Stocks Radar: Tata Consultancy Services, Cipla, Mahindra & Mahindra And More
Indian shares fell most since September 29 after the minutes of the Fed meeting of last month showed several officials saying a rate hike was needed “relatively soon”.
Here are the stocks that are moving the market:
Cipla: Top Sensex Performer
Shares of the drug maker rose 3.2 percent to Rs 599 after it received the Establishment Inspection Report from the U.S. Food and Drug Administration for its Indore facility. The company informed about it in a filing to the Bombay Stock Exchange.
The report marks the formal closure of the U.S. FDA's inspection conducted in Cipla's Indore facility between July and August, 2015.
Mahindra & Mahindra: Expands China Operation
Shares of the car maker fell 1.7 percent to Rs 1,353, along with most other auto companies.
Yesterday, M&M moved towards establishing a plant in China through its recent acquisition Ssanyong Motors, according to its exchange filing.
Ssangyong Motors signed a letter of intent with Shaanxi Automobile Group of China for a joint venture. Under this JV, the companies will hold a 50-50 partnership for a production facility with a capacity of 1,50,000 completely build units by the end of 2019. The companies further plan to expand capapcity to 3,00,000 units.
Repco Home Finance: Denies Wrong-Doing
Shares of the housing finance company fell 3.1 percent to Rs 757.
Its managing director R Varadarrajan claimed that there was no waiver of processing fees and that Rs 6 lakh (1 percent of the loan amount) was paid. Only administrative fees were waved by the authority as per scheme, according to his statement.
This comes after the CBI led raids in the residential houses of the top management of the company on corruption and cheating charges.
I strongly belive ther is no violation of any rule.R Varadarrajan, Managing Director, Repco Home Finance
He further pressed that the issue would have “no material impact on the comapny as its entire loan has been fully repaid with interest.”
KEC International: Bags orders
Shares of the infrastructure company rose 4.3 percent to Rs 130 after it bagged a Rs 1,192 crore in India and overseas. The main chunk of the orders was brought in by the company's Transmission and Distribution business. The company received orders worth Rs 859 crore in India, America and Africa.
Other business segments such as cable, railways and solar also contributed to the total amount of orders.
In the T&D business, with substantial order wins in India, we continue to consolidate our presence in the domestic market. We also continue to diversify our customer base to include SEBs and developers of PPP projects.Vimal Kejriwal, MD & CEO, KEC Internatinal
Earnings Reaction
Shares of Gruh Finance rose 4.1 percent to Rs 370 after the company's profit rose 19.9 percent to Rs 62 crore for the second quarter of the financial year 2016 to 2017.
Total income grew 17.8 percent to Rs 367.4 crore compared to Rs 311.8 crore in the same quarter last year, according to the company's results posted on the Bombay Stock Exchange.
Shares of Indusind Bank gained 2 percet to Rs 1,245 after it reported a 26 percent jump in profit of Rs 704.3 crore in the July to September quarter of the current year.
Earnings Watch
Companies are starting to release their profits and loss statements for the July to September quarter of 2016. Tata Consultancy Services and Reliance Industries Infrastructure are among the companies coming out with their earnings today.
Take a look at how the stocks are performing.
- Tata Consultancy Services (-1.3 percent to Rs 2,349)
- Reliance Industrial Infrastructure (-1.4 percent to Rs 426)
- Cyient (+2.7 percent to Rs 498)
Infosys shareholders should brace themselves for volatility. https://t.co/Ak21Ei9n1b pic.twitter.com/Xt2SDffZOr
October 13, 2016
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