermarket chain missed Q2 earnings estimates.

Analysts are hopeful that moderating inflation and onset of the festive season may help in reviving discretionary demand and consequently improve DMart's same-store-sales growth trend in the quarters ahead.

The second quarter performance was "unimpressive" mainly due to lower contribution from the high-margin apparel and general merchandise business account of a weak , the company

Avenue Supermarts Q2 (Consolidated, YoY)

• Revenue up 18.7% at Rs 12,624.37 crore.

• Ebitda up 12.7% at Rs 1,004.97 crore.

• Margin at 7.96% vs 8.38%

• Net profit down 9.1% at Rs 623.35 crore.

Shares of Gati Ltd. rose to a one-month high after the total volumes of the cargo distribution and logistics support services business in the July to September quarter rose 18% year-on-year to 3,33,000 metric tonnes on account of strong pre-festive ordering. Also, the company's Bengaluru transshipment hub is now online, as per its exchange filing.

Total volume, including surface and air express in September 2023, came in at 1,09,000 metric tonnes, recording an increase of 8% as compared to September 2022 and 3% decline as compared to August 2023. The growth momentum continued despite a high base in the same month last year.

The scrip rose as much as 14.18% to hit Rs 168.30 apiece, the highest level since Sept. 15. It pared gains to trade 11.47% higher at Rs 164.30 apiece, compared to a 0.03% advance in the benchmark NSE Nifty 50 as of 10:42 a.m.

It has risen 14% on a year-to-date basis. The total traded volume so far in the day stood at 12 time its 30-day average. The relative strength index was at 62.

Three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 21.7%.

Shares of Bajaj Electricals Ltd. rose over 8% after the company bagged an order worth Rs 564.2 crore from Power Grid Corp. for new transmission lines in Andhra Pradesh.

The scope of work includes a 400kV new transmission line for 83.1 km in Ananthapur and another 400kV transmission line for 183 km in Kurnool, the company said in an exchange filing on Friday.

The projects shall be completed within 21 months from the date of issue of their respective notices of action, the statement said.

The scrip rose as much as 8.93% to Rs 1,167.95 apiece, the most in a single day since June 30, 2022. The stock pared the early gains and is trading 3.14% higher at Rs 1,107.40 apiece, compared to a 0.02% decline in the benchmark NSE Nifty 50 as of 10:28 a.m.

It has risen 1.51% on a year-to-date basis. The total traded volume so far in the day stood at 34 times its 30-day average. The relative strength index was at 60.14 as of 10:23 a.m.

Of the 22 analysts tracking the company, 16 maintains 'buy', four suggests 'hold' and two recommends 'sell'. The return potential of the stock implies an upside of 10.7%.

Shares of Texmaco Rail & Engineering Ltd. rose after it reported a growth in its revenue and profit for the July to September quarter of fiscal 2024. The board of the company also approved the scheme of arrangement with Belgharia Engineering Udyog Pvt., which is subject to approvals from the shareholders, SEBI and NCLT, Kolkata Bench.

The company's consolidated net profit rose by 69.99% year-on-year to Rs 20.2 crore in the July to September quarter, according to an exchange filing. This compares to a net profit of Rs 11.88 crore in the same quarter of the previous financial year.

The scheme of arrangement contemplates the demerger of the undertaking company from Texmaco Rail & Engineering Ltd. into and with Belgharia Engineering Udyog Pvt., as per the exchange filing. The demerged undertaking, i.e., 'Infra – Rail & Green Energy' division will execute projects in the area of hydro mechanical works, bridge, structural and track laying, signaling and telecommunication, along with related assets, customer contracts, employees and intellectual properties.

Texmaco Rail & Engineering Q2 (Consolidated, YoY)

• Revenue up 66.19% at Rs 805.05 crore vs Rs 484.41 crore

• Net profit up 69.99% at Rs 20.2 crore vs Rs 11.88 crore

• Ebitda up 75.92% at Rs 76.25 crore vs Rs 43.34 crore

• Margins at 9.47% vs 8.95%

The scrip rose as much as 11.70% intraday to Rs 148.95 apiece, the highest level since Sept. 12, 2022, before paring gains to trade 6.71% higher at Rs 142.30 apiece, as of 10:12 a.m. This compares to a 0.01% decline in the NSE Nifty 50.

It has risen 150.97% on a year-to-date basis. Total traded volume so far in the day stood at 4.4 times its 30-day average. The relative strength index was at 60.5. Bloomberg covers no analyst tracking the company.

• Appoints Punit Patel as President and Chief Executive Officer to lead business operations in North America.

