Earnings: Transformers and Rectifiers India's March quarter profit fell 7.5 percent to Rs 7.6 crore compared to Rs 8.2 crore in year-ago.
Revenue from operations during the quarter jumped 30 percent to Rs 244.5 crore compared to Rs 188.2 crore in same period last year.
EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 10.7 percent to Rs 21.1 crore but margin contracted 150 basis points to 8.6 percent YoY.
May 29, 01:29 PM (IST)
Change in Top Management: Sources told CNBC-TV18 that the government may appoint SBI Managing Director B Sriram as MD of Bank Of India.
Bank Of India MD Dinabandhu Mohapatra may be asked to head Allahabad Bank, sources added.
May 29, 01:25 PM (IST)
May 29, 01:24 PM (IST)
Market Update: Benchmark indices extended losses amid consolidation in afternoon, with the Sensex falling 138.45 points to 35,027.03 and the Nifty declining 35.20 points to 10,653.50.
Banking stocks pulled the market lower. Nifty Bank index fell nearly 1 percent while the PSU Bank index dropped 2.6 percent.
May 29, 01:07 PM (IST)
Buzzing: Cords Cable Industries share price is locked at 5 percent upper circuit on winning 3 bulk orders amounting to Rs 40 crore.
The specialised control & instrumentation cables company has been awarded 3 bulk contracts towards designing, engineering & ‘supplying of Fire Resistant Signal Cables, Conventional Type instrumentation Cables and Power Cables to be used in the Hydrocarbon sector in the states of Haryana, Assam and Gujarat.
The combined total estimated value of the said contracts is Rs 40 crore, the company said in its filing.
May 29, 12:55 PM (IST)
Market Update: Benchmark indices as well as broader markets are in a consolidation mode after sharp rally seen in previous three consecutive sessions. Investors closely monitor the movement in crude oil prices and rupee.
The 30-share BSE Sensex declined 60.75 points to 35,104.73 and the 50-share NSE Nifty slipped 11.60 points to 10,677.10.
The rupee extends losses, falling 41 paise to 67.83 against the US dollar on fresh demand for the greenback from importers and banks.
PSU Bank index lost 2 percent as Bank of India shed 4 percent following loss in March quarter.
May 29, 12:36 PM (IST)
Earnings Reaction: State-run power equipment maker Bharat Heavy Electricals (BHEL) has reported more than double growth in March quarter profit at Rs 457.2 crore, driven by strong operational income.
Profit in the same quarter last fiscal stood at Rs 215.5 crore, the company said in its filing.
Revenue from operations during the quarter grew by 3.7 percent to Rs 10,144 crore compared to Rs 9,779.5 crore in corresponding period last year.
EBITDA (earnings before interest, tax, depreciation and amortisation) for the March quarter more than doubled to Rs 1,231.5 crore from Rs 568.7 crore while margin expanded 630 basis points to 12.1 percent compared to year-ago.
May 29, 12:22 PM (IST)
May 29, 12:21 PM (IST)
Settlement with Minority Investors: Reliance Infratel, a subsidiary of Reliance Communications has informed the NCLAT that an amicable settlement has been arrived at between it and minority investors holding 4.26 percent equity in the company, and consent terms will be filed shortly.
"The settlement with the minority investors paves the way for vacation of the stay granted by the NCLT on the sale of RITL''s tower and fibre assets, and will enable the company to proceed with asset monetisation of Rs 8,000 crore as soon as the company exits the debt resolution process under NCLT, for which its appeal, supported by all its lenders, is fixed for hearing today before NCLAT," it said.
May 29, 12:16 PM (IST)
Strategic Agreement: Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena signed a strategic agreement with Fifth Third Bank, a US regional banking corporation headquartered in Cincinnati, Ohio.
"This represents a big milestone for iGTB and the expansion of a customer footprint in the US," Manish Maakan, CEO, Intellect Global Transaction Banking (iGTB) said.
May 29, 12:11 PM (IST)
Change in Name: Drug firm Strides Shasun has sought shareholders' nod to change its name to Strides Pharma Science.
This is the second time in three years time, when the name of the company will change.
In November 2015, Strides Arcolab had changed its name to Strides Shasun post amalgamation of Shasun Pharmaceuticals with Strides Arcolab.
