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#BQMarketsNow | Will cement companies help Nifty hold 9,200?
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Reliance Jio Infocomm Ltd., the telecom unit of Reliance Industries Ltd., saw its losses widen during the second half of 2017. Net loss during the second half of the year was at Rs 22.5 crore compared to a loss of 7.46 crore during the corresponding six-month period last year.
Total income during the period stood at Rs 54 lakh against Rs 2.25 crore in the year-on-year period.
Shares of Reliance Industries gave up its gains to trade negative before recovering to trade 1.3 percent higher at Rs 1,421. Reliance Industries will post its earnings for the January-March quarter post market hours today.
Shares of India’s largest cement maker gained as much as 5.8 percent after its fourth quarter earnings beat street estimates.
Net profit of company stood at Rs 688 crore for the quarter-ended March, compared to Rs 665 crore estimated by analysts in a Bloomberg poll
Sales came in at Rs 7,740 crore for the quarter in focus, compared to the estimated Rs 6,480 crore. Total costs for the quarter was Rs 6,710 crore.
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Shares of the contract manufacturer for toothpaste makers such as Colgate-Palmolive (India) Ltd, Dabur India Ltd and Hindustan Unilever Ltd (HUL), gained as much as 11.8 percent after it settled its disputes with various group companies of Procter and Gamble companies in India.
The company settled “positively” disputes in various courts with mutual consent, according to its statement on exchanges. It said the settlement clears contingent liabilities of Rs 206 crore from its balance sheets.
“JHS management further expects that the new expansion plan underway shall also be operational by June 2017, and shall positively add to growth of the company in coming years,” the filing said.
Shares of healthcare services provider gained as much as 4.7 percent to Rs 213.65.
Private equity firm General Atlantic has shown interest in buying a controlling stake in the company, Mint reported citing two unidentified people aware of the development.
Volume at 3.4 times its 30-day average.
Shares of automotive lighting firm rose as much as 7.3 percent to Rs 1,445, most since February 27.
Lumax won an order for supplying headlamps for Maruti Suzuki’s Swift, the company said in a regulatory filing.
Volume at 57.5 times its 30-day average.
Shares of cement maker rose as much as 3 percent to Rs 1,540, highest since October 26.
ACC reported net income of Rs 211 crore for the quarter ended March 31 compared with an estimate of Rs 166 crore.
Cement sales volume for the quarter rose 3.77 percent to 6.60 million tonnes, it said in a regulatory filing.
Other cement stocks also gain: Ambuja Cements (+2.3%), UltraTech Cement (+3.2%)
Shares of pharmaceutical research firm fell as much as 3.9 percent to Rs 606, lowest since December 2013.
The U.S. Food & Drug Administration issued warning letter for Vishakhapatnam unit-II, the company said in a regulatory filing.
Stock trades at an unusually high 34 percent discount versus peers; Bloomberg data.
Indian shares opened marginally higher on Monday, led by gains in realty stocks while improved global risk appetite also supported investor sentiment.
The S&P BSE Sensex rose 0.17 percent to 29,419, while the NSE Nifty edged up 0.16 percent at 9,135. The market breadth was skewed in the favour of gainers, with about 8 stocks advancing to every 2 stocks that declined.
Among the sectoral indices, S&P BSE Realty and S&P BSE Oil & Gas indexes advanced 1.1 percent and 0.5 percent, respectively. Technology stocks dragged, with the S&P BSE Tech index down 0.44 percent.
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