Source: Exchange Filing

• Gets LoA for Rs 99.3 crore project from MMRDA.

• Project for Design, Supply, Fabrication, Erection of pre-engineering building structural steel works.

• Project to be executed within 56 Weeks.

Source: Exchange Filing

• About 4.46 crore shares set to exit IPO lock-in period today.

• Shares to exit IPO lock-in today were entirely held by promoters.

Source: RHP

• Gets marketing approval for six chemotherapy drugs from Philippines.

• Marketing authorisation for bortezomih cisplatin, doxorubicin, docetaxel, flurouracil and paclitaxe.

• Companys' oncology wing has also secured marketing authorisation from Myanmar for another chemotherapy drug.

Source: Exchange Filing

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.21%, whereas S&P BSE SmallCap Index was also 0.47% higher.

Sixteen out of the 20 sectors compiled by BSE advanced, while four declined. S&P BSE Bankex fell the most and S&P BSE Information Technology rose the most.

The market breadth was skewed in the favour of the buyers. About 1,722 stocks rose, 737 declined, while 158 remained unchanged on the BSE.

India's benchmark stock indices opened lower on Monday after advancing for the second week on Friday despite a two-day fall.

"Given the absence of clear trends in both the Nifty and Bank Nifty, it is advisable for market participants to exercise caution and adopt a more selective, stock-specific approach to their investments. This approach can lead to well-informed and strategic investment decisions in a potentially volatile market," said Mandar Bhojane, Equity Research Analyst at Choice Broking.

At pre-open, the S&P BSE Sensex was down 36 points, or 0.05%, at 66,246.37, while the NSE Nifty 50 was 14 points or 0.07% lower at 19,737.25.

Markets steadied on Monday in Asia, with U.S. equity futures gaining as the U.S. and its allies worked to prevent further escalation of the Israel-Hamas conflict.

Japanese, Australian and South Korean shares fell after the S&P 500 dropped on Friday, while the greenback and yen were steady in early trading Monday. Hong Kong and mainland stocks opened lower.

Big tech sold off on Friday in New York, with the Nasdaq 100 down over 1%. Boeing Co. sank after saying it’s investigating quality issues affecting the 737 Max aircraft. JPMorgan Chase & Co. and Wells Fargo & Co. gained on solid earnings.

• At pre-open, the S&P BSE Sensex was down 36 points, or 0.05%, at 66,246.37, while the NSE Nifty 50 was 14 points or 0.07% lower at 19,737.25.

Source: Bloomberg

• The yield on the 10-year bond opened flat at 7.33% on Monday.

Source: Bloomberg

• The local currency strengthened 4 paise to open at 83.22 against the U.S dollar on Monday.

• It closed at 83.26 on Friday.

Source: Bloomberg

• Total Revenue from Operations (Including Agency Sales) down 2.8% YoY at Rs 1,116 crore.

• Revenue from after-sales service and spare parts and others up 11.7% YoY at Rs 210 crore.

• Revenue from vehicle sales (including Agency Sales) down 7.8% YoY at Rs 874 crore.

• Revenue from pre-owned vehicle sales including commission up 166.7% at Rs 32 crore.

Source: Exchange Filing

• Expands enterprise networking solution with Estelan.

• Global enterprises will spend $3.4 trillion by 2026.

• To spend in cloud services, cybersecurity, AI applications, robotics process automation and Industry 4.0.

• Alert: Estelan is end-to-end solution in fibre and copper cable connectivity, enables enterprises to modernise and digitise their large-scale network infrastructure.

Source: Exchange Filing

• Unit Godrej Redevelopers gets GST demand notice for Rs 48.31 crore.

• Notice relates to alleged non-payment of GST in a Mumbai project.

Source: Exchange Filing

• Operational capacity increases by 24% year-on-year to 8,316 MW.

• Added 1,150 MW solar–wind Hybrid, 212 MW solar and 230 MW wind power plants.

• Sale of energy increases by 78% YoY at 11,760 million units.

• Adani Green's corporate governance score in the highest scoring range relative to global peers, reflects best-in-class governance practices well aligned with investor interests.

• Corporate governance score upgraded to 7.4 in MSCI’s latest ESG rating update on Sep 29, 2023.

• Solar portfolio's Capacity Utilisation Factor at 25.2% with 90 basis points improvement year-on-year backed by 99.7% plant availability.

• Wind portfolio CUF at 40.2% with 360 basis points improvement year-on-year backed by 94.6% plant availability.

• Hybrid portfolio CUF at 45.4% with 880 basis points improvement year-on-year backed by 99.4% plant availability.

