Shares of Divi’s Laboratories today surged nearly 7 per cent after the company posted a rise of 23 per cent rise in net profit for the first quarter ended June 30.
The scrip rose 6.58 per cent to Rs 1,268.65, its 52-week high, on the BSE.
On the NSE, shares of the company jumped 6.44 per cent to touch its one-year high of Rs 1,271.
Divi’s Laboratories had on Friday posted a rise of 23 per cent rise in net profit to Rs 301.81 crore for the first quarter.
It had posted a net profit of Rs 245.18 crore in the same period last fiscal.
Net sales rose to Rs 1,005.97 crore in the first quarter compared with Rs 806.91 crore during the same period of the previous financial year, Divi’s had said in a regulatory filing.
The company manufactures active pharmaceutical ingredients (APIs) and intermediates.
Unitech slumps
Shares of Unitech today slumped 20 per cent after the beleaguered real estate firm expressed its inability before the Supreme Court to refund money to home buyers over its two delayed projects in Noida and Gurgaon.
The scrip tanked 20 per cent to Rs 4.92, its lowest trading permissible limit for the day, on the BSE.
On the NSE, it fell sharply by 19.51 per cent to Rs 4.95.
“We don’t have money. If we had money, we would have constructed the flats and buildings and given to them,” Senior advocated A M Singhvi, the counsel for Unitech Ltd, had told a Bench of Justices Dipak Misra and U U Lalit on Friday.
More than two dozen home buyers of Unitech’s projects in Noida and Gurgaon have approached the National Consumer Disputes Redressal Commission (NCDRC) after the builder failed to give them possession of the flats as scheduled.
The consumer forum had asked the real estate firm to refund the money to home buyers with interest.
Meanwhile, BSE has sought clarification from Unitech over this matter.
Infosys tanks
Shares of Infosys fell to 8-month low after RBS contract loss.
Infosys Ltd’s shares plunged as much as 3.25 per cent to their lowest since December 9, 2015.
India’s second-largest IT firm said it would carry out ramp-down of at least 3,000 people, mainly in India, over next few months after the cancellation of contract with Royal Bank of Scotland
Last week, RBS had said it will no longer pursue its plan to separate and list a new UK standalone bank, Williams & Glyn (W&G).
Infosys was W&G programme technology partner for consulting, application delivery and testing services.
The company had warned in July it won’t make its previous revenue target for fiscal year after the Brexit vote left the company with little visibility on future business prospects.
The stock was the top percentage loser on NSE index.
SBI jumps
SBI rose after bad-loan metrics beat estimates.
Shares of State Bank of India were up as much as 1.44 per cent.
India’s top lender by assets had reported 32 per cent fall in quarterly net profit on Friday, but rise in bad loans was smaller-than-expected.
Gross bad loans rose 3 per cent q/q to Rs 1.02 lakh crore ($15.26 billion) as of end-June.
Analysts at CLSA have upgraded the stock’s rating to “buy’’, adding that SBI scores over PSU peers on asset quality, profitability and capitalisation; at least three brokerages have raised the price target.
The stock was the top percentage gainer on the Nifty PSU Bank Index.
PowerGrid rallies
Power Grid Corp of India shares hit record high ahead of earnings.
Shares of Power Grid Corp of India rose as much as 2.8 per cent to a record high of Rs 18,310 crore.
The company is expected to report a profit of Rs 1,641 crore ($245.40 mln) for June quarter, according to Thomson Reuters StarMine data.
It has reported a profit of Rs 1,367 crore for the year-ago quarter.
June-quarter results are due later in the day.
Out of 37 brokerages covering the stock, 35 have “buy” or equivalent ratings, while two have “hold”, says Thomson Reuters data.
The stock has an estimated PE ratio of 12.46, almost double the sector average of 6.25.
The stock had gained 26.1 per cent this year as of Friday’s close.