Live: Sensex Up 600 Points; L&T Gains 4% Post Q4

Live: Sensex Up 600 Points; L&T Gains 4% Post Q4
A bear and a bull statue stand outside the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt, Germany> (Photographer: Peter Juelich/Bloomberg)

Live: Sensex Up 600 Points; L&T Gains 4% Post Q4

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Earnings Reaction: Exide Industries

The battery-maker reported a 20% decline in net profit for the quarter ending March on a year-on-year basis.

The company's topline too saw a de-growth of 21% owing to a decline seen in both of its segments.

Both storage batteries and life insurance business dragged during the quarter due to slowdown in the auto space and the impact of Covid-19.

Ebitda fell 27.6% while margins declined to 13.2% from 14.4% in the previous year.

Shares fell as much as 8.6% - the most in nearly three months to Rs 158.30.

Earnings Reaction: Larsen & Toubro

The infrastructure conglomerate did not give a guidance for FY21 after missing its FY20 order inflow guidance.

Consolidated order book of the company rose 4% while order inflow during the quarter ended March increased 5%.

Hydrocarbon, I.T. and Technology along with Financial Services division saw an increase in revenue while the rest of the segments saw a de-growth.

Ebitda was little changed while margins declined to 11.6% from 12.2% owing to higher employee expenses.

Brokerage firms like Jefferies, JPMorgan and Centrum have retained their bullish ratings on the stock, betting on the progress towards normalisation of operations.

Shares gained as much as 4.2% to Rs 995, to their highest level in nearly three months.

Large Trade Alert: JSW Energy

52.15 lakh shares of the power company exchanged hands in a single large trade, according to Bloomberg data.

Buyers and sellers in the trade remain unknown. The deal took place during the pre-market block window.

Shares gained as much as 7.2% to Rs 47.5 and are trading at the highest level in nearly three months.

Stock Reaction: IndusInd Bank

Shares of the private lender gained after the promoters of the bank informed that they will acquire shares from the open market in India, within the overall regulatory prescribed manner.

IndusInd International Holdings and IndusInd Ltd., the promoters of the bank currently hold 14.68% of the paid-up share capital of the bank, the bank said in a statement.

Promoters are allowed to increase stake in the bank up to 15%.

The stock gained as much as 7.97% to Rs 456, post the announcement and is up for the second straight day. It is also trading at its highest level in over a month.

It is also the top performing stock on the Nifty 50 index.

Aiding The Nifty Gains