Daily Stock Market News Snippets- 10 October 2022

2 min read

Global Economy:

  • US Job growth is strong in September as the labor market forges; hints of continued tightening from the Fed
  • The U.S. dollar strengthened against major currencies; US companies indicate the effect on earning due to the depreciation of other currencies
  • FPIs invest Rs 2,400 cr in Indian equities in the first week of October due to the hawkish stance of the US Federal Reserve and the sharp depreciation in the rupee.

Indian Economy:

  • Direct tax collection jumps 24% in the first half of FY23; personal income tax by 32% while corporate tax grew by around 17%.
  • No material impact of the rate hike on demand for home loans: RBI data
  • Private equity (PE) investment in real estate increased 40% during the April-September period of this fiscal to USD 2.8 billion: Anarock Report
  • Nomura has forecast India’s growth to sharply slow down to 5.2% in FY24 from 7% in the current fiscal due to the spillover effect of a global slowdown.
  • Cars to become expensive as auto cos gear up to comply with stricter emission norms
  • Exporters seek GST Exemption on freight amid the World Trade Organization (WTO)’s forecast hinting at a sharp decline in global trade next year.

Stock Specific News:

  • TCS is likely to report an improved sequential growth in revenue and profit for the September quarter.
  • HUL and GCPL cut soap prices by up to 15% as raw material prices soften
  • Electronics Mart IPO subscribed 71.93 times on the final day
  • IOC, HPCL, and BPCL may post 2nd consecutive quarterly loss in July-Sept

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