Beleaguered real estate firm Unitech’s shares fell as much as 20 percent to Rs 4.9 after it expressed its inability before the Supreme Court to refund money to its customers.
More than two dozen home buyers of Unitech’s housing projects in Noida and Gurgaon have approached the National Consumer Disputes Redressal Commission (NCDRC) after the builder failed to give them possession of the flats as per the scheduled.
The consumer forum has asked the real estate firm to refund the money to home buyers with interest, according to PTI.
Infosys: No Contract, No Gain
Shares of Infosys fell 3.3 percent to Rs 1,027 after the company announced a ramp-down of about 3,000 persons, primarily in India, over the next few months, due to a failed deal between the Royal Bank of Scotland and Williams and Glyn.
Cipla: Major Moves
Shares of the pharmaceutical major gained as much as 2.9 percent to Rs 531 after the company announced changes in management, bright future prospects and weak earnings.
Cipla posted a 43.7 percent decline in profit for the first quarter of financial year 2017, on account of high base of last year due to generic Nexium exclusivity.
Post earnings, the company’s managing director Subhanu Saxena announced his resignation, while Umang Vohra was named the global CEO. The company’s management expects to perform better than the industry with a 10 to 12 percent growth in the financial year 2016-17.
L&T: Smart City Maker
Shares of Larsen & Tourbro increased 0.5 percent to Rs 1,499 after the company announced plans to convert Nagpur into India’s first large sale integrated smart city.
As a Master Systems Integrator, we will provide leading edge technology solutions like including high analytics, mobile surveillance and high tech tools like drones.SN Subramanyan, Deputy MD and President, L&T
Pfizer: Additions in Domestic Portfolio
The pharmaceutical giant’s shares gained 0.9 percent to Rs 1,918 after the company announced plans to bring more global drugs to India.
Except for a couple of CNS (central nervous system) products and one pain product, we are not really missing a major portfolio. We are looking at couple of global products, though they have gone all off LOE (loss of exclusivity) to reintroduce them into India, we are also looking at that aspect of this juncture.S Sridhar, Managing Director, Pfizer India
Tata Steel: Specialty Sale
The steel maker surged 1.3 percent to Rs 379 after the company decided to move forward with the sale of its specialty unit in the United Kingdom. This move was prompted by positive response and growing interest from buyers, as reported by Bloomberg.
Earnings Reaction
Shares of Jet Airways fell as much as 4.4 percent to Rs 516 after the company posted a 53 percent decline in first quarter profit.
Take a look at the other stocks reacting to earnings.
- Allahabad Bank (-2.5 percent to Rs 73)
- United Breweries (+2.7 percent to Rs 812)
- Divi’s Laboratories (+3.7 percent to Rs 1,238)
- Magma Fincorp (-5.6 percent to Rs 102)
- Reliance Capital (+2.4 percent to Rs 447)
- NHPC (+2.5 percent to Rs 26)
- Kalpataru Power Transmission (+2 percent to Rs 265)
Earnings Watch
Nifty company Power Grid Corporation and online service provider Just Dial are among the companies releasing their earnings today. Watch out for these stocks as they come out with their first quarter results.
- Power Grid Corporation of India (+2.8 percent)
- Just Dial (+1 percent to Rs 480)
- OCL India (+0.7 percent to Rs 20)
- Sanwaria Agro Oils(+13.9 percent to Rs 6.6)
RECOMMENDED FOR YOU
POPULAR