Closing Bell: Sensex gains 330 pts, Nifty around 19,150; realty, oil & gas shine

Benchmark indices ended higher for the second consecutive session on October 30 with Nifty around 19,150. At close, the Sensex was up 329.85 points or 0.52 percent at 64,112.65, and the Nifty was up 93.60 points or 0.49 percent at 19,140.90.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.

Markets extended rebound and gained nearly half a percent, in continuation to Friday’s move. After the initial fall, Nifty gradually inched higher as the session progressed and settled around the day’s high at 19,140.90 level. Meanwhile, the rebound in select heavyweights, especially from the energy and banking space, contributed the maximum while the broader indices closed almost unchanged.

Nifty has reached closer to its immediate hurdle i.e. 19,200-19300 zone and is likely to face pressure on the rise. Besides, the indications from the global indices are also not very conducive. We thus reiterate our view to keep a check on long positions and utilize rebound to create shorts as well.

Nifty ended higher for the second consecutive session on October 30. At close, Nifty was up 0.49% or 93.7 points at 19140.9. Volumes on the NSE were the lowest since October 09. Broad market indices rose less than the Nifty even as the advance decline ratio remained firm at 1.25:1.

Asia-Pacific markets started the week mixed ahead of key economic data like monetary policy decisions from Japan and Malaysia, inflation data from South Korea, and gross domestic growth figures from Taiwan and Hong Kong. European shares opened higher on Monday after a mixed trading session in Asia ahead of a Federal Reserve decision this week on interest rates. Israel's push into Gaza stirred fears of a wider conflict.

Nifty rose for the second consecutive session on October 30 but on low volumes. It could now inch upwards, but need volume boost to sustain the rise. Nifty could stay in the 19229-19041 band for the near term.

The Nifty opened on a flat note today and after the initial bout of volatility, it traded with a positive bias and closed the day up ~93 points. On the daily charts we can observe that the Nifty has been in a pullback mode since last couple of trading sessions and is now approaching crucial resistance zone of 19160 – 19220 where resistance in the form of the hourly upper Bollinger band and the 40-hour exponential moving average is placed. Hence it is advisable to be cautious with the longs. On the downside a breach below 18940 can lead to start the next leg of the fall. In terms of levels, 19180 – 19220 shall act as a support zone while 18950 – 18930 shall act as an immediate support zone.

Bank Nifty also continued with the pullback and the psychological levels of 43000. The Bank Nifty is now approaching crucial hurdle levels placed at 43150 – 43300 where multiple resistance parameters in the form of crucial fibonacci retracement levels and the hourly upper Bollinger band is placed and hence caution is advised on the longs.

Short covering continued for the second trading session as buoyancy in European and US indices aided a relief rally in local markets as gains in banking, oil & gas and realty stocks led the recovery. While markets witnessed early volatility, key benchmark indices soon bounced back and stayed in positive territory thereafter. Despite the recovery, there is a lot of pessimism amongst the investors due to slew of negative factors such as Israel-Hamas conflict, FII fund outflows, higher inflation, and strengthening US bond yields.

Technically, the Nifty took support near 18950 and bounced back sharply. On daily charts, the index has formed a bullish candle and on intraday charts, it is holding an uptrend continuation formation which is largely positive. As long as the index is holding the 19000 mark the pullback momentum is likely to continue and could move till 19200-19225 levels. On the flip side, below 19000 traders may prefer to exit from the long positions.

The domestic market mirrored the upbeat European & Asian markets, as geopolitical risk in West Asia continues. Equities are experiencing a short-term bounce after the heavy selling last week, as crude moderates and Q2 results provide some relief. But a full containment will depend on a radical fall in geopolitical risk and global bond yield. Crucially, this week’s US FED meeting is forecast to hold the status quo. Holding the global bond yield at the current elevated levels will continue to distract investors unless supplemented with the reasonable medium-term target of Fed rate trajectory.

Net profit up 17.3% at Rs 360 crore against Rs 307 crore and revenue down at Rs 2,476 crore versus Rs 2,496 crore, YoY.

