The Central Government's Cabinet meeting on Wednesday (October 18) might give the approval of an increase in DA for its employees and pensioners. After much anticipation, the exact increase remains to be seen. This will bring welcome news to thousands of central government employees.

The DGFT has extended restrictions on the export of sugar beyond October 31, except to the EU and US. No further details are available at this time; more updates will be provided as the story develops.

Shares of state-owned MMTC dropped 10% to Rs 78 on Wednesday’s BSE trade due to reports that the government may shut down the company in a high-level meeting chaired by Union Commerce and Industry Minister Piyush Goyal on October 23. The stock has rallied heavily YTD (100%), delivering 160% returns over 6 months and 380% over 3 years.

Mazagon Dock Shipbuilders Ltd signed a deal with the defence ministry to build a training ship for the ICG at Rs 310 crore. Shares rose 0.93%, NSE market cap at Rs 43,787.9 crore. FIIs/DIIs/public have 3.7%, 0.4%, and 11.1% of the company's shares respectively. In June 2023, the firm reported a revenue of Rs 2,405.4 crore.

The sudden exit of billionaire founder Uday Kotak as MD and CEO at Kotak Bank has caused investors to worry about management confusion. This has caused the valuations to fall below Covid lows, while premiums to ICICI and HDFC Bank have narrowed to 13%. Analysts have suggested an internal successor for a smooth transition and clarity on management changes/ board will support re-rating.

Glenmark Pharmaceuticals has launched a new triple-fixed-dose combination (FDC) medication named Zita, to improve glycemic control and reduce daily cost of therapy for Type 2 diabetes patients. The drug is made up of Teneligliptin, Dapagliflozin and Metformin, and is priced affordably at Rs 14 per tablet/day; reducing the associated expenses by 30%.

IRM Energy's IPO was subscribed below the one-time offer size with retail investors bidding 0.47 times the allotted quota and HNWIs 0.36 times. The city gas distribution company aims to raise Rs 545.4 crore through the IPO, and has already raised Rs 160.35 crore from anchor investors. The price band is Rs 480-505.

Shares of Newgen Software Technologies hit a 52-week high of Rs 1,175 after Q2FY24 results. The company reported a 59.3% YoY jump in net profit to Rs 478 crore and a 30% revenue YoY growth of Rs 2,932 crore. Profitability increased with EBITDA of Rs 572 crore while PAT rose 58.2% sequentially to Rs 302 crore.

Amid U.S. and UK regulators increasing focus on improved investor protections, financial firms now face tightened surveillance of text messages & emails plus possible rule-breaking while screening staff video calls for possible compliance breaches. To avoid non-public information being shared illegitimately, companies are engaging tech specialists, law firms & risk consultants.

LTTS shares fell after Q2 earnings revealed a 5.2% y-o-y profit increase, while revenue grew 4.6%. Guidance was lowered to 17.5-18.5%, due to cautious decision making among customers. Attrition and headcount both grew in the quarter and several multi-million dollar deals were won. margin was up 70 bps y-o-y. CEO attributed more caution towards increasing ling-term rates & possible inflation.

IDFC Ltd and IDFC First Bank have received approval from CCI to merge. Shares of both companies opened higher on the NSE the day after the announcement, and the merger is subject to other statutory and regulatory approvals. At the July 3 board meeting, it was decided the share exchange ratio for the merger would be 155 equity shares of IDFC First Bank for every 100 equity shares of IDFC Limited.

India’s mission to bring its large workforce into formal jobs is faltering, leaving most in unincorporated businesses. Reason for this is more than just tax evasion and levying taxes may not be the ideal solution. With changes in regular wage earners, and marginal improvements in social-security benefits, there is still hope of better future.

All 15 Nifty Auto stocks are outperforming the broader markets, up 27% in last 6 months. Volume growth was seen across CV and PV but 2Ws saw weakness. Despite average sales throughout the year, UVs benefited from product mix leading to wider profit margins. Experts recommend M&M, Maruti Suzuki, Ashok Leyland, Samvardhana Motherson Sumi & CIE Automotive among OEMs & ancillaries respectively.

Tejas Networks, a part of the Tata Group, surged to a new high after their Italian partner FibreConnect rolled out broadband services using their telecom and networking products. Demonstrating growing confidence among global telcos in Tejas' ability to design and execute complex networks from access to core, they are now suppliers of world-class telecom equipment in over 75 countries.

CK Birla is looking to sell his 37.9% stake in Orient Cement. If successful, Adani Group's cement capacity (110 MTPA) would increase with the 5.5 MTPA clinker capacity included in Orient Cement, and Ambuja could reach 140 MTPA by 2028. Shares have been rallying due to anticipation of the sale, though the controlling premium expectations might prove to be an obstacle.