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Devyani International on Tuesday, November 7, reported a consolidated profit of ₹33.35 crore for Q2FY24, down 43 per cent against the profit of ₹58.76 crore in the corresponding quarter last year. Revenue from operations for the quarter under review stood at ₹819.47 crore, up 9.64 per cent year-on-year (YoY) against ₹747.43 crore in Q2FY23. The reported EBITDA, post-IND-AS, closed at ₹158.8 crore, resulting in an EBITDA margin of 19.4 per cent.

The benchmark Nifty50 is expected to scale 21,000-mark by the next Diwali, according to over 56% of the 16 respondents who participated in the survey conducted by ETMarkets on what the new year for Dalal Street will look like. Since last Diwali, the 50-stock index has net gained 9.5%, and the 21000-level target for Nifty50 implies a somewhat similar quantum of gains from the current levels. The bullish optimism among money managers for the next year comes despite the general elections on the anvil. While events such as these will bring in short-term volatility, the structural growth story of India remains intact and this is likely to drive strong capital inflows, according to money managers. Key Drivers General elections will be one of the major events that will drive domestic equities.

steel capacity has crossed 161 million tonnes and the industry is poised for continued growth, Steel Secretary Nagendra Nath Sinha said on Tuesday. As per the National Steel Policy, India has an ambitious target of installing 300 MT steel capacity by 2030. «We have already crossed 161 million mt of capacity, comprising 67 MT by blast furnace-basic oxygen furnace (BF-BoF) route, 36 MT by electric arc furnace (EAF) and 58 MT by induction furnace (IF) route,» Sinha said addressing the '4rth Indian Steel Association (ISA) Steel Conclave' event in the national capital.

Onion prices rose nearly 75% in the first week of November compared with the previous month. “Alongside a rise in broader vegetable prices in October, we expect CPI inflation to rise to 5.3% y-o-y from 5.0% in September, with headline inflation tracking 6% in November/December, before moderating next year,” said Sonal Varma and Aurodeep Nandi, economist, Nomura. While economists contend that falling tomato prices are expected to keep inflation in check in October, they say the situation may worsen going ahead. “Daily food prices from the National Horticulture Board is indicating a 10.9% MoM rise in onion prices in October, which is being countered by a 9.3% decline in tomato prices. Potato prices are also showing a mild decline in October.

Rich Lister Raphael Geminder’s buyout bid for packaging company Pact Group has struggled to make headway, with his Kin Group entity only reaching 51.53 per cent of the target with 24 hours to go on the original offer.

Growth in personal income tax (PIT) collections may slow a bit in the second half of the current financial year from the impressive 31% seen in the first, as the income tax ((I-T) department aims to make tax refunds to the tune of Rs 2 trillion in the remainder of the year, an official source told FE. “The second-half refunds are likely to be higher than in the year-ago period by around Rs 50,000 crore. This would mean that the refunds in the whole of FY24 would be above Rs 3.5 trillion, as against a little over Rs 3 trillion last year,” the source added.

Devyani International on Tuesday recorded profit for the second quarter of FY24 at Rs 33.35 crore, down 43.2 per cent in comparison to Rs 58.76 crore during the same period last year. It posted revenue from operations at Rs 819.47 crore, up 9.6 per cent as against Rs 747.43 crore during the quarter ended September 2022, led by new store additions. The company EBITDA stood at Rs154 crore, down 7 per cent on-year. 

Gland Pharma climbed 6% to Rs 1,674.6 in Tuesday's trade on BSE despite the firm posting a 20% year-on-year (YoY) fall in consolidated net profit to Rs 194 crore for the September quarter of the financial year 2024. The company reported a profit of Rs 241.2 crore in the same period last year. However, its revenue came in at Rs 1,373.4 crore, up 32% from the year-ago quarter figure of Rs 1,044.4 crore. Meanwhile, the company's earnings before interest, taxes, depreciation and amortization (EBITDA) came in at Rs 320.5 crore, up from Rs 297 crore in the year-ago period. Following Q2 results, domestic brokerage firm Motilal Oswal reiterated its 'Buy' rating on Gland Pharma with a target price of Rs 1920. «Gland Pharma delivered an in-line operational performance in 2QFY24.

