Ramco, Sula, Globus Decline as Q2 Earnings Disappoint
Written by - Fisdom Research
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November 13, 2024
2 minutes
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Market Snapshot
The Sensex and Nifty ended significantly lower on November 13, marking the fifth straight session of losses, driven by inflation worries and a sell-off in metal stocks.
The Nifty has now fallen close to 10 percent from its record high of approximately 20,200 reached on September 27.
All 13 major sectoral indices closed in the red, with auto, banking, metal, PSU banks, media, and realty sectors leading the decline, each dropping between 2-3 percent.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY FMCG
-0.5
NIFTY HEALTHCARE INDEX
-1.7
NIFTY IT
-0.6
NIFTY FINANCIAL SERVICES
-1.8
NIFTY CONSUMER DURABLES
-1.1
NIFTY OIL & GAS
-1.9
NIFTY PHARMA
-1.6
NIFTY PRIVATE BANK
-2.0
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
23,400
23,900
Bank Nifty
49,500
51,000
Top News
The Ramco Cements dropped over 3% after weak Q2FY25 results showed a 64% YoY fall in net profit to Rs 25.7 crore and a 12.7% revenue decline to Rs 2,044 crore, marking continued underperformance with a 13% year-to-date drop despite positive returns from August to October.
Sula Vineyards shares slipped sharply after reporting a 37% YoY drop in net profit to Rs 14.48 crore for Q2FY25, reflecting a weaker-than-expected earnings performance.
Globus Spirits fell over 16% for a second consecutive day on muted Q2FY25 results, with net profit down 88% YoY to Rs 1.5 crore despite an 18% revenue increase to Rs 875 crore, extending its one-month loss to over 20%.
LG India taps Axis Capital for its upcoming $1.5bn IPO
Paramesu Biotech files draft papers for Rs. 600 crore IPO
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