Gland Pharma plunges 20 percent post Q4 earnings, LT Foods shines in Q4 results

Indian Markets:

• The domestic equity market remains resilient despite global concerns over a potential recession and slower economic growth worldwide.
• Overseas investors are showing renewed interest in the local market, providing some support to the market sentiment.
• The US debt limit discussions are being closely watched as they hold significance for the US and global markets.
• Although the US developments may have a short-term impact on market volatility, the overall outlook remains positive for the domestic equity market.

Global Markets:

• Shares in Europe and Asia advanced on Friday, driven by positive developments in U.S. debt ceiling negotiations.
• The United States and Taiwan have reached an agreement on several trade matters, marking a significant milestone in their bilateral 21st Century Trade initiative. US trade representative Katherine Tai commented, This accomplishment represents an important step forward in strengthening the U.S.-Taiwan economic relationship.
• On Thursday, U.S. stocks closed higher for the second consecutive day, fueled by growing optimism surrounding the potential resolution of the U.S. debt ceiling issue. Discount retailer Walmart Inc also contributed to the positive market sentiment with an encouraging annual sales forecast.

Stocks in Spotlight:

• NTPC witnessed a slight decline in its share prices ahead of the announcement of its Q4 earnings. The company is anticipated to disclose standalone net sales of approximately Rs 39,770.8 crore, reflecting a 21 percent YoY growth, albeit a 4 percent QoQ decline. Although the net profit is projected to decline by 14 percent YoY to Rs 4,861.8 crore, there is a possibility of a sequential growth of 9 percent, as suggested by Kotak Institutional Equities. 
• Gland Pharma witnessed a significant drop in its share prices, plunging by almost 20 percent. This decline came after the company reported disappointing earnings for the fourth quarter, resulting in the stock hitting its lowest level in 52 weeks. The pharmaceutical firm experienced a staggering 72.5 percent year-on-year decrease in net profit for the March quarter, amounting to Rs 78.6 crore, primarily attributed to a nearly 29 percent decline in revenue. The decline in topline is due to the high base of COVID-related sales in the previous year and a production shutdown at the Pashamylaram Penems facility for line upgradation. 
• LT Foods ended the trading session on a positive note, witnessing a surge in investor interest following the company’s impressive performance in the March quarter. LT Foods showcased a strong financial performance during Q4. The company experienced significant growth across key indicators, including profit, revenue, and profitability.

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