Tata Motors surged to near one-year high on strong earnings.
The stock gained as much as 10.11 per cent to its highest since June 3, 2015.
The company’s January-March net profit tripled from a year earlier.
Operating profit grew 35 per cent y/y on better operating margin by luxury vehicle maker Jaguar Land Rover (JLR) and improving domestic truck business.
On JLR unit, currency benefits boosted the average selling price, and the momentum is likely to continue in the new fiscal year, according to Kotak.
The company’s standalone business turned profitable after 13 quarters and will likely fund the capex through internal accruals this fiscal year, it says.
PhillipCapital sees Tata Motor’s volumes to grow 13 per cent CAGR through FY17-FY18. It has retained “buy” rating with a price target of Rs 530.
China joint venture profitability of £49 million was impressive despite operating at 40 per cent utilisation, says PhillipCapital.
Sun Pharma tumbles
Sun Pharma scrip tumbled nearly 6 per cent today after the company’s fourth quarter results failed to enthuse investors.
After a weak opening, the stock further lost 5.94 per cent to Rs 764.20 a scrip as the trade progressed on the BSE.
On the NSE, it plunged 5.91 per cent to Rs 764.10 a share.
The blue-chip stock was the worst performer among the Sensex and Nifty components.
The country’s largest drug maker Sun Pharmaceutical Industries had yesterday reported a consolidated net profit of Rs 1,713.69 crore for the fourth quarter ended March 31, 2016.
The company had posted a net profit of Rs 889.24 crore in the same period of the previous fiscal, Sun Pharmaceutical Industries had said in a filing to the BSE.
Consolidated total income increased to Rs 7,599.21 crore for the quarter under consideration against Rs 6,505.04 crore in the corresponding period a year ago.
For the fiscal year ended March 31, the company posted a net profit of Rs 4,715.91 crore against Rs 4,539.38 crore in the previous fiscal.
Consolidated total income stood at Rs 28,728.95 crore (Rs 27,842.84 crore).
Aurobindo shares jump
Aurobindo Pharma shares rose over 4 per cent after the company posted a consolidated net profit of Rs 563 crore for the March quarter.
The drug maker’s scrip climbed 4.32 per cent to Rs 787.05 on the BSE.
On the NSE, the scrip went up 4.31 per cent to Rs 787.
The company had posted a net profit of Rs 403.8 crore in the January-March period of 2014-15 fiscal.
Net sales rose to Rs 3,674.7 crore in the fourth quarter of 2015-16 fiscal. It had reported net sales of Rs 3,143.97 crore during the same period of the previous fiscal, Aurobindo Pharma had said in a regulatory filing yesterday.
For the year ended March 31, the company posted a net profit of Rs 1,982 crore, while it stood at Rs 1,575.77 crore during the 2014-15 fiscal.
Net sales of the company stood at Rs 13,650.61 crore (Rs 12,043.23 crore).
The company said results for the quarter and year ended March 31 were not comparable with those of the previous year.
The company’s board has approved interim dividend of 70 per cent, Re 0.70 per equity share of Re 1 each on the equity share capital of the company for the year 2015-16.
RCom shares plunge
Shares of Reliance Communications (RCom) fell nearly 4 per cent after it reported a 22.36 per cent drop in consolidated net profit for the quarter ended March 31, 2016.
RCom scrip declined 3.87 per cent to Rs 47.10 on the BSE.
On the NSE, the shares went down by 3.78 per cent to Rs 47.
RCom had yesterday reported a 22.36 per cent drop in its consolidated net profit at Rs 177 crore for the quarter under review on account of rise in expenses.
The company had reported a net profit of Rs 228 crore in the corresponding period of the preceding fiscal.
Total expenses increased to Rs 5,219 crore in the reported quarter compared with Rs 4,722 crore in the year-ago period, the company had said in a filing to the BSE.
Total income from operations declined 1.35 per cent to Rs 5,617 crore.
For 2015-16 fiscal, the net profit stood at Rs 681 crore compared with Rs 714 crore in the previous fiscal.
Total income stood at Rs 21,711 crore (Rs 21,770 crore).
MphasiS hits over 5-year high
MphasiS shares hit more than 5-year high.
Shares of IT solutions provider rose as much as 9.23 per cent to hit their highest since February 2011.
Trend intensity indicator rose to 17 from Monday’s level of 14, suggesting the start of an uptrend.
According to technicals, price volume trend (PVT) indicator is at 5-year high, indicating a bullish momentum.
MACD is positive and above its signal line, a positive sign for the stock.
Unitech plunges
Shares of realty firm Unitech fell 5 per cent today after the company’s consolidated net loss widened to Rs 539.47 crore in the fourth quarter ended March.
The stock dipped 4.27 per cent to Rs 3.81 on the BSE. On the NSE, it slipped 5 per cent to Rs 3.80.
Unitech’s consolidated net loss widened to Rs 539.47 crore in the fourth quarter ended March on account of lower income from operations.
The company had reported a net loss of Rs 162.54 crore in the corresponding quarter of 2014-15.
Its total income from operations during January-March quarter stood at Rs 483.55 crore, much lower than Rs 813.23 crore in the year-ago period, the company had said in a BSE filing yesterday.
However, its total expenses decreased to Rs 987.85 crore during the quarter under review against Rs 1,143.83 in the year-ago period.
Consolidated net debt as on March 31, 2016, was Rs 7,165.70 crore.