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Shares of Sun TV network hit one-week low as the ruling AIADMK today clearly headed to retain power in Tamil Nadu by winning 21 seats and leading in 110 other constituencies as arch rival DMK gave a strong fight bagging 19 and leading in 71 segments.
Sun TV Network slumped as much as 13.25 per cent to Rs 370.90, its lowest since May 12.
Kalanithi Maran, chairman of Sun Group, is a family member of DMK party leader M Karunanidhi.
Shares with perceived ties to family members of political parties often move during the state and general elections.
Unitech plunges
Shares of realty major Unitech ended the day nearly 4 per cent down as investor sentiment turned weak following reports that BSE and NSE will drop the company from the futures and options (F&O) segment from July 29.
The stock went down by 3.65 per cent to Rs 3.96 on the BSE.
During the day, it tumbled 5.59 per cent to Rs 3.88.
On the NSE, shares of the company slipped 3.65 per cent to close at Rs 3.95.
In terms of volume, 96.38 lakh shares of the company changed hands on the BSE and over 4 crore shares were traded on the NSE during the day.
However, the existing contracts for May, June and July will continue to be available for trading till their respective expiry and new option strikes will also be introduced in the existing contract months.
In two separate circulars, the exchanges had said yesterday that no contracts will be available for trading in the above mentioned security with effect from July 29, 2016.
At present, there are over 200 securities available in the F&O segment for trade.
Torrent Power nosedives
Shares of Torrent Power slumped over 11 per cent at the close of trade today after the company’s net profit for the March quarter plunged by over 95 per cent.
After sinking 17.58 per cent to Rs 187.20 in intra-day trade, shares of the company finally ended at Rs 201.35, down 11.36 per cent on the BSE.
On the NSE, the stock tumbled 11.33 per cent to close at Rs 201.45.
Following the decline in the stock, the company’s market valuation fell Rs 1,239.78 crore to Rs 9,677.22 crore.
The company’s results were announced post-market hours yesterday.
Torrent Power has reported a net profit of Rs 17.06 crore for the quarter ended March 2016, down 95.38 per cent compared to the year-ago period.
The company had posted a net profit of Rs 369.43 crore in the corresponding quarter of the previous year.
“Total income is Rs 2,513.7 crore for the quarter ended March 31, 2016 whereas the same was at Rs 2,694.63 crore for the quarter ended March 31, 2015,” the company had said in a BSE filing.
Torrent Power has posted a net profit of Rs 815.96 crore for 2015-16 against Rs 742.06 crore for the previous fiscal.
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