Raymond posts flat profit in Q2, Escorts Kubota reveals expansion plan & more

NIFTY50: 19,443 ▲ 36 (+0.19%)
SENSEX:  64,975 ▲ 33 (+0.05%)

• Benchmark indices ended flat after a range-bound session
• 29 of NIFTY50 stocks closed in the green
• Germany’s consumer price inflation rate eased to a two year low of 3.8% YoY in October

Among the NIFTY sectoral indices, Realty (+1.5%) and Pharma (+1.4%) were the top gainers. Financial Services (-0.2%) and IT (-0.2%) performed the worst.

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⭐ Raymond’s profit stays flat in Q2

Raymond’s net profit remained flat in Q2 with a 1% year-on-year (YoY) rise at ₹160 crore. Its consolidated revenue was up 6% YoY at ₹2,321 crore. The company’s branded apparel segment reported topline growth of 18% while the real estate business recorded sales of ₹243 crore. Meanwhile, sales of its engineering business declined 12% YoY to ₹201 crore during the September quarter. 

⭐ Escorts Kubota reveals expansion plan

Shares of the Indian tractor maker ended 0.4% higher today after the company revealed its plan to establish an integrated greenfield manufacturing facility in Rajasthan. For this, the company plans to invest ₹400 crore to purchase a land parcel measuring 258 acres in Rajasthan. This new unit will enable the company to expand its existing capacities and meet future growth requirements.

⭐ Deepak Nitrite rises on big jump in Q2 profit

Shares of the specialty chemicals company closed 1.8% higher after it reported an 18% YoY increase in Q2 profit in the September quarter, to ₹205 crore. However, the revenue for the period dropped by 9% YoY to ₹1,778 crore.

⭐ CAMS gains on decent Q2 result 

Computer Age Management Services Ltd (CAMS) reported a 13% YoY rise in Q2 revenue, reaching ₹275 crore. The net profit for the quarter was ₹84 crore, representing a 17% YoY growth. India’s largest registrar and transfer agent for the mutual fund industry also declared an interim dividend of ₹10 per share. The company's shares advanced 0.8% today.

⭐ Genus Power Infra rallies on new order 

Shares of Genus Power Infrastructures surged by 4% intraday after winning an order worth ₹2,260 crore. The company’s subsidiary received a Letter of Award (LoA) for a project to provide advanced metering infrastructure services. The project includes supplying, installing, and commissioning 27.33 lakh smart prepaid meters as well as system meters. However, the company’s shares eventually closed in the red.

IPO Corner

⭐ On the last day, the IPO of Protean eGov Technologies limited was subscribed 23.86 times. The company will list on the BSE with a tentative listing date fixed as 17 November 2023.

⭐ The ASK Automotive IPO sailed through on the second day of bidding, with an overall subscription of 1.35 times. The company is a leading manufacturer of advanced braking systems for two-wheelers in India. Tomorrow is the last day to apply for this IPO. To apply for this IPO, click here

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