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Cipla beats Street estimates with 11% rise in quarterly profit driven by US business
Cipla — India's third largest drug maker — reports a net profit of Rs 789 crore for the July-September period, meeting Street estimates.
The Mumbai-based pharmaceutical major's quarterly net profit increases 10.9 percent compared with the corresponding period a year ago, driven by its US unit — which accounts for more than one fifth of its revenue.
Its revenue for the three-month period rises 5.6 percent on year to Rs 5,829 crore. (Read more)
Market this week
--Market gains for 3rd straight week, up more than 5% in 3 weeks
--All indices end higher this week, metal, pharma & PSU Bank gain the most
--39 of 50 Nifty stocks gain, Adani Ent, Bajaj Finserv, UltraTech top gainers
--Apollo Hosp, Axis Bank, Maruti, Eicher are top Nifty losers
--Dalmia, Vedanta, Amara Raja, NMDC, Balrampur top Midcap gainers
--Bandhan, Intellect Design, LIC Hsg, HPCL top Midcap losers
Market at close
--Market makes a recovery in last hour to close the Friday session higher
--Sensex & Nifty close with positive bias while Nifty Bank & Midcap Index end lower
--Sensex gains 148 points to 60,984 & Nifty 64 points to 18,117
--Nifty Bank slips 40 points to 41,258 & Midcap Index 79 points to 31,708
--Hero Moto is top Nifty loser following below-than-expected margin, down 2%
--Cipla reports an in-line set of earnings, stock ends 3% off highs
--AB Fashion is top midcap loser, slips 6% after below-than-expected Q2 earnings
--BoB closes with cuts while SBI ends higher ahead of Q2 earnings
--Market breadth favours advances, advance-decline ratio at 4:3
Hemen Kapadia of Krchoksey Securities says buy IRCTC, Hindalco and Oracle Financial
-Buy IRCTC with a stop loss of Rs 735 and target of Rs 795
-Buy Oracle Financial with a stop loss of Rs 2,930 and target of Rs 3,080
-Buy Hindalco Industries with a stop loss of Rs 410 and target of Rs 446
Escorts Kubota reports a weak Q2
-Net profit at Rs 87.7 cr vs Rs 176.7 cr (YoY)
-Revenue up 12.2% at Rs 1,883.5 cr vs Rs 1,679 cr (YoY)
-EBITDA down 32.6% at Rs 152.7 cr vs Rs 226.7 cr (YoY)
-Margin at 8.1% vs 13.5% (YoY)
-One-time loss at Rs 72.7 cr
JK Lakshmi Cement shares gain the most in two months, here's why
Shares of JK Lakshmi Cement gained the most in two months despite the company reporting a 29 percent drop in its September quarter net profit. However, the net profit of Rs 59 crore for the quarter was higher than Jefferies estimates of Rs 49 crore. Check what's driving the stock higher
Britannia likely to witness single-digit volume growth — margin key factor to watch
FMCG Major Britannia is likely to report volume growth in the low-to-mid-single-digit during the September quarter. The company will report results on Friday, November 4.
A CNBC-TV18 poll anticipates the company's revenue to grow in the low-teens during the quarter while net profit may grow 10 percent year-on-year. The company's margin is likely to contract by 80 basis points compared to the same period last year.
Govt focusing on 4 OFS issues over next 4 months: Sources
PSU offers for sales (OFS) are likely to pick up pace as the government is focusing on four issues in the next four months, sources tell CNBC-TV18. Offers for sale are likely in Coal India, NTPC, Hindustan Zinc and RITES, they add. CNBC-TV18 is yet to receive a response to a query sent to DIPAM.
The government has set a divestment target of Rs 65,000 crore for FY23. It has so far raised Rs 24,000 crore via divestment
India's largest mortgage lender is betting on the 'feel good factor'
In an exclusive interview with CNBC-TV18, Keki Mistry, the Vice Chairman and CEO at HDFC, said that the feel-good factor in the economy is very high at the moment and thus rate hikes in the near-term won't affect sentiments too badly.
Buy siemens, ACC: Prakash Gaba
Prakash Gaba of prakashgaba.com shares two trading calls:
--Buy Siemens for a target of Rs 3,000 with a stop loss at Rs 2,960
--Buy ACC for a target of Rs 2,600 with a stop loss at Rs 2,590
Bikaji Foods IPO fully subscribed
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