Here are some of the major updates that could move the markets tomorrow:
IRCTC Q2 Results: Net profit rises 30% YoY to ₹295 crore
Indian Railway Catering and Tourism Corporation (IRCTC) reported a 30% YoY rise in net profit to ₹295 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 23% YoY to ₹995 crore during the same period. EBITDA stood at ₹366 crore, up 20% YoY in Q2. The company’s board approved a dividend of ₹2.5 per share.
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L&T arm secures significant orders in Odisha, MP
Larsen and Toubro’s (L&T) subsidiary, L&T Construction, has secured orders in the range of ₹1000-2500 crore from the Governments of Odisha and Madhya Pradesh. The order from the Water Resources Department, Government of Odisha, is to execute mega lift irrigation projects. L&T will also execute Pressurized Piped Lift Irrigation Projects to irrigate about 34,942 hectares of culturable command area in Dewas, Madhya Pradesh.
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Devyani International Q2 Results: Net profit falls 43% YoY to ₹33 crore
Devyani International Ltd reported a 43% YoY fall in consolidated net profit to ₹33.35 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 9.64% YoY to ₹819.47 crore during the same period. EBITDA stood at ₹158.8 crore in Q2. Devyani International operates KFC outlets in India.
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Voltas denies report on considering sale of home appliance biz
Voltas denied reports claiming that the Tata Group is considering selling its home appliance business. Earlier today, Bloomberg reported that Tata Group is considering selling the home appliance operation of Voltas Ltd. Voltas is separately taking up the matter with Bloomberg to issue a necessary clarification.
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Zydus Lifesciences Q2 Results: Net profit rises 53% YoY to ₹801 crore
Zydus Lifesciences Ltd reported a 53% YoY increase in net profit to ₹801 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 9.1% YoY to ₹4,369 crore during the same period. EBITDA stood at ₹1,146 crore, up 40.6% YoY. The pharma company’s India sales rose 4.8% YoY to ₹1,769 crore in Q2 FY24.
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JSW, Vedanta’s ₹10,000 cr investment in cement plants in Punjab stuck in red tape
JSW Group and Vedanta’s joint investment in Talwandi Sabo Power Plant (TSPL) to set up cement plants in Punjab are awaiting approval from the state government. TSPL plans to set up cement manufacturing plants in Punjab with an overall investment of around ₹10,000 crore. TSPL has plans to set up multiple cement plants next to its existing power plant in the Mansa district of Punjab. One of these plants will be set up by the JSW group.
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Power Grid Q2 Results: Net profit rises 5% YoY to ₹3,834 crore
Power Grid Ltd reported a 5% YoY rise in net profit of ₹3,834 crore for the quarter ended September (Q2 FY24). Its revenue from operations fell marginally by 0.5% YoY to ₹10,419.41 crore during the same period. EBITDA stood at ₹9,207.32 crore, up 4% YoY. Its board recommended a dividend of ₹4 per equity share.
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Glenmark gets USFDA approval for generic drug used to treat mental disorder
Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic Fluphenazine Hydrochloride tablets. The drug is used to treat certain types of mental disorders. According to IQVIA data, the drug’s equivalent had annual sales of approximately $18.1 million in the 12 months ended September 2023.
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Trent Q2 Results: Net profit jumps 3x YoY to ₹228 crore
Trent Ltd reported an 189% YoY jump in consolidated net profit of ₹228.06 crore for the quarter ended September (Q2 FY24). Its total income rose 51.4% YoY to ₹3,062.47 crore during the same period. Total expenses stood at ₹2,773.52 crore in Q2 FY24, compared to 1,899.49 crore in Q2 FY23.
Read more here.
