HUL Posts 3% Rise in Q2 Net Profit - Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

HUL Q2 results: Net profit rises to ₹2,717 crore

Hindustan Unilever Ltd (HUL) reported a 3.85% YoY rise in net profit to ₹2,717 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹2,616 crore in Q2 last year. Its revenue from operations rose 3.53% YoY to ₹15,027 crore during the same period. EBITDA stood at ₹3,694 crore, up 9% YoY. The company’s board also declared a dividend of ₹18 per equity share.

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NCLT approves Tata Steel Long Products' amalgamation with Tata Steel

The National Company Law Tribunal (NCLT) approved the amalgamation of Tata Steel Long Products Ltd with Tata Steel Ltd. Tata Steel is to merge Tata Steel Long Products and six other subsidiaries with itself. The subsidiaries to be merged with Tata Steel are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.

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Jindal Stainless Q2 Results: Net profit rises 75% YoY to ₹609 crore

Jindal Stainless Ltd reported a 74.5% YoY rise in net profit to ₹609.4 crore for the quarter ended September 2023 (Q2 FY24). Its total revenue rose 13.6% YoY to ₹9,720.4 crore during the same period. EBITDA stood at ₹1,069 crore, up 54% YoY. The company’s board has declared a dividend of ₹1 per equity share, with October 28, 2023 as the record date.

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Dr Reddy's Labs gets regulatory approval to study weight loss drug

Dr Reddy's Laboratoris Ltd has received the Indian drug regulator’s approval to study the safety and efficacy of Semaglutide, a weight loss drug. The pharma company will conduct a bioequivalence study to establish the safety and efficacy of the drug on the Indian population. The company will launch the drug in a year if the bioequivalence studies meet expectations.

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PVR Inox Q2 Results: Net profit at ₹166 crore

PVR Inox reported a net profit of ₹166 crore for the quarter ended September 2023 (Q2 FY24). The company posted a net loss of ₹71 crore in Q2 last year. Its revenue from operations rose 191% YoY to ₹2,000 crore during the same period. EBITDA stood at ₹706 crore, up 358% YoY. 

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USFDA conducts pre-approval inspection at Indoco Remedies' Goa facility

Indoco Remedies Ltd’s solid oral formulation facility in Goa received four observations from the US Food & Drug Administration (USFDA) after a Pre-Approval Inspection (PAI). The inspection took place from October 12-18, 2023, and was focused on two drug product applications (ANDAs) submitted from this facility. The observations signify areas where the facility may need improvements to align with regulatory standards.

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UltraTech Cement Q2 Results: Profit rises 69% YoY to ₹1,281 crore

UltraTech Cement reported a 69% YoY rise in net profit to ₹1,281 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹756 crore in Q2 last year. Its revenue from operations rose 15% YoY to ₹16,012 crore during the same period. EBITDA stood at ₹2,718 crore, up 35% YoY. 

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KFin Tech partners with LIC Pension Fund for investment management solution 

KFin Technologies Ltd signed a high-value multi-year investment management solution (IMS) contract with LIC Pension Fund Ltd (LICPFL). The company will design, create and administer the investment management solution for enhanced customer service, security and compliance. The company has not disclosed the contract tenure and value.

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Dabur India’s US subsidiaries sued over alleged cancer causing product

Dabur India Ltd’s three US subsidiaries are being sued over an alleged cancer causing product. The cases are in the early stages of legal discovery and revolve around allegations that a hair-relaxer product contains chemicals that may pose risks of ovarian cancer, uterine cancer, and various other health issues. These cases have been filed in both federal and state courts in the US and Canada.

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Nestle India board approves stock split in 1:10 ratio

Nestle India’s board approved a 1:10 stock split for the first time in India. This means each share that an investor holds will be subdivided into 10 shares. The split will divide each fully paid-up equity share with a face value of ₹10 into 10 equity shares with a face value of ₹1. The record date for the split will be announced later.

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Granules India gets USFDA nod for heartburn treatment drug

Granules India has received approval from the US Food & Drug Administration (USFDA_ for Esomeprazole Magnesium capsules. The drug is used to treat heartburn and other symptoms associated with gastroesophageal reflux disease. According to the IQVIA data for 12 months ended July 2023, the drug had annual sales of nearly $168 million in the US market.

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