The markets started the week on a tepid note and bears struck with full force in the opening trade, but the bulls managed to defend the support levels. Heavyweight Reliance and selected other stocks took the lead and helped the Index to advance. In the 2nd half of the trading session, Banking stocks participated as well and pushed the Index further higher to end the session at 19,140.90 with gains of 93.65 points.

Among the sectors, Realty was the best-performing sector followed by Energy and Pharma while Auto and FMCG were on the list of laggards. On the daily chart, the Index has formed a positive candle and is now heading towards its critical zone of 19,200-19,250 while the support is placed at 18,940.

Indian rupee ended flat at 83.25 per dollar on Monday versus Friday's close of 83.24.

: Benchmark indices ended higher for the second consecutive session on October 30 with Nifty around 19,150.

At close, the Sensex was up 329.85 points or 0.52 percent at 64,112.65, and the Nifty was up 93.60 points or 0.49 percent at 19,140.90. About 1863 shares advanced, 1741 shares declined, and 192 shares unchanged.

BPCL, UltraTech Cement, ONGC, Reliance Industries and SBI Life Insurance were among the major gainers on the Nifty, while losers were UPL, Tata Motors, Maruti Suzuki, Bajaj Auto and Axis Bank.

On the sectoral front, except auto and FMCG, all other sectoral indices ended in the green with oil & gas and realty up 1 percent each.

The BSE Midcap and Smallcap indices ended on a flat note.

-Neutral call, target cut to Rs 290 per share from Rs 315 per share
-Q2 miss on NII, PPOP; lower profitability on higher credit costs
-NIMs to bounce back partially with improvement in yields
-Asset quality to remain stable; credit costs to come down
-Expect NIM to contract by 100 bps YoY to 7.27 percent in FY24
-NIM improving from Q2FY24 exit, NIM at 7 percent
-Management maintained its vision 2025 guidance, which looks difficult

WTI Dec fall sharply close to 2% to trade around $85.10 on Monday as the global risk off sentiments is higher due to the middle east concerns however armed conflict remain limited to Israel and Gaza. Several countries, including many Arab states, have urged Israel to delay a planned ground invasion that would multiply civilian casualties and might ignite a wider conflict.

The consumer spending expanded at 4% in Q3 and 0.7% in September which led YS GDO to grew at 4.9% in Q3, strong US economic data indicates Fed likely to keep a hawkish tone in the upcoming FOMC during this week.

Investors will also be focusing on the Chinese Manufacturing PMI index along with US payroll data later this week. WE expect crude oil prices have limited upside as supplies are seen adequate due to demand deterioration in recent months.

WTI December crude oil could fall back to $82-$80 in coming sessions and resistance remains $88, crude will continue to hold risk premiums due to the Israel -Gaza conflict but overall, we see prices retreating back.

-Buy call, target Rs 1,620 per share
-Company reported Q2 VNB of Rs 1,490 crore (+20 percent YoY, +5 percent versus estimate) led by 33 percent YoY growth in APE
-VNB partially offset by a decline in margins (-310 bps YoY, inferior product mix)
-Ulips saw a strong uptick driven by favorable equity market conditions
-Non-par segment also witnessed a 48 percent QoQ increase although it was still down 8 percent YoY
-Company retained its 20 percent APE growth guidance for FY24
-Maintained margins around current (28-30 percent) levels for full-year FY24

Indian Rupee traded on a flat note with a slight negative bias on strong US Dollar and selling pressure from FIIs. However, positive tone in domestic equities and a decline in crude oil prices cushioned the downside. US Dollar gained on safe haven demand as Israel expanded its ground operations in Gaza. US economic data on Friday was mixed and broadly in line with forecast.

We expect Rupee to trade with a slight negative bias on geopolitical uncertainty in the Middle East which may lead to safe haven demand for US Dollar. Month end Dollar demand from importers and OMCs and weak global market sentiments may weigh on the domestic currency. However, weak crude oil prices and any intervention by the RBI may support Rupee at lower levels. Investors may remain cautious ahead of FOMC meeting later this week. USDINR spot price is expected to trade in a range of Rs 83 to Rs 83.60.

