Asian markets traded higher following gains on Wall Street last week ahead of the US Presidential Elections and US Fed rate decision.

Japan's markets were closed for a holiday. South Korea's Kospi gained 0.9%, while the Kosdaq rallied 2.2%.

US stock market ended higher on Friday as Amazon's strong earnings countered a significant drop in US job growth in October.

Here's a table showing how US stocks performed on Friday:

Source: Equitymaster

At present, the BSE Sensex is trading 686 points lower and NSE Nifty is trading 233 points lower.

M&M, Tech Mahindra, and Cipla are among the top gainers today.

Coal India, Bajaj Auto, and Sun Pharma the other hand are among the top losers today.

Broader markets are trading negative. The BSE Midcap index is trading 1% lower and the BSE Smallcap index is trading 1.3% lower.

Sectoral indices are trading negative today within the oil & gas sector and the energy sector witnessing the most selling pressure

The rupee is trading at Rs 84.07 against the US dollar.

In commodity markets, gold prices are trading 0.6% lower at Rs 78,430 per 10 grams today.
 

Zen Technologies Q2 Results

Zen Technologies, a key player in aerospace and defense, has released its Q2 financial results. The company announced its earnings on Saturday.

Profit surged from Rs 153 m last year to Rs 626 m this year, marking a 309% increase. Revenue rose from Rs 665 m to Rs 2,418 m, representing a 263% growth.

EBITDA jumped from Rs 190 m to Rs 80 m, while the profit margin improved to 33.1%, compared to 28.4% last year.

Based in Hyderabad, Zen Technologies specializes in anti-drone technology and defense training.

As of 30 September 2024, it reported an order book of Rs 9.6 bn and raised Rs 1 bn through a Qualified Institutional Placement (QIP) during the quarter.

The company's stock has delivered over 160% returns in the past year, climbing from below Rs 720 to over Rs 1,875.

Last month, Zen Technologies said it had secured an annual maintenance order from the defense ministry.

In a stock exchange filing, the company said it has signed an annual maintenance contract (AMC) worth Rs 460 m, including GST, with the Ministry of Defence.

The contract covered the maintenance of simulators developed by Zen for a five-year period, the company informed the bourses.
 

Sun Pharma's Leqselvi Launch Blocked

Sun Pharmaceuticals announced on Saturday that the US District Court of New Jersey has granted a preliminary injunction preventing it from launching its new drug, Leqselvi, until further legal developments or the expiry of the patent at the center of the lawsuit.

This legal action, filed by Sun Pharma on August 1, sought to challenge the injunction, but the court decided on Friday to uphold the delay, effectively halting the drug's release in the US market.

This ruling requires the company to defer any Leqselvi launch until a favorable court outcome or the patent's expiration, whichever occurs first.

Sun Pharma's R&D investments for Q2 FY25 amounted to Rs 7.9 bn, accounting for 6% of sales.

This spending level is consistent with the company's focus on innovation, despite the recent injunction setback in the US.

Premier Energies Multiple Order Win

Shares of Premier Energies are expected to remain in focus on Monday after the company announced that it had secured multiple orders worth Rs 5.6 bn from two domestic Independent Power Producers (IPPs).

The supply of modules and cells is scheduled to commence and conclude from December 2024 to May 2025.

Shares of the company have skyrocketed 181% since their stock market debut in September, rising from their initial public offering (IPO) price of Rs 450.

Premier Energies's IPO received a robust response from investors, with a subscription rate of 74 times at close, driven by substantial bidding from non-institutional investors.

The company manufactures integrated solar cells and panels, offering a product lineup that includes solar cells and both monofacial and bifacial modules, as well as EPC and O&M services.

Premier Energies' strong growth potential has attracted significant interest from institutional investors.

Notable participants in the company's IPO anchor book include BlackRock, Nomura, Abu Dhabi Investment Authority, DSP India, Morgan Stanley, HDFC Mutual Fund, ICICI Mutual Fund, and PNB Paribas, all of which have contributed to its post-listing rally.

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