Today’s top morning headlines - 20th October 2023

Good morning,

Markets are trading in the red, with the NIFTY50 below 19,600 as of 11:30 am. Here are the top stories for the day!

Top gainer: Nestle: 24,433 ▲301 (+1.2%)
Top loser: ITC: 438 ▼ 11 (-2.5%)

:star: Tata Communications falls on profit declines
Shares of the telecommunication services provider fell by 3% intraday after its net profit declined 58% year-on-year (YoY) to ₹221.3 crore in the September quarter. On the other hand, its revenue increased 10% YoY to ₹4,872 crore.

:star: Mphasis plunges after Q2 earnings
Shares of the IT services and consulting firm fell by 3.3% intraday after the company reported a drop of 6.3% YoY in net profit to ₹3,919 crore in Q2 FY24. Its total contract value stands at $255 million in the September quarter, 63% lower than the Q1 FY24.

:star: RVNL gains on new orders
Shares of the PSU railway construction firm rose by 3.1% intraday. This came after the company announced that it has received two orders worth ₹420 crore from the Vadodara division of Western Railway to build and link tracks between Nadiad - Petlad (37.26 km) and Petlad - Bhadran (22.50 km).

:star: Natco Pharma slips after 8 observations
Shares of the pharmaceutical firm fell by 1.3% intraday after the company received 8 observations from United States Food and Drug Administration (USFDA) for its Hyderabad unit.