Rites and Ircon get “Navratna” status, HDFC Life’s Q2 profit rises & more

NIFTY50: 19,751 ▼ 42 (-0.2%)
SENSEX: 66,282 ▼ 125 (-0.1%)

• The benchmark indices closed lower for the second straight day
• In all, 27 of the NIFTY50 stocks closed in the red
• Oil prices rose nearly 4% today, trading above $89 per barrel after the US imposed fresh sanctions against Russian crude exports.

Among the NIFTY sectoral indices, Auto (+0.8%) and Realty (+0.4%) were the top gainers, while PSU Bank (-1.3%) and Media (-1.1%) were the top losers.

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⭐ Rites and Ircon International get “Navratna” status

Shares of government-owned Ircon International and Rites rose 9.4% and 5.6%, respectively. Both companies were granted “Navratna” status by the central government. As a "Navratna" company, these companies have the authority to invest up to ₹1,000 crore in the business without explicit government approval. Navratna status is granted to companies with a net profit of more than ₹5,000 crore for three consecutive years and an average annual turnover of ₹25,000 crore for three years.

⭐ HDFC Life’s Q2 profit rises 

The private life insurer reported over 15% YoY rise in its consolidated net profit to ₹378 crore in the September quarter. During the same period, the company's net premium income stood at ₹14,797 crore, up 12.6%.  The company’s share closed marginally lower, down 0.1%.  

⭐ Dr Reddy falls after USFDA inspection  

Shares of the pharma major declined 1.3% after the United States Food and Drug Administration (USFDA) issued a form 483 with nine observations for the company's manufacturing facility in Hyderabad. The form 483 is issued if the investigator observes quality deficiencies during an on-site inspection .  

⭐ GMR Airports’ passenger traffic jumps

The airport operator reported robust passenger traffic in September 2023. The passenger traffic jumped 23% YoY to 94.1 lakh. The aircraft movements also rose 14% YoY to 62,230. Meanwhile, the company’s share closed flat today.

⭐ Zaggle Prepaid jumps on new deal win 

Shares of the corporate service provider rose over 9% on Friday after the company bagged a $20 million (₹166 crore) deal from Visa Worldwide to issue forex co-brand cards. The duration of this new deal is five years, in which Zaggle will leverage its existing network to sell forex cards to employees of its corporate clients.   

Results Corner

⭐Kesoram Industries reported a net loss of ₹58.4 crore in the September quarter. Meanwhile, its revenue from operations rose 12% YoY to ₹953 crore. Against this backdrop, the company's share closed 1.5% lower. 

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