Live: Sensex, Nifty Volatile; HCL Tech, Tata Steel Top Losers
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SBI Falls After Q4 Results Announcement
Shares of SBI erased gains and fell as much as 2.3 percent to Rs 292.45 after its March quarter’s profit missed estimates.
The PSU bank reported a net profit of Rs 840 crore during January-march period compared to a loss of Rs 7,718 crore clocked during the year ago period, according to its stock exchange filing. The analysts surveyed by Bloomberg expected the lender to report a profit of Rs 4,840 crore.
Key Earnings Highlights (Q4, YoY)
- Net interest income up 15 percent to Rs 22,954 crore.
- GNPA at 7.53 percent versus 8.71 percent (QoQ).
- NNPA at 3.01 percent versus 3.95 percent (QoQ).
Strides Pharma Q4 Profit Falls 91%
Strides Pharma Science Ltd.’s profit in the three months ended March fell 91 percent on a yearly basis to Rs 47.51 crore. Its revenue rose 25.3 percent year-on-year to Rs 839.7 crore.
Shares of the pharmaceutical company rose 2.8 percent to Rs 497.90 after the results announcement.
Tata Steel Erases Gain, Falls Nearly 5%
Shares of Tata Steel erased gains and fell as much as 4.9 percent to Rs 493.75, the lowest in over two months.
Thyssenkrupp expects the joint venture with Tata Steel to fail, Reuters reported, quoting unidentified people. Thyssenkrupp now mulls a holding structure and separation or listing of its elevator operations, the report added.
PSU Banks Rally, Oriental Bank Gains Over 3%
The NSE Nifty PSU Bank rallied in today’s trade, led by the gains in Oriental Bank of Commerce.
Investors In Nifty Stocks Lose Rs 3.22 Lakh Crore In Seven Days
Investors in Nifty 50 companies lost Rs 3.22 lakh crore as U.S. President Donald Trump’s tariff war escalation added to uncertainty caused by the general election.