Oil Relief Helps Sensex Snap 4-Day Loss; Bharti Airtel Surges 9%

Bengaluru-based Wipro Ltd.'s quarterly profit missed estimates during July-September period.

Key earnings highlights (Q2, YoY):

• Net profit down 3 percent at Rs 1,886 crore.
• Revenue up 1.8 percent at Rs 14,568 crore.
• EBIT down 5.2 percent at Rs 2,097 crore.
• EBIT margin at 14.4 percent versus 17 percent.

InterGlobe Aviation Ltd., which operates budget carrier IndiGo, reported its first ever quarter loss since listing. The company reported a net loss of Rs 652 crore during the July-September quarter, according to its stock exchange filing.

Key earnings highlights (Q2, YoY):

• Net loss of Rs 652 crore versus net profit of Rs 552 crore.
• Revenue up 16.9 percent at Rs 6,185 crore.
• Ebitdar at Rs 111 crore versus Rs 1,557 crore.
• Ebitdar Margin at 1.8 percent versus 29.44 percent.

Indian equity benchmarks snapped their four-day losing spree after Brent crude dropped below $75 per barrel, its lowest level in two months.

The S&P BSE Sensex rose 0.55 percent or 187 points to 34,034 and the NSE Nifty 50 Index advanced 0.77 percent or 78 points to 10,225.

For most part of the day, Sensex and Nifty were volatile but a fall in oil prices eased concerns about a strain on the nation’s finances, currency and corporate earnings.

Sixteen of 19 sector gauges compiled by BSE ended higher. The S&P BSE Telecom Index surged 4.9 percent paced by Bharti Airtel's biggest single-day up move in over nine years. On the flipside, the S&P BSE Healthcare Index was top loser, down 0.3 percent.

Shares of the country's second largest telecom operator rose as much as 14.99 percent, the most since April 2011, to Rs 328.75 on diluting stake in African unit.

Shares of the two- and three-wheeler maker fell as much as 5 percent to Rs 2,456.

Bajaj Auto’s operating performance was below our and consensus estimates as Ebitda margin came at 16.8 percent versus our and consensus estimates of 17.1 percent and 17.3 percent respectively, IDBI Capital said in a note to clients.

Shares of the Delhi-based liquor maker rose as much as 5 percent to Rs 356.65 after its net profit rose 73 percent to Rs 49.54 crore from Rs 28.60 crore (YoY). Speaking to BloombergQuint, Dilip Banthiya, CFO of Radico Khaitan said that overall volume grew by 11 percent and the company managed to gain market share during the second quarter.

Key highlights of the conversation:

• Overall volume grew by 11 percent
• Have managed to gain market share in the quarter
• Expect second half of the year to be better
• Satisfied with distillation capacity at the moment
• Don't feel the need to expand capacity
• Expect 12-14 percent top line growth in FY19 and FY20
• Have reduced the total debt by Rs 200 crore in first half of FY19
• Expect margins to improve by 200 basis points in FY19
• Targeting 20 percent margins by 2020-21

Indian equity benchmarks erased gains dragged by weakness in Reliance Industries, Infosys, Kotak Mahindra Bank and Yes Bank.

The Sensex fell 80 points or 0.24 percent to 33,764 and the Nifty 50 Index declined 0.14 or 15 points to 10,131.

Eleven of 19 sector gauges were trading lower led by the S&P BSE Healthcare Index's 1 percent drop. Energy, IT, Auto, Utilities and Power gauges on the BSE fell between 0.5-0.7 percent each.

Mid-cap shares erased gains as the S&P BSE MidCap Index declined 0.1 percent.

The overall breadth turned negative as 1,270 shares were declining while 1,157 were advancing on the BSE.

Shares of the Pune-based two- and three-wheeler maker fell as much as 3.3 percent to Rs 2,502 after its revenue and margins missed Bloomberg consensus estimates in July-September quarter.

