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%)
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.
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.
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.
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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