Sensex Today | Share Market Live Updates: Sensex, Nifty in red; HUL, TechM drag

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09 Nov 2023, 02:06 PM IST
Sensex Today Live: RBI governor Das pitches linking fast payments of India, Japan

Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday suggested linking fast payment platforms of India and Japan for easy cross-border transfers.

India’s UPI (unified payments interface) has spurred development of new payment-related products and services, Das said, adding that linking the UPI with fast payment systems of other countries is being undertaken.

“Linkage of fast payment systems of India and Japan may also be explored to leverage the power of fintech and make cross-border payments more efficient and less costly,” he said at the Symposium on Indian Economy 2023 in Tokyo. (Read More)

09 Nov 2023, 02:02 PM IST
Sensex Today Live | Share Market Updates: HUL stock struggles as it sheds more than 1.5% and is among the biggest laggards

09 Nov 2023, 01:42 PM IST
Sensex Today Live: Hotel transactions, openings pick up; India Q2 property openings at 34

The second quarter of FY24 (June-September), while seeing a little slowdown in revenue per available room for hotels, witnessed an increase in the number of keys signed and opened.

According to a new report, 34 hotels opened in this period, adding about 2,400 keys or rooms to India’s organised hotel business. Interestingly, most of these hotels, over 80%, were in tier-II and tier-III cities.

Consultancy JLL’s Hotel Momentum India (HMI) report said a total of 59 hotels comprising around 4,700 keys were signed in this quarter. As many as 12 of the hotels signed were conversions from other hotel brands, making up 23% of the entire inventory signed in the quarter. (Read More)

09 Nov 2023, 01:29 PM IST
Sensex Today Live: FMCG index sheds the most in today’s session as most stocks trade in the red

09 Nov 2023, 01:24 PM IST
Sensex Today Live | Share Market Updates: JSW Steel’s crude steel output grows 12 pc in October

JSW Steel on Thursday reported a 12 per cent rise in its consolidated crude steel production to 23.12 Lakh Tonnes (LT) in October.

Its consolidated crude steel production was at 20.64 LT in the same month last year, according to a statement.

From its India operations, the company produced 22.36 LT of steel in October, up 9 per cent over 20.49 LT in the year-ago period.

India operations’ production includes the crude steel production of JSW Ispat Special Products Ltd (JISPL) and its subsidiary Mivaan Steels Ltd.

In India, the capacity utilisation level stood at 95 per cent in October. (PTI)

09 Nov 2023, 01:14 PM IST
Sensex Today Live: Trent Q2 FY24 results: profit rise by 152.34% YOY

Trent, the retail company, revealed its Q2 FY24 results on November 7, 2023. The company demonstrated substantial growth in both revenue and profit compared to the previous year. The topline experienced a significant 52.73% year-over-year (YoY) increase, while the profit surged by 152.34% YoY.

In comparison to the previous quarter, Trent’s revenue grew by 13.47%, and the profit increased by 35.31%. These figures highlight a robust quarter for the company, indicating consistent and strong growth in its financial performance. (Read More)

09 Nov 2023, 12:59 PM IST
Sensex Today Live | Share Market Updates: Deepak Nitrite Q2 FY24 results: profit rise by 17.54% YOY

Deepak Nitrite, a prominent chemical company, released its Q2 FY24 results on November 7, 2023. The company’s revenue decreased by 9.36% in comparison to the corresponding quarter last year. However, the profit demonstrated a notable 17.54% increase year-on-year.

Compared to the previous quarter, Deepak Nitrite experienced a marginal 0.55% growth in revenue and a substantial 36.81% surge in profit.

Moreover, the company’s Selling, General & Administrative expenses witnessed a slight 0.69% rise quarter-on-quarter and a notable 8.01% increase year-on-year. (Read More)

09 Nov 2023, 12:51 PM IST
Sensex Today Live: PL Stock Report – R R Kabel (RRKABEL IN) – Q2FY24 Result Update – Healthy revenue growth, margins improved – BUY

Praveen Sahay – Research Analyst, Prabhudas Lilladher Pvt Ltd views on R R Kabel (RRKABEL IN

Rating: BUY | CMP: Rs1,605 | TP: Rs1,800

Q2FY24 Result Update – Healthy revenue growth, margins improved

Quick Pointers:

§ W&C business reported ~28% volume growth in H1FY24.

