Sun Pharma (+2%), HUL (+2%) & more
Market Summary
Nifty rose due to upbeat global cues and favourable earnings announcements.
Companies
Sun Pharma (+2%) rose after the company acquired Concert Pharma for $ 576 million to access the company's experimental drug for treating patchy baldness. HUL (+2%) rose due to company's strong distribution reach and gross margin command. Ultra Tech Cements (-4%) declined after the company reported a 38% ( Rs 1,058 cr) decline in net consolidated profit.
Sectors
Nifty IT (+2%) rose due to strong Q3 earnings of IT companies. Nifty Metal (-1%) declined due to weak macro and demand fears in China.
Market News
1. Axis Bank Q3 net profit rose by 62% ( to Rs 5,853 cr). (Mint)
2. Jindal Stainless net profit declined by 28% ( to Rs 314 cr). (Money Control)
3.Canara Bank (+1%) rose after the bank's Q3 net profit rose by 92% ( to 2,881 cr).(Mint)
4.Oriental Hotels (+2%) rose after the hotel's Q3 net profit rose by 69% ( to Rs 15.53 cr). (Business Standard)
5.IDBI Bank (+1%) rose after the bank's Q3 net profit rose by 60% YoY ( to Rs 927 cr). (Economic Times)
Market Sentiment
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