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CORPORATE AND ECONOMY NEWS

* Glenmark Pharmaceuticals: The pharma company reported a 1.1 percent year-onyear growth in profit at Rs 260.4 crore for the quarter ended September FY23, with revenue rising 7.2% YoY to Rs 3,375.2 crore for the quarter impacted by North America business that fell 0.1% YoY but India business grew by 12.7% and Europe 11.9% YoY. EBITDA increased by 5.3% to Rs 621.6 crore in Q2FY23 and margin declined by 40 bps to 18.4% compared to year-ago period.

* ABB India: The company clocked a massive 68.6% year-on-year growth in profit at Rs 202.5 crore for the quarter ended September FY23 with revenue rising 19.2% YoY to Rs 2,119.7 crore. The strong performance for the quarter can be attributed to its expanding customer base and industry-leading product portfolio. On the operating front, EBITDA increased by 16.4% YoY to Rs 211 crore and margin expanded by 50 bps YoY to 10% for the quarter.

* Zee Entertainment Enterprises: The media and entertainment company reported a 58% year-on-year decline in profit at Rs 112.8 crore for the September FY23 quarter, dented by weak operating performance and muted topline growth. Revenue for the quarter at Rs 2,028.4 crore grew by 2.5% as domestic advertising revenues were lower by 7.7% due to FTA withdrawal (Zee Anmol) and challenging macroeconomic environment. EBITDA fell 26.3% YoY to Rs 297.3 crore for the quarter.

* Thermax: The energy and environment solutions company recorded a 24.1% yearon-year growth in profit at Rs 109.2 crore for the quarter ended September FY23 on strong top line and operating performance. Revenue grew by 41.3% to Rs 2,075.3 crore and EBITDA surged 28.4% to Rs 140.8 crore for the quarter compared to same period last year. As on September 2022, Thermax Group had an order balance of Rs 9,485 crore, up 46% YoY. ? Info Edge India: The internet company has registered 42.4% quarter-on-quarter decline in profit at Rs 103 crore for the quarter ended September FY23 impacted by lower other income and lower operating margin. Revenue grew by 10.4% QoQ to Rs 604.1 crore.

* BHEL: The power equipment manufacturer has recorded standalone profit of Rs 10.3 crore for the quarter ended September FY23 against loss of Rs 67.5 crore in same period last year, largely due to tax write-back and higher other income. Standalone revenue grew by 1.8% YoY to Rs 5,202.6 crore for the quarter, and standalone EBITDA loss widened to Rs 243.9 crore from Rs 29 crore on-year basis. ? Ircon International: The state-owned turnkey construction company has clocked a strong 38.4% year-on-year growth in consolidated profit at Rs 174.2 crore led by healthy top line and operating performance though margin contracted a bit. Revenue from operations for the quarter grew by 47% to Rs 2,238.9 crore and EBITDA increased by 43% to Rs 199.7 crore compared to year-ago period. The total order book as of September FY23 stood at Rs 40,020 crore.

* Godrej Properties: The firm has been declared the highest bidder for two adjacent land parcels in Noida for a total bid value of Rs 377 crore. The land will have an estimated developable potential of approximately 3.2 msf. The company will develop residential group housing on the land parcels in Noida.

* NDTV: The open offer for the company will begin from Nov. 22 with VCPL, AMG Media Networks and Adani Enterprises as acquirers. Meanwhile, the company and its subsidiary, NDTV Networks, have put on hold the proposed sale of their 20% shareholding of Astro Awani Network, a Malaysia-based media compan

* HEG: The company will start manufacturing of graphite anodes for lithium-ion cells as well as allied and ancillary products through incorporation of a subsidiary company.

* Bharat Electronics: The company confirmed that it has signed an MoU with Aerosense Technologies for development and marketing of Drones and soft kill aerial anti drone.

GLOBAL MARKETS

Global Market Update

The S&P 500 and Nasdaq ended sharply higher on Friday, extending a rally started the day before after a soft inflation reading raised hopes the Federal Reserve would turn less aggressive on raising the interest rates. The Nasdaq gained 1.88 percent to 11,323.33 points, while Dow Jones Industrial Average rose 0.10 percent to 33,749.18 points on Friday. The S&P 500 climbed 0.93 percent to end the session at 3,993.05 points

Crude Oil 

Oil prices rose nearly 1% on Monday, extending gains from the previous session as China eased some of its strict COVID-19 protocols, fuelling hopes of a recovery in economic activity and demand at the world's top crude importer. Brent crude futures LCOc1 rose 87 cents, or 0.9%, to $96.86 a barrel by 0041 GMT after settling up 1.1% on Friday. US West Texas Intermediate crude futures CLc1 were at $89.76 a barrel, up 80 cents, or 0.9%, after closing Friday's session 2.9% higher.

SGX Nifty: Trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 52 points. The Nifty futures were trading around 18,488 levels on the Singapore exchange.

Nifty Outlook:

Nifty opened gap up on Friday at 18272, made a high of 18362, made a low of 18259, and closed on a positive note at 18350 levels. For the day, support for the Nifty exists at 18200 and 18000 levels, whereas resistance for the Nifty stands at 18500 and 18600 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Friday at 42163 made a high of 42345, made a low of 41918, and closed on a positive note at 42137 levels. For the day, support for Bank Nifty exists at 42000 and 41800 levels, whereas resistance for Bank Nifty stands at 42500 and 43000 levels.

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