-Sell call, target Rs 6 per share
-Q2 ARPU up 2 percent QoQ but saw subscriber losses
-Q2FY24 revenue and EBITDA below estimate
ARPU increase but subscriber losses continued
High debt of USD 26 billion and low capex spending
Cut FY24-26CL revenue & EBITDA forecasts 5-14 percent

AU Small Finance Bank has registered a 17% on-year growth in profit at Rs 402 crore for quarter ended September FY24 despite elevated provisions. Pre-provisioning operating profit increased by 30% YoY to Rs 648 crore and net interest income grew by 15% to Rs 1,249 crore during the quarter. Asset quality weakened with the gross non-performing asset rising 15 bps QoQ to 1.91% and net NPA increasing 5 bps QoQ to 0.60% for the quarter.

UPL reported a net loss of Rs189 crore in September quarter, which fell short of the average analyst estimate. This is a significant drop from the Rs814 crore profit in the same period last year. The Bloomberg Consensus estimate had predicted a profit of Rs425 crore.

UPL's Q2 revenue was Rs10170 crore, showing a 19% decrease compared to the previous year and falling short of the estimated Rs10836 crore. Total costs for the quarter amounted to Rs10370 crore, marking an 8.4% decrease compared to the previous year.

- Net profit up 64.1% at Rs27.9 cr vs Rs17 cr (YoY)

- Revenue up 29.8% at Rs419.8 cr vs Rs323.5 cr (YoY)

- EBITDA up 61.1% at Rs38.5 cr vs Rs23.9 cr (YoY)

- Margin at 9.2% vs 7.4% (YoY)

Premier Explosive stock surges 5 percent after it reported over 360 percent surge in its net profit to Rs 11.60 crore against Rs 2.51 crore a year ag. Revenue jumped 28 percent to Rs 78.82 crore

Adani Green Q2 Results:

Net profit at Rs 371 crore versus Rs 149 crore and revenue up 40.2% at Rs 2,220 crore versus Rs 1.584 crore, YoY.

Sensex Today | BSE Healthcare index rose 0.4 percent led by Medicamen Biotech, Piramal Pharma, Kopran: 

Oil prices slipped more than 1% on Monday as investors adopted caution ahead of a U.S. Federal Reserve policy meeting and China's manufacturing data due this week, offsetting support from tension in the Middle East.

Brent crude futures dropped 1%, or 97 cents, to $89.51 a barrel by 0718 GMT, while U.S. West Texas Intermediate crude was down 1.3%, or $1.13, at $84.41 a barrel.

UltraTech Cement said the board of directors approved the 3rd phase of growth with an investment of Rs 13,000 crore towards increasing the capacity by another 21.9 mtpa with a mix of brown field and greenfield projects. Commercial production from these new capacities is expected to go on stream in a phased manner from FY26 onwards and will catapult the company’s cement capacity to 187 mtpa globally.

Net profit up 8.9% at Rs 855.7 crore versus Rs 786 crore and revenue down 21.6% at Rs 12,532.6 crore versus Rs 15,985.7 crore, YoY.

IDFC First Bank has registered a massive 35% on-year growth in profit at Rs 751 crore for July-September period of FY24, driven by strong growth in core operating income that grew by 35%. Net interest income for the quarter at Rs 3,950 crore increased by 32% over a year-ago period, with net interest margin expanding 49 bps YoY to 6.32% in Q2FY24. Asset quality improved with the gross NPA falling 6 bps QoQ to 2.11% and Net NPA declining 2 bps to 0.68% for the quarter.

NTPC has recorded standalone profit at Rs 3,885 crore for quarter ended September FY24, rising 16.6% over a year-ago period driven by fall in tax & fuel cost. Revenue from operations dropped 0.3% to Rs 40,875 crore in Q2FY24, against Rs 41,015 crore in same period last year.

