Larsen & Toubro shares fell on weaker-than-expected results.
The stock fell as much as 3.2 per cent as the company had on Friday reported June quarter profit below estimates.
The stock posted biggest daily percentage loss since June 24.
The stock was among the top percentage losers on NSEI index.
Net profit in June quarter fell about 46 per cent to Rs 610 crore ($91.4 million) as several of the company's local infrastructure orders were deferred, leading to a fall in domestic business.
L&T's standalone revenue growth is unlikely to grow in double digits in FY17E, mainly due to weakness in domestic business, say analysts at Ambit Capital
Ambit Capital has kept “sell” rating on the stock.
ICICI Bank
ICICI Bank Ltd, India's top private sector lender by assets, fell as much 2.8 per cent on weak results and bad loan worries.
Higher provisioning for bad loans at ₹2,515 crore during the first quarter of this fiscal (₹955 crore in Q1 FY16) saw ICICI Bank’s net profit decline 25 per cent year-on-year to ₹2,232 crore (₹2,976 crore in Q1 FY16) on standalone basis.
Net profit fell as provisions for bad loans more than doubled.
The stock hit the lowest level in nearly 3 weeks.
Analysts at Jefferies say expect September quarter to be even worse operationally and an even higher non-performing loan recognition.
Advanced Enzyme Technologies
Enzyme producer Advanced Enzyme Technologies Ltd gained as much as 38.8 per cent on market debut.
The company's IPO was subscribed 116 times on the final day of the offer, which ended on July 22.
Analysts at SPA Financial Advisors said they believe there is significant growth potential for Advanced Enzyme Technologies, supported by strong entry barriers and strong margins.
Lead book runners to the IPO were ICICI Securities Ltd and Axis Capital Ltd.
Fortune Financial Services
Shares of Fortune Financial Services today surged to its 52-week high of Rs 289.80 on the BSE, as the company has got in-principle nod from SEBI to set up an Asset Management Company (AMC).
The company has received in-principle approval from SEBI Investment Management Department to set up an AMC, it had said in a regulatory filing on July 30.
The approval is subject to fulfilment of requirements as prescribed by SEBI (Mutual Fund) Regulations, 1996, it added.
Shares of the company reacted to the development on a positive note. After opening at Rs 289, the stock registered a jump of 9.46 per cent over its previous close of Rs 265. The stock was later trading at Rs 271. 50, up 2.45 per cent on the BSE.
Meanwhile, the company's board meeting is scheduled to be held on August 8, 2016, to consider and approve the un audited (consolidated and standalone) financial results for the quarter ended June 30, 2016.