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Welspun India shares extend fall
Shares of textile firm Welspun India extended their losses for the second straight session today, falling over 4 per cent after the company reported a consolidated net loss of Rs 147.52 crore for the September quarter.
The stock, after a weak opening, fell 4 per cent to Rs 59.50 on BSE.
On NSE, it dived 4.11 per cent to Rs 59.45.
In the previous session too the stock had lost 4.5 per cent.
Welspun India yesterday reported a consolidated net loss of Rs 147.52 crore for the second quarter ended September due to provisions for Egyptian cotton products supply issue.
It had posted a net profit of Rs 179.37 crore in the same period of the last financial year.
Income from operations stood at Rs 1,789.94 crore, up 21.81 per cent, from Rs 1,469.44 crore in same period last year, Welspun India said in a BSE filing.
During the quarter, the company made a provision of Rs 500.48 crore on account of the Egyptian cotton issue.
In August, US retail giant Target Corporation terminated its contract with the Gujarat—based textile maker over alleged lapses in its products.
Tata Global Beverages scrip jumps 7%
Shares of Tata Global Beverages Ltd (TGBL) surged 7 per cent today after the company reported a 48.19 per cent increase in consolidated net profit for the September quarter.
The stock jumped 7 per cent to Rs 125.25 on BSE.
On NSE, shares of the company climbed 7 per cent to Rs 125.30.
Tata Global Beverage Ltd (TGBL) yesterday reported a 48.19 per cent increase in consolidated net profit at Rs 108.14 crore for the quarter ended September, riding on lower commodity costs and lower spends on new initiatives.
The company had posted a net profit of Rs 72.97 crore in July—September quarter a year ago.
TGBL’s consolidated total income was down 2.60 per cent to Rs 1,625.97 during the quarter under review as against Rs 1,669.45 crore of the corresponding quarter of the previous fiscal.
Meanwhile, in a major escalation of boardroom brawl at Tata Group, Cyrus Mistry was yesterday ousted as chairman of Tata Global Beverages by a majority vote by board members, a move that Mistry slammed as illegal and inaccurate representation of board proceedings.
Renuka Sugars up over 6%
Shares of Shree Renuka Sugars today soared over 6 per cent after it reported a standalone net profit of Rs 2.5 crore for the quarter ended September.
The stock jumped 6.34 per cent to Rs 14.25 on BSE.
On the NSE, shares of the company surged 5.94 per cent to Rs 14.25.
On the volume front, 8.73 lakh shares of the company were traded on BSE and over 29 lakh shares changed hands at NSE during the morning session.
It had posted a net loss of Rs 151.2 crore in the year—ago period.
Total income of the company increased to Rs 2,049.8 crore in the quarter under review from Rs 990 crore in the corresponding period of the previous year, the company had said in a regulatory filing yesterday.
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