§ EBITDA margin expanded by 280bps and W&C EBIT margin by 270 bps YoY.

We upward revised our FY24E earnings estimates by 5.8% on account of healthy H1FY24 performance and strong guidance for H2FY24. RR Kabel (RRKABL) reported healthy revenue growth of 17.7% YoY in Q2FY24 mainly with 19% revenue growth in W&C which was driven by export business (+31.3% YoY). The company reported 28% vol. growth in H1FY24 and expected momentum will continue in W&C segment. EBITDA margin reported at 7.5% in Q2FY24 mainly with improvement in gross margin (+240bps YoY) on account of a) product mix, b) pricing, c) cost efficiency.

We believe RR Kabel continue to benefit on account of 1) strong brand with diverse product portfolio 2) well-structured capacity expansion plans, 3) increasing dealers /distribution network and 4) distribution led export business. We estimate Revenue/EBITDA/PAT CAGR of 21.1%/39.3%/44.5% over FY23-26E. Maintain ‘BUY’ at revised TP of 1,800 ( 1624 earlier) given solid H1 performance and strong guidance for coming years.

09 Nov 2023, 12:32 PM IST
Sensex Today Live | Share Market Updates: ArcelorMittal Profit Drops as Steel Market Demand Weakens

ArcelorMittal SA’s third-quarter profit fell as steel prices declined in key markets due to weaker demand.

The world’s top steelmaker outside of China reported a 28% decline in earnings from the previous quarter, better than analysts expected. Margins and sales were squeezed as the manufacturing and construction sectors languished.

The steel industry — a proxy for the global economy — is suffering from a slump in demand as tighter monetary policy and China’s weak post-pandemic recovery hit the consumption of raw materials. Furnaces across Europe, where ArcelorMittal has the bulk of its production, have been idled, while rival steelmakers announced job cuts in recent weeks. (Bloomberg)

09 Nov 2023, 12:15 PM IST
JM Financial views on Apollo Tyres Ltd | Strong operating performance; Demand recovery in EU remains key

Ronak Mehta of JM Financial views on Apollo Tyres Ltd: Strong operating performance; Demand recovery in EU remains key

BUY INR 475 

During 2QFY24, Apollo Tyres’ consol. EBITDAM of 18.5% was a strong 140bps beat to our estimates led by benign RM cost and lower S&D spends. Operating performance was strong across both India and European (EU) operations. In the domestic market, while OE demand remains steady, replacement demand has picked pace across T&B segment. Near-term demand is expected to remain soft at EU operations owing to inventory correction with gradual recovery expected during 2H. Commodity prices continue to remain volatile (est. to increase c.3% in 3Q). Pricing environment in domestic replacement market is largely stable. Focus on favourable mix and tight cost control is expected to support margins going ahead. Company has guided for lower capex intensity during FY24/25. Focus is on deleveraging and improving ROCE. We have increased our earnings estimate for FY25-26E by 2-3% driven by healthy margin performance. We maintain BUY and ascribe a 14x PE to arrive at Sept’24 TP of INR 475. Continued weakness in EU demand remains a key risk.

09 Nov 2023, 12:09 PM IST
Sensex Today Live: Landmark Cars Limited Q2FY24 PAT at Rs. 20.5 Cr up by 22% y-o-y

Landmark Cars Limited announced its consolidated unaudited financial results for the quarter and half-year ended 30th September 2023.

Key Financial Highlights (Consolidated)

  • Consolidated Q2FY24 Proforma Revenue witnessed a 19.9% QoQ growth and stood at Rs. 1120Cr
  • EBITDA for Q2FY24 stood at Rs. 57.1 Cr and has demonstrated a growth of 22% QoQ.
  • Consolidated Q2FY24 Net Profit stood at Rs. 20.5 Cr as compared to Rs. 16.8 Cr in Q2FY23, indicating a rise of 22% YoY
09 Nov 2023, 12:01 PM IST
Sensex at Noon: Indices remain flat on Thursday with Realty and Auto stocks rising, while IT and Finance sectors dragging

09 Nov 2023, 11:57 AM IST
Sensex Today Live | Share Market Updates: Bombay HC orders tax refund of ₹1,128 crore to Vodafone Idea; shares gain

The Bombay High Court has directed the Income Tax department to refund 1,128 crore to Vodafone Idea Limited paid by the telecom operator in taxes for the assessment year 2016-2017. (Read More)

09 Nov 2023, 11:48 AM IST
Sensex Today Live: Bayer CropScience Limited reports Q2 Results for FY 2023-24

Nayer CropScience Limited announced today its unaudited results for the quarter (Q2) and half year ended (H1) September 30, 2023. Revenue from Operations of Rs16,172 million. Profit Before Tax of Rs3,057 million.

