Global markets opened subdued as investors adopted a cautious stance. US equity futures edged lower, mirroring a lackluster Wall Street session. Investors are keenly awaiting economic data and Federal Reserve policy signals. The yen weakened against the dollar, prompting warnings from Japanese authorities. Oil prices extended their decline. Attention is also on the US government shutdown's resolution.
Tata Steel reported a significant profit jump in the September quarter. India operations drove strong volume growth. The Netherlands unit saw a sharp rise in operating profit. The company also narrowed losses in its UK operations. Sales increased year-on-year. Earnings before interest, tax, depreciation, and amortisation rose substantially.
Mutual fund managers actively rebalanced portfolios in October as equities rose, with significant activity in the banking sector. Private banks and finance companies saw both substantial buying and selling. Selective interest also emerged in IT stocks like HCL Tech and Tech Mahindra, indicating a focus on undervalued companies with potential for valuation expansion.
Fujiyama Power Systems is set to raise 828 crore via IPO to boost solar panel and battery production, aiming to reduce import reliance. The company has shown impressive revenue and profit growth, with expanding EBITDA margins. Despite elevated debt, its valuation appears attractive compared to peers, making it a compelling option for risk-tolerant investors.
The Indian rupee's trading range has significantly tightened recently. This is due to increased intervention by the Reserve Bank of India. The central bank is actively managing the currency to prevent it from reaching record low levels. This strategy marks a shift in policy. Market participants are observing the RBI's actions closely.
A Sebi-formed committee has proposed classifying the Sebi chairman and whole-time members as 'insiders' under insider trading rules. This move aims to prevent them from trading on price-sensitive information, aligning Sebi with global regulatory practices and addressing past conflict-of-interest concerns.
Billionbrains Garage Ventures, the parent of broking firm Groww, made a strong debut on the stock market. The company's shares listed at a premium, surpassing initial expectations. The IPO saw significant subscription across investor categories. Groww's market capitalization now stands considerably higher than its peers, indicating strong investor confidence in its future prospects.
