Indian shares declined after hitting new record highs in the previous session, amid subdued global market cues and mixed bag fourth quarter earnings season.
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May 5, 2017Here are the stocks moving the market this morning:
Jaiprakash Associates: Triple Default
The debt laden company fell 1.9 percent to Rs 12.7 after it defaulted on interest payments due on three different series of debentures.
On May 4, the company informed the stock exchange that “the interest installment in respect of 12.40 percent non-convertible debentures (NCDs)...remains unpaid for more than three months as on May 04, 2017.”
Over the last two years, Jaiprakash Associates has been on an asset selling spree in order to repay its lenders. It also underwent strategic debt restructuring in which lenders converted some debt into equity. But deal delays have forced some banks to recognise loans to the company as bad assets.
The stock has fallen 8.8 percent in the past month while its peers rose 1.7 percent in the same period.
Also Read: Triple Default By Jaiprakash Associates
Jubilant Life: New Buy Boost
Shares of the company rose 1.7 percent to Rs 747 after it signed an agreement to acquire the radiopharmacy business of U.S.-based Triad Isotopes through its wholly owned subsidiary Jubilant Pharma.
"The acquisition will be funded through JPL's internal accruals and is likely to be earnings accretive (add to earnings) in the first full year of operations," the company said in a statement to the exchanges.
The acquisition is expected to provide Jubilant with a direct access into " hospital networks with the ability to deliver more than 3 million patient doses annually”, it added.
Coal India: To List On LSE?
Shares of the largest coal producer rose 1.2 percent to Rs 283 while it is considering an initial public offer in the London Stock Exchange.
The proposal is at a very nascent stage, a person privy to the development said, refusing to divulge further details. The development comes ahead of the listing of NTPC's masala bonds at London Stock Exchange (LSE) and Singapore Stock Exchange this month.
While the stock has gained more than 6.9 percent in the last 12 month, it has offered a return of less than 1 percent.
With inputs from PTI
Earnings Reaction: HCC, L&T Infotech, Wockhardt
Oberoi Realty rose 5.4 percent to Rs 418 after its revenue rose 26 percent to Rs 289.6 crore for the January to March quarter of financial year 2016-17. Earnings before interest, tax, depreciation and amortisation rose 43 percent to Rs 150 crore while the profitability margin expanded by 600 basis points. Profits grew 50 percent for the quarter.
The company also approved the move to raise funds worth Rs 1,500 crore through non convertible debentures and worth Rs 750 crore through sale of equity.
Tata Communications fell 3.1 percent to Rs 684 after it incurred a loss of Rs 986 crore compared to a profit of Rs 0.1 crore in the corresponding quarter. Revenue fell 1.5 percent while EBITDA dropped 11.7 percent. The company's profitability margins also contracted. The stock fell to its lowest since January 2017.
Wockhardt fell 4.5 percent to Rs 682 after its revenue fell 14.5 percent to Rs 863 crore for the quarter. Losses widened to Rs 175 crore from Rs 5.4 crore in the corresponding quarter, according to the company's financial statement. The company also approved raising of Rs 2,200 crore through issue of equity shares and non convertible debentures. The stock has fallen 9.8 percent in the past month versus a 6.2 percent decline in its peers.
L&T Finance Holdings rose 3.4 percent to Rs 140 after it posted a 33 percent rise in profit to Rs 316 crore. Revenue rose 10 percent to Rs 2,163 crore when compared to the same quarter a year ago.
Hindustan Construction Company fell 5.3 percent to Rs 44 after its profit fell for the third straight quarter. net profit dropped 4 percent to Rs 20.9 crore while even after revenue rose 13.5 percent to Rs 1,358 crore. Both the topline and bottomline missed consensus of analyst estimates tracked by Bloomberg.
L&T Infotech rose 3 percent to Rs 730 after its profit rose 3.7 percent to Rs 245 crore compared to the previous quarter. The company's standalone revenue remained flat while margins expanded by 90 basis points.
The tech company also announced a final dividend of Rs 9.7 per share, according to an exchange filing.
Sensex, Nifty: Movers & Shakers
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