Sensex Today Trades Lower | Glenmark Pharma Down 4% | ONGC & Nestle Top Losers

Mon, 13 Nov 10:30 am

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Asian share markets rose on Monday while Treasuries and the dollar kept their composure, as investors took their lead from Wall Street's Friday rally

The Nikkei is trading 0.5% higher while the Hang Seng index gained 0.5%. The Shanghai Composite is trading marginally lower.

US stocks ended with big gains on Friday, boosted by heavyweight tech and growth stocks as Treasury yields calmed, while investors looked ahead to a next week's reports on inflation and other economic data.

Here's a table showing how US stocks performed on Friday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	134.06	2.37	1.80%	134.27	130.87	142.38	85.57
Apple	186.4	4.23	2.32%	186.57	183.53	198.23	124.17
Meta	328.77	8.22	2.56%	329.1	319.46	330.54	108.32
Tesla	214.65	4.67	2.22%	215.38	205.69	299.29	101.81
Netflix	447.24	12.09	2.78%	447.48	435.51	485	271.56
Amazon	143.56	2.96	2.11%	143.65	139.91	145.86	81.43
Microsoft	369.67	8.98	2.49%	370.1	361.07	370.1	219.35
Dow Jones	34283.1	391.16	1.15%	34310.36	33905.62	35679.13	31429.82
Nasdaq	15529.12	341.22	2.25%	15535.2	15237.17	15932.05	10671.19

Data Source: Equitymaster

Back home, Indian share markets are trading on a negative note.

At present, the BSE Sensex is trading lower by 264 points. Meanwhile, the NSE Nifty is trading down by 70 points.

Power Eicher Motors and NTPC are among the top gainers today.

ONGC and Nestle on the other hand are among the top losers today.

Broader markets are trading on negative note. The BSE Mid Cap index and the BSE Small Cap index is trading lower by 0.2%.

Sectoral indices are trading mixed with stocks in the metal sector and power sector are witnessing buying. Meanwhile, stocks in IT sector and realty sector witness selling.

Shares of Trent and Coal India hit their 52-week high today.

The rupee is trading at Rs 83.28 against the US dollar.

In commodity markets, gold prices are trading 0.3% lower at Rs 59,595 per 10 grams today.

Meanwhile, silver prices are trading 1.1% lower at Rs 69,269 per 1 kg.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of stock markets, Co-head of Research at Equitymaster Rahul Shah talks about should one take more exposure to stocks right now or wait for the markets to correct further, in his latest video

Moreover, was today's recovery a dead cat bounce or is the worse behind us and the market may make a new high in the coming months?

Tune in for more.

Apollo Hospitals Expansion Plan

Apollo Hospitals Enterprise Limited will invest around Rs 34.4 bn over the next three years to add 2,300 beds in metros and major cities in different parts of the country.

The leading healthcare chain is also looking at Operations and Management agreements overseas in Indonesia and Tanzania, though it will not be investing for the purpose.

Further, Apollo Hospitals said it has entered into a binding agreement for a long-term partnership with Royal Mudhol Hospital & Research Centre, Pune, wherein the hospital will be fully equipped, operated and managed by Apollo.

While the 250-bed hospital is expected to be commissioned by Ql FY25, the hospital could be further expanded to 425 beds in two years at a total estimated project cost of about Rs 6.8 bn.

Almost 80% of the investments will be through internal accruals, while the remaining 20% will be raised from banks.

In October, its share was trading at a P/E of 101.9x, as against a P/E of 67x in March 2023. The price to book value (P/BV) has also gone up to 11.6x from 9.7x in March 2023.

The industry average P/E and P/Bv stand lower at 45.8x and 7.4x, respectively, making it among the top 5 overvalued stocks in India.

Biocon Q2 Profit Doubles

Pharma company Biocon on 10 November reported a two-fold year-on-year rise in consolidated net profit at Rs 1.7 billion (bn) for the July-September quarter of the current financial year.

The company reported a profit of Rs 818 million (m) in the same period of the previous year.

Revenue came in at Rs 34.6 bn, up 49.2% from the year-ago quarter of Rs 23.2 bn.

The rise in profit was driven by the recently acquired Viatris, according to analyst predictions.

The company recently entered into a definitive agreement with Eris Lifesciences to divest two non-core branded formulations - nephrology and dermatology on a slump sale basis.

Earlier in October, the company said that its Malaysian insulin manufacturing facility was classified as OAI (Official Action Indicated) by the US Food and Drug Administration (FDA).

The company's earnings before interest, taxes, depreciation and amortization (EBITDA) came in at Rs 7.4 bn, up from Rs 4.7 bn in the year-ago period. The EBITDA margin was 21.4% against 20.3% in the year-ago period.

Subsidiary Biocon Biologics reported a YoY growth of 97% for Q2FY24 with revenues at Rs 19.7 bn, driven by the consolidation of the acquired business and sustained growth from the core business across Advanced and Emerging Markets.

Biocon is among the pharma companies in India that have solid growth in sales and profits...and a high Return on Equity (ROE)...

SAIL Q2 Profit Back in Black

SAIL reported its consolidated net profit at Rs 13.1 bn for the September quarter against a lot of Rs 3.3 bn in the same quarter last year.

Profit was hurt by an exceptional item of Rs 4.1 bn, which is a provision for the settlement of contractual disputes under Vivad se Vishwas Scheme - II.

Its revenue from operations for the quarter stood at Rs 297.1 bn, up 13.2% from Rs 262.5 bn a year ago.

Bhilai was its biggest revenue-generating plant, with Q2 revenue at Rs 100.6 bn, up about 45% YoY. Rourkela and Bokaro plant followed with revenue of Rs 71.8 bn and Rs 68.8 bn.

Steel Authority of India plans to increase coking coal purchases from Russia for cost savings, expecting four shipments of 75,000 tonnes each in the December quarter.

SAIL stands among the Top 5 Beaten-Down Dividend Stocks That Look Undervalued.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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