"Approval of the members is sought by way of a special resolution for the proposed name change of the company from Strides Shasun to Strides Pharma Science," Strides Shasun said in a postal ballot notice seeking approval of shareholders.
"Consequent to the demerger of the company from its Commodity API business to Solara, it is proposed to change the name of the company from," it added.
May 29, 11:52 AM (IST)
Market Update: The market continued to consolidate after rallying sharply in previous three consecutive sessions. Investors keenly monitor the movement in crude oil prices and rupee.
IOC, L&T, ITC, Reliance Industries and HDFC Bank supported the market while ICICI Bank, SBI, Infosys and HDFC are under pressure.
The rupee corrected sharply, falling 36 paise to 67.80 against the US dollar on fresh demand for the greenback from importers and banks.
The 30-share BSE Sensex rose 46.16 points to 35,211.64 and the 50-share NSE Nifty gained 20 points at 10,708.70.
May 29, 11:44 AM (IST)
Buzzing: Uflex share price rallied 16 percent despite sharp fall in March quarter profit.
Consolidated net profit dropped 27.6 percent year-on-year to Rs 71.1 crore, but revenue from operations grew by 12.2 percent to Rs 1,817.8 crore for the quarter ended March 2018.
EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 2.1 percent to Rs 223.5 crore, but margin contracted 120 basis points to 12.3 percent compared to same period last year.
May 29, 11:30 AM (IST)
Market Update: Benchmark indices gained some strength with the Nifty reclaiming 10,700 levels amid consolidation, driven by IOC, L&T, HDFC Bank, ITC and Reliance Industries.
The 30-share BSE Sensex rose 55.68 points to 35,221.16 and the 50-share NSE Nifty gained 21.80 points at 10,710.50.
About six shares advanced for every five shares falling on the BSE.
May 29, 11:22 AM (IST)
May 29, 11:02 AM (IST)
Rupee Update: The rupee weakened by 34 paise to 67.76 against the US dollar at the interbank forex market on fresh demand for the greenback from importers and banks.
Dealers attributed the rupee's fall to increased demand for the US currency from importers and foreign fund outflows. Besides, a lower opening of the domestic equity market too weighed on the rupee.
Yesterday, the rupee had surged by 35 paise to end at a new two-week high of 67.43 against the US dollar after a surprise crash in crude prices quickly faded near-term trade deficit and inflation worries.
May 29, 10:51 AM (IST)
Buzzing: Vista Pharmaceuticals share price is locked at 10 percent upper circuit after the company signed a non-disclosure agreement (NDA) to acquire a complex ANDA for UROCARE.
The US market size for this BRAND is $1.3 billion (Rs 8,840 crore) as per the latest IMS data.
This ANDA will be manufactured at another USFDA approved contract manufacturing facility (CMO) for 2 years, the company said.
The company already filed a complex ANDA in September 2017, targeting Cardialgy segment with a market size of $200 million (Rs 1,360 crore) as per latest IMS data.
This product has a limited competition in the market and hence the company is expecting good revenues and profits from this product, Vista said.
Buzzing: Share price of Housing & Urban Development Corporation (HUDCO) rose 5 percent as company recovered a substantial amount of Rs 317 crore in an old loan default case.
This is to inform you that, an old default case of a borrower has been substantially resolved after prolonged litigation, where HUDCO has received an amount of Rs 317 crore, against the dues of Rs 469.38 crore as on March 31, 2018, company said in release.
The meeting of board of directors of the company is proposed to be held on May 30, 2018 to consider, approve and take on record the audited financial statements (standalone and consolidated) for quarter & year ended March 31, 2018.
May 29, 10:13 AM (IST)
May 29, 10:01 AM (IST)
Buzzing: After being locked in lower circuit on Monday, shares of Manpasand Beverages continued to be locked in the same band today as well, as investors continued to be wary of corporate developments. This is despite the company trying to allay fears around the controversy surrounding its auditor, Deloitte, resigning abruptly.
The shares have lost 40 percent in this week based on two developments—resignation of its auditor and Board meeting on May 30 being cancelled.
On Monday evening, the company issued a statement to the exchanges, assuring investors that the situation involving Deloitte was ‘unfortunate’ but the decision was taken keeping in mind shareholders’ interest.
“Everything related to financial results announcement and the timing of this event is purely coincidental and has no direct correlation. The board meeting has been postponed and the new date will be announced shortly,” the company said in a filing to the exchanges. “This is just a minor hiccup and doesn't represent any long term business impact.”
