Aug 08, 2013 11:00 AM IST | Source: Moneycontrol.com

Nifty hovers around 5520; Q1 earnings lift Bharat Forge 9%

Bharat Forge shares rallied 8.5 percent on higher-than-expected earnings during April-June quarter. Net profit fell to Rs 90.6 crore from Rs 105.2 crore and revenue declined to Rs 791.6 crore from Rs 936.4 crore year-on-year. Analysts had expected it to report net profit of Rs 56 crore on revenues of Rs 690 crore.

Nifty hovers around 5520; Q1 earnings lift Bharat Forge 9%

Moneycontrol Bureau

10:40am Buzzers

Tata Motors gained nearly 2 percent post strong earnings from Jaguar Land Rover Wednesday. Macquarie maintained its outperform rating on the stock with a target price of Rs 380 and raised FY14 EPS by 9-11 percent.

Goldman Sachs reiterated its buy rating on the stock, but cut target price marginally to Rs 366 while CLSA reiterated a buy rating with a target price of Rs 380.

Ranbaxy Labs surged 8.6 percent post earnings. Citi maintained its buy rating on the stock with a target price of Rs 650, but mentioned that it is a high risk stock currently. Second quarter results were better-than-expected at the operating level, with more than 10 percent revenue growth (ex- exclusivities), better EBITDA margin at 7.4 percent (up 124 bps Q-o-Q) and strong Q-o-Q growth in US generics being the key encouraging signs. Citi maintained that there are enough signs that a turnaround is under way, albeit at a slower pace than we expected earlier.

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10:15am The market is completely lacklustre in morning trade on lack of trigger globally and locally, but the midcaps and smallcaps outperformed benchmarks with 0.5 percent gains.

The BSE Sensex is down 28.47 points at 18636.41, and the NSE Nifty is down 2.35 points at 5516.75. Advancing shares outpaced declining ones by 858 to 491 on the Bombay Stock Exchange.

Bharat Forge shares rallied 8.5 percent on higher-than-expected earnings during April-June quarter. Net profit fell to Rs 90.6 crore from Rs 105.2 crore and revenue declined to Rs 791.6 crore from Rs 936.4 crore year-on-year. Analysts had expected it to report net profit of Rs 56 crore on revenues of Rs 690 crore.

Fortis Healthcare gained one percent. The board of directors today approved allotment of FCCBs worth USD 30 million.

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