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Shares of aluminium giant Hindalco Industries surged on strong earnings.
The stock surged as much as 10.72 per cent.
The company said its net profit more than doubled to Rs 356 crore ($52.91 million) in January-March quarter.
Consensus estimate for the quarter was Rs 249 crore.
Hindalco reported ahead-of-estimate numbers as costs softened more than envisaged, accrording to Religare.
It adds aluminium business operating performance grew six-fold q/q on higher sales volume and lower energy-related costs.
The brokerage has maintained “hold” rating with a revised price target of Rs 100 from Rs 75 rupees ($1 = 67.2900 Indian rupees).
BHEL slumps
Shares of power equipment maker BHEL fell 5 per cent today after the company’s standalone net profit declined 59.5 per cent in the fourth quarter ended March 31, 2015-16.
The company’s result came post market hours on Friday.
The stock declined 5 per cent to Rs 121.70 on the BSE. On the NSE, it went down by 4.91 per cent to Rs 121.80.
The stock was the worst performer among the blue-chips on both Sensex and Nifty.
The state-run power equipment maker’s standalone net profit declined 59.5 per cent to Rs 359.58 crore in the January-March quarter due to lower income from operations.
The company had posted a net profit of Rs 888.35 crore in the corresponding quarter of 2014-15, the company had said in a regulatory filing on Friday.
Its total income from operations fell 21.5 per cent to Rs 10,004.77 crore during January-March quarter of 2015-16 compared to that of Rs 12,745.19 crore in the same period of previous fiscal.
However, total expenses decreased to Rs 9,883.76 crore against Rs 11,345.53 crore in the year-ago period.
Sun Pharma drops
Shares of Sun Pharmaceutical Industries dropped as the company has got US subpoena on generic drug pricing.
The stock plunged as much as 1.02 per cent.
India’s largest drugmaker said it has received a subpoena from the US Department of Justice seeking information about the pricing and marketing of generic drugs it sells in the country.
The subpoena comes amid a wider probe by US regulators into the steep hike in prices of generic medicines.
Phillip Capital says the subpoena, part of a broader investigation into anti-competitive practices, may not have any major adverse impact on Sun Pharma’s overall earnings.
The brokerage says the US subsidiary’s revenue contributes just 15 per cent and profit share 6 per cent to the company’s consolidated financials.
The company is set to announce its January-March earnings later in the day.
SBI shares down
State Bank of India shares were down after hitting 4-1/2 month high.
The stock fell 0.5 per cent after gaining as much as 4.1 per cent to its highest since January 12.
On Friday, the country’s largest lender had reported worse-than-expected earnings but said fewer than feared of its loans risked turning sour.
Potential for lesser slippages over the new fiscal year started in April is turning around investor sentiment, says JM Financial.
According to the brokerage, SBI’s loan growth of 13 per cent vs average of 10 per cent in sector, was driven by 20 per cent growth in retail segment.
It adds quality of lending to corporates improved with 65 per cent on incremental loans of them being rated ‘A’ vs 23 per cent two years ago.
JM Financial has “buy” rating on the stock with a price target of Rs 300.
The stock has gained 16.3 per cent over the previous four sessions.
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