The company on Monday had informed the NSE that a Board meeting, scheduled on May 30, 2018, which was supposed to consider results as well as dividend issue, was cancelled.
What could have added to the downfall is the company informing BSE on Sunday that its auditor Deloitte Haskins and Sells had resigned from the firm with immediate effect. It subsequently appointed M/s Mehra Goel and Co as the auditor of the firm.
May 29, 09:50 AM (IST)
Market Update: The market consolidates after sharp rally in previous three consecutive sessions, as investors monitor the movement in rupee and crude oil prices.
The broader markets also traded in line with frontliners while all sectoral indices are in the red barring IT and Auto.
Technology stocks are on buyers' radar after the rupee falls 28 paise to 67.70 against the US dollar.
The 30-share BSE Sensex rose 6.16 points to 35,171.64 and the 50-share NSE Nifty gained 1.80 points at 10,690.50.
May 29, 09:43 AM (IST)
Buzzing: Rural Electrification Corporation (REC) share price declined 2 percent after it reported a 37 percent decrease YOY in its March quarter net profit at Rs 834.79 crore, missing estimates due to an increase in provisions for bad loans.
A Reuters poll of equity analysts had estimated profits to fall marginally to Rs 1224.3 crore in the fourth quarter of FY18.
The company had posted profit of Rs 1319.2 crore in the fourth quarter of last fiscal.
Interest income saw a 5 percent drop YoY in Q4 to Rs 5,444.59 crore. Other income dropped to Rs 33.03 crore in Q4 from Rs 131.70 crore in the year ago period.
May 29, 09:32 AM (IST)
Earnings Reaction: Aurobindo Pharma share price fell 4 percent after it reported a marginal decline in its net profit at Rs 528.5 crore for the fourth quarter ended March 2018. The company had posted a net profit of Rs 532.5 crore during the same period of 2016-17 fiscal.
Revenue from operations, however, rose to Rs 4,049.1 crore for the fourth quarter, as compared with Rs 3,641.6 crore in the similar period of 2016-17 fiscal, Aurobindo Pharma said in a regulatory filing.
May 29, 09:25 AM (IST)
Buzzing: State-owned Oil India share price gained more than 3 percent after it reported a net profit of Rs 866.5 crore for the March quarter on the back of higher oil prices. The company had a net profit of Rs 19.31 crore in the January-March quarter of 2016-17 owing to one-time impairment it had taken.
In a statement, OIL said it got USD 64.93 per barrel for crude oil it produced in the January-March quarter of the fiscal 2017-18 as compared to USD 52.50 a barrel in the same period of the previous year.
Its output was however flat at 0.8 million tonnes while gas production was marginally lower at 0.7 billion cubic metres during the quarter under review.
OIL's turnover increased to Rs 3,784.91 crore in the March quarter, from Rs 3,308.98 crore a year ago. (With inputs from PTI)
May 29, 09:20 AM (IST)
Market Opening: Benchmark indices opened mildly lower on Tuesday morning due to profit booking after three-day run up.
The 30-share BSE Sensex fell 56.44 points to 35,109.04 and the 50-share NSE Nifty declined 21.90 points to 10,666.80.
L&T, Tech Mahindra, TCS, Infosys, HCL Technologies, M&M, Bajaj Finance and Coal India are gainers.
Bank of India and Aurobindo Pharma plunged 5 percent each.
Vedanta, Sun Pharma, Lupin and SBI are under pressure.
Nifty Bank lost 130 points and Nifty Midcap shed 65 points.
Manpasand Beverages slipped 20 percent for second consecutive session.
Venus Remedies, DB Realty, Kwality, Gravita, Mercator and Fortis Healthcare fell up to 7 percent.
Oil India, NMDC, Bajaj Hindusthan, Dhampur Sugar, Dwarikesh Sugar, Reliance Communications and Edelweiss Financial gained 2-5 percent.
May 29, 09:15 AM (IST)
Earnings: State-owned United Bank of India reported a net loss of Rs 260.62 crore for the fourth quarter ended March 2018 due to high non-performing assets (NPAs). The Kolkata-headquartered bank had reported a profit of Rs 73.56 crore in the January-March quarter of 2016-17.
The bank's total income was Rs 2,635.69 crore in the fourth quarter of the last fiscal, a marginal decline from Rs 2,672.88 crore in the similar quarter in the year-ago period, it said in a regulatory filing.
