As the financial markets continue to fluctuate, investors are keeping a close eye on several key stocks on Thursday, November 9, 2023. From developments in international markets to Q2 earnings reports, here are some of the stocks and events that are expected to make headlines today.
- Vedanta: The parent company, Vedanta Resources, is reportedly in talks to raise up to $2.5 billion to repay overseas bondholders. Additionally, the holding company plans to sell a portion of its 63.71% stake in Vedanta to meet funding requirements.
- Adani Ports: Adani Ports, which holds a 51% stake in the Colombo West International Terminal, is set to receive $553 million in funding from the US Development Finance Corporation (DFC). The company is also scheduled to release its earnings report today.
- Hindustan Petroleum (HPCL): HPCL is planning to stop purchasing diesel from companies like Reliance Industries and Nayara Energy once it completes the expansion of its Visakhapatnam refinery in Andhra Pradesh and builds a new one in Rajasthan in the next financial year.
- Eris Lifesciences: The company is in the process of acquiring the nephrology and dermatology business units from Biocon Biologics for Rs 366 crore.
- Lupin: Lupin reported a significant jump in Q2FY24 consolidated net profit, which increased 3.8-fold to Rs 489.67 crore compared to Rs 129.73 crore in Q2FY23. Total income also rose by 21.5% year-on-year to Rs 5,038.56 crore.
- Tata Power: Tata Power announced a 6.9% increase in net profit, reaching Rs 876 crore for Q2FY24, compared to Rs 819 crore a year ago. Total income grew by 12.2% year-on-year to Rs 15,738 crore.
- Raymond: In Q2FY24, Raymond’s net profit remained flat at Rs 161.16 crore, and revenue from operations increased by 3.9% year-on-year to Rs 2,253.40 crore.
- MCX India: MCX India reported a consolidated net loss of Rs 19.07 crore for Q2FY24, compared to a net profit of Rs 63.27 crore in Q2FY23. However, income from operations grew by 29.6% year-on-year to Rs 165.11 crore.
- IFCI: IFCI’s consolidated net declined by 17.4% to Rs 172.76 crore in Q2FY24, but the total income increased by 44% year-on-year to Rs 612.03 crore.
- BHEL: BHEL reported a net loss of Rs 238 crore for Q2FY24, in contrast to a net profit of Rs 12.10 crore in the year-ago period. Total income dipped by 2.1% year-on-year to Rs 5,305.38 crore.
These stocks are expected to be in the spotlight due to various factors, including earnings reports and significant developments within the companies
