The US markets ended in the green overnight after a day of correction. Back home too, both Sensex and Nifty ended the session in the green propelled by buying in Auto and IT stocks. Nifty and Sensex ended higher by nearly 0.7%.
Top stocks to watch today are Britannia, Nykaa, NLC India, Lupin, Biocon, and Kotak Mahindra Bank.
Britannia: Britannia Industries Ltd announced a 40 percent decline in its consolidated net profit for the quarter ending December 31, 2023, registering at Rs 556 crore compared to Rs 932 crore in the corresponding period last year. The results slightly fell short of Street estimates, which anticipated a net profit of Rs 566 crore based on a poll of six brokerages.
Nykaa: Nykaa has announced a net profit of Rs 17.5 crore in the quarter ending December, marking a significant 106 percent increase from the same period last year. Comparatively, Nykaa had reported a net profit of Rs 8.5 crore in Q3FY23. The company’s EBITDA margin witnessed growth, expanding to 5.5 percent for the quarter, up from 5.3 percent in the corresponding quarter of the previous year.
NLC India: NLC India shares will be in focus today after the company posted a healthy set of Q3 earnings, registering a net profit of Rs 250.4 crore against a loss of Rs 406.7 crore posted during the same period last year. However, its income from operations dropped 14% on a YoY basis to Rs 3,164 crore.
Lupin: Lupin shares will be in focus as the company has received approval from US FDA for its abbreviated new drug application for Bromfenac ophthalmic solution which is to market a generic equivalent of BromSite ophthalmic solution of Sun Pharmaceutical Industries in US.
Biocon: Biocon has received tentative approval for its ANDA for Dasatinib tablets from the US FDA. The product is indicated for use in the treatment of Philadelphia chromosome positive chronic myeloid leukemia in adults.
Kotak Mahindra Bank: CCI approved acquisition of 70% stake in Kotak Mahindra General Insurance Company by Zurich Insurance Company.
