Indian shares climbed marginally amid a rebound in Asian equities as energy producers gain while consumer durables and tech companies decline.
Here are the stocks in focus for the day:
Earnings Reaction
Shares of Infosys fell as much as 5.3 percent to Rs 996 after the company cut its sales growth guidance to 8-9 percent in constant currency terms, from 10.5-12 percent earlier. Net profit and revenue grew at a rate of 5.1 percent and 3.2 percent in the July to September quarter, from the previous quarter, beating street estimates.
Shares of Tata Consultancy Services rose as much as 2.4 percent to Rs 2,384 after the company posted a 4.3 percent increase in profit beating profit estimates. Net profit stood at 6,317 crore at the end of the second quarter of financial year 2016 to 2017.
Revenue, however, disappointed estimates with a decline of 0.1 percent to Rs 29,284 crore from Rs 29,305 crore, on a year-on-year basis.
Other stocks that reacted to earnings:
- Reliance Industrial Infrastructure (+1.3 percent to Rs 425)
- Cyient (-5 percent to Rs 511)
Yes Bank: To Consider QIP
Shares of the private lender rose 0.5 percent to Rs 1,262 as its board of directors will meet on October 20 to consider raising funds through qualified institutional placement or debt issue.
The directors will also meet to discuss the financial results for the July to September quarter of financial year 2016-17, according to an exchange filing on the Bombay Stock Exchange.
Punjab National Bank: Subsidiary Gets SEBI Nod for IPO
Shares of the multinational bank and financial services company rose 2.4 percent to Rs 141 after the Securities and Exchange Board of India gave a nod to the Rs 2,500 crore initial public offering of PNB Housing Finance.
The company had filed its IPO papers with SEBI in July 2016.
Mahindra & Mahindra: Ready to Pare Stake
Shares of the car maker gained 1.1 percent to Rs 1,385 on the stock exchanges. Mahindra Group, the conglomerate, is ready to pare stake in its subsidiaries to raise funds.
The company said that it was open to reducing its stake in its units, including Mahindra & Mahindra, to less than 51 percent if need be.
Mahindra Group will enable the group companies to pursue their growth strategies.They will not stand in the way of these companies accessing growth capital to enhance stakeholder value only on the grounds that the parent’s holding might be diluted.VS Parthasarathy, Chief Financial Officer, Mahindra Group
Earnings Watch
Bajaj Corp and Crisil are among the bigger companies coming out with their second quarter earnings. Take a look at how the stocks are performing before announcing their results.
- Bajaj Corp (+1.8 percent to Rs 406)
- Crisil (-1.7 percent to Rs 2,352)
- DCB Bank (+3.6 percent to Rs 128)
- Infomedia Press (-3.1 percent to Rs 4.6)
- Network18 Media & Investments (+2.4 percent to Rs 46)
Disclaimer: All stock reactions show the highest or the lowest point of a stocks’ movement on the back of the given news.
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