Asian equities were softer in early trading amid increasing risk-off sentiment, as the clock ticks down to a tight US election and the Federal Reserve rate decision.

Stocks in Sydney and Seoul slipped, pushing a regional index into the red. Tokyo's benchmark gained following a public holiday.

US stocks closed slightly lower after a choppy session on Monday, as investors prepared for a crucial week in which Americans will elect a new president and the Federal Reserve will announce its policy statement.

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

Data Source: Equitymaster

At present, the BSE Sensex is trading 109 points lower and NSE Nifty is trading 20 points lower.

Tata Steel, JSW Steel, and Hindalco are among the top gainers today.

Coal India, ITC, and Trent the other hand are among the top losers today.

Broader markets are trading marginally higher. The BSE Midcap index and the BSE Smallcap index are trading flat.

Sectoral indices are trading negative today with in realty sector and FMCG sector witnessing most selling pressure. Meanwhile, stocks in the metal sector and IT sector witnessing buying.

The rupee is trading at Rs 84.12 against the US dollar.

In commodity markets, gold prices are trading 0.1% lower at Rs 78,351 per 10 grams today.
 

Gland Pharma Q2 Results

Gland Pharma on Monday reported a 15.7% YoY decline in net profit at Rs 1.6 bn for the September 2024 quarter.

In the corresponding quarter of the previous fiscal, Gland Pharma posted a net profit of ?194 crore, the company said in a regulatory filing. Revenue from operations increased 2.4% to Rs 14.1 bn against Rs 13.7 bn in the corresponding period of the preceding fiscal.

At the operating level, EBITDA dipped 8.4% to Rs 2.9 bn in the second quarter of this fiscal over Rs 3.2 bn in Q2 of the previous fiscal.

The EBITDA margin stood at 21.1% in the reporting quarter versus 23.6% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortization.

Gland Pharma reported R&D expenses amounting to Rs 493 m, accounting for 4.6% of revenue. The company filed seven new abbreviated drug applications (ANDAs) and received eight ANDA approvals during the quarter, bringing the total US ANDA filings to 363, of which 304 have been approved and 59 are pending.

Globally, Gland Pharma has achieved 1,726 product registrations. Capital expenditure for the quarter totaled Rs 1 bn. In the US market, the company launched four molecules: Cetrorelix acetate, ephedrine sulfate, tranexamic acid, and diazepam.

Raymond Posts Strong Q2

Raymond Ltd reported a substantial rise in consolidated Q2 net profit, doubling year-on-year (YoY) to Rs 590 m from Rs 278 m, driven by robust growth in its real estate and engineering businesses.

Revenue from operations surged to Rs 10.4 bn, up from Rs 4.7 bn in the same period last year, while EBITDA climbed to Rs 1.2 bn from Rs 558 m YoY. The EBITDA margin, however, dipped slightly to 11.1% from 11.9% a year ago.

Raymond's real estate business posted revenue of Rs 5.7 bn, growing 135% YoY, and reported sales of Rs 5.6 bn for the quarter. The segment's EBITDA soared to Rs 1.1 bn in Q2 FY25, up from Rs 470 m a year ago.

The engineering business also performed robustly, with revenue climbing 121% YoY to Rs 4.4 bn, achieving an EBITDA margin of 11%. Growth was driven by strong domestic demand for flex plates, ring gears, and shaft bearings, though exports faced challenges from geopolitical and demand-related issues.
 

Dixon Technologies Incorporated a Subsidiary

Electronics hardware manufacturer Dixon Technologies Tuesday notified incorporation of a wholly-owned subsidiary Dixon Teletech to make components for IT hardware products.

The contract manufacturer is setting up facilities to ramp up laptop assembling under the production-linked incentive scheme for IT Hardware, with orders from the top four laptop brands in the country - HP, Lenovo, Acer, and Asus.

Dixon Technologies added that it subscribed to 10,000 equity shares of the new arm at a face value of Rs 10 each (at par) for a cash consideration of Rs 1 Lakh.

The development comes at a time when the contract manufacturer has reportedly set its eyes on establishing multiple facilities to ramp up the assembling of laptops to capitalize on the Centre's production-linked-incentive (PLI) 2.0 scheme for IT hardware products.

The company has emerged as a big local player in the electronics manufacturing space on account of consistently achieving its PLI targets and receiving incentives and subsidies from the government, especially for manufacturing smartphones. It already manufactures smartphones for Samsung, Motorola, Xiaomi, and Jio.

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