Some of the top business news headlines from October 27, 2023:
Sensex, Nifty rebound 1% after 6-day slide. The BSE Sensex gained 634.65 points to close at 63,782.80, while the Nifty surged 202.45 points to close at 19,059.70.
Asian Paints Q2 profit up 53% to Rs 1,232 crore. The company’s revenue from operations grew 0.3% to Rs 8,451.93 crore.
Reliance Industries Q2 net profit rises 27% to Rs 17,394 crore. The company’s revenue from operations grew 23.3% to Rs 2,29,406 crore.
Reliance Retail Q2 revenue up 28.5% to Rs 59,607 crore. The company’s EBIT margin improved to 4.4% from 3.8% in the year-ago quarter.
Reliance Jio Q2 net profit up 4% to Rs 5,058 crore. The company’s ARPU rose to Rs 181.7 from Rs 175.7 in the year-ago quarter.
Sunil Mittal says Airtel has covered entire India with 5G services. The company has covered 5,000 towns and cities along with 20,000 villages till date.
Tata to make iPhones in India for domestic and global markets. The company will start manufacturing iPhones at its plant in Hosur, Tamil Nadu, in the coming months.
Zepto’s losses shot up 3x, expenses up 6x in FY23. The company’s losses widened to Rs 3,046 crore in FY23, while its expenses jumped to Rs 5,203 crore.
Other notable news items include:
Auto industry expects long-term growth from entry-level segment.
Amul to make a big play in the foods space.
Maruti Suzuki Q2 profit surges 80% to Rs 3,717 crore.
Summary of the financial market news for October 27, 2023:
Stocks: U.S. stocks ended lower on Friday, with the S&P 500 falling into correction territory, as investors digested mixed earnings reports and mounting concerns about inflation and rising interest rates. The Dow Jones Industrial Average fell 0.5%, the S&P 500 declined 0.4%, and the Nasdaq Composite slipped 0.1%.
Bonds: U.S. Treasury yields were little changed on Friday, with the 10-year yield hovering around 4.8%.
Stocks: European stocks closed mostly lower on Friday, as investors remained cautious amid concerns about the global economic outlook. The Stoxx Europe 600 index fell 0.3%.
Bonds: European government bond yields were mixed on Friday, with the German 10-year yield edging up slightly to 1.45%.
Stocks: Asian stocks closed mixed on Friday, with Chinese stocks leading the gains as investors cheered positive economic data. The Shanghai Composite Index rose 1.2%, while the Nikkei 225 in Japan fell 0.4%.
Bonds: Asian government bond yields were mostly lower on Friday, with the Japanese 10-year yield falling to 0.23%.
Oil: Oil prices rose on Friday, with Brent crude futures settling above $110 per barrel, as supply concerns outweighed demand worries.
Gold: Gold prices fell on Friday, with spot gold prices trading around $1,700 per ounce, as the dollar strengthened.
The U.S. dollar: The dollar strengthened against most major currencies on Friday, as investors sought safe-haven assets amid concerns about the global economic outlook.
The euro: The euro fell against the dollar on Friday, trading around $1.05.
The Japanese yen: The yen fell against the dollar on Friday, trading around ¥140 per dollar.
U.S. Personal Income and Spending: U.S. personal income rose 0.4% in September, while personal spending increased 0.6%.
U.S. Core PCE Price Index: The U.S. core PCE price index, the Federal Reserve’s preferred inflation measure, rose 0.3% in September, in line with expectations.
Amazon: Amazon reported earnings per share of $2.15 for the third quarter, beating analyst expectations of $1.42.
Apple: Apple reported earnings per share of $1.54 for the fourth quarter, beating analyst expectations of $1.43.
Microsoft: Microsoft reported earnings per share of $2.46 for the fourth quarter, beating analyst expectations of $2.31.
The Federal Reserve: Federal Reserve officials signaled that they are prepared to raise interest rates further to combat inflation.
The European Central Bank: European Central Bank President Christine Lagarde said that the central bank is ready to act if inflation expectations become unanchored.