LIVE: Sensex, Nifty marginally down; Idea jump 7%
Shares of Housing Development Finance Corp trade marginally up post its announcement of financial result for the quarter ended on December 31. The company surpassed analyst estimates by reporting 12% year-on-year rise in net profit in its third quarter ended December 31, 2016.
The housing finance service provider reported standalone net profit of Rs 1701.21 crore, a rise of 11.88% from Rs 1520.51 crore in the corresponding period of the previous year.
At 1257 hours the shares of the company were trading at Rs 1372 per piece, up 0.09% or Rs 1.30 on BSE.
Shares of Godrej Consumer Products despite weak Q3 result. The company's net profit during the quarter ended on December 31, drop by 4% to Rs 352 crore as against Rs 368 crore during the same period last year.
At 1254 hours the shares of the company were trading at Rs 1571.15 per piece, up 1.33% or Rs 20.60 on BSE.
Shares of Aditya Birla Nuvo jumped after the media reports which said that Kumar Mangalam Birla, chairman of Aditya Birla Group, increased his stake in Aditya Birla nuvo to 62.77%.
At 1043 hours the shares of the company were trading at Rs 1406.45 per piece, up 2.77% or Rs 37.95 on BSE.
The rupee gave up 5 paise to trade 68.08 against the US dollar in early session today, snapping its 3-day winning run, owing to month-end demand for the American currency from importers amid a lower opening in the stock market.
Forex dealers said increased demand for the US currency from importers put a squeeze on the rupee, but dollar's weakness against other currencies overseas capped the fall, a PTI report said.
Tata Coffee share price dropped after the company on registered 3.41% decline in consolidated net profit during the quarter ended on December 31. The company's net profit was Rs 41.01 crore as against Rs 42.46 crore during the same period a year ago.
At 0942 hours the shares of the company were trading at Rs 123 per piece, down 2.38% or Rs 3 on BSE.
At 0930 hours, on 30-share benchmark, among top gainers were Bharti Airtel (3.42%), ICICI Bank (1.10%), Sun Pharma (0.89%), Hindustan Unilever (0.71%) and Asian Paint (0.68%). Among losers were Wipro (-1.48%), Tata Motors (-1.02%), Tata Consultancy Services (-0.98%), Infosys (-0.97%) and Hero MotoCorp (-0.82%).
Bajaj Finserv's shares will be in focus today as the company will be announcing its financial result for the quarter ended on December 31. In the previous quarter the company had reported 46% jump in net profit to Rs 408 crore.
At 0929 hours the shares of the company were trading at Rs 3177 per piece, up 0.37% or Rs 11.85 on BSE.
Shares of Larsen & Toubro surged during early morning trade after the company on Saturday reported a 38.85 % jump in its consolidated net profit at Rs 972 crore for the December quarter.
At 0923 hours the shares of the company were trading at Rs 1446, up 0.44% or Rs 6.35 on BSE.
Stocks in focus:
Larsen & Toubro: The company on Saturday reported a 38.85 % jump in its consolidated net profit at Rs 972 crore for the December quarter. The industrial giant had clocked a net profit of Rs 700.34 crore for October-December last fiscal.
Maruti Suzuki: On Friday, Maruti Suzuki had hiked prices of its entire product range by up to Rs 8,014 with immediate effect. The price hike is in the range of Rs 1,500 to Rs 8,014 (ex-showroom Delhi) across models, Maruti Suzuki India (MSI) said in a statement.
“The hike in car prices is because of increase in commodity, transportation and administrative costs,” it had said.
ITC: Tobacco-to-FMCG conglomerate ITC surpassed analyst estimates as the company's third quarter ended December 31, 2016 net profit rose 6% on a year-on-year basis. The company reported net profit of Rs 2646.73 crore, a rise of 5.71% from Rs 2503.76 crore in the corresponding quarter of the previous year.
With its cigarettes business witnessing a subdued December quarter due to demonetisation and strict regulations, the company has lashed out at the large graphic warning requirement on the packets saying there is no evidence that smoking would cause diseases depicted in the "extremely gruesome and unreasonable" pictures, as reported by PTI.
Quarterly results today: Pfizer, HDFC, Bajaj Finserv, Bajaj Finance will be announcing financial result for the quarter ended on December 31.
Domestic markets on Monday likely to open marginally down amid weak global cues. On Friday, Sensex had closed at 27,882.46, up 174.32 points or 0.63%, while, Nifty ended at 8,641.25, up 38.50 points or 0.45%.
Asian stock markets and US stock futures retreated after President Donald Trump introduced immigration curbs that sparked criticism at home and abroad and added to global fears of increasingly unpredictable US policies, a Reuters report said.