Latest Stock Market News

"Our focus on execution to build scale with agility has created value for all our stakeholders. We are consistently achieving higher sales growth resulting in market share gains across categories which will strengthen the organization in the long term," Managing Director M R Jyothy said.

Allcargo Logistics hit an upper circuit after a strong show in the September 2021 quarters. The expiry of a deal between PI industries and Ind Swift labs led to sharp movements. Chemical stocks were abuzz on poor earnings, affecting the share prices.

“The upgrade cycle will continue and I see a very good performance delivered. We had around Rs 1800 odd PAT estimates whereas they have delivered around Rs 2,000 plus and that is definitely a beat on our numbers.”

While largecap stocks, usually dominated by institutional investors, are struggling for momentum, broad market stocks, led by retail investors, are getting ready for another rally.

Metal, oil and commodity stocks dragged amid profit-booking, while realty, PSU bank and consumer durables made frail attempts at lifting the indices.

The company said in a BSE filing that its year-on-year consolidated revenue grew 12 per cent at Rs 2,818 crore for the quarter under consideration, with underlying volume growth of 10 per cent in the domestic FMCG business.

The Nifty Pharma index closed 0.4 per cent down at 13993.2.

Rohit Singre, senior technical analyst at LKP Securities said the index has formed a good support zone around 17,850-17,780 levels and holding above the said range can help it trade with a positive bias.

“Technology is becoming an important differentiator for these banks in terms of how they service the customers and how they look at the business opportunities.”

The drugmaker reported a 12.5 per cent YoY rise in its consolidated revenue from operations to Rs 9,625.9 crore for the reported quarter, which was also above Street’s estimate.