Dabur announces acquisition of Badshah Masala

The Markets Today in a nutshell

• Domestic benchmark indices ended with decent gains amid mixed global cues.
• Trading was volatile due to expiry of monthly F&O contracts on the NSE. The Reserve Bank of India (RBI) on Thursday said that the Monetary Policy Committee (MPC) will hold an additional meeting on 3 November 2022. The MPC last met on 28 – 30 September 2022. It was slated to meet for the last time this calendar year on 5 – 7 December 2022.

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News you could use

? Gland Pharma share price declined 14.71 percent on weak quarterly results
The company reported a 20 percent year-on-year decline in profit at Rs 241.2 crore for the quarter ended September FY23, dented by weak topline as well as operating performance. Revenue for the quarter fell 3 percent YoY to Rs 1,044.4 crore. Citi has a “sell” call on the stock.

? Dabur announces acquisition of Badshah Masala
Share price of Dabur surged 3.5 percent after the company reported a market share gain across 95 percent of its portfolio in Q2FY23 and also announced the acquisition of Badshah Masala to expand its food business. Goldman Sachs has a “buy” call on the stock with a target price of Rs 680 apiece.

? JSW Steel’s US arm raises fresh capital from Italian banks
The stock was the top Nifty gainer on October 27, up 5.8 percent. The company’s US arm has raised $182 million from two Italian banking institutions—Intesa Sanpaolo and Banco BPM—to fund the modernizing of its plate mill facility in Baytown, US. Despite posting a loss in Q2FY23, the steel major has maintained its FY22-23 volume guidance of 24-25 million tons, which has been cheered by investors.

News from the IPO world?

• Global Health IPO to open on November 3
• Medanta hospital chain IPO to open on Nov 3
• DCX Systems IPO set to opens next week
• Fusion Micro Finance IPO open for subscription on November 2

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