Market Commentary - Stock Alert
Stock Alert: Indegene, Wipro, Biocon, HUDCO As on : 13-May-24  08:28

NSE F&O Ban: Hindustan Copper, Balrampur Chini Mills, Canara Bank, GMR Airports Infrastructure, Vodafone Idea, Punjab National Bank, SAIL (Steel Authority of India), Zee Entertainment Enterprises.

Today's Results: UPL, DLF, Zomato, Jindal Steel & Power, Varun Beverages, Aditya Birla Capital, BLS E-Services, Chalet Hotels, GIC Housing Finance, INOX India, C E Info Systems.

Market Debut: Shares of Indegene will make their debut on both the BSE and NSE today, May 13th, priced at Rs 452 per share.

Zydus Lifesciences Receives USFDA Nod: The pharma company has secured final approval from the US Food and Drug Administration (USFDA) to market Dexamethasone tablets in the US. This medication treats various conditions including arthritis, allergies, and immune system disorders.

Wipro Appoints New APMEA CEO: The technology services company, Wipro, has appointed Vinay Firake as the Chief Executive Officer for the Asia Pacific, India, Middle East, and Africa (APMEA) strategic market unit (SMU), effective May 11th. He will report to Srini Pallia and join the Wipro executive board. Anis Chenchah, the previous APMEA President, has resigned.

HUDCO Signs MoU for Surat Transport Hub: Housing and Urban Development Corporation (HUDCO) signed a Memorandum of Understanding (MoU) with Surat Integrated Transportation Development Corporation (SITCO) for constructing and developing the Surat Multi Modal Transportation Hub (SMMTH). SITCO is a joint venture between the Ministry of Railways, the Government of Gujarat, and the Surat Municipal Corporation.

Lupin Resumes Mirabegron Sales in US: The pharma company, Lupin, has re-launched Mirabegron extended-release (ER) tablets 25 mg in the US market after a US Court lifted a temporary restraining order and denied a preliminary injunction request from Astellas. Shipments of the product, the generic equivalent of Astellas' Myrbetriq, have resumed.

Biocon Partners with Medix in Mexico: Biocon announced a semi-exclusive distribution and supply agreement with Medix, a Mexican specialty pharmaceutical company. This agreement allows Biocon to manufacture and supply Liraglutide (gSaxenda), a treatment for chronic weight management, while Medix handles commercialization in Mexico. This partnership aims to improve the lives of Mexicans suffering from overweight and obesity, a condition affecting 70% of the population.

On a standalone basis, net profit of ABB India rose 87.55% to Rs 459.29 crore in the quarter ended March 2024 as against Rs 244.89 crore during the previous quarter ended March 2023. Sales rose 27.87% to Rs 3063.72 crore in the quarter ended March 2024 as against Rs 2395.94 crore during the previous quarter ended March 2023.

On a consolidated basis, net profit of Piramal Pharma rose 102.10% to Rs 101.27 crore in the quarter ended March 2024 as against Rs 50.11 crore during the previous quarter ended March 2023. Sales rose 17.97% to Rs 2552.36 crore in the quarter ended March 2024 as against Rs 2163.58 crore during the previous quarter ended March 2023.

On a consolidated basis, net profit of Aarti Industries declined 11.41% to Rs 132.00 crore in the quarter ended March 2024 as against Rs 149.00 crore during the previous quarter ended March 2023. Sales rose 7.07% to Rs 1773.00 crore in the quarter ended March 2024 as against Rs 1656.00 crore during the previous quarter ended March 2023.

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