After opening the day flat, Indian share markets traded on a relatively volatile note after the RBI raised the repo rate hike by 35 basis points.

Benchmark indices dived and ended the day 0.3% lower as RBI gave a moderately hawkish policy.

The RBI increased the repo rate on expected lines by 35 bps to 6.25% with immediate effect.

The RBI lowered the gross domestic product (GDP) growth forecast for FY23 to 6.8% as it remained cautious of sticky core inflation amid global turmoil.

This, combined with the weak global sentiment, led to selling.

At the closing bell, the BSE Sensex stood lower by 216 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 83 points (down 0.4%).

Asian Paints, HUL, and BPCL were among the top gainers today.

NTPC, SBI Life Insurance, and Bajaj Finserv, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,668, down by 85 points, at the time of writing.

Broader markets settled on a negative note. The BSE MidCap dived 0.4% while the BSE SmallCap index ended 0.4% lower.

Sectoral indices ended on a mixed note with stocks in the FMCG sector, and the oil & gas sector witnessing heavy buying.

While stocks in the metal sector, realty sector, and auto sector witnessed selling.

Among the best FMCG stocks, Colgate and Dabur rose 2%.

Shares of L&T, IDBI Bank, and Aditya Birla Capital hit their 52-week highs today.

Asian share markets ended the day on a negative note.

The Hang Seng inched lower by 3.2%, while the Shanghai Composite index dived by 0.4%. The Nikkei edged 0.7% lower.

US stock futures are trading on a negative note. Dow futures are trading down by 0.1% while Nasdaq futures are down by 0.4%.

The rupee is trading at 82.5 against the US.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 53,785 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 0.3% at Rs 65,629 per Kg.
 

Larsen & Toubro Joins Rs 3 trillion (tn) elite club

In news from the engineering sector, Larsen & Toubro touched its all-time high today on securing mega orders.

The company has secured various orders in the iron & steel and beneficiation sectors from ArcelorMittal Nippon Steel India, a joint venture between the two global steel giants. It is to carry out its expansion plans in Gujarat and Odisha.

The orders involve the installation of two blast furnaces of 3.5 million tons per annum (MTPA) capacity, each on an EPC basis, at the Hazira Plant in Gujarat.

The scope of the work includes associated supplies, construction, installation of both units, and blast furnaces 2 and 3 concurrently in a phased completion.

Further, in the same project, the metals and minerals business will carry out the installation of a Steel Melt Shop of 6 MTPA capacity with detailed design and engineering for the entire plant.

The company will also build a 6 MTPA ore beneficiation plant at Sagasahi in Odisha on an EPC basis.

The minerals & metals business of L&T offers complete EPC solutions for the mining, minerals & metals sectors across the globe.

Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing, and services. It operates in over 50 countries worldwide.

The company has rewarded investors with 10 bonuses over the last 7 decades and the CAGR over the last 20 years stands at an impressive 25.6%.

L&T has been an investor's favorite stock for a long time and also a stock that makes it to the top 5 infrastructure stocks.
 

Bikaji Foods Q2 profit jumps 43% YoY

Moving on to the news from the food and tobacco sector, Bikaji Foods was among the top buzzing stocks today.

Bikaji Foods reported a 43.6% year-on-year (YoY) growth in net profit to Rs 409.3 million (m) for the quarter that ended September. It posted Rs 285 m net profit in the same quarter last year.

The revenue for the September quarter grew 32% YoY to Rs 5.8 billion (bn) from Rs 114 m a year ago.

EBITDA margin during the quarter stood at 11.1%, as against the 10.4% posted in the corresponding quarter last year.

For Q2, the raw material costs in the quarter rose 30.8% YoY to Rs 5.3 bn.

Commenting on it, Managing Director of Bikaji Foods, Deepak Agarwal said,

We have witnessed good double-digit growth in all categories as compared to the previous year. We have seen softening in prices of our key raw materials (edible oil) and packing materials which have contributed to the profitability of the company.
The increase in EBITDA margin was the result of the price softening of materials along with our cost efficiency program and cost management efforts.

Apart from this, the board approved the conversion of compulsorily convertible cumulative preference shares held by the company in its name in Hanuman Agrofood.

Post conversion, Hanuman Agrofood will become a subsidiary of Bikaji Foods.

Bikaji Foods International is the third largest ethnic snacks company in India, with an international footprint.
 

ONGC appoints chairman

Moving on news from the energy sector, ONGC, today appointed Arun Kumar Singh, the former BPCL chairman, as its chairman.

This is the first ever instance of a retired person being appointed as a chairman of a Maharatna company.

He has been appointed for a tenure of 3 years.

In his nearly 38 years of experience in the oil and gas industry, he has headed business units and entities in BPCL, such as retail, LPG, pipelines, and supply chain optimization.

ONGC is the biggest publicly traded oil and gas production and exploration company in India. The company produces 70% of India's crude oil.

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