For Q2 ended September 30, 2023, Bayer CropScience Limited (BCSL) registered Revenue from Operations of Rs16,172 million as compared to Rs14,519 million in the corresponding period of FY 2022-23. Profit Before Tax stood at Rs3,057 million, compared to Rs2,290 million in the corresponding period of the previous financial year. (ANI)

09 Nov 2023, 11:47 AM IST
Sensex Today: Genpact appoints BK Kalra as next CEO as ‘Tiger’ Tyagarajan to retire in February 2024

Genpact, a global professional services firm, has unveiled its leadership succession plan. NV ‘Tiger’ Tyagarajan, the company’s President and Chief Executive Officer, is set to retire on February 9, 2024. The company’s board has named Balkrishan ‘BK’ Kalra as his successor.

Currently serving as Genpact’s Global Business Leader for Financial Services and Consumer & Healthcare, Kalra will assume the top position on February 9, 2024. Despite his retirement, Tyagarajan will remain a member of the Board of Directors. (Read More)

09 Nov 2023, 11:20 AM IST
Sensex Today Live: Lotus revs up for Indian debut with Exclusive Motors partnership; likely to launch Eletre electric SUV

British sports car manufacturer Lotus is set to make its debut in the Indian market. Known for producing high-performance models like the Emeya, Eletre, Emira, and Evija, Lotus has officially announced its entry into the Indian market, with the launch slated for November 9, 2023, as per reports in the Financial Express.

According to the FE report, the renowned British brand has partnered with Exclusive Motors, based in New Delhi, to serve as its dealer and service provider in India. Exclusive Motors, which also manages Bentley Motors in India, will additionally function as Lotus’s distributor. (Read More)

09 Nov 2023, 11:07 AM IST
Sensex Today Live | Share Market Updates: Tata Power share price falls 3% after Q2 results

Tata Power’s share price experienced a decline of nearly 3% during early trade on Thursday, following the release of the company’s earnings report for the quarter ended September 2023. Tata Power shares fell by as much as 2.96% to 247.35 per share on the BSE.

Despite the decline in share price, Tata Power Company posted an 8.79% growth in its consolidated net profit for the July-September quarter, amounting to 1,017.41 crore compared to the same period last year. Additionally, the company’s revenue in Q2FY24 saw a 9% year-on-year increase, reaching 15,442 crore.

Furthermore, Tata Power’s EBITDA surged by 75.5% to 3,090.4 crore from 1,760.5 crore, with the EBITDA margin rising to 19.6% from 12.5% on a year-on-year basis. (Read More)

09 Nov 2023, 11:05 AM IST
Sensex Today Live: HMA Agro Industries declares 1:10 stock split after four months of share listing

The board of directors of HMA Agro Industries Ltd has approved a stock split in a 1:10 ratio. This decision signifies that one share of HMA Agro with a face value of 10 each will be subdivided into ten shares, each with a face value of Re 1 per equity share. Notably, this stock split proposal was sanctioned during the consideration of the company’s un-audited financial results for the July to September 2023 quarter.

It is worth mentioning that the company announced this stock split four months after its listing. HMA Agro Industries shares were listed on both the BSE and NSE on July 4, 2023. (Read More)

09 Nov 2023, 10:49 AM IST
Sensex Today: Realty index continues to march as it jumps more than 1% with most stocks in the green

09 Nov 2023, 10:45 AM IST
Sensex Today Live | Share Market Updates: Rupee rises 2 paise to 83.25 against US dollar in early trade

The Indian rupee strengthened by 2 paise to 83.25 against the US dollar during Thursday’s morning trade. This rise was supported by a decrease in crude oil prices and a weakening of the US currency. The rupee commenced trading at 83.26 against the dollar, slightly improved from its previous closure of 83.27.

