After opening the day marginally lower, Indian share markets erased losses as the session progressed and ended on a positive note.

Benchmark indices ended in green for the fifth straight session led by a rally in PSU bank stocks.

The PSU bank index dragged throughout the session but rallied towards the end to jump 2%.

At the closing bell, the BSE Sensex stood higher by 96 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 52 points (up 0.3%).

UPL, Adani Enterprises, and Tech Mahindra were among the top gainers today.

IndusInd Bank, Asian Paints, and Apollo Hospitals, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,538, up by 34 points, at the time of writing.

The BSE Midcap index ended lower by 0.2% while the BSE SmallCap index ended on a flat note.

If midcap stocks interest you, check out 5 midcap stocks with high mutual fund holding.

Sectoral indices ended on a mixed note with stocks in the oil & gas sector, power sector, and energy sector witnessing most of the buying.

On the other hand, stocks from the banking sector, realty sector, and finance sector witnessed selling pressure.

Shares of ITC, Indian Bank, and Aegis Logistics hit their 52-week high today.

Outside the home ground, Asian share markets ended on a weak note.

At the close in Tokyo, the Nikkei ends down by 0.9%, while the Hang Seng dived by 1.4%. The Shanghai Composite ended lower by 0.3%.

US stock futures are trading on a positive note with Dow futures trading higher by 0.1%.

The rupee is trading at 82.7 against the US$. The rupee hit a new record low of 83.06 against the dollar today due to a stronger greenback overseas and unrelenting foreign fund outflows.

Gold prices for the latest contract on MCX are trading flat at Rs 50,199 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.4% at Rs 56,014 per kg.

Speaking of stock markets, Richa Agrawal talks about 3 smallcap companies with promising business prospects in her latest video.

For long-term small-cap stocks, investors should keep these stocks on their watchlist.
 

Asian Paints Declares Interim Dividend

In news from the paint sector, Asian Paints reported a 32% year-on-year (YoY) rise in its net profit for the quarter that ended September 2022 to Rs 7.8 bn.

It reported a profit of Rs 5.9 bn a year back. The profit growth was due to the double-digit volume growth of the domestic decorative business.

However, the profit of the company has declined 22% from Rs 10.4 bn in the June quarter of 2022.

The company's revenue rose to Rs 84.6 bn, a 19% YoY growth from Rs 70.9 bn in the same quarter last year. It was on the back of the healthy value growth despite subdued demand conditions, impacted by the extended monsoon.

Commenting on it, Managing Director and CEO of Asian Paints, Amit Syngle, said,

The business focus on the top line is evident from the double-digit compounded growth rates in volume and value sales for the sixth quarter in a row. The Home Decor business continued to gain traction. The Auto OE business delivered robust growth, while the Industrial coatings business continued with its high growth trajectory led by Protective & Powder Coatings.

The International business also registered a good double-digit revenue growth despite multiple headwinds across key markets. We took a series of calibrated price increases to offset the impact of increased inflation on margins.

The bath fittings business sales grew by 11% YoY whereas, sales for the Kitchen business grew by 14% to Rs 1.2 bn from Rs 1 bn YoY.

Further, the company also declared an interim dividend of Rs 4.4 per share, to be recorded on 10 November 2022.

Asian Paints is India's leading and Asia's third-largest paint company. It operates in 15 countries with 26 paint manufacturing facilities in the world. The company caters to consumers in over 65 countries.

Asian Paints has delivered a 24% CAGR over the last thirty years. Rs 1 lakh invested in the company in 1992 would be worth over Rs 560 m today. No wonder this stock continues to remain a favorite among investors.

Bharat Electronics Inks Pact for Lithium-Ion Batteries

Moving on to the news from the defense sector, Bharat Electronics was among the top buzzing stocks today.

The share price of Bharat Electronics jumped over 3% intraday after the Navratna defense PSU received a Letter of Intent (LoI) from Triton Electric Vehicle for battery pack procurement.

The company has received the order for the procurement of battery packs for its semi-truck project in India at an estimated value of Rs 80.6 bn.

According to the agreement, 300-kilowatt lithium-ion battery packs are to be delivered to Triton in 24 months. It will commence delivery in January 2023.

Apart from this, the company has also signed MOU with Triton for the manufacturing of hydrogen fuel cells with technology transfer from the latter to meet the requirements of the Indian market and mutually agreed on export markets.

The MoU aims to tap the demand for clean energy solutions for various applications, including for E- Mobility.

It will be completed by driving the government of India's thrust for adopting clean energy fuels for applications in transport and energy storage.

Bharat Electronics is among the 5 midcap stocks with high mutual fund holding.
 

Shoppers Stop Reports 553% YoY Growth in Q2 Net Profit

Moving on to the news from the retailing sector, Shoppers Stop reported a 552.5% year-on-year (YoY) rise in its net profit for the quarter that ended September 2022 to Rs 162 m.

It reported a profit of Rs 35.8 m a year back. The growth was due to rebounding demand for clothes and shoes.

The company's revenue rose to Rs 10.1 bn, a 57.7% YoY growth from Rs 6.4 bn in the same quarter last year. A jump in customer visits and an increase in customer spending drove Shoppers Stop's second-quarter revenue.

Sales at Indian retail businesses climbed 21% above pre-pandemic levels last month, with the Hindu festival Durga Puja setting a positive tone for the festive season.

The company also forayed into distributing international beauty brands with exclusive rights in India. It will enable the company to bring the newer brand to the country.

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