Key earnings highlights:

• Net profit up 3.65 percent at Rs 1,152 crore versus Rs 1,111.86 crore (YoY); Estimate of Rs 1,140 crore
• Revenue up 21 percent at Rs 7,832 crore versus Rs 6,461 crore (YoY); Estimate of Rs 7,982 crore
• Ebitda 3.4 percent at Rs 1,343 crore versus Rs 1,298.3 crore (YoY); Estimate of Rs 1,385 crore
• Margins at 16.8 percent versus 19.7 percent; Estimate of 17.4 percent

Shares of the Noida-based Domino's Pizza chain operator rose 2.2 percent to Rs 1,226 after its net profit rose 60 percent in the September quarter.

Key earnings highlights:

• Net profit up 60 percent at Rs 77.6 crore versus Rs 48.5 crore (YoY)
• Revenue at Rs 881.4 crore versus Rs 726.6 crore (YoY)
• Ebitda up 44.4 percent at Rs 147.6 crore versus Rs 102.2 crore (YoY)
• Margin at 16.7 percent 14 percent (YoY)
• Same store sales growth (SSG) for Domino’s at 20.5 percent versus 25.9 percent (QoQ)

Majority Of Heinz acquisition will be funded via Zydus Wellness and not Cadila, Sharvil Patel, chairman of Zydus Wellness told BloombergQuint in an interview after acquiring Heinz’s India’s portfolio for Rs 4,595 crore.

Key highlights of the conversation:

• Majority of Heinz acquisition will be funded via Zydus Wellness and not Cadila
• Cadila Healthcare to fund acquisition via internal accruals
• See a lot of scope in acquired brands

Cadila Healthcare stock fell as much as 5.2 percent while Zydus Wellness rose as much as 8 percent.

Shares of the Uday Kotak-led private sector lender swung after its net profit met estimates compiled by BloombergQuint.

Key earnings highlights:

• Net profit up 14.81 percent at Rs 1,141 crore versus Rs 994 crore (YoY); Estimate of Rs 1,173 crore.
• Net interest income up 16.31 percent at Rs 2,689.10 crore versus Rs 2,312 crore (YoY); Estimate of Rs 2,716 crore.
• Gross non-performing assets as a percentage of total advances at 2.15 percent versus 2.17 percent (QoQ)
• Net non-performing assets as a percentage of total advances at 0.81 percent versus 0.86 percent (QoQ)

Zydus Wellness jointly with Cadila Healthcare proposes to acquire products of Heinz India including Glucon-D, Complan, Nycil and Sampriti, both the companies said in an exchange notification.

• The consideration of the deal will be in cash and Zydus proposes to fund the acquisition via debt and equity.
• Select leading private equity firms have committed to partnering the transaction by way of equity support, Zydus says
• Deal expected to close in early-CY2019
• Turnover of the acquired four brands at Rs 1,150 crore in year ended June 30; Ebitda at Rs 225 crore
• Complan rights to be acquired only for India, Bangladesh, Nepal and deal is for global rights for other products
• Avendus Capital acted as financial adviser for Zydus; Khaitan & Co. was the legal adviser

Indian equity benchmarks were rangebound as gains in HDFC twins, L&T, ITC and ICICI Bank were offset by losses in Infosys, Yes Bank, Sun Pharma and NTPC.

The S&P BSE Sensex rose 135 points to 33,984 and the NSE Nifty 50 Index advanced 48 points to 10,193.

Thirteen of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Realty Index's 2 percent drop. On the other hand, the S&P BSE Healthcare Index was top loser, down 0.5 percent.

Overall market breadth was neutral as 1,260 shares were advancing while 1,022 were declining on the BSE.

Shares of the Tamil Nadu-based private sector lender rose as much as 2.5 percent to Rs 77.20 after it reported September quarter earnings.

Key earnings highlights:

• Net profit up 11 percent to Rs 83.74 crore versus Rs 75.65 crore (YoY)
• Net interest income up 4.34 percent at Rs 579.14 crore versus Rs 555 crore (YoY)
• Gross non-performing assets as a percentage of total advances at 7.70 percent versus 7.44 percent (QoQ)
• Net non-performing assets as a percentage of total advances at 4.41 percent versus 4.50 percent (QoQ)

Nifty's 10,300 strike price call option contract was among the most active option contracts on the National Stock Exchange.

