Stocks in News today, October 31: Maruti, Dr Reddy, Vedanta, IOC

Stocks in News Today, October 31: Indian stock market is likely to track strong global cues on Monday. The SGX Nifty - an early indicator of sentiment on the NSE Nifty50 - was up by 183.5 points, or 1.03 per cent, at 18,018 in early trade today. Asian-Pacific markets are also hinting towards a positive start as most markets traded in the green in early trade. While Japan's Nikkei 225 surged over 399 points or 1.47 per cent, South Korea’s Kospi gained over points or 0.89 per cent at 7:40 am. The Hang Seng index in Hong Kong too traded in green and was up by over 87 points or 0.59  per cent.

Earlier, Dow Jones had a terrific week and was up a massive 1779.24 points or 5.72 per cent to close at 32,861.80 points. It gained on all five trading sessions with Wednesday being actually a flat day. 

Maruti Suzuki India Ltd

Maruti Suzuki India Ltd has recalled 9,925 units of its three models, Wagon R, Celerio and Ignis, to rectify a possible defect in rear brake assembly pin, according to a regulatory filing by the company. Earlier on Friday, Maruti reported an over four-fold increase in consolidated net profit to Rs 2,112.5 crore in the second quarter that ended September 30, 2022, riding on record sales.

Indian Oil Corporation

State-owned Indian Oil Corporation (IOC) on Saturday reported a net loss of Rs 272.35 crore for July-September - the second straight quarter of loss arising from selling petrol, diesel and cooking gas LPG at rates below cost. The net loss of Rs 272.35 crore compared to a profit of Rs 6,360.05 crore in July-September 2021, according to a company's filing with the stock exchanges.

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Dr Reddy's Laboratories Ltd

Dr Reddy's consolidated profit after tax for the quarter that ended June 30 was up by 108 per cent at Rs 1,187.6 crore against Rs 570.8 crore in the same quarter a year ago. Revenues during the quarter under discussion were up by six per cent to Rs 5,215.4 crore compared to Rs 4,919.4 crore in the first quarter of FY22. Other operating income was at Rs 600 crore compared to Rs 50 crore in QlFY22.

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Vedanta Ltd

Mining conglomerate Vedanta Ltd's net profit was reduced to half. Consolidated net profit stood at Rs 2,690 crore, or Rs 4.88 per share, in July-September compared with Rs 5,812 crore, or Rs 12.46 a share, profit in the same period a year back, the company said in a statement.