Market Summary – October 24, 2023
Holiday for BSE and NSE, Commodity Markets Open in Evening Session
Table of Contents
Stock Market Highlights:
1. Facebook India’s Impressive Growth:
- Facebook India’s gross ad revenue grew by 13% to reach Rs 18,308 crores for the fiscal year ending on March 31, 2023.
2. UN General Assembly’s Special Session:
- The United Nations General Assembly will convene its 10th Emergency Special Session on October 26.
3. Coal Ministry’s Revenue Boost:
- The Coal Ministry generated revenue of Rs 28.79 crores through the disposal of scrap as part of a special campaign.
4. Sri Lanka’s Free Visas:
- Sri Lanka announces free visas for travelers from 7 countries, including India, China, Russia, Malaysia, and Japan.
Stock Markets Stocks in the Spotlight:
1. Delta Corp’s Tax Notice:
- Court instructs GST officers not to issue a final order on Delta Corp’s Rs 16,195 crore tax notice without prior court permission.
2. Tech Mahindra Sells Holding:
- Tech Mahindra (Americas) is selling its 30% holding in Avion Networks Inc. for $50,000.
3. JSW Steel’s Investment Plans:
- JSW Steel remains committed to its potential stake buy in a Canadian company, particularly in the coal unit of Canada’s Teck Resources.
4. Vedanta’s CFO Resigns:
- Sonal Shrivastava steps down as the CFO of Vedanta due to personal reasons. Ajay Goel will be reappointed to the position.
Market Moves – 1 Day Change:
Precious Metals:
- Gold: ₹60,250 per 10 grams, down by 0.80%
- Silver: ₹71,585 per kilogram, down by 1.29%
Currency Exchange:
- USD-INR exchange rate: HOLIDAY
US Market:
- Dow Jones: 32,936.41 points, down by 0.58%
- Nasdaq: 13,018.33 points, up by 0.27%
Long-Term Returns – Past 20 Years:
Indian Markets:
- Sensex: HOLIDAY
- Nifty: HOLIDAY
US Markets:
- Dow Jones: Annual growth of 6.36%
- Nasdaq: Annual growth of 10.10%