IRCTC reports strong quarterly results

The Markets Today in a nutshell

• Domestic benchmark indices ended with modest losses.
• Negative sentiments were triggered by weakness in other Asian markets. However, India’s better-than-expected WPI inflation number boosted investors sentiment. Metals, IT and realty shares were in demand. On the other hand, media and FMCG shares declined. India’s industrial growth, as per the Index of Industrial Production (IIP), rose to 3.1% in September.

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? Grasim Industries announced quarterly results; several business plans under execution
Grasim Industries consolidated net profit declined 17% to Rs 1,097 crore in Q2 FY23 from Rs 1,327 crore posted in Q2 FY22. The construction work for paints manufacturing is in progress across five locations and will commence at the remaining one location in Q4FY23. Grasim said the B2B E-commerce business plans are under execution for launch by Q2FY24 as scheduled.

? IRCTC reports strong quarterly results
Catering, which is the second-largest revenue contributor, saw its sales rise 368% year-on-year. The company’s revenue from operations soared 99% on-year to ₹805.8 crore in the quarter under review as against ₹404.9 crore in Q2FY22.

? Hindalco share price gained 5 percent on rise in aluminium prices, strong Q2 results
The share price gained over 5 percent on the back of a rise in aluminium prices. The stock price also got a boost from the relaxation in Covid restriction in China and better-than-expected earnings for the quarter ended September 2022. Hindalco Industries on November 11 reported a 36 percent drop in consolidated net profit at Rs 2,205 crore in the September quarter, down from Rs 3,427 crore in the year-ago period due to a drop in aluminium prices and rising input costs.

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