Benchmark Indices Sensex and Nifty settled higher in Wednesday’s session after a volatile trade amid weak cues from Asian and European markets along with persistent foreign fund outflows.
The BSE Sensex gained 33.21 points or 0.05 per cent to close at 64,975.61. The NSE Nifty jumped 36.80 points or 0.19 per cent to settle at 19,443.50.
“Domestic equities remained range bound amid mixed global cues. Nifty traded in positive territory throughout the session and closed with modest gains of 37 points at 19444. Broader market continued to outperform with Nifty midcap 100 up 1% while smallcap 100 up 0.7%. Sectorially it was a mixed bag with buying seen in Pharma, Realty and Oil & Gas. After witnessing recovery in the last week, market is now in a consolidation mode and we expect slow and steady upmove till the festivity. Investors awaited comments from Fed Chair Jerome Powell to get view on US central bank’s future course of action,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
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The Tata Group company reported an 8.8 per cent year-on-year (YoY) growth in consolidated net profit at Rs 1,017.4 crore for the July-September quarter of FY24. Revenue from operations rose 12.2 per cent YoY to Rs 15,738 crore on the back of higher revenue from the crore businesses of generation, transmission, and distribution.
Bharat Heavy Electricals Ltd, the state-owned power equipment maker reported a consolidated net loss of Rs 238.1 crore for the July-September quarter compared to a profit of Rs 12.1 crore in the year-ago period, due to weak performance and a lower topline. Revenue from operations fell 1.5 per cent YoY to Rs 5,125.3 crore.
Subsidiary Biocon Biologics has signed a definitive agreement with Eris Life Sciences to sell its dermatology and nephrology branded formulations business units in India on a slump sale basis. The total value of businesses is Rs 366 crore, and after the closing of the deal, over 120 employees of the two businesses are likely to transition to Eris.
The Fevicol maker reported a 36 per cent YoY growth in consolidated net profit at Rs 458.5 crore for the September quarter on the back of strong operating numbers following a decline in raw material costs. Revenue from operations grew 2.2 per cent YoY to Rs 3,076 crore for the quarter. The company also aims to start a lending business, which would provide small-value retail loans to its domain ecosystem to support its business growth.
The footwear company reported a 38 per cet YoY decline in consolidated profit at Rs 34 crore for the July-September quarter. Revenue from operations fell 1.3 per cent to Rs 819 crore compared to the year-ago period.