HUL posts muted Q2 earnings, PVR reports profitable quarter & more

NIFTY50: 19,624 ▼ 46 (-0.2%)
SENSEX: 65,629 ▼ 247 (-0.3%)

• Benchmark indices fall for the second straight day on the weak global trend  
• In all, 33 of the NIFTY50 stocks closed in the red
• Yield on the US 10-year Treasury note rose for a fourth straight day to 4.97%, breaking a 16-year high.

Among the NIFTY sectoral indices, Auto (+0.5%) and FMCG (+0.1%) were the top gainers, while Metal (-0.8%) and Oil & Gas (-0.5%) were the top losers.

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⭐ HUL reports muted Q2 numbers 

The fast-moving consumer goods maker’s standalone net profit grew by 3.8% year-on-year (YoY) to ₹2,717 crore in the second quarter of FY24. Meanwhile, its total sales jumped 3.5% YoY to ₹15,027. The company has also declared an interim dividend of ₹18 per share. The record date is 2 November 2023.  

⭐ Ultratech Cements’ Q2 profit surges

The cement manufacturer reported a 68% YoY jump in its consolidated net profit to ₹1,280 crore in the September quarter. Meanwhile, its revenue rose by 15% YoY to ₹16,012 crore. Company’s management attributed strong earnings to a robust demand scenario in the domestic market, fueled by a pick-up in infrastructure activity, rural development and urban residential demand. Following upbeat results, the company’s share rose nearly 3% today.   

⭐ Dabur India falls after lawsuits in US & Canada

Shares of the consumer goods company fell by 1.2% after the US and Canadian consumers sued the company’s subsidiaries for allegedly selling cancer-causing hair products. However, the company, in an exchange filing, has denied these allegations. The company’s international business contributes 25% to its overall revenue.  

⭐ Indraprastha Gas tumbles after Delhi’s EV policy 

Shares of Indraprastha Gas (IGL) plunged more than 5% today. This comes after the Delhi government approved a new electric vehicle (EV) policy to accelerate the adoption of EVs in Delhi. The policy mandates 5% EVs in fleets operated by Uber and Ola in the next six months, 50% in three years and 100% in five years. This policy could affect CNG sales in Delhi, impacting gas distribution companies like IGL.

⭐ PVR reports profitable quarter  

The multiplex chain operator reported consolidated revenue from operations of ₹1,999 crore, up 191% YoY in the September quarter. It also reported a net profit of ₹166 crore compared to the ₹71.5 crore loss in the same quarter of the previous year, mainly due to higher footfall. Meanwhile, the average ticket price rose 25% YoY to ₹276. During the same period, PVR added 37 new screens across seven properties.

IPO Corner

⭐IRM Energy IPO received a strong response from investors, with an overall subscription of 4.3 times on the second day of bidding. The company is engaged in the natural gas distribution business. It has presence in states like Gujarat, Punjab and Tamil Nadu. The IPO will close on 20 October. To know more and apply for this IPO, click here. 

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