Premium on the contract fell 2 percent to Rs 17.85. Over 10.23 lakh shares were added to the open interest which stood at 36.74 lakh shares.

• Indian Energy Exchange: The Delhi-based power trading platform operator rose as much as 4.87 percent to Rs 161.50. Trading volume was 40.3 times its 20-day average.
• Info Edge: The Noida-based website operator rose as much as 1.5 percent to Rs 1,516. Trading volume was 8 times its 20-day average.
• Redington India: The Chennai-based supply chain solution provider fell as much as 0.8 percent to Rs 82.10. Trading volume was 7 times its 20-day average.
• Den Networks: The Delhi-based cable TV service provider fell as much as 3.42 percent to Rs 66.30. Trading volume was 1.5 times its 20-day average.

• Indigo’s September market share at 43.3 percent
• Jet Airways’ September market share at 15.8 percent
• SpiceJet’s September market share at 12 percent
• Air India’s September market share at 11.8 percent

Shares of the Bengaluru-based pressure cooker maker rose as much as 6.15 percent to Rs 6,324 after it reported September quarter earnings.

Key earnings highlights:

• Net profit up 28 percent at Rs 53.7 crore versus Rs 42 crore (YoY)
• Revenue up 7.3 percent at Rs 552.2 crore versus Rs 514.6 crore (YoY)

Shares of the Hyderabad-based drugmaker rose as much as 4.1 percent to Rs 390.40 apiece.

The company transferred ownership of its U.S. FDA approved Tenofovir Disoproxil Fumarate ANDA to CASI Pharmaceuticals, according to an exchange filing. Upfront and milestone payments for the transaction will be received in different phases, Laurus Labs said in an exchange notification.

• Jaiprakash Associates has 10 lakh shares change hands in a block deal. Stock up 4.84 percent at Rs 6.50.

Buyers and sellers were not immediately known

Source: Bloomberg

Shares of the Noida-based IT company swung between gains and losses after its profit met Bloomberg consensus estimates in July-September quarter.

Key earnings highlights:

• Dollar revenue up 2.1 percent at $2,099 million.
• Profit up 5.7 percent at Rs 2,540 crore.
• EBIT up 8.7 percent at Rs 2,966 crore.
• EBIT margin at 19.8 percent versus 19.7 percent.

Meanwhile, brokerages have maintained their buy call on the stock. CLSA has a target price of Rs 1,500 and said that its revenues were in-line and organic growth momentum is recovering in the second half.

Shares of the non-banking finance companies advanced a day after Bajaj Finance met Bloomberg earnings estimates in September quarter.

Meanwhile, Macquarie maintained its stance on Indiabulls Housing Finance for target price of Rs 1,400 per share saying that the promoter has over-collateralised his borrowings to maintain sufficient margin money.

Shares of oil marketing companies (OMCs) advanced after Brent crude fell below $77, close to its lowest level in more than a month as Saudi Arabia pledged to offset any supply shortfalls.

• Bharat Petroleum up 3.88 percent
• Indian Oil up 2.6 percent
• Hindustan Petroleum up 4.9 percent

Shares of the country's second largest telecom company rose as much as 4.53 percent to Rs 299 as it will raise close to $1.25 billion by selling a stake in its profitable African business.

Warburg Pincus, Temasek, Singtel, SoftBank Group International, and two others have agreed to invest in the African unit by subscribing to new shares, the company said in a statement released on the exchanges today.

Indian equity benchmarks clocked strong gains paced by gains in Bharti Airtel, State Bank of India, ICICI Bank and Yes Bank.

The S&P BSE Sensex rose 1.3 percent or 453 points to 34,301 and the NSE Nifty 50 Index climbed 1.4 percent or 144 points to 10,291.

