L&T rises on airport order win, Divi’s Labs’ profit declines in Q2 & more

NIFTY50: 19,411 ▲ 181 (+0.9%)
SENSEX:  64,958 ▲ 594 (+0.9%)

• Benchmark indices closed higher for the third straight session 
• In all, 45 of the NIFTY50 stocks closed in the green
• Brent crude oil futures are up 1.2% today, at $86 per barrel after Saudi Arabia & Russia reiterated their production cuts till the end of this year

Among the NIFTY sectoral indices, Metal (+1.3%) Oil & Gas (+1.2%) were the top gainers, while PSU bank (-1.0%) was the top loser.

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⭐ L&T rises on airport order win 

Shares of L&T surged 2% today following its announcement of a ‘large’ order win by its construction division. The project, awarded by GMR Visakhapatnam International Airport Limited, entails the engineering, procurement and construction of the greenfield Bhogapuram International Airport in Andhra Pradesh. L&T classifies orders valued between ₹2,500 to ₹5,000 crore as ‘large’.

⭐ Divi’s Labs’ profit declines in Q2

The pharmaceutical company reported a modest 3% year-on-year (YoY) increase in revenue to ₹1,909 crore. However, there was a significant 29% year-on-year decline in its net profit, which stood at ₹348 crore for the September quarter. Nonetheless, the company's shares closed 5% higher and it was the top gainer in the NIFTY50 today. 

⭐ IEX soars on robust October volumes 

Indian Energy Exchange (IEX) surged over 4% today after reporting strong October trading volumes. According to the company, it achieved a total electricity volume of 9,260 million units, marking a rise of 21% YoY. Additionally, it recorded an overall trading volume of 9,483 million units, reflecting an 18% YoY growth.

⭐ Zydus gets USFDA nod for diabetes drug 

Zydus Lifesciences announced that it has received final approval from the United States Food and Drug Administration (USFDA) for Zituvimet, a drug designed to treat adult patients with Type-2 diabetes. Meanwhile, the company's shares ended flat, down 0.02%, today.

⭐ Man Industries surges on new orders 

Shares of Man Industries hit a 52-week high during early trading and closed 8% higher. The company secured new orders for pipes worth approximately ₹380 crore. As of 6 November 2023, its total unexecuted order book stands at roughly ₹1,400 crore, to be completed within the next 6 months.

IPO Corner

⭐ The IPO of ESAF Small Finance Bank was subscribed 8.32 times on Day 2 of bidding. The IPO price band is fixed in the range of ₹57 to ₹60 per equity share. Tomorrow is the last day to apply for this IPO. Click here to apply.

⭐ IPO of Protean eGov Technologies was fully subscribed on the first day with a total subscription of 1.08 times. The company collaborates with the government to create digital public infrastructure and citizen-centric e-governance solutions. The price band for the offer has been fixed at ₹752–₹792 per share. To apply for this IPO, click here.

⭐ Shares of Cello World made a strong debut today, listing at a premium of 28%. The company’s shares traded at ₹829 on the NSE, against the issue price of ₹648. The public issue of the leading player in the consumerware market was subscribed 38.9 times.

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