The gross NPAs of the bank stood at 24.1 percent of the assets at end-March 2018, up from 15.53 percent at end-March 2017.
Similarly, the net NPA jumped to 16.49 percent of loans compared to 10.02 percent at the end of March 2017, reports PTI.
May 29, 09:14 AM (IST)
Board Meet: Lenders of bankruptcy-hit Ruchi Soya are likely to meet again on May 30 to discuss bids submitted by Patanjali Ayurveda and Adani group which are in the race to acquire the Indore-based edible oil firm. A Committee of Creditors (CoC) today met to discuss the bids of these two companies.
Patanjali had revised its bids upwards to about Rs 4,300 crore, which is around 30 per cent higher than the Adani's offer. Patanjali has also assured the lenders that it would invest extra capital required to revive the company.
Sources said that the CoC is likely to meet on May 30 to consider both the bids and decide on voting.
Haridwar-based Patanjali group had emerged as the front runner with a bid of over Rs 4,000 crore to acquire Ruchi Soya.
May 29, 09:11 AM (IST)
Oil Price Hike: Petrol and diesel prices continue to soar and touched another peak on Monday. Petrol was hiked by 16 paise to Rs 86.24 per litre in Mumbai.
This is the 16th straight hike in a row. Diesel prices on the other hand, were hiked by 15 paise to Rs 73.79 per litre in Mumbai. Petrol prices in Delhi were increased by 16 paise to Rs 78.43 per litre and diesel by 14 paise to Rs 69.31 per litre.
Since the dynamic pricing system resumed on May 14, petrol and diesel prices have risen by Rs 3.8 and Rs 3.38 respectively in the last 16 days in Delhi.
May 29, 09:08 AM (IST)
Market Outlook: ICICI Securities
The short covering journey continued for a third day in a row with banking stocks taking the lead and helping broader indices to end with gains of over 80 points. As global crude oil prices started cooling off, oil marketing companies rose nearly 5 percent. Implied volatilities (IVs) also remained choppy due to which OTM writers got an added advantage. Nifty futures settled at an increased discount of 9 points with sharp decline in IVs. The highest Put base is still at the 10500 strike with 62 lakh shares while the highest Call base is at 10800 strike with 50 lakh shares.
The 1000 point rally in the past three days continued as the outperformance of banking stocks continued on Dalal Street. HDFC Bank, along with the PSU pack, lifted the index well above 26500. Looking at the Put option writing, we feel the support has shifted to 26200. The overall rally is likely to continue.
Earnings: Transformers and Rectifiers India's March quarter profit fell 7.5 percent to Rs 7.6 crore compared to Rs 8.2 crore in year-ago.
Revenue from operations during the quarter jumped 30 percent to Rs 244.5 crore compared to Rs 188.2 crore in same period last year.
EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 10.7 percent to Rs 21.1 crore but margin contracted 150 basis points to 8.6 percent YoY.
Change in Top Management: Sources told CNBC-TV18 that the government may appoint SBI Managing Director B Sriram as MD of Bank Of India.
Bank Of India MD Dinabandhu Mohapatra may be asked to head Allahabad Bank, sources added.
Market Update: Benchmark indices extended losses amid consolidation in afternoon, with the Sensex falling 138.45 points to 35,027.03 and the Nifty declining 35.20 points to 10,653.50.
Banking stocks pulled the market lower. Nifty Bank index fell nearly 1 percent while the PSU Bank index dropped 2.6 percent.
Buzzing: Cords Cable Industries share price is locked at 5 percent upper circuit on winning 3 bulk orders amounting to Rs 40 crore.
The specialised control & instrumentation cables company has been awarded 3 bulk contracts towards designing, engineering & ‘supplying of Fire Resistant Signal Cables, Conventional Type instrumentation Cables and Power Cables to be used in the Hydrocarbon sector in the states of Haryana, Assam and Gujarat.
The combined total estimated value of the said contracts is Rs 40 crore, the company said in its filing.
Market Update: Benchmark indices as well as broader markets are in a consolidation mode after sharp rally seen in previous three consecutive sessions. Investors closely monitor the movement in crude oil prices and rupee.
The 30-share BSE Sensex declined 60.75 points to 35,104.73 and the 50-share NSE Nifty slipped 11.60 points to 10,677.10.