Simultaneously, the US dollar index, reflecting the greenback’s performance against a group of six currencies, experienced a marginal decline of 0.06%, settling at 105.52. (Read More)

09 Nov 2023, 10:42 AM IST
Sensex Today Live: Mamaearth-parent Honasa Consumer stock now down over 5% from IPO price

Shares of Honasa Consumer, the parent company of Mamaearth, continued their downward trajectory, declining by nearly 5% on Thursday. This follows a flat listing on Wednesday, primarily due to profit booking activities.

The stock plummeted by 4.7% during intraday trading, reaching a new low of 307. Currently, the stock stands 5.2% below its IPO price of 324.

During yesterday’s trading, the stock dropped below its issue price, closing at 322.50. However, it had initially debuted at 330 per share, representing a 1.85% premium to the issue price, and was listed at 324 on the BSE, aligning with the issue price. (Read More)

09 Nov 2023, 10:31 AM IST
Sensex Today Live | Share Market Updates: M&M stock shines in today’s trading as it jumps more than 2% 

09 Nov 2023, 10:18 AM IST
Sensex Today Live: LKP Securities on SCHNEIDER ELECTRIC INFRASTRUCTURE – Q2 FY24 Result Update – BUY

SCHNEIDER ELECTRIC INFRASTRUCTURE: Q2 FY24 Result Update

Business momentum remains positive across its traditional and emerging businesses and we expect this to continue as core data improves which reflects on the overall business it operates in with adequate digitalization opportunities and positive outlook ahead. Further, company’s performance has been consistent for FY22, FY23 and H1FY24 wherein execution has remained strong with consistent margin improvement and expects it to continue with strong order book and pipeline ahead including focus of management remains on collections and cash. Overall company remains optimistic in the short to mid-term with support from the government in the form of investment, reforms and policies. Considering the strong H1FY24 performance we are increasing the estimates and target upwards given strong margin beat in first half. Hence, we maintain BUY with a revised TP of 400

09 Nov 2023, 10:16 AM IST
Sensex Today: Lupin share price gains up to 1.7% as strong US Sales help net profit growth of 277%, beating estimates

Lupin Ltd witnessed a rise of up to 1.7% in its share price on the NSE during the opening trades on Thursday, buoyed by the company’s robust profit growth of 277% for the quarter ending in September. This surge in profit was primarily attributed to the substantial sales growth in the US markets.

The company’s strategic launch of limited competition opportunities, such as the generic versions of Spiriva (a respiratory treatment drug), Prezista (an antiretroviral drug), and Suprep (a Bowel kit) under exclusivity, is believed to have significantly contributed to the growth in Lupin Ltd’s US sales. (Read More)

09 Nov 2023, 09:50 AM IST
Sensex Today Live: Protean eGov Technologies Limited IPO: GMP, how to check allotment status online

The finalization of share allocation is expected shortly after the closure of the Protean eGov Technologies Limited IPO subscription on Wednesday. Following the T+3 listing regime, it is anticipated that the listing date for the Protean eGov Technologies Limited IPO will be on November 13, 2023. Market observers have noted that shares of Protean eGov Technologies Limited are currently trading at a premium of 94 in the grey market today, indicating that the Protean eGov Technologies Limited GMP today stands at 94. (Read More)

09 Nov 2023, 09:41 AM IST
Sensex Today: Burman Family says allegations of fraud by Religare independent directors are baseless, devoid of any merit: Report

The Burman Family has dismissed the accusations of fraud and breaches put forth by Independent Directors of Religare Enterprises, as reported by CNBC-TV18. In their response, they labeled the allegations as baseless and lacking in merit, emphasizing that any claims regarding their activities being fraudulent or illegal were unfounded and defamatory. (Read More)

09 Nov 2023, 09:40 AM IST
Sensex Today Live: Disney Q4 Results: Profit beats Wall Street estimates; seeks to cut extra $2 billion in cost

Walt Disney’s fourth-quarter profit beat analysts’ Wall Street’s earnings expectations led by higher attendance at its Shanghai and Hong Kong theme parks. Walt Disney share price rose 3% in after-hours trading to $87.14 on Wednesday after the entertainment company’s better-than-expected results and announcement of cutting additional $2 billion in expenses.

