Thu, Feb 15, 2024 10:36 AM
Glenmark Pharma surges 6%, recovers previous day's losses
A Flip by Shubhangi Gupta
Drugmaker Abbott India reported a rise in second-quarter profit on November 7, helped by strong demand for its gastrointestinal and anti-infective medications. The company, which makes the antacid Digene, reported a profit of 3.59 billion rupees ($42.6 million) for the quarter ended Sept. 30, up nearly 15 percent from last year. Revenue from operations climbed 9.3 percent to 16.33 billion rupees.
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JK Tyre's Q2 results were negatively impacted by a 16% sales decline in Mexico and 10% currency depreciation, but the outlook is improving due to expected growth in domestic MHCVs, softer rubber prices, and pricing action. The company's profitability is expected to recover from Q4FY25E onwards, and Emkay Global Financial retains a BUY rating with a revised target price of Rs 650.
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📈 Domestic benchmark indices closed on a bearish note after the volatile session on 07-November-2024. 📢 At 3:30 PM, the Sensex tanked by 836.34 points or 1.04% at 79,541.79, and the Nifty ended lower by 284.70 points or 1.16% at 24,199.35. 📊Among sectoral indices, Nifty PSU Bank (⬇️2.73%), and Nifty Bank(⬇️0.77%) witnessed considerable selling pressure.
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