Shares have mostly fallen in Asia after a mixed close on Wall Street

Australia’s central bank has lifted its benchmark interest rate for the first time since June with a quarter percentage point hike that brought the cash rate to a 12-year high of 4.35%

RR Kabel jumped 6% to Rs 1,488.5 in Tuesday's trade on BSE after the firm's consolidated profit increased to Rs 74.1 crore in the July-September quarter, compared with Rs 35 crore a year earlier. Meanwhile, the company's revenue from operations surged 17.7% to Rs 1,609.7 crore in Q2 FY24 as compared to Rs 1,367.2 crore in Q2 FY23. The EBITDA in the quarter under review rose 92.7% to Rs 121.1 crore from Rs 62.8 crore in the same quarter last year. The margin was up to 7.5% in the June-September period as against 4.6% in the same quarter a year ago. «Throughout the past six months, RR Kabel has demonstrated a promising performance, marked by strong growth in our sales volume.

UBS on Tuesday reported a bigger-than-expected third-quarter net loss of $785 million as it works to integrate fallen rival Credit Suisse.

South Korean police have shut down a firm at the center of a suspected crypto scam that allegedly duped 4,000 people out of their funds, arresting 25 people.

China's exports fell at a faster pace than predicted in October, data showed Tuesday, as the world's second-largest economy is buffeted by faltering global demand and a sluggish domestic recovery. Beijing has sought to boost business activity in a country grappling with a major property crisis and weaker consumption since officials abolished their strict zero-Covid policy at the end of last year. Exports — long a key driver of the growth — sank 6.4 percent year-on-year last month, according to the General Administration of Customs. The reading was much worse than the 3.5 percent drop forecast in a Bloomberg survey of economists and slightly heavier than September. Apart from a brief rebound in March and April, exports have been in constant decline since last October. «Export growth remained sluggish as the economic momentum in the United States and Europe slowed,» said Zhang Zhiwei of Pinpoint Asset Management, adding that external demand was likely to remain weak in coming months. Imports, however, rose 3.0 percent, bucking a forecast drop of 5.0 percent and notching the first month of on-year growth since late last year. The rise in imports could be a signal that domestic demand in China is recovering from months of weakness. But Zhang told AFP that the October «positive surprise» in imports alone is not sufficient to determine whether domestic demand is improving, pointing to other indicators such as retail sales. «Nonetheless as fiscal policy has turned more proactive, a recovery in domestic demand is likely in coming months,» said Zhang. China recorded moderate growth in the third quarter as Beijing looks to achieve its official goal of «around five percent» expansion for 2023 — one of its lowest targets

Sanjiv Bhasin, Director, IIFL Securities, says “Lupin is my dark horse play. The stock has given a smart run up, but I still think Lupin is headed higher. You can add a basket of maybe Cipla and given that it is a takeover target, given a Cipla, Dr Reddy and Sun Pharma. Divi’s yes, on decline would be a buy because in contract farming in the API distribution, they are one of the largest players.” Let us begin by discussing the pharma sector. The earnings this time have managed to show an improvement with the exception of Divi’s which of course was a big miss on the margin front. The commentary is something that the Street likes. Even Gland after many quarters has managed to deliver an okay set. Which are the stocks that you like? You are right, Divi’s did disappoint but the management sounded very confident on the second half and that is the commentary from a lot of players on the second half of the calendar year and that I think is going to be instrumental. In pharma, we have seen blockbuster numbers from Cipla, Sun Pharma and Dr Reddy. The dark horse play which will come out with superb numbers is Lupin.

Emami Ltd. with a target price of Rs 640.

Gland Pharma Ltd. with a target price of Rs 1920.

brokerages took a favourable view on the stock following its September quarter earnings. Among them were Morgan Stanley which remains overweight on the counter relying on improvements being seen in its business. In the domestic pack, Nuvama maintained a buy view while Kotak Institutional Equities recommended an 'Add'. On Monday, Nykaa reported a 8% year-on-year (YoY) growth in its consolidated net profit at Rs 5.4 crore for the quarter ended June 2023.

Shein is touting its hopes for a valuation of as much as $90 billion as it lays the groundwork for an eventual US initial public offering, a level that far exceeds how the fast-fashion giant is valued in private trades, according to people familiar with the matter. The company has told prospective investors that it’s aiming to fetch a valuation of $80 billion to $90 billion in a listing, the people said. The timing of the share sale remains uncertain given the market volatility, according to the people. In private trades, Shein’s valuation has dropped below the $66 billion it got in a funding round in May, the people said.

Investing.com-- The Reserve Bank of Australia hiked interest rates as expected on Tuesday, citing a slower-than-expected decline in inflation while also hiking its outlook for consumer inflation over the next two years.