Walt Disney reported adjusted per-share earnings of 82 cents for the fiscal fourth quarter ended September 30, topping an average forecast of 70 cents, according to LSEG data. The company’s quarterly revenue of $21.2 billion was largely in line with consensus estimates, Reuters reported. (Read More)

09 Nov 2023, 09:27 AM IST
Sensex at Open: Indices stay flat at open with marginal loss; TechM and IndusInd drag, while M&M shines

09 Nov 2023, 09:13 AM IST
Sensex Today Live:: Pre-market comment by Choice Broking: Markets may rise towards the next resistance, which are the 19750–19800 zones

Deven Mehata, Research Analyst, Choice Broking: The benchmark Sensex and Nifty indices are likely to open higher on November 09 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 40 points.

According to the charts, Nifty may be taking support at 19420, followed by 19,400 and 19,350. On the higher side, 19,550 can be an immediate resistance, followed by 19,600 and 19,650.

The charts indicate that the Bank Nifty may get support at 43,500, followed by 43,450 and 43,400. If the index advances, 43,900 would be the initial key resistance level to watch out for, followed by 44,000 and 44,100.

Foreign institutional investors offloaded shares worth 84.55 crore, while domestic institutional investors bought 524.47 crore worth of stocks on November 8, provisional data from the National Stock Exchange showed.

A decrease in FII sales has been observed, which will support an increase in market prices. The markets may rise towards the next resistance, which are the 19750–19800 zones. Around the 19300 support level, traders should maintain long positions with a trailing stop loss.

09 Nov 2023, 09:11 AM IST
Sensex Today: Geojit Financial Services views on today’s market: If the US bond yields continue to decline, FIIs will also become buyers in the market

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The favourable market texture continues with declining bond yields in the US (10- year yield is at 4.48%) and Brent crude dipping below $80. The resilience of the market is forcing the FIIs to substantially reduce their selling which dwindled to 85 crores yesterday. The FOMO ( Fear of Missing Out) factor is likely to restrain the FIIs from aggressive selling. This will be favourable for the financial sector which has been bearing the brunt of FII selling.

While declining crude is a positive for India it also is indicative of the slowing global economy. The three drivers of the global economy – US, China and the Euro Zone – are likely to struggle in CY 24. Even though India is outperforming now, it would be difficult for India to completely decouple from this global slowdown. Therefore, Investors may focus on domestic demand driven sectors like banking and automobiles. A safe bet now is quality pharmaceutical stocks which are exhibiting resilience.

09 Nov 2023, 09:04 AM IST
Sensex Today at Preopen: Sensex starts flat at the preopen session; PFC, Bata India, Tata Power to be in focus in today’s session

09 Nov 2023, 08:52 AM IST
Sensex Today Live: Q2 Results today: Adani Ports, Ashok Leyland, ZEEL, Muthoot Finance among 719 companies to announce Q2 earnings

The companies that will declare their Q2 results today include Aurobindo Pharma, ABB, Abbott India, Bosch, Page Industries, Piramal Enterprises, Cholamandalam Financial Holdings, Dish TV India, GlaxoSmithKline Pharma, SJVN, Torrent Power, The Ramco Cements, NALCO, Suven Pharma, NBCC India, Finolex Cables, eClerx Service, NCC, Graphite India, Granules India, among others. (Read More)

09 Nov 2023, 08:40 AM IST
Sensex Today Live | Share Market Updates: BHEL Q2 results: Company reports a net loss of ₹238 crore

Bharat Heavy Electricals Limited (BHEL) reported a net loss of 238 crore in the September quarter of FY24, a significant downturn from the 12 crore profit in the same period last year. The company’s revenue also experienced a 1.5% decrease, amounting to 5,125.3 crore in the September quarter compared to 5,202.6 crore in September FY24.

Furthermore, BHEL’s performance in the previous April-June quarter demonstrated a 30.8% reduction in net loss from 343.89 crore. In Q2 FY23-24, BHEL’s EBITDA loss amounted to 387.7 crore. (Read More)

09 Nov 2023, 08:39 AM IST
Sensex Today Live: Indian adhesive maker Pidilite Industries’ Q2 profit jumps; to enter lending

India’s Pidilite Industries on Wednesday posted a jump in second-quarter profit on the back of lower costs, and said it would enter the lending business.

