Tech Mahindra misses expectations

Blog | Morning Update

Good morning!

All eyes will be on the government’s economic survey today, which will highlight the economic and financial trends of the last one year. 

Meanwhile, here are the top stories to start your day.

For more updates on F&O, click here.

⭐ Tech Mahindra misses estimates 

In the December quarter, the IT company’s net profit dropped 5.3% YoY to ₹1,297 crore. In the same period, the revenue rose 19.9% to ₹13,735 crore. The management said that the company is witnessing moderation in growth due to the tough macro economic environment. 


⭐ Laurus Labs Q3 profit rises 

The pharma company reported a net profit of ₹203 crore, up 32% YoY. This growth in the profit was aided by a 50% YoY rise in the revenue to ₹1,545 crore. The management said that the growth was driven by continued strong demand in the CDMO-Synthesis business and steady ramp up in API (Active Pharmaceutical Ingredient) business. 


⭐ Heranba tanks on weak Q3 

Shares of the agro-chemical company tanked around 20% after it reported a 73% YoY fall in its net profit to ₹144 crore. The management said that in FY23 the profitability has been impacted due to higher raw material prices and an increase in power & fuel costs. Meanwhile, its revenue dropped 29.1% to ₹2,802 crore.

Global markets (at 10:00 AM today)

Indices Today's movement
SGX Nifty ▼ 0.35%
Nikkei 225 (Japan) ▼ 0.22%
Hang Seng (Hong Kong) ▼ 1.29%
SSE Composite (China) ▼ 0.38%
Dow Jones (US) (January 30) ▼ 0.77%
NYSE (US) (January 30) ▼ 0.79%
Nasdaq (US) (January 30) ▼ 1.96%
S&P 500 (US) (January 30) ▼ 1.30%

Fact of the day

Apple Inc was founded in April 1976 and its first product was the Apple I personal computer. 

Source: CNN

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