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Pharma Index under pressure with most stocks in the index in red

Rupee rises as Treasury yields continue to ease on Fed pivot hopes

High inflation rate mainly a consequence of exogenous price shocks: RBI MPC member

Supreme Petrochem Ltd— Interim dividend of 100%

Stock Market LIVE: Indices trim gains, Sensex up 100 pts; Metal, Pharma tank

Stock market today: Earnings and inflation to remain in focus.Indices are trading in the flat-to-green territory with the Sensex up around 100 points and Nifty 30 points. Apollo Hosp, Reliance, and ONGC gain, while Tata Steel and Hindalco shed. Oil & Gas index shines.

The US economy expanded more than 2% in the third quarter, although economists expressed worries about softening consumer spending and weakening business investment. The ECB rolled out another increase of 75 basis points despite the growing concern of a recession.

NMDC shares trade ex-demerger. Should you buy?

Shares of NMDC Ltd started trading ex-demerger on Thursday, a day ahead of the record date for the company’s demerger of the steel business that was fixed as Friday, October 28, 2022, for the purpose of identification of shareholders of the demerged company to whom the shares of the resulting company would be required to be issued and allotted by the resulting company pursuant to the scheme.

“NMDC’s shareholders (as on 25 October, 2022) will get an additional share of NMDC Steel Limited, which possesses the steel plant (1:1 ratio) i.e. NMDC transfers the steel plant at book value, which is around ₹190 bn ( ₹65/share), and debt of around ₹17 bn. We expect the new shares (NMDC Steel) to list in December 2022 at around ₹36/share,” said brokerage and research firm Edelweiss in a note.

Rupee rises as Treasury yields continue to ease on Fed pivot hopes

The Indian rupee advanced on Friday as the dollar fell and Treasury yields recoiled on signs of a softening U.S. economy, which bolstered views that the Federal Reserve may opt to slow down the pace of its rate hikes.

The rupee firmed 0.18% to 82.34 per dollar by 0456 GMT, trading in a narrow seven paisa band.

The local unit had a strong showing on Thursday but dollar demand from importers and foreign banks pushed it to close at 82.49, well off its session high.

For the day, the rupee was tracing the dollar and would “likely hold this range as we head to next week … packed with the Fed, Bank of England and now added Reserve Bank of India (RBI) meeting,”

Interim dividend of 100% declared by this petrochem stock, record date next week

While announcing its second quarter earnings for the period ended July-September 2022 or Q2 FY23, Supreme Petrochem Ltd also said that its board has approved and declared an interim dividend of ₹4 (100%) for the financial year 2022-23. The company announced its record date next week on Friday, November 4, 2022.

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