The rupee extends losses, falling 41 paise to 67.83 against the US dollar on fresh demand for the greenback from importers and banks.
PSU Bank index lost 2 percent as Bank of India shed 4 percent following loss in March quarter.
Earnings Reaction: State-run power equipment maker Bharat Heavy Electricals (BHEL) has reported more than double growth in March quarter profit at Rs 457.2 crore, driven by strong operational income.
Profit in the same quarter last fiscal stood at Rs 215.5 crore, the company said in its filing.
Revenue from operations during the quarter grew by 3.7 percent to Rs 10,144 crore compared to Rs 9,779.5 crore in corresponding period last year.
EBITDA (earnings before interest, tax, depreciation and amortisation) for the March quarter more than doubled to Rs 1,231.5 crore from Rs 568.7 crore while margin expanded 630 basis points to 12.1 percent compared to year-ago.
Settlement with Minority Investors: Reliance Infratel, a subsidiary of Reliance Communications has informed the NCLAT that an amicable settlement has been arrived at between it and minority investors holding 4.26 percent equity in the company, and consent terms will be filed shortly.
"The settlement with the minority investors paves the way for vacation of the stay granted by the NCLT on the sale of RITL''s tower and fibre assets, and will enable the company to proceed with asset monetisation of Rs 8,000 crore as soon as the company exits the debt resolution process under NCLT, for which its appeal, supported by all its lenders, is fixed for hearing today before NCLAT," it said.
Strategic Agreement: Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena signed a strategic agreement with Fifth Third Bank, a US regional banking corporation headquartered in Cincinnati, Ohio.
"This represents a big milestone for iGTB and the expansion of a customer footprint in the US," Manish Maakan, CEO, Intellect Global Transaction Banking (iGTB) said.
Change in Name: Drug firm Strides Shasun has sought shareholders' nod to change its name to Strides Pharma Science.
This is the second time in three years time, when the name of the company will change.
In November 2015, Strides Arcolab had changed its name to Strides Shasun post amalgamation of Shasun Pharmaceuticals with Strides Arcolab.
"Approval of the members is sought by way of a special resolution for the proposed name change of the company from Strides Shasun to Strides Pharma Science," Strides Shasun said in a postal ballot notice seeking approval of shareholders.
"Consequent to the demerger of the company from its Commodity API business to Solara, it is proposed to change the name of the company from," it added.
Market Update: The market continued to consolidate after rallying sharply in previous three consecutive sessions. Investors keenly monitor the movement in crude oil prices and rupee.
IOC, L&T, ITC, Reliance Industries and HDFC Bank supported the market while ICICI Bank, SBI, Infosys and HDFC are under pressure.
The rupee corrected sharply, falling 36 paise to 67.80 against the US dollar on fresh demand for the greenback from importers and banks.
The 30-share BSE Sensex rose 46.16 points to 35,211.64 and the 50-share NSE Nifty gained 20 points at 10,708.70.
Buzzing: Uflex share price rallied 16 percent despite sharp fall in March quarter profit.
Consolidated net profit dropped 27.6 percent year-on-year to Rs 71.1 crore, but revenue from operations grew by 12.2 percent to Rs 1,817.8 crore for the quarter ended March 2018.
EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 2.1 percent to Rs 223.5 crore, but margin contracted 120 basis points to 12.3 percent compared to same period last year.
Market Update: Benchmark indices gained some strength with the Nifty reclaiming 10,700 levels amid consolidation, driven by IOC, L&T, HDFC Bank, ITC and Reliance Industries.
The 30-share BSE Sensex rose 55.68 points to 35,221.16 and the 50-share NSE Nifty gained 21.80 points at 10,710.50.
About six shares advanced for every five shares falling on the BSE.
Rupee Update: The rupee weakened by 34 paise to 67.76 against the US dollar at the interbank forex market on fresh demand for the greenback from importers and banks. Dealers attributed the rupee's fall to increased demand for the US currency from importers and foreign fund outflows. Besides, a lower opening of the domestic equity market too weighed on the rupee.
Yesterday, the rupee had surged by 35 paise to end at a new two-week high of 67.43 against the US dollar after a surprise crash in crude prices quickly faded near-term trade deficit and inflation worries.
Buzzing: Vista Pharmaceuticals share price is locked at 10 percent upper circuit after the company signed a non-disclosure agreement (NDA) to acquire a complex ANDA for UROCARE.
