Comments
Shares of Dr. Reddy's Labs ended the session down by 3.62 per cent ahead of release of quarterly earnings on Tuesday.
The drugmaker stock earlier fell as much as 3.75 per cent in its biggest percentage loss in nearly four months.
The stock was the top percentage loser on the NSE index.
The company is expected to report June quarter consolidated profit of Rs 495 crore ($73.59 million) on Tuesday, according to StarMine data, down from Rs 626 crore a year ago
StarMine's SmartEstimates, which aggregates the views of top-ranked analysts, sees net profit at Rs 493 crore.
During the previous earnings' season, the company stated it could see another challenging year in the United States, its biggest market, where business has been hurt by regulatory scrutiny and fewer new drug approvals.
Of 40 analysts covering the stock, 16 have a “buy” or higher rating, 18 “hold” and six “sell” or below, according to Thomson Reuters data.
Equitas Holdings surges
Shares of financial services provider Equitas Holdings today ended the session higher by nearly 3 per cent as the company reported a 64 per cent jump in consolidated net profit for the first quarter of 2016-17 financial year.
The stock went up by 2.7 per cent to Rs 186.65 on the BSE. On the NSE, the scrip surged 2.44 per cent to Rs 186.50.
The stock hit an intra-day high of Rs 192 and low of Rs 185.15 on the BSE.
Equitas Holdings had on Friday reported 64 per cent jump in consolidated net profit at Rs 61.2 crore for the first quarter of 2016-17 financial year.
Its net profit stood at Rs 37.4 crore in the corresponding April-June quarter of 2015-16.
“Total income increased by 46 per cent at Rs 348.8 crore for the quarter ended June 30, 2016 as against Rs 239.3 crore in the corresponding quarter last year,” it said in a release.
Rallis India soars
Shares of agri-input firm Rallis India ended higher by over 4 per cent after the company posted a four-fold jump in consolidated net profit for the quarter ended June 30.
After opening the day with smart gains, the scrip further jumped 7.53 per cent to Rs 224.90 on the BSE.
On the NSE, it rose 7.65 per cent to Rs 224.90.
At the closing trade, the stock was up 4.4 per cent at Rs 218.35 on the BSE. On the NSE, the stock closed higher by 4.16 per cent at Rs 217.60.
Tata group’s Rallis India on Friday had reported a four-fold jump in consolidated net profit at Rs 174.20 crore for the quarter ended June 30, 2016.
The company had posted a net profit of Rs 42.39 crore in the year-ago period.
Total income increased to Rs 469.61 crore during the period from Rs 438.72 crore in the corresponding period of the previous year, Rallis India had said in a BSE filing.
The company’s net profit rose sharply on account of an exceptional profit of Rs 158.39 crore during the April-June quarter, comprising sale of leasehold rights of land in Navi Mumbai to IKEA India Pvt Ltd.
Rallis India is a subsidiary of Tata Chemicals with business presence in the farm essentials vertical. It is into seeds, agro-chemicals, plant growth nutrients and agri-services.
Axis Bank plummets
Shares of Axis Bank today wiped off their initial losses and ended the session marginally higher.
The stock went down 4.19 per cent to Rs 515 on the BSE as the company reported a steep 21 per cent decline in net profit for the three months to June.
On the NSE, it lost 3.57 per cent to Rs 518.50.
At the closing trade, the stock was up 0.14 per cent at Rs 538.30 on the BSE. On the NSE, the scrip gained 0.37 per cent at Rs 539.70.
Axis Bank had on Friday reported a steep 21 per cent decline in net profit at Rs 1,555.5 crore for the three months to June, roiled by a more than doubling of its bad loan provisions, higher operating expenses (opex) towards branch expansion and the resultant salary outgo.
It had earned a net profit of Rs 1,978.44 crore in the April-June quarter of the last fiscal, Axis Bank had said in a statement.
“Decline in profit is driven by slippages from the watch list, which led to a rise in both gross NPA as well as net NPA levels to 2.54 per cent and 1.08 per cent, respectively, in the reporting quarter.
“Another reason for the dip in profit is the higher salary outgo and investment into branches which led to a 23 per cent increase in operating expenses,” Deputy Managing Director V Srinivasan had said in a post-earnings concall.
Gross NPA in absolute term more than doubled to Rs 9,553 crore from Rs 4,251 crore as of end June. Of this, NPA provisions stood at Rs 1,823 crore against Rs 1,046 crore a year-ago and Rs 906 crore in the March quarter of last fiscal.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.