Source: Exchange Filing

• U.S. Dollar Index at 106.5

• U.S. 10-year bond yield at 4.66%

• Brent crude down 0.02% at $90.87 per barrel

• Nymex crude down 0.09% at $87.61 per barrel

• GIFT Nifty was up 24 points or 0.12% at 19,724.5 as of 8:15 a.m.

• Bitcoin was up 0.05% at $27,218.32

• Price Band Revised from 20% to 10%: ITI

• Move Into Short-Term ASM Framework: Oriental Hotels, Manoj Vaibhav Gems N Jewellers.

• Move Out Of Short-Term ASM Framework: Edelweiss Financial Services, GTL Infrastructure

• Yatra Online: Akash Agrawal bought 8.2 lakh shares (0.52%) for Rs 152.27 apiece.

• Mangalore Chemicals & Fertilizers: Promoter Zuari Industries created a pledge of 28 lakh shares on Oct. 9.

HDFC Bank, CEAT, Choice International, Cyient DLM, Federal Bank, ICICI Securities, Jai Balaji Industries, Jio Financial Services, Bank of Maharashtra, NELCO, Orient Hotels, Tinplate Company of India, and Yatra Online

Som Distilleries Q2FY24 (Consolidated, YoY)

• Revenue is up 74.08% at Rs 247.72 crore.

• Ebitda is up 57.68% at Rs 27.20 crore.

• Margin at 10.98% vs. 11.77%

• Net profit is up 80% at Rs 14.85 crore.

Den Networks Q2FY24 (Consolidated, YoY)

• Revenue is down 3.72% at Rs 276.6 crore.

• Ebitda is up 14.32% at Rs 43.1 crore.

• Ebitda Margin at 15.58% vs. 13.12%

• Net profit is down 5.2% at Rs 45.6 crore.

• Note: Deferred tax expense of Rs 18.3 crore (vs. 0.4 crore YoY)

Tata Steel Long Products (Consolidated, YoY)

• Revenue up 57.69% at Rs 2,947.6 crore.

• Ebitda at Rs 93.84 crore vs. Ebitda loss of Rs 255.18 crore

• Net loss of Rs 460.23 crore vs. loss of Rs 661.8 crore

Avenue Supermarts Q2 (Consolidated, YoY)

• Revenue up 18.7% at Rs 12,624.37 crore.

• Ebitda up 12.7% at Rs 1,004.97 crore.

• Margin at 7.96% vs 8.38%

• Net profit down 9.1% at Rs 623.35 crore.

Texmaco Rail & Engineering Q2 (Consolidated, YoY)

• Revenue up 66.19% at Rs 805.05 crore.

• Net profit up 69.99% at Rs 20.2 crore.

• Ebitda up 75.92% at Rs 76.25 crore.

• Margins at 9.47% vs 8.95%

GTPL Hathway Q2 (Consolidated, YoY)

• Revenue up 18.97% at Rs 779.19 crore.

• Ebitda down 5.34% at Rs 124.32 crore.

• Margins at 15.95% vs 20.05%

• Net profit down 24.44% at Rs 35.87 crore.

Dalmia Bharat Q2 (Consolidated, YoY)

• Revenue up 5.99% at Rs 3149 crore.

• Ebitda up 55.41% at Rs 589 crore.

• Margins at 18.70% vs 12.76%

• Net profit up 161.70% at Rs 123 crore.

• Adani Enterprises: The Office of Regional Director-Southeast Region, Hyderabad, Ministry of Corporate Affairs, initiates an investigation into the accounts of Mumbai International Airport and Navi Mumbai International Airport. The documents sought pertain to the period from FY18 to FY22, prior to their acquisition by the company.

• Tata Motors: The company will sell a 9% stake in Tata Technologies to TPG Rise Climate for Rs 1,467 crore and another 0.9% stake in TTL to Ratan Tata Endowment Foundation for Rs 146.7 crore.

• Mahindra & Mahindra: September, sales rose 18.14% year on year to 73,185 units, while production increased by 21.88% to 79,410 units. The Income Tax Department has filed an appeal in Bombay High Court against relief previously granted to the company over a Rs 432 crore tax dispute.

• Laurus Labs: Associate ImmunoACT received marketing authorization approval for India’s first CAR-T cell therapy, NexCAR19, for cancer treatment therapy from the Central Drugs Standard Control Organisation.

• NHPC: The company expects Rs 788 crore worth of damages due to flash floods impacting its 510 MW Teesta-V Power Station in Sikkim. The damages are fully insured, and the company said it will lodge a formal claim for the damages.

