Lupin hits 52-week high, Tata Communications’ profit tumbles & more

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NIFTY50: 21,622 ▲ 160 (+0.7%)
 SENSEX: 71,683 ▲ 496 (+0.7%)

  • Benchmark indices closed higher after declining for three consecutive days
  • In all, 43 of the NIFTY50 stocks closed in the green
  • Retail sales in the UK dropped by 3.2% in December 2023, surpassing a 0.5% expected dip

Among the NIFTY sectoral indices, Oil & Gas (+1.6%) and Metal (+1.3%) were the top gainers, while Media (-1.0%) and Bank (-0.03%) were the top losers.

What's Up

Top gainers Today's change
ONGC 241 ▲ 8.3 (+3.5%)
Bharti Airtel 1,123 ▲ 35 (+3.3%)
308 ▲ 9.5 (+3.1%)

What's Down

Top losers Today's change
IndusInd Bank
1,560 ▼ 52 (-3.2%)
Kotak Bank 1,760 ▼ 16.3 (-0.9%)
HDFC Bank 1,474 ▼ 11 (-0.7%)

Market Sentiment

USD-INR  83.06 ▼ 0.09 (-0.1%)
NIFTY MIDCAP 100 47,815 ▼ 716 (+1.5%)
NIFTY SMALLCAP 100 15,487 ▼ 166 (+1.0%)
India VIX 13.88 ▼ 0.1 (-1.3%)

Stock Buzz

⭐ Lupin hits 52-week high on drug approval

Shares of the pharma giant closed flat today, after hitting a 52-week high of ₹1,441 per share. This came after the company received an approval from the United States Food and Drug Administration (USFDA) to launch a drug for the treatment of gout in the American market. A gout is a form of arthritis caused by the buildup of uric acid crystals in joints. According to reports, the market size for gout drugs in the US is expected to reach $6.04 billion by 2032. 

⭐ Tata Communications’ profit tumbles

Shares of Tata Communications closed 1.9% lower today. This was after the company’s net profit declined 79.6% year-on-year (YoY) to ₹45 crore, while its revenue rose 15.6% YoY to ₹5,633 crore in the third quarter of FY24. The company reported a 15% sequential rise in its total expenses to ₹5,305 crore.

⭐ IndiaMart jumps despite poor Q3 results

Shares of the B2B online marketplace provider closed 5.8% higher today. This was a day after the company reported a 27.4% YoY decline in its consolidated net profit to 82 crore, while its revenue jumped 21% YoY to 305 crore. Meanwhile, the company reduced employee costs during the quarter.

⭐ Polycab reports 15% profit surge

Polycab India has reported 15.3% YoY surge in its net profit to ₹416.5 crore. It recorded its highest-ever quarterly revenue, which surged 17% YoY to ₹4,340 crore in Q3 FY24. The revenue boost was supported by strong volume growth in wires and cables business. Meanwhile, shares of the cables and wires manufacturer closed flat today.

IPO Corner

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Learn with Upstox

What is consolidated net profit?

Consolidated net profit refers to the combined profit of a parent company and its subsidiaries. It reflects the overall financial performance of the entire group, summing up individual entities' profits or losses. It provides a holistic view of the group's earnings, offering insights into its overall financial health.

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