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Moneycontrol Selects: Top stories this afternoon

Take a look at our specially curated package of the most interesting articles to help you stay at the top of your game.

October 04, 2022 / 12:29 PM IST

Here are the top stories this afternoon:

Sensex posts a rebound as India Inc, US and Asia lift stocks

Benchmark indices reversed gear to post a rebound on October 4, buoyed by upbeat quarterly updates by India Inc and heavy buying in the US and Asian markets. Declining dollar and US bond yield also lifted sentiment. The 30-share flagship BSE Sensex rose 1,080 points or 1.90 percent to 57,869.  Its broader peer Nifty 50 climbed 338 points or two percent to 17,225.

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Avenue Supermarts gains on solid Q2 update; analysts expect strong growth

Shares of Avenue Supermarts Ltd, which owns and operates the retail chain D-Mart, reported a 36 percent year-on-year jump in standalone revenue from operations at Rs 10,385 crore in the quarter ended September 30, 2022. In Q2FY21 and Q2FY22, the company reported a standalone revenue of Rs 5,218.15 crore and Rs 7,649.64 crore, respectively. The share has a "buy" rating on the stock with a target price of Rs 5,118.

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Mahindra Finance rallies on asset quality improvement, higher disbursement

Shares of Mahindra & Mahindra Financial Services surged 10 percent on October 4 after the company reported disbursements of approximately Rs 4,080 crore in September. This translates to an on-year growth of 82 percent in the second quarter and 106 percent in the first half of FY23.

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Tiger Global-backed Spinny launches ESOP plan for all employees

Tiger Global-backed used car retailing platform Spinny has launched an employee stock ownership plan (ESOP) for all its employees. All of Spinny’s employees irrespective of role and designation, including blue-collar workers, would be eligible to receive stocks through the ‘Spinny Stock Option Plan for All', the company said on October 4.

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IndusInd Bank stock climbs 5% on strong loan, deposit growth in Q2

Shares of IndusInd Bank advanced nearly 5 percent after the lender reported strong loan and deposit growth for the September quarter, lifting the investor sentiment. The lender said its advances grew 18 percent year-on-year (YoY) and 5 percent quarter-on-quarter (QoQ), beating most peers.

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Centre defends pharma marketing practice code in SC, claims adequacy

The Union government has defended the Universal Code of Pharmaceutical Marketing Practices (UCPMP) in the Supreme Court, saying the existing framework of the pharma industry’s promotional practices works adequately, as per the provisions of the code.

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