Share markets in India are presently trading on a negative note.
The BSE Sensex is trading down by 325 points, down 0.8%, at 39,423 levels.
Meanwhile, the NSE Nifty is trading down by 86 points.
Adani Ports & SEZ and BPCL are among the top gainers today. Bajaj Finance and Maruti Suzuki are among the top losers today.
The BSE Mid Cap index is trading up by 0.2%.
The BSE Small Cap index is trading down by 0.3%.
On the sectoral front, stocks from the telecom sector and finance sector are witnessing most of the selling pressure.
On the other hand, stocks from the power sector are witnessing most of the buying interest.
US stock futures are trading lower today, indicating a negative opening for Wall Street indices.
Nasdaq Futures are trading down by 270 points (down 2.4%), while Dow Futures are trading down by 521 points (down 2%).
The rupee is trading at 74.1 against the US$.
Gold prices are trading up 0.2% at Rs 50,404 per 10 grams.
In global markets, gold prices edged higher today due to weakness in the US dollar. But the gains remained capped amid uncertainty over the US stimulus package. Tracking international cues, gold prices in domestic markets also edged higher after two days of decline.
Note that gold prices are now down Rs 6,000 in Indian markets from their August highs. However, the precious metal may benefit from safe-haven buying amid increasing challenges to the global economy
Moving on to stock-specific news...
Among the buzzing stocks, today is Hindustan Petroleum.
The board of Hindustan Petroleum Corp Limited (HPCL) announced that on November 4 it will consider a share buyback plan as the management feels the share price is lower than the value it deserves.
HPCL, a subsidiary of state-owned Oil and Natural Gas Corporation (ONGC), has no immediate history of a share buyback.
In a notice to the stock exchanges, the company said its board of directors will meet on November 4 to consider financial results for the second quarter (July-September) and consider a proposal to buyback the fully paid equity shares of the face value of Rs 10 each of the company.
HPCL is the nation's second-biggest oil retailer. It owns two refineries - a 7.5 million tonnes unit in Mumbai and another 8.3 million tonnes facility at Visakhapatnam in Andhra Pradesh.
It also owns half of the 11.3 million tonnes Bathinda refinery in Punjab and is a 16.9% owner of the 15 million tonnes Mangalore Refinery.
How this share buyback pans out remains to be seen. Meanwhile, we will keep you updated on all the news from this space. Stay tuned.
At the time of writing, the Hindustan Petroleum share price was trading up by 4% on the BSE.
Moving on to news from the pharmaceutical space...
Laurus Labs Q2FY21 Results: Net Profit Jumps Over Four-Fold to Rs 2.4 Billion
Hyderabad-based Laurus Labs reported a net profit of Rs 2.4 billion for the quarter ended September, showing a 325% year-on-year (YoY) growth.
The company's revenue went up to Rs 11.4 billion, up 60% YoY while its earnings before interest, taxes, depreciation and amortization (EBITDA) went up by 172% YoY.
The company's formulations business showcased a growth of over 180% YoY for the quarter, mainly led by higher LMIC (low and middle-income countries) business and new launches in various markets. The division now contributes about 40% to overall revenues.
The generic API (active pharmaceutical ingredients/bulk drugs) division also recorded a healthy growth of 22% YoY for the quarter, led by higher growth in the anti-retroviral (ARV) API business. Custom synthesis continues to maintain its growth trajectory with a healthy pipeline and good visibility.
With improved demand visibility and strong profitability, the company plans to undertake larger capital expenditures for all divisions and will initiate new manufacturing units on a greenfield basis. It is confident that the new capital expenditure will have a shorter payback period.
The board of directors also approved an interim dividend of 80 paise per equity share.
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