Hong Kong stocks led declines in Asia on Monday after Beijing’s latest stimulus fell short of investor expectations, overshadowing Wall Street’s record highs from Friday and futures pointing to further strength at the reopen.Japan’s Nikkei fell 0.3%. South Korea’s Kospi lost 0.9% and Taiwan’s benchmark slipped 0.7%.The S&P 500 and the Dow Jones Industrial Average ended Wednesday’s session near the flatline as the postelection rally lost some steam. Traders also contemplated a key inflation report that was in line with expectations.Here’s a table showing how US stocks performed on Wednesday:
Source: EquitymasterAt present, the BSE Sensex is trading 99 points higher and NSE Nifty is trading 38 points higher.Eicher Motors, HCL Tech, and Coal India are among the top gainers today.BPCL, HUL, and Shriram Finance other hand are among the top losers today.Broader markets are trading on positive note. The BSE Midcap index is trading 0.7% higher and the BSE Smallcap index is trading 1.3% higher.Sectoral indices are trading on a positive note today with stocks in the realty sector and finance sector witnessing buying.The rupee is trading at Rs 84.41 against the US dollar.In commodity markets, gold prices are trading 0.9% lower at Rs 73,848 per 10 grams today.
Cipla Receives FDA ObservationsCipla Ltd on Wednesday (13 November) announced that the US Food and Drug Administration (USFDA) has issued eight observations following an inspection of the company’s manufacturing facility in Virgonagar, Bengaluru.The inspection took place from 7 November to 13 November, concluded with the issuance of Form 483, a document outlining conditions the regulator believes may need improvement for compliance with manufacturing practices.In a filing to stock exchanges, Cipla confirmed its commitment to fully address the FDA’s observations within the required timeframe. The company stated it would engage closely with the FDA to ensure each point is comprehensively resolved.The observations come at a significant time for Cipla, which reported a consolidated net profit of Rs 13 bn for the quarter ended September, driven by revenues of Rs 70.5 bn. However, Cipla’s shares closed 1.3% lower on Wednesday at Rs 1,505.60 on the National Stock Exchange.
NALCO Q2 Results
State-owned National Aluminium Company Ltd (NALCO) on Wednesday (November 13) reported a 415.4% year-on-year (YoY) jump in net profit at Rs 10.6 bn for the September quarter.In the corresponding quarter of the previous fiscal, NALCO posted a net profit of Rs 2.1 bn.The aluminium PSU’s revenue from operations surged 31.5% to Rs 40 bn against Rs 30.4 bn in the year-ago period.At the operating level, EBITDA jumped 289.4% YoY to Rs 15.5 bn in the second quarter of this fiscal over Rs 3.9 bn.The EBITDA margin stood at 38.7% in the reporting quarter compared to 13% in Q2 of FY24. EBITDA is earnings before interest, tax, depreciation, and amortisation.The board of directors has approved the payment of an interim dividend of Rs 4 per share (80% on the face value of Rs 5 each) on the paid-up equity share capital of Rs 9.2 bn for FY 2024-25.The record date for payment of the dividend to eligible shareholders is Friday (29 November).The results came after the close of the market hours.Shares of National Aluminium Company Ltd ended at Rs 219.80, down by Rs 6.05, or 2.68%, on the BSE.
NBCC Q2 ResultsState-run NBCC Ltd. reported its September quarter results on Wednesday, 13 November, which were higher on some parameters on a year-on-year basis, but its margins saw a contraction compared to last year.NBCC’s net profit for the quarter increased by 52.8% from the same quarter last year to ?125.1 crore from 81.9 crore. Revenue for the period stood at ?2,458.7 crore from ?2,085.5 crore during the year-ago period, implying a growth of 19.4%.NBCC’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter stood at ?100 crore, which was 4.6% higher than the same quarter last year.NBCC’s net profit for the quarter increased by 52.8% from the same quarter last year to ?125.1 crore from Rs 819 m. Revenue for the period stood at Rs 24.6 bn from Rs 20.9 bn during the year-ago period, implying a growth of 19.4%.NBCC’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter stood at Rs 1 bn, which was 4.6% higher than the same quarter last year.EBITDA margin, however, narrowed on a year-on-year basis by 0.5% to 4.1% from 4.6% during the same period last year.NBCC has not shared details on the order book size or the order pipeline for the second half of the current financial year, which they might do during their post-earnings call with analysts.NBCC also recently declared a bonus issue of shares, and is now trading adjusted for the same.More By This Author:Sensex Today Tanks 984 Points; Nifty Ends Below 23,600Sensex Today Trades Lower; Nifty Above 23,850Sensex Today Tanks 821 Points; Nifty Ends Below 23,900
