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Coal India reported net income for the fourth quarter that missed the average analyst estimate.
Net income Rs 4,590 crore, -1.1% YoY, estimate Rs 4,841 crore
Revenue Rs 26,700 crore, -3.2% YoY, estimate Rs 26,367 crore
Total costs Rs 21,570 crore, -3.6% YoY
Other income Rs 1,270 crore, -44% YoY
Dividend per share Rs 3.50
Eleven of the 19 sector sub-indices compiled by BSE Ltd. slipped, led by a gauge of power companies.
The Gautam Adani-led companies said the report on India’s National Securities Depository Ltd. freezing accounts of three overseas funds which own over Rs 43,500 crore ($6 billion) worth of shares in four Adani Group companies is “blatantly erroneous and is done to deliberately mislead the investing community,” according to a statement to exchanges.
Kajaria Ceramics reported net income for the fourth quarter that beat the average analyst estimate.
COMMENTARY AND CONTEXT
IOB reported net income for the fourth quarter of Rs 350 crore vs. Rs144crore YoY.
The larger market outperformed their smaller peers, though both remained in the red. The S&P BSE MidCap declined 0.9% and S&P BSE SmallCap fell 0.02%, while the S&P BSE LargeCap slid 0.03%. Eleven of the 19 sector sub-indices compiled by BSE Ltd. declined, led by power stocks. The S&P BSE Energy was the best performer, up 0.86%.
The market breadth was slightly skewed in favour of the bears. About 1,544 stocks gained, 1,680 declined and 166 remained unchanged.
A Top India Fund Turns Against Riskier Debt After Covid Woes
Source: Exchange Data
India’s wholesale prices soared to their highest since June 1992 on the back of higher commodities costs, and accentuated by last year’s crash, highlighting mounting supply-side pressures in the virus-ravaged economy.
The wholesale price index in May rose 12.94% from a year ago, the Ministry of Commerce said Monday, compared with the 13.4% median estimate in a Bloomberg survey of 24 economists.
Consumer price inflation data for May is also due later Monday, forecast in Bloomberg survey to rise 5.38% from a year ago.
Click here to read analysts' take on the stock.
Zensar Technologies Ltd. plunged as much as 9.4%, the most since Dec. 22, after about 26.5 million shares changed hands in two large trades, according to data compiled by Bloomberg.
BHEL Shares Fall The Most In 15 Months After Q4 Results; Analysts Bearish
Adani Stocks Plunge as Some Foreign Investor Accounts Frozen
Wholesale and consumer inflation data for May may show price increases accelerated in May from a year earlier. Retail price inflation has held above the central bank’s 4% target since October 2019. Policy makers on June 4 reiterated an an accommodative stance to support economic growth.
India’s stock exchange sought clarification from PNB Housing Finance Ltd. on its recent fund-raising plan led by Carlyle Group Inc., according to a filing.
Bond traders await consumer inflation data for May which may have risen to 5.3% according to a Bloomberg survey.
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