BSE Sensex, Nifty firm; HDFC drops 3.5% post weak Q1 NIM

Moneycontrol Bureau
Live Market Commentary

03:02pm Bajaj Auto Boardroom
Managing director Rajiv Bajaj says that the company has not lost any material market share on year-on-year basis. "We have 46 percent market share in the sports segment," he adds.
"We are working on 6 new variations of the Discover and all launches will be under the Umbrella brand Discover. A big launch in Discover brand is lined up for September 2013," Bajaj said. 02:59pm Results corner
Hindustan Media Ventures' April-June quarter net profit jumped 57 percent year-on-year to Rs 30.3 crore and net sales grew by 13.2 percent Y-o-Y to Rs 177.3 crore. Shares gained 2.6 percent. 02:50pm Earnings - eClerx Services' first quarter consolidated net profit grew by 28 percent quarter-on-quarter to Rs 61.7 crore, blostered by other income of Rs 11 crore. Income from operations increased to Rs 190 crore from Rs 174.3 crore Q-o-Q. The stock gained 1.6 percent amid hefty volumes. Also Read - Weak Indian bond auction signifies yield confusion 02:40pm HDFC shares plunged 3.5 percent after its net interest margin dropped to 3.9 percent in first quarter from 4.2 percent in previous quarter.
Net profit rose lower than expected 17 percent year-on-year to Rs 1173 crore as against analysts' forecast of Rs 1200 crore for the quarter.
Gross non-performing asset (NPA) increased to 0.77 percent in June quarter versus 0.7 percent in a year ago period. Also Read - TCS at record high: 7 brokerages advise how to trade it post Q1 02:30pm Equity benchmarks remained flat to positive while the broader markets slipped marginally. Technology, telecom, auto, FMCG and oil & gas stocks gained whereas financials, capital goods, power and metals stocks are under pressure.
The BSE Sensex is up 68.85 points at 20197.26, and the Nifty is up 5.10 points at 6043.15.
TCS shares gained more than 5 percent on strong first quarter earnings followed by Bajaj Auto, Hero MotoCorp, Tata Motors and HCL Technologies with 3-4 percent gains.
However, state-owned capital goods major BHEL crashed 7 percent as concerns persist on additional order cancellations, sustained weak inflows, reduction in cash flow and margin pressure.
IndusInd Bank, Sterlite Industries, Axis Bank, Jindal Steel and Ranbaxy Labs fell 3.5-4.5 percent.