Indices close in red; Nifty end below 8,400-mark
Shares of Havells India dropped over 2% despite the company reported 27% rise in Q3 net profit. The company posted a net profit of Rs 153 crore during December 2016 quarter as against Rs 120 crore during the same period last year.
At 1513 hours the shares of the company were trading at Rs 373.25 per piece, down 2.12% or Rs 8.10 on BSE.
On 30-share benchmark, among top gainers were NTPC (1.32%), Sun Pharma (0.99%), TCS (0.98%), Hindustan Unilever (0.96%) and Asian Paint (0.94%). Among losers were Reliance Industries (-2.04%), Adani Ports (-0.73%), Tata Steel (-0.48%), Lupin (-0.16%) and HDFC (-0.11%).
ICICI Prudential Life Insurance Company on Tuesday informed exchange that the company has completed the stake purchase in Fino PayTech for Rs 100 crore. The company will be holding 8.4% stake in technology based solutions providing company.
At 0923 hours the shares of ICICI Pru were trading at Rs 332.45 per piece, up 0.53% or Rs 1.75 on BSE.
Stocks in Focus: Reliance Industries: The company on Monday missed analysts' estimates by reporting 3.60% year-on-year (yoy) rise in consolidated net profit for third quarter ended on December 31,2016.
Tata Global Beverages: Tata Global Beverages Ltd (TGBL) will be selling its stake in joint venture Zhejiang Tata Tea Extraction Company for Rs 33 crore. The board of TGBL approved the decision to divest its stake in its JV. This means that the company is finally exiting its China operations.
Havells India: The company will be announcing its financial results for the quarter ended on December 31.
HCL Tech: Ahead of its quarterly results announcement, the exchange on Monday had sought clarification on a law suit filed against its wholly owned subsidiary, HCL America Inc. Replying to them, in a regulatory filing, the company confirmed that a California based corporation has made certain allegations but those claims are 'baseless'.