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Here are the top stories to start your day.
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⭐Berger Paints reports mixed results
Berger Paints reported a 20% year-on-year (YoY) rise in its consolidated revenue at ₹2,670 crore during the September quarter. Meanwhile, its net profit was flat at ₹219 crore. The company said demand in the urban markets was encouraging, and it is hoping for the same growth in rural demand on the back of good monsoon.
⭐Trent’s revenue on the rise
Retail store operator Trent reported a 66% YoY rise in its consolidated revenue to ₹1,952 crore in Q2 of FY23, while its profit after tax grew by 0.5% YoY to ₹93 crore. The company said performance of its new stores added in the last one year is encouraging and in line with expectations. The company’s Star brand stores witnessed improved customer traction with growing sales densities.
⭐ SALIC to acquire stake in LT Foods
Saudi Agricultural and Livestock Investment Company (SALIC) will acquire a 9.2% stake in LT Foods, which is known for brands like Daawat and Royal. The company’s board approved preferential issuance of equity shares for a 7.8% stake in LT Foods at ₹142.2 per share to SALIC. In addition, SALIC will acquire the remaining 1.3% stake via secondary share purchase. Overall, SALIC is investing ₹455.5 crore through primary and secondary share purchase.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 1.8% |
| Nikkei 225 (Japan) | ▲ 2.7% |
| Hang Seng (Hong Kong) | ▲ 4.9% |
| SSE Composite (China) | ▲ 1.3% |
| Dow Jones (US) (November 10) | ▲ 3.7% |
| NYSE (US) (November 10) | ▲ 4.4% |
| Nasdaq (US) (November 10) | ▲ 7.3% |
| S&P 500 (US) (November 10) | ▲ 5.5% |
Fact of the day
Amazon has become the first listed company to lose a trillion dollars in market value. The company’s market cap stood at $879 billion as of 9 November, way below the record market cap of $1.88 trillion in July 2021.
Source: Business Standard