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Market Updates

The Markets are expected to open marginally lower today as trend in SGX nifty indicate a negative start for the broader index after Nifty closed 234 points lower at 19,745 on friday.

Aarti Drugs:

The company has approved the buyback of 6.65 lakh fully paid-up equity shares, representing 0.72%, at Rs 900 per share, aggregating up to Rs 59.85 crore, which is 5.44% and 5.10% of the fully paid-up equity share capital and free reserves.

SJVN:

The company signed Power Purchase Agreements for 300 MW of renewable energy projects. The agreements were signed by the company’s wholly-owned subsidiary, SJVN Green Energy. The deal includes a 200-MW solar project in Maharashtra and 100-MW wind power capacity in Delhi. The development costs of the Maharashtra and Delhi projects are Rs 1,200 crore and Rs 750 crore, respectively.

Biocon:

The FDA has issued Form 483 with a total of eight observations after conducting two inspections in Malaysia facility.

Aurobindo Pharma:

The U.S. FDA has issued a Form 483 with three observations after inspecting the company's facility in Bachupally Village in Telangana. These observations are procedural in nature,

Zomato:

The company’s unit, Zomato Media Portugal, Unipessoal Lda, has initiated the process of liquidation. ZM Portugal is not a material subsidiary of the company, and the dissolution will not affect the turnover of the Company. ZM Portugal is wort Rs 1.2 crore, representing 0.01% of Zomato's net worth.

Result Update Q1FY24:

Reliance Industries Q1 FY24 Revenue was down 2.56% at Rs 2,10,831 crore vs Rs 2,16,376 crore last year. Ebitda was down 0.9% at Rs 38,093 crore vs Rs 38,440 crore last year. Ebitda Margin stood at 18.06% vs. 17.7% sequentially. Net Profit was down 17% at Rs 16,011 crore vs Rs 21,327 crore.

DLF Q1 FY24 Consolidated Revenue fell 1% to Rs 1,423 crore vs. Rs 1,442 crore. EBITDA was down 4% to Rs 396.17 crore vs. Rs 413.6 crore last year. Margin was at 27.8% vs. 28.6%. Net profit up 12% to Rs 526.11 crore vs. Rs 469.21 crore last year.

Earnings Today:

BASF India, Canara Bank, Chennai Petroleum Corporation, Craftsman Automation, DCM Shriram, Gravita India, HDFC Asset Management Company, IDBI bank, IIFL Securities, Jammu and Kashmir Bank, JK Paper, Kalyani Steels, Mahindra Logistics, Maharashtra Scooters, Paisalo Digital, PNB Housing Finance, Poonawalla Fincorp, etc.

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