All 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Oil & Gas Index's 1.7 percent gain after Brent crude fell below $77 per barrel mark. S&P BSE Bankex and S&P BSE Realty Indices also rose 1.5 and 2 percent each respectively.

mid- and small-cap shares were in-line with larger peers as the S&P BSE MidCap and S&P BSE SmallCap Indices rose over 1 percent each.

Rupee opened higher at 73.16 per dollar against yesterday's close 73.57 after fell close to lowest level in nearly two months.

India’s bonds may rise after the central bank announced it would buy debt through an open-market operation this week and as global oil prices extended their slide.

The RBI will purchase up to Rs 12,000 crore of bonds on Thursday and this is part of its plan to buy Rs 36,000 crore worth of bonds this month to ease the liquidity crunch that has hit the banking system in the past few weeks.

The benchmark 10-year bonds rose for the first time in four days on Tuesday, with the yield dropping 4 basis points to end at 7.89 percent. Sentiment towards bonds is also helped by oil falling to near the lowest level in more than two months as Saudi Arabia pledged to offset any supply shortfalls.

The drop in oil prices could help the rupee stage a recovery. Implied opening from the forwards suggests that the dollar/rupee pair may start trading at 73.23, up from 73.57 struck on Tuesday. Nevertheless, with a risk off sentiment prevailing over global markets, any rise in the rupee could be short-lived, traders said.

On Bajaj Finance

Morgan Stanley

• Maintained ‘Equalweight’ with a price target of Rs 2,300.
• September quarter’s net profit ahead of estimates led by lower provisions.
• NII and AUM growth in-line with estimates.

JPMorgan

• Maintained ‘Overweight’ with a price target of Rs 2,800.
• September quarter review: Another earnings beat driven by opex performance.
• Asset quality saw a marginal blip sequentially largely driven by the rural and LAP book.
• Loan growth momentum intact; Funding profile solid with growing deposit base.

Credit Suisse

• Maintained ‘Underperform’ with a price target of Rs 1,500.
• Experience on festive sales has been encouraging so far and Management expects similar growth.
• Management confident on liquidity situation and has been able to raise funds from banks and debt markets.
• Asset quality largely stable, except for some caution on two wheeler loans.

On ICICI Prudential

CLSA

• Maintained ‘Buy’; cut price target to Rs 490 from Rs 560.
• VNB growth led by margin expansion; Marketing spend lowers profit.
• Fall in persistency disappointing; Improvement will be key.
• Cut VNB estimates as weaker capital markets can affect the sales of ULIPS.

Macquarie

• Maintained ‘Outperform’ with a price target of Rs 462.
• September quarter’s net profit was in line; Dragged down by lower investment income and higher opex.
• Rising interest rates drag embedded value growth down.
• Recent volatility in equity markets an important monitorable given heavy reliance on ULIPs.

On HCL Tech

CLSA

• Maintained ‘Buy’ with a price target of Rs 1500.
• Revenues in-line; Organic growth momentum recovering in the second half.
• Margin gains are being traded for growth.
• Buy on returning organic growth, IP value and undemanding valuation.

Credit Suisse

• Maintained ‘Outperform’ with a price target of Rs 1,275.
• No surprises in September quarter; Growth guidance maintained as expected.
• Expect potential double-digit growth with steady margins.
• Valuations remain extremely attractive.

On Ambuja Cements

CLSA

• Maintained ‘Buy’; cut price target to Rs 255 from Rs 300.
• Weak September quarter results; Lowest unit Ebitda in over a decade.
• Slight miss in realisation along with higher costs led to margin pressure.
• Sector fortunes solely rest on ability to raise prices and the near-term outlook is uncertain.

Macquarie

• Maintained ‘Neutral’ with a price target of Rs 230.
• Strong volume fails to offset cost pressure.
• Weak rupee, strong crude oil and stubborn coal prices keeping cost pressures elevated.
• No capacity expansion to constrain volume growth.