Gujarat Gas has announced a Rs 2.3 per standard cubic metre (scm) increase in industrial gas price to Rs 45.6 per scm, with effect from November 1, 2023, reports CNBC-TV18.

Net profit down 11.6 percent at Rs 100.3 crore against Rs 113 crore and revenue down 0.5 percent at Rs 482 crore versus Rs 484.6 crore, YoY.

Net profit up 74.3 percent at Rs 156 crore versus Rs 90 crore and revenue up 14.7 percent at Rs 1,977.8 crore versus Rs 1,724.8 crore, YoY.

Net profit up 26.5% at Rs 46.8 crore versus Rs 37 crore and revenue up 27.2% at Rs 381.9 crore against Rs 300.3 crore, YoY.

Revenue down 9.5% at USD 1.24 billion versus USD 1.38 billion, QoQ.

Earnings Before Interest Tax Depreciation and amortisation (EBITDA) down 9 percent at USD 620 million versus USD 682 million and margin at 49.76% versus 49.53%, QoQ.

Net profit up 8.7% at Rs 73.4 crore versus Rs 68 crore and revenue up 9 percent at Rs 1,104.2 crore versus Rs 1,012.8 crore, YoY.

-Sell call, target Rs 684 per share
-Reported poor quality Q2 earnings with higher than expected credit costs
-Worrisome commentary on overall portfolio citing stress building in unsecured loans
-Company delivered a marginal beat on PPOP & profit (+3 percent versus estimate)
-Marginal beat on PPOP & profit mainly driven by lower than expected operating expenses
-NIMs were below estimates on lower than expected cost of funds
-Lower than expected cost of funds was more than offset by lower than expected yields

The Directorate General of GST Intelligence has completed search at certain premises of Kalpataru Projects International in Gujarat. The company submitted the necessary information sought by the Authority and no order has been passed by the Authority.

Cello World’s Rs 1,900-crore initial public offering (IPO) was subscribed 7 percent by October 30 noon, the first day of bidding, with investors sending in bids for 14.48 lakh equity shares against the offer size of 2.2 crore.

The price band for the issue, which is purely an offer for the sale of shares by promoters, the Rathore family, has been fixed at Rs 617-648 a share. The IPO closes November 1.

Retail investors bought 9 percent of the shares allotted to them. High networth individuals (HNIs) had bid for 9 percent of their quota of shares. Thirty-five percent of the shares are reserved for HNIs and 15 percent for retails investors. Read More

Mukand has signed power delivery agreement for 43.75 MW AC group captive solar project, with Tata Power Renewable Energy. The installation of the said project will generate 99.82 MUs, annually.

Globally, gold prices are on the rise due to the uncertainty in the international market created by the Israel-Hamas conflict and its impact on global economic conditions, followed by the strengthening of the US Dollar. This price rise will further drive investors towards gold, owing to its credibility as one of the safest asset classes. With the Fed likely to maintain its stance in the upcoming meeting with the scope for one rate hike during the year, it is expected to keep the gold price within the range of USD 2000.

On the domestic front, gold rates are gradually but steadily on an upward trajectory. With the festive season and wedding season, we see the price dynamics to be of little to no hindrance for the Indian gold buyers owing to the rise in per-capita income and the sentimental value attached towards buying gold during the festive season and weddings, a tradition well-kept in the Indian culture.

-Buy call, target cut to Rs 1,020 per share
-Q2 profit of Rs 600 crore (+15 percent YoY) 6 percent ahead of estimate due to lower opex
-Spend growth stays strong, calculated NIMs were steady QoQ
-Portfolio behaviour of stressed 2019 customer cohort has improved
-Credit costs may take longer to normalise due to broader uptick in stress in unsecured loans

-Buy call, target Rs 1,240 per share
-Q2 another margin beat, also a volume beat
-EBITDA at Rs 480 crore (+89 percent YoY, - 8 percent QoQ) 10 percent ahead of estimate
-Net income at Rs 340 crore (+106 percent YoY, -8 percent QoQ) 11 percent ahead
-H1 EPS stands at Rs 72 per share, which creates room for a healthy dividend payout this year

Net profit at Rs 243.2 crore versus Rs 82 crore and revenue up 10.6% at Rs 2,308.7 crore versus Rs 2,086.6 crore, YoY.

