Tue, Nov 5, 2024 8:52 PM
What Happened in Crypto Today: Institutions Losing Faith in Bitcoin?
A Flip by Avya Verma
The Nifty recovered from its lows on Tuesday, gaining 370 points or 1.55% to close above 24,200, led by a sharp rebound in the Nifty Bank, which gained 1,341 points or 2.64%. The indices rallied on short-covering and oversold setups on the charts, with nearly every sectoral index, except FMCG and Media, participating in the recovery.
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Archer-Daniels-Midland Company shares drop after reporting lower-than-expected third-quarter earnings of $1.09 per share, missing the street view of $1.25, and announcing restatements of previously filed financial reports. The company also lowered its 2024 adjusted EPS guidance to $4.50-$5.00 from $5.25-$6.25.
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Dr. Reddy's Laboratories aims to have 15 GLP-1 drugs, used to treat obesity and diabetes, in its portfolio, with various timelines, including semaglutide, whose patent expires in India in 2026. The company's Q2 FY25 results saw a 9.5% drop in net profit to ₹1,342 crore, but a 16.5% rise in revenue to ₹8,016 crore.
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