On Adani Ports

CLSA

• Maintained ‘Buy’; cut price target to Rs 475 from Rs 490.
• Solid core led by coal and crude.
• Dollar debt impacted net profit by 40 percent on MTM of rupee depreciation.
• Adani Ports to deliver 16 percent growth in port Ebitda over FY18-21.

Credit Suisse

• Maintained ‘Outperform’ with a price target of Rs 480.
• September quarter was in-line led by volume growth.
• See several positives - contained capex, strong free cash flows, cargo diversification, etc.
• Positive outlook on container growth and capacity expansion; Valuations attractive.

Macquarie

• Upgraded to ‘Outperform’ from ‘Neutral’; cut price target to Rs 358 from Rs 385.
• Adjusted earnings better than consensus on a volume surprise.
• Expect growth to normalize in the second half as the base catches up.
• Upgrade on valuation; Concerns on financial health of group companies remain.

On TVS Motor

Credit Suisse

• Maintained ‘Underperform’; cut price target to Rs 420 from Rs 470.
• September quarter was ahead largely on operating leverage on staff costs.
• Gross margin expanded on better export realisation.
• Company remains hopeful of 10% growth for industry in the second half.

Macquarie

• Maintained ‘Underperform’ with a price target of Rs 450.
• Good September quarter performance, but already priced in.
• Market share improvement led by new model launches.
• Continue to believe there is downside risk to expectations of operating margin improvement.

More Brokerage Calls

CLSA on HDFC Life

• Maintained ‘Buy’; cut price target to Rs 510 from Rs 600.
• VNB growth led by premium and margin expansion.
• See scope to improve persistency, but potential slowdown in NBFCs could be a drag.
• Smooth transition under new CEO will be key, especially given its premium valuation.

Macquarie on Indiabulls Housing Finance

• Maintained ‘Outperform’ with a price target of Rs 1,400.
• Promoter over-collateralised his borrowings to maintain sufficient margin money.
• Growth/margins may come under pressure in near term due to liquidity concerns.
• See no risk of insolvency or widespread defaults by borrowers.

Morgan Stanley on RBL Bank

• Maintained ‘Underweight’ with a price target of Rs 450.
• September quarter’s net profit above estimates helped by good pre-provisioning operating profit growth.
• Loan growth strong and coverage ratio broadly stable.

• Nifty October futures closed trading at 10,148, with a premium of 1 point.
• Nifty October open interest (OI) down 24 percent; Nifty Bank October OI down 4 percent.
• Maximum open interest for October series call at 10,500 strike value call option (Open interest at 37.1 lakh shares).
• Maximum open interest for October series put at 10,000 strike value put option (Open interest at 36.7 lakh shares).

Bulk Deals

• Den Networks: MSD India Fund sells 16 lakh shares at Rs 66.29 apiece.

Trading Tweaks

• Bhansali Engineering Polymers circuit changed to 10 percent.
• Goa Carbon, Edelweiss Financial circuit changed to 5 percent.

Insider Trades

• Centrum promoters bought 66,000 shares from open market on Oct. 17.
• Kwality promoter sold 12.5 lakh shares on Oct. 17.

(As reported on Oct. 23)

HCL Tech (Q2, QoQ)

• Dollar revenue up 2.1 percent at $2,099 million.
• Profit up 5.7 percent at Rs 2,540 crore.
• EBIT up 8.7 percent at Rs 2,966 crore.
• EBIT margin at 19.8 percent versus 19.7 percent.

Adani Ports and SEZ (Q2, YoY)

• Revenue down 4 percent to Rs 2,608 crore.
• Net profit down 39 percent to Rs 606 crore.
• Ebitda down 9 percent to Rs 1,703 crore.
• Ebitda margin at 65.3 percent versus 68.8 percent.

Bajaj Finserv (Q2, YoY)

• Revenue up 17 percent to Rs 9,698 crore.
• Revenue from insurance business up 9.2 percent to Rs 4633 crore.
• Net profit up 1 percent to Rs 704 crore versus Rs 698 crore.

