Today’s top morning headlines - 19th October 2023

Good afternoon,

Markets are trading in the red, with the NIFTY50 below the 19,700 level as of 2:00 pm. Here are the top stories.

Top gainer: LTI Mindtree: 5,442 ▲286 (+5.5%)
Top loser: Wipro: 395 ▼ 12 (-2.9%)

:star: Wipro falls after Q2 results
Shares of the IT consulting firm fell by 4.2% intraday after the company’s net profit declined 7.5% quarter-on-quarter (QoQ) to ₹2,667 crore in Q2 FY24. Additionally, the company has approved the merger of its five subsidiaries to consolidate its business operations.

:star: Persistent Systems gains post Q2 numbers
Shares of the digital engineering firm rose by 3% intraday. This came after the company reported a 16% year-on-year (YoY) surge in net profit to ₹263.2 crore in Q2 FY24. The company’s total contract value (TCV) stands at $475 million, up 25% from the previous quarter.

:star: Shakti Pumps hits 52-week high
Shares of the submersible pumps manufacturer rose by 21% intraday after the company announced that it has received an order worth ₹1,603 crore from Maharashtra State Electricity Distribution Company Limited for 50,000 Off-Grid Solar Photovoltaic Water Pumping Systems (SPWPS).

:star: Shoppers Stop plunges post Q2 earnings
Shares of the fashion retailer fell by 5.7% intraday. This came after the company registered a 83.3% year-on-year (YoY) drop in net profit to ₹2.7 crore in Q2 FY24. However, the company has opened 11 new stores during the quarter.