On Friday, the BSE Sensex gained more than 1,000 points on September 30 after the Reserve Bank of India, as expected, raised the repo rate by 50 basis points in its fight against inflation. Buying was seen in most of the sectors, with banking & financial services, metal, auto and realty stocks gaining the most, helping the benchmark indices snap a seven-day losing streak. The 30-pack Sensex rallied 1,017 points, or 1.8 per cent, to 57,427, while the Nifty climbed 276 points, or 1.6 per cent, to 17,094.
Stocks in News
APL Apollo Tubes
The steel tube maker registered the highest quarterly sales volume of 6.02 lakh tonnes in Q2FY23, up 41 per cent YoY and growing 42 per cent sequentially. The sales volume for the first half of FY23 was 10.25 lakh tonnes compared to 8 lakh tonnes in the same period last year. In the second half of FY23, the sales volume would get further boost from the commissioning and ramp-up of the new Raipur plant, the company said.
VE Commercial Vehicles, an unlisted material subsidiary of the company, sold 6,631 vehicles in September 2022, up 9.2 per cent from 6,070 units sold in the year-ago period. In the first half of FY23, it registered a 67.6 per cent YoY growth in sales at 35,085 vehicles.
Escorts Kubota said its agri machinery segment sold 12,232 tractors in September 2022, registering a growth of 38.7 per cent as against 8,816 tractors sold in the same month last year. Domestic tractor sales increased 42.7 per cent to 11,384 units and export sales grew 0.8 per cent to 848 tractors compared to the year-ago period.
Zydus Lifesciences has received approval from the United States Food and Drug Administration to market Sildenafil, a high blood pressure drug. It works by relaxing and widening the blood vessels in lungs, which allows the blood to flow more easily. The drug will be manufactured at the group’s facility at Baddi, Himachal Pradesh. The drug had annual sales of $65 million in the United States, according to IQVIA data of August 2022.
Care Ratings has upgraded the long-term rating of Poonawalla Fincorp and its subsidiary, Poonawalla Housing Finance (PHFL) to ‘AAA’ with a stable outlook. This rating is applicable for bank loan facilities, non-convertible debentures, market-linked debentures and subordinated debt.
Spandana Sphoorty Financial
Crisil has removed the company from “watch with developing implications" and reaffirmed rating as ‘A’ with a stable outlook for bank loan facilities worth Rs 3,500 crore.
The company has received orders worth Rs 177 crore from various oil & gas distribution companies during the quarter ended September 30, 2022. The total outstanding order book of the company as on September 2022 is Rs 1,125 crore.
The company received a provisional completion certificate for rehabilitation and up-gradation from two to four-lane for Varanasi - Dagamagpur section of the National Highway-7 on EPC mode in Uttar Pradesh. With this, the authority declared the project fit for entry into commercial operation on September 29.