Bharti Airtel has partnered with Microsoft to offer Indian organisations calling services over Microsoft Teams through an integration with Airtel IQ. Meanwhile, the Department of Telecommunications, Mumbai has imposed a penalty of Rs 1,63,000 for alleged violation of subscriber verification norms.

Sensex Today | Market at 1 PM

The Sensex was up 282.10 points or 0.44 percent at 64,064.90, and the Nifty was up 71.70 points or 0.38 percent at 19,119. About 1710 shares advanced, 1495 shares declined, and 149 shares unchanged.

Speciality Restaurants has received a demand notice in relation to payment of shortfall tax, from the Office of the Commissioner, Kolkata South CGST & CX Commissionerate. The said demand notice alleged a tax demand of approximately Rs 3.75 crore.

Net profit up 68.5% at Rs 58.3 crore versus Rs 35 crore and revenue down 4.1% at Rs 480 crore versus Rs 500.3 crore, YoY.

Net profit up 68.2 percent at Rs 21.7 crore versus Rs 13 crore and revenue up 38.6 percent at Rs 139.8 crore versus Rs 100.9 crore, YoY.

Net Profit up 5.1 percent at Rs 140.8 crore against Rs 134 crore and revenue up 9.2 percent at Rs 1,199.1 crore versus Rs 1,097.6 crore, QoQ.

Net loss at Rs 131.3 crore versus profit of Rs 22.8 crore and revenue up 11.4 percent at Rs 999.4 crore versus Rs 897 crore, YoY.

Panacea Biotec said its subsidiary through the strategic partner Apotex Inc has launched Paclitaxel protein-bound particles for injectable suspension (Albumin-bound), a generic version of Abraxane in the Canadian market. Paclitaxel protein-bound particles are used for the treatment of metastatic breast cancer, non-small cell lung cancer and adenocarcinoma of the pancreas.

-Buy call, target Rs 2,925 per share
-Q2 In-line reflecting healthy growth across all segment
-O2C— robust refining margins partly offset by decline in petchem
-Jio — strong net subscriber additions and modest ARPU growth
-Retail — robust growth along with margin expansion
-E&P — volumes jump on commencement of MJ field
-Net debt moderates, FCF remains negative

SBI Card tanked more than 7 percent in the early trade on October 30 following disappointing July-September quarter earnings.

While the credit card company reported a net profit of Rs 603 crore, up 15 percent from the year-ago quarter, elevated cost of funds and weak NIM hurt the bottom line.

The total income came in at Rs 4,221 crore, higher than Rs 3,453 crore in the year-ago quarter. Net interest income stood at Rs 1,902 crore, up 28 percent. The net interest margin (NIM) slipped 20 basis points (bps) to 11.3 percent on rising cost of funds. Read More

The United States Food & Drug Administration (USFDA) has completed a routine cGMP (good manufacturing practice) inspection at Dr Reddy’s Laboratories' formulations manufacturing facility (FTO-3) in Bachupally, Hyderabad. The inspection was conducted during October 19 and October 27, 2023. The USFDA has issued a Form 483 with 10 observations.

Oberoi Realty gained 2 percent in the morning trade on October 30 after the company’s consolidated net profit rose 43 percent on-year to Rs 456 crore in the July-September quarter (Q2FY24).

The realty stock has surged 28 percent this year as against a 4 percent rise in the Sensex benchmark. The stock touched a 52-week high of Rs 1,206 on September 11.

The Mumbai-based company’s income jumped 75 percent on-year to Rs 1,243 crore, driven by strong demand of home ownership. Total expenses, too, were up 52 percent on-year at Rs 647 crore. Read More

Piramal Pharma surged around 8 percent in the morning trade on October 30 after the company reported an 11 percent on-year growth in consolidated revenue and also managed to report a net profit after a quarter of loss.

