Latest Stock Market News

“We delivered double-digit revenue growth and improved profitability for the company despite a challenging macro environment and inflation impact in some of our categories," said Sunil D’Souza, Managing Director & CEO of Tata Consumer Products.

Punchy valuations drive our downgrade to sell, said Kotak Institutional Equities, which has a target of Rs 1,075 for the stock from Rs 1,000 earlier. This is even as the brokerage has raised its FY2023-25E EPS estimates by 5-10 per cent on account of strong momentum in wedding demand and higher margin forecasts.Edelweiss has downgraded Vedant Fashions

The earnings before interest, tax, depreciation and ammortisation (EBITDA) was Rs 833 crore, a decline of 14.3% YoY. On QoQ, EBITDA rose 16.1%.The EBITDA margins for the quarter dropped 190 basis points to 20.5% in Q1FY23 compared to 24.3% in Q1FY22. On QoQIndia sales saw a drop of 6.5% YoY to Rs 1817 crore in Q1FY23. The formulation business dropped .

>> For more such web stories click on the ET icon below

The dollar fell more than 1 percent on Wednesday following a cooler-than-expected inflation report for July that raised expectations of a less aggressive rate hike cycle than previously anticipated from the U.S. Federal Reserve.U.S. consumer prices did not rise in July as the cost of gasoline plunged, delivering the first notable sign of relief for Americans

The S&P 500 halted a four-day losing streak, while the tech-heavy Nasdaq 100 outperformed.​​

“I would think that 16,000 odd would be the number where the market could go if it has to correct now, but definitely not around that 15000. I would think that it is definitely an outstanding opportunity to buy. So if we get this correction now, it would be closer to 16,200 from where the market should bounce back.”

Revenue from operations was up 60.11 per cent at Rs 3,101.11 crore during the quarter under review as against Rs 1,936.79 crore in the year-ago period, Pidilite Industries said in a regulatory filing."The current quarter recorded robust revenue growth, a combination of higher volumes and measured price increases," said an earning statement of Pidilite Industries.

The Nifty Auto index closed 0.18 per cent up at 12951.65.

“The sum of all that we are doing is beginning to reflect in the EBITDA margins that are coming up on the consolidated level. We have hotels in London and Cape Town and San Francisco and New York and there it is very difficult to drive such high margins as one is able to do in the Indian subcontinent. We are very pleased with the new businesses as they are high margin businesses.”