Indices at previous closing
Nifty50: 16,364 ▲82 (+0.5%)
Sensex: 54,843 ▲318 (+0.5%)
Nifty Bank: 35,937 ▲130 (+0.3%)
In the news
Cipla receives USFDA nod for generic drug
The pharma major has received a nod from the USFDA for the marketing of a generic drug. The US health regulator has given final approval for Difluprednate Ophthalmic Emulsion, which is used for the treatment of inflammation and pain associated with ocular surgery.
The generic drug had reported sales of around $106 million in the US over the last 12 months. The company said that the product will be available for shipping soon. Shares of Cipla were down 0.5% yesterday.
Bharat Forge’s Q1 profit soars
The auto component maker reported a standalone net profit of ₹166 crore in the June quarter compared to a loss of ₹56 crore in the same period last year. The profit was impacted due to an exceptional item of ₹61 crore relating to VRS costs. The company’s revenue rose by 221% year-on-year to ₹1,371 crore, which drove the bottom line.
Meanwhile, its export segment witnessed strong revenue growth of 253% YoY to ₹915.6 crore. The management expects overall growth to continue on the back of recovery in the domestic commercial vehicle market and improvement in the export market. After the strong results, shares of Bharat Forge rose 6.6% yesterday.
VIP Industries back in black
Shares of VIP Industries jumped 20% after strong Q1 results. Asia's leading manufacturer of hard and soft luggage posted a 281% year-on-year revenue growth, which stood at ₹221 crore. The company reported a net profit of ₹3 crore versus a loss of ₹51 crore in the same period last year.
The company said that it had started seeing recovery from Q3FY21 but was derailed due the impact of the second wave. However, the turnaround was supported by sharp revenue growth, various cost controls and elimination of all discretionary spends.
Sectoral indices (August 12)
| Top gainers | Top losers |
| Nifty Media ▲ 2.2% | Nifty Pharma ▼ 1.1% |
| Nifty IT ▲ 1.8% | NA |
Global markets (at 8:00 am)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.0% |
| Nikkei 225 (Japan) | ▲ 0.1% |
| Hang Seng (Hong Kong) | ▼ 0.3% |
| SSE Composite (China) | ▲ 0.0% |
| Dow Jones (US) (August 12) | ▲ 0.0% |
Fact of the day
Poly Network, a cryptocurrency platform, recently lost around $600 million worth of digital tokens to hackers in what was the biggest-ever attack of its kind.
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