The profitability of the company's contract development and manufacturing business improved on account of increased revenue and cost-optimisation initiatives.

Piramal Pharma's bottomline finally turned green in the September quarter with a profit after tax of Rs 5 crore against a loss of Rs 37 crore in the year- ago period and Rs 99 crore in the previous quarter. Its EBITDA also saw a robust growth of 44 percent YoY, driven by healthy revenue growth and cost optimisation. Read More

Captain Pipes said the board members have appointed Jaydeep K Pansuriya as Chief Financial Officer of the company with effect from November 1. However, Chandrakant J Gadhiya has resigned as Chief Financial Officer of the company with effect from October 27.

Goodluck India has recorded a massive 70.4% on-year growth in profit at Rs 34.7 crore for July-September period of FY24, driven by robust EBITDA performance. Revenue from operations grew by 13.7% YoY to Rs 886 crore for the quarter.

-Buy call, target Rs 3,000 per share
-Q2 EBITDA rose 8 percent QoQ & marginally ahead of estimate on retail
-Retail throughput/sqft rose 10 percent QoQ driving op level
-Jio saw healthy subscriber adds but ARPU missed on adverse mix
-O2C profitability jumped on refining
-Depressed petchem spreads lead to lower segment EBITDA 4 percent/5 percent for FY24/25
-Stock is down 3 percent YTDCY23 (8 percent nifty underperformance)
-Expect company to deliver 13 percent EBITDA growth in FY24, making riskreward favourab

Sensex Today | Market at 12 PM

The Sensex was up 281.15 points or 0.44 percent at 64,063.95, and the Nifty was up 77.20 points or 0.41 percent at 19,124.50. About 1699 shares advanced, 1463 shares declined, and 146 shares unchanged.

The equity benchmarks shrugged early losses to trade higher on October 30, aided by gains in heavyweight counters like Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank and ICICI Bank. Weak Asian cues and concerns over elevated US bond yields prompted a weak start for the Indian market. Some bargain buying from lower levels also helped usher in a recovery in the market, which recorded a six-day decline before witnessing a rebound on October 27. READ MORE

Cipla has reported outstanding financial results. They have increased their margin guidance to 23-24%, with a stronger inclination towards the upper end of that range, which is a very positive sign. Additionally, the potential launch of some blockbuster drugs, especially in the respiratory portfolio, in the coming quarters is expected to boost global revenue figures. With improved margins, Cipla is likely to experience robust cash flows and impressive bottom-line growth. They have also raised their overall numbers for US formulations, which is another positive development. While their valuations are at the higher end of their medium range, Cipla remains a consistently favored stock and continues to be held in our global focus list

Shares of Oberoi Realty gained 2 percent to Rs 1,118 per share on October 30 after the company’s consolidated net profit rose 43 percent on-year to Rs 456 crore in the July-September quarter (Q2FY24). READ MORE

-Outperform call, target Rs 11,912
-Solid 17 percent Q2 EBITDA beat led by better than expected margins
-Operating leverage and lower than expected commodity cost
-Market share gains led by new model launches in SUV segment
-Raise FY24 & FY25 EPS by 14 percent each, primarily on back of higher margins

SAT lifts ban on Punit Goenka holding key managerial post and sets aside SEBI order vs Zee Ent's Punit Goenka in fund siphoning case.

Blue Dart Express has reported a 22% on-year decline in consolidated profit at Rs 73.06 crore for quarter ended September FY24. Revenue from operations during the same period fell by 0.06% YoY to Rs 1,324.5 crore.

