Stock Market Today: The GIFT Nifty on the NSE IX rose 58 points, or 0.26 percent, to 22,033, indicating that Dalal Street was set for a positive start on Monday. Today, the Nifty finished 247 points higher, decisively breaking out of the 21,500-21,850 range on the upside. The breakout texture is likely to continue as long as the index trades above 21750. Above that level, the market could rise to 22100-22200. On the other hand, traders below 21750 may prefer to exit their trading long positions. According to Amol Athawale of Kotak Securities, the index could retest the level of 21650-21575.
Stock Market Today: Stocks in focus
Lupin
The US Food and Drug Administration (US FDA) has approved the pharmaceutical giant’s abbreviated new drug application for propranolol hydrochloride extended-release capsules, allowing it to market ANI Pharmaceuticals, Inc.’s generic version of Inderal LA extended-release capsules in the US. The pills are meant to treat migraines and high blood pressure.
Wipro
The company reported IT services revenue of Rs 22,150.8 crore for the quarter ended December FY24, a 1.09 percent decrease from the previous quarter, while revenue in dollars fell 2.1 percent sequentially to $2,656.1 million, and revenue in constant currency fell 1.7 percent QoQ. In Q3 FY24, net income increased by 1.8 percent year on year to Rs 2,694.2 crore. IT services EBIT was down 1.8 percent at Rs 3,542.6 crore, with margin falling 11 basis points to 16 percent from the previous quarter. Wipro anticipates IT services revenue in the $2,615-2,669 million range, translating into -1.5 percent to +0.5 percent sequential guidance in constant currency terms.
Adani Enterprises
Under the Strategic Interventions for Green Hydrogen Transition Scheme (Tranche-I), the company’s wholly owned subsidiary Adani New Industries has been granted a Letter of Award (LoA) by the Solar Energy Corporation of India (SECI) to establish an electrolyser manufacturing capacity of 198.5 MW annually in India.
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