Shares of components maker JBM Auto today surged over 19 per cent after the company said it will invest Rs 300 crore for developing and manufacturing electric as well as hybrid buses in India through its joint venture with Poland’s Solaris Bus & Coach.

The stock ended higher by 19.19 per cent at Rs 156.55 on the BSE. On the NSE, it jumped 18.43 per cent to Rs 155.50.

This joint venture will introduce globally proven European technology for electric vehicles, which is sustainable and affordable, first time in India, the company had said in a BSE filing yesterday.

It added: “The key focus will be towards locally developing indigenous sources for all key aggregates, systems and components catering to domestic and global requirement.”

Production of Ecolife will start by the fourth quarter of FY 2016-17 at Kosi, Uttar Pradesh.

JBM Auto had entered into a joint venture agreement with Solaris on July 14.

Wipro shares tumble

Wipro shares ended lower by 1.97 per cent at Rs 538.60 on the BSE. On the NSE, the shares closed down by 1.86 per cent at Rs 539.05.

Earlier in the day, the stock tumbled almost 7 per cent today after the company missed street expectations with over 6 per cent fall in net profit for the first quarter ended June and forecast that IT services sales would grow less than 1 per cent in July-September.

After a weak opening, the stock tumbled 6.98 per cent to Rs 511 on the BSE.

On the NSE, it went down by 5.68 per cent to Rs 518.

The stock was the worst performer among the blue-chips on both Sensex and Nifty during the morning trade.

“For 1Q FY17, the company posted results below expectations on the net profit front,” said Sarabjit Kour Nangra, VP Research IT, Angel Broking.

The company, which announced the disappointing set of numbers after markets hours yesterday, expects revenue from IT services to be $1,931-1,950 million for the September quarter, that is flat to 1 per cent sequential growth.

IT services revenue, which accounts for a dominant chunk of Wipro’s business, grew 2.6 per cent sequentially to about $1,931 million for the June quarter, meeting the guidance of $1,901-1,939 million.

For the quarter ended June 2016, the net profit stood at Rs 2,052 crore against Rs 2,192 crore in the year-ago period.

Its total income from operations rose almost 11 per cent to Rs 13,697.6 crore from Rs 12,370.6 crore in the previous year.

Its IT services segment had a headcount of 1.73 lakh. Revenue from IT products stood at Rs 590 crore

Pharma stocks jump

Pharma stocks were up as US judge has refused to block the generics of AstraZeneca's Crestor.

Shares of pharmaceutical companies rose, with the Nifty Pharma Index gaining as much as 1.13 per cent, its biggest in nearly four months.

A US judge has refused to issue a temporary restraining order blocking approval for new generic versions of AstraZeneca's cholesterol drug Crestor in the United States.

Glenmark Pharmaceuticals and Aurobindo Pharma has got USFDA approval for rosuvastatin calcium tablets, a generic version of Crestor.

“That (approval for generic version of Crestor) was the roadblock in the generic launch and now it's been cleared, all these companies will launch the drug soon,” says Praful Bohra, vice-president at Religare Capital Markets.

Piramal Enterprises gained 4.61 per cent to Rs 1,646.45, Aurobindo Pharma 5.09 per cent to Rs 797.95, Glenmark Pharmaceuticals 2.4 per cent to Rs 853.10, and Cadila Healthcare jumped 4.45 per cent to Rs 371.85.

FTIL hits record low

Shares of Financial Technologies ended lower by 5.21 per cent at Rs 80.90 on the BSE.

Earlier in the day, the shares hit a record low as the Economic Offences Wing (EoW) of the Mumbai police has attached the immovable assets of Financial Technologies India Ltd.

Shares of Financial Technologies (India) Ltd fell as much as 17.5 per cent to a record low of Rs 70.65.

The company said Mumbai Police's Economic Offences Wing has seized its assets, a week after the arrest of co founder Jignesh Shah in a money laundering case.

FTIL added there is no legal basis for the action and it will take up the matter with the court.

The stock has posted biggest intraday percentage loss in nearly 21 months.

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