Parent company Honaearth’s consumer share soars 11%, rising 35% in just two days.
The share price of Mamaearth’s parent business, Honasa Consumer, surged by 11% in the afternoon of November 24, extending the upward trend into the following day. Since Jefferies added the personal care company to its model portfolio and kept its “buy” call on the stock, the share has increased by thirty-five percent in the past two days.
The stock was up 11.21 percent, or Rs 471.25, at 1:16 pm. Honasa Consumer reported earlier this week a doubling of net profit at Rs 30 crore and a 21 percent increase in revenue for the September quarter.
The firm raised the target price to Rs 530 and maintained its “buy” rating on Mamaearth. Additionally, the brokerage raised its EPS projections by 5–6%.
With the opening of an advanced logistics hub in Bengaluru, Gati shares rise 4%.
On November 24, when the firm unveiled an innovative mega surface trans-shipment centre and distribution warehouse (STCDW) in Bengaluru, shares of Gati jumped more than 4% to the day’s high of Rs 138 per share. As of 13:55 p.m., the S&P BSE Sensex was unchanged at 65,947.
This logistics company has dropped 8% over the last three months compared to a 1% increase in the benchmark Sensex. Previously, on September 14, Gati shares reached a 52-week high of Rs 177 per share.
Gati announced the opening of a cutting-edge, technologically advanced surface transshipment center and distribution warehouse in Mayasandra in Bengaluru, Karnataka, in an exchange filing dated November 24.
Biocon Places Large Bet on Novel Class of Weight-Losing Medication
According to a top corporate official, midcap pharma player Biocon Limited plans to use its strong position in peptide manufacturing to launch its first weight-loss-inducing medicine, glucagon-like peptide-1 (GLP-1), after the drug’s patent expires.
In addition to being used to treat type 2 diabetes, GLP-1 receptor agonist medicines have lately become more well-known due to their widespread use in weight reduction therapy.
Biocon CEO Siddharth Mittal stated in a Moneycontrol interview that the business intends to introduce its first GLP-1 weight-loss medication by 2025. It will be one among the first waves of injectables intended for weight loss to be introduced in the US and EU in CY25. He went on to say that Biocon is optimistic about the success of the injectable(s) given its current peptide synthesis capabilities.
According to Global Market Insights, the $14.2 billion global market for GLP-1 medications is expected to expand at a compound annual growth rate (CAGR) of 11.3 percent between 2023 and 2032.
Treasury rates rise as China drags down Asian equities
The dollar continued to weaken and Treasury yields slightly increased as Asian markets were pulled lower by Friday’s losses in China and the lack of direction from Wall Street, which was closed for Thanksgiving.
Europe is expected to experience a holiday slump, as seen by the mainly flat EUROSTOXX 50 futures. The Nasdaq and S&P 500 futures saw minimal changes as well.
In world affairs, a four-day ceasefire between Israel and Hamas began on Friday. Later in the day, the militants plan to free 13 Israeli women and children who have been held captive; aid would then trickle into the beleaguered Gaza Strip, marking the first break in the nearly seven-week-long conflict.
Despite a 0.6% decline, MSCI’s broadest index of Asia-Pacific stocks outside of Japan is still expected to rise by 0.8% per week. As investors were more certain that U.S. rates have peaked, the conversation shifted to the time and pace of rate decreases, and it increased by roughly 7% in November.
Hazoor Multi Projects secured a Rs 1,130-crore order win and locked in the upper circuit.
On November 24, Hazoor Multi Projects was placed in a 10% upper circuit following the award of a Rs 1,130 crore road project by its subsidiary. The National Stock Exchange was locking the stock at Rs 151.70.
A day earlier, Hazoor Multi Projects informed exchanges that the company has secured orders totaling Rs 1,130 crore to improve and reconstruct a portion of NH-66 in Ratnagiri.
By means of an endorsement agreement, it transferred the project to Hazoor Infra Projects, its subsidiary. The plan, which includes restoring and improving NH-66, notably the Arawali to Kante segment, to four lanes in Maharashtra’s Ratnagiri region, was approved by the Ministry of Road Transport & Highways.