Indian shares declined in early trade, as investors took a breather after benchmark indices' run to record highs amid growing concerns over the turmoil engulfing President Donald Trump's administration.
#BQMarketsNow | Indian markets open marginally lower.https://t.co/ADoxbHyPkC pic.twitter.com/j5U7MZyD6Q
Here are the stocks moving the markets this morning:
Capital First: Drops After Block Deal
The stock fell 5.3 percent to Rs 725 after more than 2 crore of its shares exchanged hands in a block deal. This was the stock's biggest fall since November 2016 when it fell 8.3 percent.
The shares, representing 20.6 percent of its total equity, were sold by private equity firm Warburg Pincus, confirmed Capital First's spokesperson to BloombergQuint.
Also Read: A Part Exit By Warburg Pincus Will End Speculation, Says Capital First Chairman
Lupin: New Drug Launch
Shares of the drugmaker rose 0.6 percent to Rs 1,300 after it launched an oral inhibitor for male erectile dysfunction, named Cialis, in India. The product is currently marketed in over 100 countries, the company said in a filing.
Lupin has acquired the rights to market, promote and distribute Eli Lilly's Erectile Dysfunction product, expanding its partnership with the American drugmaker.
"As per a study, 52 percent men between the age 40 to 70 suffer from erectile dysfunction of various type ranging from mild to severe", the company said.
Tata Steel: Makes Final Settlement On U.K. Pension Fund
Shares rose 4 percent to Rs 474 after the steel giant made a final settlement of its U.K. employee pension Fund. The one-time expense led to a loss of Rs 1,168 crore loss in the March ended quarter compared to an estimated profit of Rs 988.4 crore. The stock reached its highest value since April 13, when it rose to Rs 479.
Operating income tripled to Rs 6,982 crore while debt deduced by more than Rs 4,300 crore. Margins also improved by 12 basis points to 20.6 percent.
Earnings Reaction
Andhra Bank dropped 4.9 percent to Rs 67 after its net profit fell 32 percent to Rs 35 crore n a year-on-year basis. Provisions jumped 57 percent with the gross non performing asset ratio expanding to 12.25 percent from 11.88 percent in the previous quarter.
Dhanlaxmi Bank rose 11.4 percent to Rs 45 after it managed to post a Rs 8.8 crore profit compared to a loss in the corresponding quarter. Gross NPA contracted to 4.78 percent to Rs 7.59 percent in the previous quarter. Provisions, however, rose 54 percent to cushion the lender from bad loans. The stock rose to its highest value since December 2014.
Shree Cement fell 6.7 percent registering its biggest fall since November 2016. Its net profit fell 54 percent for the quarter. Operating profit also fell 4 percent while the margin mostly remained flat.
Sobha rose 9.4 percent to Rs 450 after it registered a 1.1 times jump in profit to Rs 46 crore. Operating profit rose 2 percent to Rs 120 crore while the profitability margin contracted by 100 basis points. The company's shares rose it their highest value since April 2015.
Earnings Radar
- Hindustan Unilever (-0.9 percent to Rs 991)
- Bajaj Finance (+1.5 percent to Rs 1,367)
- JSW Steel (+3.4 percent to Rs 208)
- Indian Overseas Bank (+1.8 percent to Rs 30.5)
- Allahabad Bank (-1.7 percent to Rs 88)
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