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Further, improved cash distributions along with lower asset intensity should help L&T get closer to its targeted ROE of 18% by FY26 from 12.2% in FY23.

​Having said that even at a financial metrics level on standalone this quarter turned out to be the best ever quarter for us in terms of the income which grew by about 17% at about Rs 355 crores if you exclude the one-offs as well as the EBITDA which crossed Rs 100 crores mark which grew by about 19% and as well as the PBT which was up by 19%.

The Nifty Auto index was trading 0.19 per cent up at 15796.1.

Promoters held 41.94 per cent stake in the company as of 30-Jun-2023, while FIIs owned 25.22 per cent, DIIs 22.15 per cent.

A total of 9,142 shares changed hands on the counter till 11:21AM (IST)

The Nifty Pharma index closed 0.36 per cent up at 14383.25.

Axis Capital maintained a buy rating on Piramal Enterprises with a target of Rs 1140. The buyback proposal is on the expected lines. The company has excessive capital and the value unlocking from Shriram Finance has created further cushion on the capital base.

Shoppers Stop has reported a Q1 growth of 4% YoY to Rs 1,241 crore in sales, with flat margins and non-GAAP EBITDA of Rs 58 crore. While apparel sales have slowed in comparison to Q1 of the last financial year, which saw a surge in consumption following the initial Covid outbreak, Shoppers Stop believes the apparel story will continue to be strong, with non-apparel categories such as beauty, watches and luggage driving growth in this quarter.

At the interbank foreign exchange, the domestic unit opened at 81.89. It touched the peak of 81.87 and hit the lowest level of 81.96 before trading at 81.95 against the greenback, registering a fall of 7 paise from its previous close.

Qatar’s sovereign wealth fund is in talks to buy stake in Reliance Retail and is said to be considering a $1bn investment giving it a stake of about 1% and valuing the business at around $100 billion, the Financial Times reported today.