The Fevicol-maker posted a consolidated net profit of 4.5 billion rupees ($54.1 million) for the quarter ended Sept. 30, up over 35% from last year.

Profit growth was helped by an over-50% decline in prices of vinyl acetate monomer (VAM), a key raw material for adhesives, which analysts said helped adhesive makers keep costs under control.

Pidilite’s expenses fell nearly 4%, while revenue grew 2.2%.

The company, which commands a lion’s share of India’s adhesive market, acquired Pargro Investments for 100 million rupees for the new lending business, and said it would invest one billion rupees over the next two years. (Reuters)

09 Nov 2023, 08:35 AM IST
Sensex Today Live | Share Market Updates: Stocks to Watch: Power Finance, Tata Power, Lupin, Raymond, HAL, Bata India, BHEL, Titagarh Rail Systems, Oil India, and Pidilite

  • Power Finance Corporation (PFC): Recorded a 27% rise in consolidated net profit to 6,628.17 crore, with total income reaching 22,403.69 crore.
  • Tata Power: Reported an 8.79% YoY growth in consolidated net profit to 1,017.41 crore, with revenue rising by 9% to 15,442 crore.
  • Lupin: Noted a substantial 277% increase in net profit at 490 crore, with total revenue from operations at 5,039 crore, marking a 21% YoY increase.
  • Raymond Ltd: Registered a marginal rise in net profit to 159.78 crore, and a 4% YoY growth in revenue to 2,253.4 crore, despite a delayed festive and wedding season.
  • Hindustan Aeronautics Ltd (HAL): Signed a technology transfer agreement with CSIR-National Aerospace Laboratories (NAL) for manufacturing the BMI Engine Bay Door for the LCA – Tejas Mk1A.
  • Bata India: Experienced a 38% decline in consolidated net profit at 33.9 crore, with a 1.3% drop in revenue from operations to 819 crore.
  • Bharat Heavy Electricals Limited (BHEL): Reported a net loss of 238 crore in the September quarter of FY24, with revenue decreasing by 1.5% to 5,125.3 crore.
  • Titagarh Rail Systems Ltd: Plans to raise up to 700 crore through a Qualified Institutions Placement (QIP) and seeks a strategic partner for its shipbuilding, bridges, and defense business.
  • Oil India: Noted over an 80% drop in second-quarter profit, setting aside 2,363 crore for an ongoing litigation, with profit for the quarter at 325 crore.
  • Pidilite Industries: Posted a consolidated net profit of 4.5 billion rupees for the quarter ended Sept. 30, up over 35% from last year, and announced plans to enter the lending business. (Read More)
09 Nov 2023, 08:21 AM IST
Sensex Today Live: Bata India Q2 Results: Net profit falls 38% to ₹33.9 crore, revenue down 1% YoY

Bata India released its fiscal 2023-24 second-quarter results (Q2FY24) on November 8, indicating a significant 38% decrease in consolidated net profit, which amounted to 33.9 crore, in contrast to the previous year’s corresponding period, which had recorded 54.8 crore.

The company’s revenue from operations during the second quarter of the current fiscal year totaled 819 crore, showcasing a marginal decline of 1.3% when compared to the earnings of 829.7 crore registered during the same period in the previous year. (Read More)

09 Nov 2023, 08:11 AM IST
Sensex Today Live: Titagarh Rail plans to raise up to ₹700 cr via QIP, seeks JV partner for shipbuilding vertical

Engineering company Titagarh Rail Systems Ltd on Wednesday said it plans to raise up to 700 crore through a Qualified Institutions Placement (QIP) and seeks a strategic partner for the shipbuilding, bridges, and defence business.

In a regulatory filing, the company said proceeds from the QIP will be used to strengthen the company’s position in its core businesses and to fund future growth initiatives.

The company will seek the requisite approval from its shareholders for the QIP issue.

Its board approved the QIP plan at its meeting and also constituted a committee for scouting a partner for the Shipbuilding, Bridges and Defence (SBD) business. Currently, wagons and rail passenger coaches are its core operation and are foraying into railway wheels through a joint venture. (PTI)

09 Nov 2023, 08:10 AM IST
Sensex Today: Nazara Technologies Q2 net profit surges 53%, revenue up 13%

Online gaming and sports company Nazara Technologies Ltd on Wednesday reported a 53% jump in consolidated net profit to 24.2 crore for the quarter ended September.

