Stocks in Focus: GIFT Nifty traded up 23.5 points, or 0.12%, at 19,698.50, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. On Thursday, the NSE Nifty 50 slipped 17.35 points or 0.09% to settle at 19,794, while the BSE Sensex shed 64.66 points to 66,408.39.
“Markets oscillated in a range and ended almost unchanged, taking a breather after the recent bounce. After the flat start, Nifty hovered in a narrow band till the end and finally settled at 19794 levels. We reiterate our mildly bullish view on the index and suggest continuing with a ‘buy on dips’ approach till Nifty holds 19,500. However, traders should maintain extra caution on stock selection as volatility remains high during the earnings season. Besides, mixed global cues could also add to the choppiness,” said Ajit Mishra, SVP – Technical Research, Religare Broking.
The company’s headcount shrank by 7,530 in the second quarter, which is the third consecutive quarter of decline. Its total headcount as on September 30, 2023 was at 3,28,764 with the percentage of women employees at 39.4%.
HCL Tech
On Thursday, the IT company announced a 10% increase in second-quarter profits. In Q2FY24, the company recorded a net profit of Rs 3,832 crore, a notable surge from the Rs 3,487 crore reported in Q2FY23. During this quarter, the EBIT margin for IT and business services reached 18.1%, while engineering and R&D services posted an EBIT margin of 19.2%, surpassing the previous June quarter’s margins of 16.1% and 16.8%, respectively. The company has also declared a dividend of Rs 12 per share held.
Dr Reddy’s Labs
The United States Food & Drug Administration (USFDA) completed a product specific Pre-Approval Inspection (PAI) at the company’s biologics manufacturing facility in Bachupally, Hyderabad. The inspection was conducted from October 4, 2023 to October 12, 2023.
Mphasis
“Mphasis Corporation, a wholly-owned subsidiary of the Company, acquired Sonnick Partners LLC, USA, (d/b/a Silverline) along with its subsidiaries,” the company said in a regulatory filing.
SJVN
The company has received a Letter of Award (LOA) for development of a 100 MW Solar Power Project in Rajasthan. The Solar project shall be developed on Build Own and Operate (BOO) basis. The tentative cost of Construction / Development of this project is around Rs 600 crore.
Lupin
The company has received a receipt of tentative U.S. FDA approval for the Company’s Abbreviated New Drug Application, Calcium, Magnesium, Potassium and Sodium Oxybates Oral Solution, 0.5 g/mL, to market a generic equivalent of Xywav® Oral Solution, 0.5 g/mL of Jazz Pharmaceuticals Ireland, according to the information available on the NSE.
IRCON
The Department of Public Enterprise has granted ‘Navratna’ status to the company. IRCON will be the 15th Navratna amongst the Central Public Sector Enterprises (CPSEs).
(With agency inputs.)