Moneycontrol Bureau
The market struggled to hold its feet firm amidst a volatile session. The Sensex ended down 50.45 points at 27440.14 and the Nifty was down 11.25 points at 8320.70. Metal stocks jumped with top gainers like Vedanta and Tata Steel. ONGC, Hindalco and HUL were other gainers in the Sensex.
While there is a natural bias to look for reversals/ profit-taking opportunities following recent gains, Sunil Garg, JPMorgan feels believes staying in a trend for as long as possible is a proven profitable strategy.
So, which stocks made the most noises on Dalal Street.
The smallcap IT company zoomed 20 percent despite registering a loss of Rs 17.5 crore in Q4. What ate into its earnings is a Rs 80 crore exceptional expense. Its revenue, however, beat estimates by growing 2.7 percent sequentially to Rs 611.2 crore. (Read more)
With a superb performance in March quarter, the private sector lender ended with over 6 percent gains. Its Q4 standalone net profit grew 29.4 percent year-on-year to Rs 527 crore led by other income and operating profit. Asset quality of the bank also improved despite higher provisions and the bank decided to issue bonus shares in the ratio of 1:1. (Read more)
Investors continued to buy shares of Sun Pharmaceutical Industries as brokerages bet on its subsidiary Taro's performance. CLSA retains high conviction buy on Sun with target of Rs 1,130. (Read more)
Shares of the micro-finance lender rallied as its March quarter results impressed investors. The lender’s net profit grew 49 percent in Q4 to Rs 40.54 crore, while net interest income rose 47.6 percent. Brokerages feel that a bank license if granted by RBI will be a game changer for the stock. (Read more)
The stock was stuck in upper circuit at Rs 163.90 per share for second consecutive day as group company Aditya Birla merged its apparel businesses into a Rs 5,290 crore entity named Aditya Birla Fashion and Retail.
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