China's shrinking imports, and slower export growth has casted doubt over the pace of the global economic recovery. The market is expected to remain in a range on account of global uncertainties. However, stock-specific action is likely to continue
Market participants are keeping a close eye on the upcoming US CPI inflation data, and positive comments by the Federal Reserve Chairman have the potential to restore momentum in the market. Escorts Kubota, L&T, Sanofi India, Dr Reddy’s among stocks to watch on Thursday
Escorts Kubota on Wednesday reported a 13.9% YoY rise in consolidated net profit at Rs 216.50 crore, compared with a profit of Rs 190 crore in the corresponding quarter last year. On a sequential basis, profit grew 19.7% over Rs 180.80 crore in the December quarter
The company reported narrowing of losses for Q4FY23. Loss for the quarter came in at Rs 21.9 crore compared with a Rs 38.4 crore loss in the same quarter last year. Total income jumped 18% to Rs 286.20 crore from Rs 241.20 crore in the corresponding quarter last year. The gross margin for the quarter stood at 37.5%
Sanofi India board on Wednesday announced that the company's board has approved the demerger of its consumer healthcare business into a wholly-owned subsidiary of the company. The demerged company will be called Sanofi Consumer Healthcare India Ltd
L&T on Wednesday said its consolidated net profit jumped 10% YoY to Rs 3,987 crore for the March quarter. The company reported a Rs 3,621 crore profit in the same quarter last year. Revenue for the quarter rose 10% YoY to Rs 58,335 crore compared with Rs 52,851 crore in the corresponding quarter last year.
Dr Reddy's Laboratories Ltd on Wednesday reported 11-fold surge in consolidated net profit at Rs 959.20 crore for the March quarter compared with Rs 87.50 crore in the same quarter last year. Revenue for the quarter rose 16% to Rs 6,296.80 crore compared with Rs 5,436.80 crore in the corresponding quarter last year.
Godrej Consumer Products on Wednesday reported a rise of 24.2% in consolidated net profit to Rs 452.1 crore. The revenue from operations rose by 9.8 per cent to Rs 3,200.2 crore in the quarter under review from Rs 2,915.8 crore in the year ago period.
“The next strong resistance level for the Nifty is expected to be in the range of 18,400 to 18,500. However, the overall trend remains positive, indicating that there is an overall upward bias in the market. Therefore, despite potential resistance levels, the market is still expected to move in an upward direction as long as it sustains above 18,200,” said Rupak De, Senior Technical Analyst at LKP Securities
“Bank Nifty witnessed a strong recovery by the bulls after a weak start. The support level at 43,000 demonstrated a strong demand zone. Currently, there is immediate resistance at 43,500, and surpassing this level would clear the way for further gains toward 44,000,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities
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