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Shares of mobile tower company Bharti Infratel today rose over 5 per cent after the company reported a 71 per cent jump in consolidated net profit for the quarter ended June 2016.
The stock ended higher by 5.1 per cent at Rs 380.90 on the BSE. On the NSE, it gained 4.93 per cent to Rs 381.30.
The stock hit an intra-day high of Rs 382.80 and low of Rs 362.10 on the BSE.
Bharti Infratel had yesterday reported a 71 per cent jump in consolidated net profit at Rs 756.2 crore for the quarter ended June 2016.
The company had posted a net profit of Rs 442.4 crore in the same period a year ago.
Total income from operations of the company increased 5.9 per cent to Rs 1,453.1 crore during the reported quarter compared with Rs 1,371.7 crore in the corresponding period of the last fiscal.
“Indian telecom industry is going through consolidation, we believe this would be good for the industry in the long run as the sector would require large investments by the operators in future to cater to the ever-increasing data demand. Bharti Infratel and Indus Towers being the leaders are fully geared to serve our customers’ demand,” Bharti Infratel Chairman Akhil Gupta had said in a statement.
Dr Reddy's Labs
Extending its previous session’s losses, shares of drug major Dr Reddy’s Laboratories today fell sharply by over 10 per cent, wiping out Rs 5,529 crore from its market valuation, after the company’s consolidated net profit declined by 80 per cent for the June quarter.
The scrip slumped 10.07 per cent to settle at Rs 2,988.40 on the BSE. During the day, it tanked 10.70 per cent to Rs 2,967.
On the NSE, shares of the company plunged 10.22 per cent to end at Rs 2,980.20.
The stock was the biggest loser among the bluechips on both Sensex and Nifty during the day.
The company’s market valuation dipped by Rs 5,529.15 crore to Rs 49,473.85 crore.
On the volume front, 3.93 lakh shares of the company were traded on the BSE and over 47 lakh shares changed hands on the NSE during the day.
The scrip had lost nearly 5 per cent in the previous session also.
Dr Reddy’s Laboratories had yesterday said its consolidated net profit declined by 80 per cent to Rs 126.3 crore for the June quarter due to price erosion and dip in US sales, besides stoppage of dispatches to Venezuela due to a currency crisis.
The company had reported a net profit of Rs 625.7 crore for the same quarter last fiscal, said Saumen Chakraborty, President, CFO and Global Head of HR and Abhijit Mukherjee, Chief Operating Officer, DRL.
According to them, the decline in net profit is 75 per cent to Rs 153.5 crore as per Indian accounting standards.
DRL’s consolidated net income from sales and services declined 14 per cent to Rs 3,234.5 crore for the quarter under review as against Rs 3,757.8 crore in the year-ago period.
United Spirits
Shares of United Spirits jumped as the company has reported a net profit of Rs 43.8 crore ($6.51 million) in June quarter, an increase of around 277 per cent from last year.
The stock jumped 3.59 per cent to Rs 2,548.85 on the BSE.
June quarter net sales were Rs 2,027 crore, up from Rs 1,849 crore reported last year.
The stock has a PE ratio of 43.68, more than Nifty 100 Index's PE of 39.40.
Up to Tuesday's close, the stock had fallen 17.9 per cent.
Zee Entertainment
Shares of Zee Entertainment Enterprises Ltd (ZEEL) today went up by 4 per cent after the company reported a 21.76 per cent increase in consolidated net profit for the quarter ended June 30, 2016.
The stock jumped 4 per cent to Rs 493.65 — its one—year high — on the BSE.
On the NSE, it went up by 4 per cent to touch its 52-week high of Rs 494.
At the closing trade, the stock was up 2.81 per cent at Rs 487.90 on the BSE. On the NSE, the stock ended higher by 2.38 per cent at Rs 485.85.
ZEEL had yesterday reported a 21.76 per cent increase in consolidated net profit at Rs 216.96 crore for the quarter ended June 30, 2016.
The company had posted a consolidated net profit of Rs 178.18 crore in the same period of the previous fiscal.
Total income from operations stood at Rs 1,571.62 crore in the April-June quarter of this fiscal, up 18.46 per cent, compared with Rs 1,326.68 crore during the same period of 2015-16, ZEEL said in a filing to the BSE
Airline stocks
Airlines stocks gained as the country's civil aviation ministry said domestic air passenger traffic rose 20.8 per cent in June.
Domestic airlines carried 7.97 million passengers in June, an increase of 20.81 per cent from last month.
Jet Airways (India) Ltd ended higher by 2.74 per cent, SpiceJet 6.77 per cent, while InterGlobe Aviation Ltd gained 0.44 per cent.
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