Hero MotoCorp to enter new market

Good morning!

Here are the top stories to start your day.

For more updates on F&O, click here.

⭐ Hero MotoCorp to enter new market

Two-wheeler maker Hero MotoCorp has announced a new partnership with Terrafirma Motors Corporation (TMC) to commence operations in the Philippines. As  part of the partnership, TMC will be the exclusive assembler and distributor of Hero MotoCorp motorcycles in the Philippines. For this, TMC will set up an assembly facility and start operations in the second half of FY24.

⭐ Dabur’s net profit dips  

Dabur India has reported a 2.8% year-on-year drop in its consolidated net profit at ₹490 crore during the September quarter. Meanwhile, its revenue grew by 6% YoY to ₹2,986 crore. The company said it mitigated the inflationary pressures through cost control and judicious price increases across key product categories. The company also announced an interim dividend of ₹2.5 per share for its shareholders. 

⭐Nykaa shares fall 

Share of beauty and fashion retailer, FSN E-Commerce Ventures, the parent of Nykaa, fell over 2% this week, hitting a new 52-week low of ₹1,108 per share. The stock price closed for the first time below its IPO offer price of ₹1,125 per share. The fall comes ahead of the end of the lock-in period for pre-IPO investors on 10 November.

Global markets (at 7:30 AM today)

Fact of the day

An American woman 'accidentally' bought a $4,000 Salvador Dalí print at an auction because she was 'bored'.

Source: Moneycontrol