The US market size for this BRAND is $1.3 billion (Rs 8,840 crore) as per the latest IMS data.
This ANDA will be manufactured at another USFDA approved contract manufacturing facility (CMO) for 2 years, the company said.
The company already filed a complex ANDA in September 2017, targeting Cardialgy segment with a market size of $200 million (Rs 1,360 crore) as per latest IMS data.
This product has a limited competition in the market and hence the company is expecting good revenues and profits from this product, Vista said.
Market Update: Nifty IT outperforms led by Tech Mahindra; Rcom jumps 4%, PSU banks drag
The breadth of the market favoured advances, with 863 stocks advancing, 746 declining and 430 remaining unchanged. On BSE, 1102 stocks advanced, 845 declined and 82 remained unchanged.
Buzzing: Share price of Housing & Urban Development Corporation (HUDCO) rose 5 percent as company recovered a substantial amount of Rs 317 crore in an old loan default case.
This is to inform you that, an old default case of a borrower has been substantially resolved after prolonged litigation, where HUDCO has received an amount of Rs 317 crore, against the dues of Rs 469.38 crore as on March 31, 2018, company said in release.
The meeting of board of directors of the company is proposed to be held on May 30, 2018 to consider, approve and take on record the audited financial statements (standalone and consolidated) for quarter & year ended March 31, 2018.
Buzzing: After being locked in lower circuit on Monday, shares of Manpasand Beverages continued to be locked in the same band today as well, as investors continued to be wary of corporate developments. This is despite the company trying to allay fears around the controversy surrounding its auditor, Deloitte, resigning abruptly.
The shares have lost 40 percent in this week based on two developments—resignation of its auditor and Board meeting on May 30 being cancelled.
On Monday evening, the company issued a statement to the exchanges, assuring investors that the situation involving Deloitte was ‘unfortunate’ but the decision was taken keeping in mind shareholders’ interest.
“Everything related to financial results announcement and the timing of this event is purely coincidental and has no direct correlation. The board meeting has been postponed and the new date will be announced shortly,” the company said in a filing to the exchanges. “This is just a minor hiccup and doesn't represent any long term business impact.”
The company on Monday had informed the NSE that a Board meeting, scheduled on May 30, 2018, which was supposed to consider results as well as dividend issue, was cancelled.
What could have added to the downfall is the company informing BSE on Sunday that its auditor Deloitte Haskins and Sells had resigned from the firm with immediate effect. It subsequently appointed M/s Mehra Goel and Co as the auditor of the firm.
Market Update: The market consolidates after sharp rally in previous three consecutive sessions, as investors monitor the movement in rupee and crude oil prices.
The broader markets also traded in line with frontliners while all sectoral indices are in the red barring IT and Auto.
Technology stocks are on buyers' radar after the rupee falls 28 paise to 67.70 against the US dollar.
The 30-share BSE Sensex rose 6.16 points to 35,171.64 and the 50-share NSE Nifty gained 1.80 points at 10,690.50.
Buzzing: Rural Electrification Corporation (REC) share price declined 2 percent after it reported a 37 percent decrease YOY in its March quarter net profit at Rs 834.79 crore, missing estimates due to an increase in provisions for bad loans.
A Reuters poll of equity analysts had estimated profits to fall marginally to Rs 1224.3 crore in the fourth quarter of FY18.
The company had posted profit of Rs 1319.2 crore in the fourth quarter of last fiscal.
Interest income saw a 5 percent drop YoY in Q4 to Rs 5,444.59 crore. Other income dropped to Rs 33.03 crore in Q4 from Rs 131.70 crore in the year ago period.
Earnings Reaction: Aurobindo Pharma share price fell 4 percent after it reported a marginal decline in its net profit at Rs 528.5 crore for the fourth quarter ended March 2018. The company had posted a net profit of Rs 532.5 crore during the same period of 2016-17 fiscal.
Revenue from operations, however, rose to Rs 4,049.1 crore for the fourth quarter, as compared with Rs 3,641.6 crore in the similar period of 2016-17 fiscal, Aurobindo Pharma said in a regulatory filing.
Buzzing: State-owned Oil India share price gained more than 3 percent after it reported a net profit of Rs 866.5 crore for the March quarter on the back of higher oil prices. The company had a net profit of Rs 19.31 crore in the January-March quarter of 2016-17 owing to one-time impairment it had taken.
