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TOP CORPORATE NEWS- 1 FEB 2019

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Dr Reddys Laboratories Ltd’s Q3FY19 consolidated net profit rises 45.1% yoy to Rs485.20cr : Beats Estimates Dr. Reddys Q3FY19 revenue grew by 1.2% yoy to Rs3,850cr. EBITDA grew by 7.4% yoy to Rs865.3cr in Q3FY19 vs. Rs805.5cr in Q3FY18 and Rs684.6cr in Q2FY19. EBITDA margins stood at 22.5% in Q3FY19 vs. 22.8% in Q2FY19 and 21.2% in Q3FY18. PAT grew by 45% yoy to Rs485.2cr in Q3FY19 vs. Rs334.4cr Q3FY18. The result is above our expectations and overall growth and margins are higher due to tight cost control.

Markets give a thumbs up to Union Budget, Nifty Futures hit 11,000 level
Indian benchmark indices witnessed a sharp rally on the opening day of the February F&O expiry as across-the-board buying was witnessed in major Nifty heavyweights.

Nifty Futures saw an intraday high of 11,023, with the index managing to close 63 points higher as margin profit booking weighed in. Nifty Pharma was among the outperformers, gaining ~2% at the close backed by strong earnings posted by Dr Reddys.

Fiscal deficit pegged at 3.4% of GDP for FY19-20: FM Piyush Goyal
The Interim Budget 2019-20 has pegged the fiscal deficit for the year 2019-20 at 3.4% of GDP. While presenting the Interim Budget 2019-20 in Parliament, Union Minister for Finance, Corporate Affairs, Railways and Coal, Piyush Goyal said,The estimate of incomes and expenditure which I am presenting today, pegs the fiscal deficit of year 2019-20 at 3.4% of GDP.

Ashok Leyland jumps 3% on strong January volume figures
Ashok Leyland Limited (ALL) reported 9% yoy volume growth (27% mom volume growth) for the month of January 2019. Total sales were 19,741 units in January 2019 vs 18,101 units in January 2018 and 15,493 units in December 2018. The volume number surpassed BloombergQuint poll estimate of 16,000 units for January 2019. The volume growth came on a strong base of January 2018, when the company had seen 22% yoy volume growth. The company managed to log growth after declines of 9% yoy and 20% yoy in November 2018 and December 2018 respectively. The stock of ALL reacted sharply to the announcement, gaining ~5% at the high point of the day and settling close to 3% in the positive.

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