Adani Enterprises jumped more than 6 percent as company recorded healthy growth

The Markets Today in a nutshell

• Domestic benchmark indices ended on a positive note.
• Metals, PSU banks and oil & gas shares saw strong buying interest. Strong global cues and rising FII flows into India boosted investors sentiment. FIIs have pumped $3 billion into Indian equities over the past 10 trading session. 

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? Adani Enterprises jumped more than 6 percent as company recorded healthy growth
The firm recorded a healthy 122% year-on-year growth in consolidated profit at Rs 432.3 crore for the quarter ended September FY23, driven by strong operating as well as top line performance. Revenue increased 189% YoY to Rs 38,175 crore and EBIDTA rose by 69% to Rs 2,136 crore on account of strong performance by integrated resource management and airport business.

? Despite good quarterly results CIPLA stock price declined
The company reported a 10.9 percent on-year growth in consolidated net profit at Rs 788.9 crore for the quarter ended September, which was above the street expectation of Rs 771.3 crore. The drugmaker reported a 5.6 percent on-year rise in consolidated revenue from operations to Rs 5,828.4 crore, which was also above analysts’ expectations of Rs 5,723.9 crore. The beat in the company’s topline was triggered by a better-than-expected performance in North America.

? Titan reported robust Q2 numbers
The company reported a year-on-year growth of 33 percent in its standalone profit after tax at Rs 857 crore for the September quarter. Net profit stood at Rs 641 crore in the same quarter last fiscal. This was much higher than analysts’ expectations of Rs 713 crore. Standalone revenue grew 21.8 percent YoY to Rs 8,730 crore from Rs 7,170 crore. Earnings Before Interest, Taxes, Depreciation, and Amortisation, or EBITDA jumped 29.4 percent to Rs 1,234 crore as against Rs 954 crore in the same quarter last fiscal.

News from the IPO world?

• Bikaji Foods IPO fully subscribed
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• Kaynes Technology IPO set to open on Nov 10th

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