Rallis India (Q2, YoY)

• Revenue up 11.8 percent at Rs 613.2 crore.
• Net profit up 6.1 percent at Rs 87 crore.
• Ebitda up 1.8 percent at Rs 129.2 crore.
• Margin at 21.1 percent versus 23.1 percent.

Bajaj Corp (Q2, YoY)

• Revenue up 4.2 percent at Rs 212.7 crore.
• Net profit up 1.8 percent at Rs 51.6 crore.
• Ebitda up 3.6 percent at Rs 60.6 crore.
• Margin at 28.5 percent versus 28.6 percent.

Aksh OptiFibre (Q2, YoY)

• Total income up 22 percent to Rs 178 crore.
• Profit at Rs 17 crore versus Rs 5 crore.
• Ebitda up 147 percent to Rs 40 crore.
• Margin at 23 percent versus 11 percent.

HDFC Standard Life ( Q2, YoY)

• Net premium income up 26 percent to Rs 6,778 crore.
• Net profit up 20 percent to Rs 287 crore.
• 13th month persistency ratio down 84.8 percent versus 86.2 percent.
• 61st month persistency ratio up 52.4 percent versus 50.5 percent.

Sasken Technologies (Q2, QoQ)

• Revenue down 16 percent to Rs 113 crore.
• Net profit down 40 percent to Rs 16.9 crore.
• EBIT down 39 percent to Rs 12 crore.
• EBIT Margins at 10.4 percent versus 14.3 percent.

ICICI Prudential Life Insurance (Q2, YoY)

• Net premium income up 16 percent to Rs 7,601 crore.
• Net profit down 29 percent to Rs 301 crore.
• 13th month persistency ratio down 82.7 percent versus 83.5 percent.
• 61st month persistency ratio up 58.7 percent versus 54.4 percent.

Zensar Technologies (Q2, QoQ)

• Revenue up 7 percent to Rs 969 crore.
• Net profit up 14 percent to Rs 93 crore,
• EBIT up 2.4 percent to Rs 100.5 crore.
• EBIT margin at 10.4 percent versus 10.8 percent.

Tata Metaliks (Q2, YoY)

• Revenue up 21.5 percent to Rs 547 crore.
• Net profit up 42 percent to Rs 47.5 crore.
• Ebitda up 28 percent to Rs 85.7 crore.
• Margin at 15.7 percent.

Ambuja Cements (Q3, YoY)

• Revenue up 12.6 percent at Rs 2,613.9 crore.
• Net profit down 34.4 percent at Rs 178.6 crore.
• Ebitda up 1.1 percent at Rs 358.1 crore.
• Margin at 13.7 percent versus 15.3 percent.

Nifty Earnings To Watch:

Kotak Mahindra Bank

• Net interest income seen 17.4 percent higher at Rs 2,716 crore versus Rs 2,312.7 crore (YoY)
• Net profit seen 18 percent higher at Rs 1,173 crore versus Rs 994.3 crore (YoY)
• Net interest margin (NIM) seen stable at 4.3 percent (QoQ)

BloombergQuint estimates

Wipro

• IT service revenue seen up 0.4 percent at $2,034 million versus $2,026 million (QoQ)
• Revenue seen up 1.8 percent at Rs 14,489 crore versus Rs 14,231 crore (QoQ)
• EBIT seen up 1.7 percent at Rs 2,293 crore versus Rs 2,254 crore (QoQ)
• EBIT margins seen flat at 15.8 percent (QoQ)
• Profit seen down 3 percent at Rs 2,031 crore versus Rs 2,094 crore (QoQ)

Bloomberg estimates

Bajaj Auto

• Revenue seen at Rs 7,982 crore versus Rs 6,580 crore, up 21 percent (YoY)
• Ebitda seen at Rs 1,385 crore versus Rs 1,298 crore, up 6 percent (YoY)
• Profit seen at Rs 1,140 crore versus Rs 1,112 crore, up 2.5 percent (YoY)
• Margin seen at 17.4 percent versus 19.7 percent (YoY)

