Tata Technologies, ICICI Prudential Life Insurance, KEI Industries Shares React Post Q3 Results

Stocks of Tata Technologies Ltd., ICICI Prudential Life Insurance Co. and KEI Industries Ltd. are in focus on Wednesday after the companies announced their third quarter results.

Tata Technologies opened in the negative despite reporting a 7.1% rise in profit to Rs 169 crore. The fall in shares come after Citi cut the target price to Rs 765 from the earlier Rs 835 per share, while maintaining a sell rating. According to the brokerage, the company has missed revenue expectations, although margins remain largely in line with projections. It also sees weakening consumer demand and rising competition from China in Europe.

ICICI Prudential also fell over 8% to open in the red as Goldman Sachs reduced the target price to Rs 650 from the earlier Rs 665 apiece. While the company's third quarter performance was in line with expectations, the strong APE growth came at the cost of margins. Both Macquarie and Goldman Sachs have maintained a 'neutral' rating for the insurance company.

KEI Industries shares fell nearly 3% despite its net profit rising by 9.4% to Rs 165 crore. UBS on Wednesday reduced the target price to Rs 5,750 from Rs 6,050, while maintaining a 'buy' rating. The margin miss was primarily due to volatile commodities and muted government capex, said the brokerage.

Dalmia Bharat shares also fell nearly 4% after a 75.2% rise in net profit to Rs 66 crore. However, Jefferies has maintained a 'buy' rating with a target price of Rs 2,070 per share.

Indiamart Intermesh Ltd. fell nearly 10%, despite a 47% jump in net profit as Nomura and Nuvama cut target price amid decline in paid subscribers. While Nomura cut the target price to Rs 1,900, Nuvama has cut it to Rs 1,970 apiece.

PNB Housing Finance Ltd. shares rose over 4%, as its net profit rises to Rs 471 crore. This comes as Morgan Stanley maintained an 'overweight' rating with a target price of Rs 1,520 per share.

Tanla Platforms Ltd. and Rossari Biotech Ltd. fell 7% and 5% respectively, on reporting a decline in profit for the quarter ended December. Cyient DLM also fell over 10%, despite reporting a 40% year-on-year jump in net profit of Rs 10.8 crore.

On the other hand, Jana Small Finance Bank on Wednesday saw an over 13% rise, despite a 17.8% fall in net profit to Rs 111 crore. It's NII was up 8% to Rs 593 crore.