• L&T Finance Holdings: NCLT has approved the amalgamation of L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee with L&T Finance Holdings on Oct. 13.

• Infosys: The New York State Taxation Department has imposed a penalty of $15,076 for underpayment of advance tax in FY22.

• Bajaj Electricals: The company bagged a service contract worth Rs 564 crore from Power Grid Corp. for 400 kV transmission lines in Andhra Pradesh. The project is to be completed in 21 months.

• HDFC Life: Board approves re-classification of Abrdn (Mauritius Holdings) 2006 from 'Promoter' to 'Public' category. HDFC Bank will be the sole promoter post-reclassification.

• Mankind Pharma: The company has resumed operation at the Sikkim facility as of Oct. 13. It has reported no damage to property due to flash floods when the facility's operations were disrupted.

• Federal Bank: International Finance Corp. acquires an additional 7.26 crore shares (3% stake) via preferential issue, increasing its stake to 7.32%.

• Gati: Total volume in Q2 volume rose 18% year-on-year to 333,000 metric tonnes on account of strong pre-festive ordering. Also, the company's Bengaluru transshipment hub is now online.

• NBCC India: The company has received an order worth Rs 80 crore for the renovation of office buildings from the Visakhapatnam Port Authority.

• ICICI Lombard: The company receives favourable orders from Jaipur's Tax Authority, squashing a penalty of Rs 7.7 crore for FY18, FY19 and FY20.

• Bajaj Healthcare: The company has completed the construction of an alkaloid extraction plant at Vadodara, Gujarat. The plant has a capacity for the extraction of 2500 metric tonnes of poppy straw and 300 metric tonnes of poppy gum per year.

• KIOCL: The company resumes operations at the Mangalore Pellet Plant, where operations were suspended on Sept. 28 due to the non-availability of iron-ore fines and maintenance activities.

• Pidilitte: Subsidiary Pidilite Ventures invests Rs 20 crore in Imagimake, a company into the design and distribution of innovative ranges of educational toys.

• Transformers and Rectifiers: Amarendra Kumar Gupta resigns as CFO w.e.f. Oct. 14, citing personal reasons.

• NLC India: The company incorporates a wholly owned subsidiary, NLC India Green Energy, to undertake future renewable energy projects.

• Indian Bank: The bank has reported loans worth Rs 24.8 crore as fraud.

• J. Kumar Infraprojects, NCC: A SPV, J. Kumar, NCC Pvt., is incorporated for the GMLR twin tunnel project awarded by BMC. NCC to hold a 51% stake and J. Kumar to hold the remaining 49% shares in the company.

• Union Bank of India: RBI imposes a monetary penalty of Rs 1 crore for non-compliance related to loans and advances, statutory and other restrictions.

• RBL Bank: The RBI imposes a monetary penalty of Rs 64 lakh for non-compliance related to prior approval for the acquisition of shares.

• Shipping Corporation of India: The Maharashtra government remits the entire stamp duty chargeable for various items.

• Intellect Design Arena: The company partners with Premiere Bank, Philippines, for bank-wide digital transformation in APAC. The partnership includes Intellect's iKredit360 loan origination system, with the aim of improving the bank's customer experience.

Asian markets fell as Australian stocks slipped, Japanese and South Korean markets declined, while Hong Kong and mainland stocks opened lower after U.S. shares fell and bonds surged on Friday as traders sought out safety amid the looming prospect of a ground offensive in Gaza.

Big tech sold off on Friday in New York, with the Nasdaq 100 down over 1%. Boeing Co. sank after saying it’s investigating quality issues affecting the 737 Max aircraft. JPMorgan Chase & Co. and Wells Fargo & Co. gained on solid earnings.

The yield on the 10-year U.S. bond was trading at 4.66%, and Bitcoin was above the $27,000 level. Brent crude was trading beyond $90 a barrel, whereas WTI crude was above the $87 mark.

At 8:15 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 24 points, or 0.12%, at 19,724.5.

India's benchmark stock indices closed lower on Friday, dragged by muted earnings from information technology major Infosys Ltd. However, on a weekly basis, the indices advanced for the second straight week on Friday. The Nifty ended below the 19,800 level, while the Sensex closed below the 66,300 mark. Banks, I.T., media and metal sectors fell, whereas real estate and pharmaceutical sectors rose.

Overseas investors became net buyers of Indian equities on Friday. Foreign portfolio investors mopped up stocks worth Rs 317.01 crore, and domestic institutional investors turned net sellers and offloaded equities worth Rs 102.88 crore, the NSE data showed.

The Indian rupee closed flat at 83.26 against the U.S. dollar on Friday.