Stock Market LIVE: Sensex plunges 600 pts, Nifty below 24,250; Axis Bank falls 5%

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9:44 AM

Cipla Q1 Preview: Restructure in biz may dent sales; profits to rise 7%

Key monitorables: The street will look out for progress on pipeline developments for drugs such as Advair, Abraxane and Symbicort, updates on upcoming peptide launches and regulatory issues at the Goa plant that could potentially impact operations. READ MORE

9:29 AM

RBL Bank trades 2% lower after block deal

>> Baring Private Equity Asia is reportedly looking to exit the lender by divesting its entire 7.9 per cent equity via open market transactions on Thursday.

9:28 AM

IGL declines over 2% after subdued Q1 results

>> City gas distributor IGL saw an 8.63-per cent Y-o-Y decline in its standalone net profit for Q1FY25 to Rs 400.65 crore. It was up 5.5 per cent Q-o-Q.

>> IGL’s total sales volumes rose 5.3 per cent in Q1 to 786 million standard cubic metres (scm), up from 746.2 million scm in the corresponding quarter of the previous year.

9:26 AM

L&T holds 1% gains after Q1 results

>> Construction major L&T’s consolidated net profit for the June quarter rose 12 per cent to Rs 2,786 crore. It’s consolidated revenue increased 15 per cent to Rs 55,120 crore.

9:24 AM

Axis Bank share price: Stock down over 5% on weak asset quality, high LDR in Q1

>> Private lender Axis Bank reported a net profit of Rs 6,035 crore for the April-June quarter (Q1FY25). PAT was up just 4 per cent year-on-year, and down around 15 per cent quarter-on-quarter.

>> The lender’s loan loss provisions rose significantly during the quarter, coupled with weak asset quality. Axis Bank ADRs fell 4.5 per cent overnight in US markets.

9:06 AM

Nuvama upgrades United Spirits to ‘Buy’ on stellar margin delivery in Q1

Nuvama bullish on United Spirits:Domestic brokerage Nuvama has upgraded United Spirits to ‘Buy’ from ‘Hold’ with an increased target price (TP) of Rs 1,630. The previous target price was Rs 1,195.

“Given the margin outperformance, huge headroom in new premium categories (tequila, craft spirits) and the upcoming wedding/festive season, we are raising FY25E/26E earnings per share (EPS) by 5.3 per cent/6.5 per cent and the target price-to-earnings (PE) from 50x to 60x. This along with a rollover to Q1FY27E yields a revised TP of Rs 1,630 (earlier Rs 1,195); upgrade to ‘Buy’ (from ‘Hold’),” Nuvama said in a note. Read more

8:56 AM

ALERT :: China cuts 1-year medium-term lending facility rate by 20bps to 2.3% from 2.5%

>> Largest reduction since April 2020, just days after lowering key short-term rate

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Stock Market LIVE: Sensex plunges 600 pts, Nifty below 24,250; Axis Bank falls 5% | News on Markets