The company’s revenue from operations grew by 13% year-on-year to 297.2 crore in July-September.

“We are delighted to report consistent year-on-year growth in both revenue and profit for Q2 and H1FY24. Our strategic focus remains strong as we lay a robust foundation not only for the remainder of FY24 but also for FY25,” said Nitish Mittersain, founder, CEO of Nazara Technologies Ltd. (Read More)

09 Nov 2023, 07:47 AM IST
Sensex Today Live: Power Finance Corporation Q2 results: Net profit up 27% to ₹6,628 crore

State-owned Power Finance Corporation (PFC) has reported a substantial surge in its consolidated net profit, marking a remarkable 27% increase, with figures reaching 6,628.17 crore during the July-September quarter, in contrast to the previous year’s data.

According to a filing with the Bombay Stock Exchange (BSE), the company’s consolidated net profit for the quarter concluding on September 30, 2022, stood at 5,229.33 crore.

Additionally, there has been a notable growth in the company’s total income, which has escalated from 19,344.39 crore to 22,403.69 crore in the corresponding quarter, signaling a significant upswing. (Read More)

09 Nov 2023, 07:46 AM IST
Sensex Today Live | Share Market Updates: NCLT orders refund of IT dues to Cox & Kings

The Mumbai bench of the National Company Law Tribunal (NCLT) has directed the income tax department to refund 11.89 crore to insolvent travel firm Cox & Kings.

“We direct the income tax department to refund the amount of 11.89 crore adjusted by them towards outstanding dues of the corporate debtor (Cox & Kings) within four weeks from the date of receipt of the order,” said a bench led by Justice Lakshmi Gurung in an order issued on 1 November but uploaded on the official website on Tuesday.

The order comes in response to a plea filed by the liquidator of the company. (Read More)

09 Nov 2023, 07:35 AM IST
Sensex Today Live: Crude paradox: Global price slip even as war rages in West Asia

With the Israel-Hamas war intensifying, crude oil prices were expected to surge over concerns of supply disruptions in case hostilities widened. Yet, counter-intuitively, prices have been weakening. On Wednesday, they fell more than 4% to a three-month low, with Brent crude settling at $81 a barrel. This, despite voluntary output cuts reaffirmed by Saudi Arabia and Russia on top of the ones enforced earlier by the Opec+ cartel. Crude oil is currently down 17% from a $98 recent-high hit in September. (Read More)

09 Nov 2023, 07:34 AM IST
Sensex Today Live | Share Market Updates: Byju’s travails: US court backs lenders’ action

A court in Delaware has ruled that there was nothing wrong in Byju’s lenders’ consortium appointing a director on a special purpose vehicle (SPV) that borrowed $1.2 billion (nearly 10,000 crore today) for the online tutoring company in the US, and removing Riju Raveendran, the brother of the edtech giant’s founder, from the SPV’s board.

The ruling is significant because the case filed by Glas Trust Co., the trustee representing 37 lenders, against the Indian company in Delaware was the first court case that sparked two related courtroom battles in New York and Miami. (Read More)

09 Nov 2023, 07:19 AM IST
Sensex Today: Wall Street inches up as S&P extends its winning streak to 8 days on Wednesday as oil falls again

U.S. stocks were largely stuck in place Wednesday as Wall Street continues to recalibrate following its sharp recent swings.

The S&P 500 edged up by 4.40 points, or 0.1%, to 4,382.78 for a third straight day of quiet, mixed trading. Its movements have become much calmer after the index screamed to its best week of the year last week, which itself came after months of painful losses.

Though the gain was slight, it was enough to extend the index’s winning streak to eight days. That ties its longest such winning streak since a nine-day run 19 years ago.

The Dow Jones Industrial Average slipped 40.33 points, or 0.1%, to 34,112.27, and the Nasdaq composite rose 10.56, or 0.1%, to 13,650.41.

Eli Lilly was one of the strongest forces pushing upward on the market. It rose 3.2% after U.S. regulators said its popular diabetes treatment, Mounjaro, can be sold as a weight-loss drug and tap into a market with massive potential.

American Airlines, Delta Air Lines and United Airlines were also toward the front of the market, and each rose more than 2% as oil prices continued to drop and ease the pressure on fuel costs. (AP)

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