The broader markets, too, remained under pressure with modest losses.
12:40 pm Motherson Sumi loses ground: Auto ancillary company Motherson Sumi Systems has registered a whopping 62.5 percent growth in net profit at Rs 266 crore compared to Rs 163.7 crore in same quarter last fiscal. However, the stock lost nearly 5 percent as it missed analysts' expectations on every count.
According to average of estimates of analysts polled by CNBC-TV18, profit was expected at Rs 306 crore (up 87 percent) on revenue of Rs 9,534 crore (up 13.6 percent) for the quarter.
Revenue increased by 11.8 percent to Rs 9,384.8 crore in June quarter compared to Rs 8,391.5 crore in the year-ago period.
Operating profit (earnings before interest, tax, depreciation and amortisation) climbed 14.6 percent year-on-year to Rs 833 crore with margin expansion of 24 basis points at 8.9 percent. Analysts had estimated operating profit of Rs 900 crore and margin at 9.4 percent.
12:20 pm Bajaj Electricals on fire: Bajaj Electricals surpassed analysts’ expectations Thursday with first quarter net profit at Rs 20.3 crore, up 3.6 times over Rs 5.6 crore in the year-ago period, driven by strong operational performance. The stock price rallied 7 percent intraday post earnings.
Net profit was estimated at Rs 16.5 crore on revenue of Rs 977 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
Revenue grew by 13.7 percent Rs 1,009 crore compared to Rs 887.6 crore in the corresponding quarter of last fiscal.
Operating profit (earnings before interest, tax, depreciation and amortisation) shot up 63.6 percent year-on-year to Rs 60 crore and margin expanded by 190 basis points to 6 percent in the quarter gone by. Analysts had expected operating profit of Rs 53.8 crore and margin at 5.5 percent for the quarter.
12:00 pm Market Check
The market fell marginally amid consolidation in noon trade. The 50-share NSE Nifty held 8550 level led by support from pharma and cement stocks, down 12.75 points to 8555.
The 30-share BSE Sensex declined 46.36 points to 28176.72, dragged by banking & financials and FMCG stocks. The broader markets, too, remained under pressure with modest losses.
Global investors remained bullish on India story. Adrian Lim of Aberdeen said India is relatively attractive among other emerging markets. Adrian Mowat of JP Morgan feels Indian market can sustain high valuations.
Dr Reddy's Labs topped the buying list, up more than 2 percent to hit a new high. Brokerage CLSA has reiterated its buy rating on the stock with a target of Rs 4,875. Additionally, the company announced a strategic collaboration with Amgen in India.
Lupin rallies 1.6 percent while ICICI Bank lost nearly 1 percent. ITC plunged 2 percent and Coal India declined 1.6 percent.
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