Today’s top morning headlines - 18th October 2023

Good afternoon,

Markets are trading in the red, with the NIFTY50 below the 19,700 level as of 12 pm. Here are the top stories for the day!

Top gainer: Cipla: 1,215 ▲41 (+3.5%)
Top loser: Bajaj Finance: 7,927 ▼ 165 (-2.0%)

:star: Zomato hits 52-week high on IRCTC deal
Shares of the restaurant aggregator rose by 2.9% intraday and hit a 52-week high. The company has tied up with IRCTC to provide and deliver meals that rail passengers can pre-order through the e-catering portal. The service will be available initially at New Delhi, Prayagraj, Kanpur, Lucknow and Varanasi.

:star: Biocon tanks after US FDA red flags Malaysia unit
Shares of the bio pharma manufacturer fell by 5% intraday after the company said that its Malaysian insulin manufacturing facility has received Official Action Indicated (OAI) classification by the US FDA. This may cause delay or withhold pending product approvals or supplements from the facility.

:star: Bajaj Electricals gains on new order
Shares of the electric equipment manufacturer rose by 3.4% intraday after the company announced that it has received an order worth ₹347 crore from Power Grid Corporation of India to build a 765kV transmission line of 109 km in Rajasthan.

:star: Happiest Minds slumps post Q2 results
Shares of the IT consulting and services firm fell by 2.5% intraday after the company reported a 1.6% year-on-year (YoY) fall in net profit to ₹58.46 crore in Q2 FY24. However the company has announced a dividend of ₹2.5 per share.