In a statement, OIL said it got USD 64.93 per barrel for crude oil it produced in the January-March quarter of the fiscal 2017-18 as compared to USD 52.50 a barrel in the same period of the previous year.
Its output was however flat at 0.8 million tonnes while gas production was marginally lower at 0.7 billion cubic metres during the quarter under review.
OIL's turnover increased to Rs 3,784.91 crore in the March quarter, from Rs 3,308.98 crore a year ago. (With inputs from PTI)
Market Opening: Benchmark indices opened mildly lower on Tuesday morning due to profit booking after three-day run up.
The 30-share BSE Sensex fell 56.44 points to 35,109.04 and the 50-share NSE Nifty declined 21.90 points to 10,666.80.
L&T, Tech Mahindra, TCS, Infosys, HCL Technologies, M&M, Bajaj Finance and Coal India are gainers.
Bank of India and Aurobindo Pharma plunged 5 percent each.
Vedanta, Sun Pharma, Lupin and SBI are under pressure.
Nifty Bank lost 130 points and Nifty Midcap shed 65 points.
Manpasand Beverages slipped 20 percent for second consecutive session.
Venus Remedies, DB Realty, Kwality, Gravita, Mercator and Fortis Healthcare fell up to 7 percent.
Oil India, NMDC, Bajaj Hindusthan, Dhampur Sugar, Dwarikesh Sugar, Reliance Communications and Edelweiss Financial gained 2-5 percent.
Earnings: State-owned United Bank of India reported a net loss of Rs 260.62 crore for the fourth quarter ended March 2018 due to high non-performing assets (NPAs). The Kolkata-headquartered bank had reported a profit of Rs 73.56 crore in the January-March quarter of 2016-17.
The bank's total income was Rs 2,635.69 crore in the fourth quarter of the last fiscal, a marginal decline from Rs 2,672.88 crore in the similar quarter in the year-ago period, it said in a regulatory filing.
The gross NPAs of the bank stood at 24.1 percent of the assets at end-March 2018, up from 15.53 percent at end-March 2017.
Similarly, the net NPA jumped to 16.49 percent of loans compared to 10.02 percent at the end of March 2017, reports PTI.
Board Meet: Lenders of bankruptcy-hit Ruchi Soya are likely to meet again on May 30 to discuss bids submitted by Patanjali Ayurveda and Adani group which are in the race to acquire the Indore-based edible oil firm. A Committee of Creditors (CoC) today met to discuss the bids of these two companies.
Patanjali had revised its bids upwards to about Rs 4,300 crore, which is around 30 per cent higher than the Adani's offer. Patanjali has also assured the lenders that it would invest extra capital required to revive the company.
Sources said that the CoC is likely to meet on May 30 to consider both the bids and decide on voting.
Haridwar-based Patanjali group had emerged as the front runner with a bid of over Rs 4,000 crore to acquire Ruchi Soya.
Oil Price Hike: Petrol and diesel prices continue to soar and touched another peak on Monday. Petrol was hiked by 16 paise to Rs 86.24 per litre in Mumbai.
This is the 16th straight hike in a row. Diesel prices on the other hand, were hiked by 15 paise to Rs 73.79 per litre in Mumbai. Petrol prices in Delhi were increased by 16 paise to Rs 78.43 per litre and diesel by 14 paise to Rs 69.31 per litre.
Since the dynamic pricing system resumed on May 14, petrol and diesel prices have risen by Rs 3.8 and Rs 3.38 respectively in the last 16 days in Delhi.
Market Outlook: ICICI Securities
The short covering journey continued for a third day in a row with banking stocks taking the lead and helping broader indices to end with gains of over 80 points. As global crude oil prices started cooling off, oil marketing companies rose nearly 5 percent. Implied volatilities (IVs) also remained choppy due to which OTM writers got an added advantage. Nifty futures settled at an increased discount of 9 points with sharp decline in IVs. The highest Put base is still at the 10500 strike with 62 lakh shares while the highest Call base is at 10800 strike with 50 lakh shares.
The 1000 point rally in the past three days continued as the outperformance of banking stocks continued on Dalal Street. HDFC Bank, along with the PSU pack, lifted the index well above 26500. Looking at the Put option writing, we feel the support has shifted to 26200. The overall rally is likely to continue.