Shares of Tata Motors rose as much as 1.4 per cent on robust July global sales.
Global wholesales in July, including Jaguar Land Rover, were higher by 20 per cent.
Analysts at Motilal Oswal were factoring in wholesale volume growth of 13 per cent in FY17 for JLR.
The brokerage has maintained “Buy” rating with a price target of Rs 576.
Tata Motors' shares were the second biggest riser on the benchmark BSE index, which was down 0.08 per cent.
SRF
Shares of SRF Ltd, manufacturer of technical textiles, chemicals and polymers, today rose sharply by nearly 10 per cent after the company reported 27.12 per cent increase in consolidated net profit for the first quarter ended June 30, 2016.
The stock surged 9.74 per cent to Rs 1,688 — its 52-week high — on the BSE.
On the NSE, the stock jumped 9.72 per cent to touch its one-year peak of Rs 1,688.70.
SRF had yesterday reported 27.12 per cent increase in consolidated net profit to Rs 144.19 crore for the first quarter ended June 30, 2016.
The company had posted a net profit of Rs 113.42 crore in April-June quarter of the previous fiscal.
However, net sales of the company were down 0.86 per cent at Rs 1,195.08 crore during the quarter under review against Rs 1,205.45 crore in the year-ago period, SRF had said in a BSE filing.
In a separate filing, the company said its board has approved the setting up of chloromethanes plant at Dahej, Gujarat at an estimated cost of Rs 165 crore. It would be funded through a “mix of debt and internal accruals'', SRF added.
SRF board has also declared an interim dividend of 60 per cent, which is Rs 6 per share on the paid-up equity share capital of the company.
Idea Cellular
Shares of telecom operator Idea Cellular today plunged over 6 per cent after the company reported a sharp decline of 74.5 per cent in consolidated net profit for three months period ended June 30.
The scrip after a weak opening, further lost 6.35 per cent to Rs 96.55 — its 52-week low — on the BSE.
On the NSE, shares of the company tanked 6.15 per cent to Rs 96.75.
Idea Cellular had yesterday reported a sharp decline of 74.5 per cent in consolidated net profit at Rs 217 crore for three months period ended June 30, largely on account of spectrum purchase.
The company had posted a profit of Rs 851.6 crore in the same quarter a year ago.
Idea Cellular however maintained that the financial results are not comparable due to one-time payment related to spectrum purchase.
The financial performance of reported quarter includes “full impact of spectrum acquired by Idea in March 2015 (Rs 30,140 crore investment) and February 2014 auction (Rs 10,420 crore investment) for renewal of mobile licences in nine service areas expired between December 2015 and April 2016 as well as spectrum acquired for 3G and 4G services in multiple circles''.
The total revenue of Idea Cellular increased by 7.9 per cent to Rs 9,486.64 crore during the quarter compared to Rs 8,791.54 crore a year ago.