Today’s top morning headlines - 24th January 2024

Good afternoon

Markets are trading in the green, with the NIFTY50 trading above 21,200 as of 1:00 pm. Here are the top stories for the day!

Top gainer: Hidnalco: 559 ▲ 18 (+3.3%)

Top loser: Axis Bank: 1,043 ▼ 45 (-4.2%)

:star:Pidilite Industries Q3 profit rises 66%

Shares of Pidilite Industries gained 5.4% intraday after its Q3 consolidated profit rose by 66% YoY to ₹511 crore on back of sustained demand and easing costs. Meanwhile, its revenue from operations grew by 4.4% YoY to ₹3,130 crore for the quarter.

:star:Lupin gains after USFDA nod for Rivaroxaban Tablets

Shares of the pharma major rose 1.5% intraday after the company received tentative approval from US FDA for Rivaroxaban Tablets. These tablets have estimated annual sales of $8,249 million in the US market. Meanwhile, this product will be manufactured at Lupin’s Pithampur facility in India.

:star:Karnataka Bank plunges as asset quality declines

Shares of the private bank are down 9% today. This comes after its asset quality declined in the December quarter. The gross non-performing assets or bad loans rose to 3.64% of the loan book from 3.38% in the same period last year.

:star:Mahanagar Gas rises as Q3 profit jumps

Shares of the gas distribution company are up 1% today. This comes after the company reported a net profit of 317 crore in the December quarter – much higher than 172 crore in Q3FY23. The strong profit growth was supported by lower natural gas prices.

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