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Market Updates

The Markets are expected to open marginally higher today as trend in SGX nifty indicate a positive start for the broader index after Nifty closed 100 points higher at 19,535 yesterday.

Coal India: The board approved an interim dividend of Rs 15.25 per share

Dr Reddy's Laboratories: The drugmaker acquired a 26% stake in a SPV called O2 Renewable Energy for Rs 24 crore for accessing renewable power through the Inter?State Transmission System under a captive structure. O2 Renewable Energy generates electricity using other non?conventional sources.

ONGC: The company approved an additional investment of Rs 3 501 crore in JV ONGC Petro Additions

Protean eGov Technologies: The company's shares will debut on the stock exchanges on Monday at an issue price of Rs 792. The Rs 490?crore IPO was subscribed to 23.86 times on its final day. Bids were led by institutional investors (46.94 times), non?institutional investors (31.62 times), retail investors (8.93 times), and a portion reserved for employees (1.49 times).

Earnings Update:

SAIL Q2 FY24 Consolidated, YoY Revenue up 13.2% at Rs 29,712 crore vs Rs 26,246 crore. Ebitda at Rs 3,875 crore vs Rs 735 crore. Margin up 1,024 bps at 13.04% vs 2.8%. Reported profit at Rs 1,306 crore vs loss of Rs 329 crore.

Biocon Q2 FY24:

Revenue up 49.3% at Rs 3,462.3 crore vs Rs 2,319.7 crore. Ebitda up 57.5% at Rs 741.6 crore vs Rs. 470.7 crore. Margin up 112 bps at 21.41% vs 20.29%. Reported profit up 111.1% at Rs 172.7 crore vs Rs 81.8 crore.

Coal India Q2 FY24 (Consolidated, YoY)

Revenue up 9.8% at Rs 32,776.4 crore vs Rs 29,838.1 crore. Ebitda up 11.8% at Rs 8,137 crore vs Rs 7,280.3 crore. Margin at 24.82% vs 24.39%. Net profit up 12.7% at Rs 6,813.5 crore vs Rs 6,044 crore.

Eicher Motors Q2 FY24.

Revenue up 16.9% at Rs 4,115 crore vs Rs 3,519 crore. Ebitda up 30.7% at Rs 1,087 crore vs Rs 832 crore. Margin up 279 bps at 26.42% vs 23.62%. Reported profit up 54.7% at Rs 1,016 crore vs Rs 657 crore.

Earnings In Focus

Grasim Industries, Narayana Hrudayalaya, Manappuram Finance, NRB Bearings.

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