Bloomberg estimates

Bharti Infratel

• Revenue seen down 2.4 percent at Rs 3,587 crore versus Rs 3,674 crore (YoY)
• Ebitda seen down 5 percent at Rs 1,448 crore versus Rs 1,521 crore (YoY)
• Ebitda margin seen at 40.4 percent versus 41.4 percent (YoY)
• Net profit seen down 5.2 percent at Rs 605 crore versus Rs 638 crore (YoY)

Bloomberg estimates

Other Earnings To Watch

• Bharat Financial Inclusion
• Everest Industries
• Hexaware Technologies
• IDFC Bank
• Jubilant Foodworks
• Jyothy Laboratories
• Interglobe Aviation
• KPIT Technologies
• L&T Finance Holdings
• Larsen & Toubro Infotech
• Mahindra & Mahindra Financial Services
• Radico Khaitan
• Security And Intelligence Services (India)
• SKF India
• Sterlite Technologies
• Sundaram-Clayton
• Syngene International
• Tamil Nadu Newsprint & Papers
• TTK Prestige
• International Paper APPM

• Sun Pharma launches psoriasis treatment drug Ilumya in U.S.
• DCM Shriram starts commercial production at additional 168 TPD chlor-alkali line at Rajasthan unit.
• Laurus Labs transfers ownership of its U.S. FDA approved Tenofovir Disoproxil Fumarate (TDF) ANDA to CASI Pharmaceuticals.
• Salzer Electronics withdraws proposal to acquire two overseas companies – Advanced ID Asia Engineering, Thailand and United Marketing and Trading Ltd, Hong Kong.
• Jaypee infratech creditors approve proposal to invite bids.
• ICICI Bank to conduct fresh inquiry in Chanda Kochhar case.
• Shalby Hospitals granted certificate under pre-‐accreditation Entry level–Hospitals (PEH) programme for a period of two years, valid upto Sept. 15, 2020 by National Accreditation Board for Hospitals and Healthcare Providers.

• Swiggy looks to raise $600 million in third fund raising round of 2018
• What Essar Steel brings to the table for ArcelorMittal
• Kraft agrees to sell package of Indian assets to Zydus
• Top law firm withdraws report that cleared Kochhar
• Supreme Court directs RCom to pay Ericsson by Dec. 15
• Hyundai Santro makes comeback in India
• Will receding liquidity leave Indian markets vulnerable?
• GST Returns: Companies stare at huge loss of tax credit
• Supreme Court’s ‘green crackers’ won’t be available anytime soon
• Turkish outrage over Khashoggi hints at changing world order
• Mukesh Ambani jump-starts Reliance Jio’s entry into your homes

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India rose 0.54 percent or 55 points to 10,227 as of 7:16 a.m.

Asian stocks traded mixed Wednesday after a late-in-the-day rally dragged U.S. stocks off their lows amid concerns about the corporate earnings outlook. Treasuries ticked higher though yields remained above levels reached Tuesday.

Benchmarks were little changed in Japan, Australia and South Korea as U.S. equity futures slipped. An afternoon rally in the S&P 500 Index helped buoy futures for China equities, while Hong Kong contracts pointed to a lower start.

Currencies

• The yen was at 112.43 per dollar.
• The offshore yuan was at 6.9430 per dollar.
• The Bloomberg Dollar Spot Index was flat.
• The euro bought $1.1469.

Commodities

• West Texas Intermediate crude fell 0.2 percent to $66.31 a barrel, extending a 4.2 percent slide.
• Gold was steady at $1,231.18 an ounce.

Here are some key events coming up this week:

• Earnings season rolls on with notable highlights including Twitter, UBS, Deutsche Bank, Barclays and Total.
• Monetary policy decisions are due in Sweden and Canada.
• ECB policy makers could on Thursday confirm that asset purchases will end this year, reiterating its pledge to keep interest rates at record lows through summer 2019. President Mario Draghi will hold a press conference.
• U.S. gross domestic product growth may have slowed in the third quarter, yet remained near its best pace since mid-2015, according to forecasts ahead of Friday’s release.