Indian shares dipped marginally lower led by decline in lenders, healthcare, auto companies amid concern that the rally fueled by capital inflows has outpaced the outlook for earnings growth.
Here are the stocks in news for the day:
Earnings Reaction
Shares of Bank of Baroda plummeted 7.5 percent to Rs 148 after the bank's profit fell 60 percent on a year-on-year basis. Its asset quality worsened considerably with gross bad loans rising to 11.15 percent of total advances.
Other stocks reacting to earnings:
- India Hotels (-2.6 percent to Rs 124)
- Corporation Bank (-1.2 percent to Rs 40)
- Parag Milk Foods (-1.8 percent to Rs 325)
- Punj Lloyd (+6.6 percent to Rs 21)
- Sun Pharma (Taro Pharma)(-2.8 percent to Rs 795)
- Suven Life Sciences (+4.9 percent to Rs 211)
Lupin: Generic Drug Approval
Stocks of drug maker gained as much as 1.6 percent to Rs 1,569 crore after the company received approval to market the generic equivalent of Upsher-Smith Labs Klor-Con.
The drug is an “electrolyte replenisher” suggested for therapeutic use for patients with hypokalemia, the company said in its press release.
UltraTech Cement: CCI Boost
The Aditya Birla group firm gained 1.5 percent to Rs 3,783 crore after the company's arrangement with Jaiprakash Associated (JAL) and Jaypee Cement Corporation (JCCL) was approved by the Competition Commission of India.
The deal includes acquisition of cement plants of JAL and JCCL, as per the company's press release.
Dilip Buildcon: New Kid on the Block
The construction contractor listed at Rs 240 a share on the BSE, a premium of 9.6 percent to its issue price of Rs 219.
The stock is 4.2 percent up from its opening price to Rs 250 as of 10:50 am.
NTPC: Capacity Expansion
Shares of India's largest energy conglomerate rose 0.8 percent to Rs 159 after the company's 50 megawatt solar power project at Anantapuram started operating commercially.
With this addition, the NP Kunta Ultra Mega Solar Power Project's capacity has increased to 250 megawatts.
Earnings Watch
Aditya Birls group's flagship company, Grasim Industries and Bank of Baroda are the two Nifty companies that will release its first quarter earnings today.
Here are how some of the companies slated to report earnings are trading
- Grasim Industries (-1.6 percent to Rs 4,765)
- Balrampur Chini Mills (+0.9 percent to Rs 118)
- JK Lakshmi Cement (-0.7 percent to Rs 438)
- MRF (-1.3 percent to Rs 36,247)
- IDBI Bank (-1.4 percent to Rs 65)
- Rural Electrification Corporation (+1.1 percent to Rs 225)
Granules India (+1.6 percent to Rs 141) - IPCA Laboratories (-1.7 percent to Rs 493)
- Jyothy Laboratories (+0.8 percent to Rs 289)
- Page Industries (-2.3 percent to Rs 13,687)
- PTC India (-1.3 percent to Rs 76)
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