-Buy call, target Rs 1,353 per share
-US, India Q2 earnings data ahead of estimates
-Management raises FY24 EBITDA margin guidance once again
-EBITDA margin expanded 362 bps YoY to 26.0 percent, 320 bps ahead of estimate
-Gross profit margin was 86 bps ahead of estimate
-Other expense 7 percent below estimate on better product mix & lower costs

-Hold call, target Rs 2,460 per share
-Reported Q2 earnings largely in-line with consensus
-O2C and E&P were strong, JPL remains range-bound, retail is still slow
-Outlook for O2C remains weak
-Retail has lagged store growth, and digital continues to be capital intensive

Tamilnad Mercantile Bank has registered a 4.6% on-year growth in profit at Rs 274 crore for quarter ended September FY24, with fall in provisions, and higher other income, but lower pre-provision operating profit. Net interest income for the quarter at Rs 533 crore increased by 4.7% over a year-ago period. Asset quality weakened during the quarter with gross NPA rising 14 bps QoQ to 1.70% and net NPA increasing 33 bps QoQ to 0.99%.

Sensex Today | Market at 11 AM

The Sensex was up 111.85 points or 0.18 percent at 63,894.65, and the Nifty was up 27.50 points or 0.14 percent at 19,074.80. About 1705 shares advanced, 1387 shares declined, and 137 shares unchanged.

COMEX Gold prices saw the third consecutive weekly gain, but was more or less consolidating near the psychological $2,000 per troy ounce levels during the previous week, as Israel held-off the imminent ground invasion on Gaza, while robust economic data from US boosted the greenback. Israel stepped up the activities in Gaza strip over the weekend, though adopting a cautious approach and is expected to launch a full scale ground invasion soon. Gold prices continue to enjoy higher war premium, ahead of the US Labour data and FOMC meeting this week, where Fed is expected to keep rates unchanged.

Zydus Lifesciences and Sun Pharmaceutical Industries have entered into a licensing agreement to co-market an innovative drug, Desidustat in India.

Desidustat is first-of-its-kind oral treatment for anemia associated with Chronic Kidney Disease (CKD) in India.

The Power Transmission & Distribution business of L&T Construction has secured key orders in India and overseas, in the current quarter.

In Chhattisgarh, the business has received an order for establishing 400kV & 220kV transmission lines to help relieve the congestion in the state’s electricity transmission grid.

In Saudi Arabia, an order for turnkey construction of a 380kV Substation with associated overhead transmission lines has been won.

Another order has been bagged in the State of Kuwait to build 5 Substations to provide reliable and efficient power supply to an upcoming residential city.

Additional orders have been won in ongoing substation orders in Qatar.

In a significant breakthrough, the business has bagged an order in Malaysia, in a consortium, to establish a 275kV Underground Cable system to double the power transmission capacity in the existing network.

Intellect Design Arena has recorded profit at Rs 70 crore for July-September period of FY24, growing sharply by 54% over corresponding period last fiscal driven by healthy EBITDA. Revenue from operations during the quarter increased by 17% to Rs 619 crore YoY, with double-digit growth in platform, license and AMC segments.

Sensex Today | BSE Realty index rose 1 percent led by Macrotech Developers, Oberoi Realty, Godrej Properties:

Route Mobile has registered a 21.6% on-year growth in consolidated profit at Rs 88.4 crore for the quarter ended September FY24. Revenue from operations at Rs 1,014.6 crore for Q2FY24 increased by 20% over corresponding period last fiscal.

Inox Wind has narrowed its net loss to Rs 29.23 crore for quarter ended September FY24, from Rs 129.31 crore in year-ago period. Revenue from operations increased sharply by 246% YoY to Rs 370.6 crore in Q2FY24.

Sensex Today | BSE Auto index shed 1.4 percent dragged by M&M, Tata Motors, Maruti Suzuki:

-Equal-weight call, target raised to Rs 90 per share
-Q2 strong performance on margins and volume growth (both loan growth & deposits)
-Asset quality saw some weakness with gross slippages higher QoQ
-Asset quality weakness partly technical & will likely recover in H2FY24 as per management

Sun Pharma Advanced Research Company announced the completion of enrolment of 506 patients in a global, randomized, doubleblind, placebo-controlled Phase 2 study in patients with early Parkinson's disease evaluating the safety and efficacy of Abl tyrosine kinase inhibition using K0706 (PROSEEK).