ICICI Bank, Dr Reddy's Labs, HUL, Lupin, Bharti Airtel, Hindalco, ONGC, Vedanta and Sun Pharma fell up to 5 percent while ITC and L&T gained.
1:05 pm Buzzing: Shares of Idea Cellular today dived by nearly 6 percent after the company posted a loss of Rs 815.9 crore in the first quarter ended June 30.
The telecom company yesterday posted a loss of Rs 815.9 crore in the first quarter ended June 30, impacted by sustained pressure from disruptive tariffs of Reliance Jio.
This is the third straight quarter loss for the Aditya Birla group firm as it has not been able to recover from the pressure of aggressive tariff war triggered by Mukesh Ambani-led Reliance Jio Infocomm.
Idea Cellular had posted a profit of Rs 217.1 crore in the same period a year ago. Total revenue of Idea also declined by about 14 percent to Rs 8,181.7 crore in the reported quarter from Rs 9,552.4 crore in the corresponding period of 2016-17.
The telecom company yesterday posted a loss of Rs 815.9 crore in the first quarter ended June 30, impacted by sustained pressure from disruptive tariffs of Reliance Jio.
This is the third straight quarter loss for the Aditya Birla group firm as it has not been able to recover from the pressure of aggressive tariff war triggered by Mukesh Ambani-led Reliance Jio Infocomm.
Idea Cellular had posted a profit of Rs 217.1 crore in the same period a year ago. Total revenue of Idea also declined by about 14 percent to Rs 8,181.7 crore in the reported quarter from Rs 9,552.4 crore in the corresponding period of 2016-17.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
12:58 pm Earnings: Tanla Solutions' first quarter consolidated profit jumped significantly to Rs 11.9 crore from Rs 4 crore and revenue grew by 89.3 percent to Rs 185.5 crore compared with year-ago quarter.
Operating profit surged 46.9 percent year-on-year to Rs 16.3 crore but margin contracted by 260 basis points to 8.8 percent in June quarter.
The stock rallied 7 percent.
12:40 pm Europe opening: European bourses opened lower after US tech shares retreated from recent highs and investors reacted to a deluge of earnings reports.
The pan-European Stoxx 600 was 0.67 percent lower shortly after the opening bell with all sectors and major bourses in negative territory.
12:20 pm Interview: Confirming the news that Wilmar Sugar would be infusing around Rs 813 crore into Shree Renuka Sugars via convertibles at Rs 16.27 per share, Managing Director Narendra Murkumbi told CNBC-TV18 said the main intention behind this to reduce the debt of the company.
The standalone debt currently is around Rs 3,600 crore and consolidated is around Rs 9700 crore. Post the deal, it is expected that the India debt would reduce to Rs 1500 crore (standalone) in addition to about Rs 580 crore of 0.01 percent interest coupon NCDs, said Murkumbi.
He further added that that the total debt would shrink to around Rs 2080 crore of which Rs 1500 crore will be regular interest paying debt.
Interest costs has been the problem area for the company and post this restructuring it is expected to fall to Rs 200 crore from Rs 400 crore, said Murkumbi.
The target is to turn profitable as soon as possible and the idea is to grow the company.
12:00 pm Shares sale: Indiabulls Real said IBL Scheme Trust sold its holding of 95 lakh shares in company for Rs 220.4 crore.
Sale is made by the company of its treasure shares and no share sale is done by the founder of the company.
"Sale proceeds would be used for meeting company’s funding requirements," Indiabulls Real said.
11:45 am Earnings: Escorts' profit in June quarter increased sharply by 33.4 percent year-on-year to Rs 62.6 crore, driven by revenue and other income.
Revenue during the quarter grew by 11 percent to Rs 1,163 crore while operating profit increased 8.3 percent to Rs 97.5 crore but margin contracted by 20 basis points to 8.5 percent compared with year-ago quarter.
Other income doubled to Rs 20.5 crore from Rs 10.2 crore on YoY basis.
Agri Machinery revenue jumped 9.7 percent to Rs 942.1 crore, with its EBIT growing 5.2 percent at Rs 102 crore.
Escorts said orderbook of Rs 150 crore for railway products would be executed in 6-7 months.
11:30 am Market Check: Equity benchmarks continued to trade lower in morning trade, with the Sensex down 149.10 points at 32,234.20 but the broader markets outperformed.
The Nifty continued to struggle below 10,000 level, down 31.50 points at 9989.05 while the BSE Midcap and Smallcap indices gained 0.5 percent.
Dr Reddy's Labs was biggest loser among Sensex stocks, down more than 5 percent after disappointing earnings. Lupin, ICICI Bank, HUL and Sun Pharma were down 2-4 percent.
HDFC, Infosys, ITC, Maruti Suzuki and Adani Power were only gainers.
11:17 am Buzzing: Panacea Biotec shares rallied nearly 10 percent intraday on joint collaboration with the US firm for development of 7 complex generics.
"... has entered into joint collaboration for development, license, manufacturing, supply and sales of 7 complex generic pharmaceutical products with Bionpharma Inc, a generic pharmaceutical company based in the United States," the New Delhi-based pharma company said in its filing.
The seven abbreviated new drug applications are currently under development at Panacea Biotec, representing a total estimated market potential of more than USD 800 million.
12:58 pm Earnings: Tanla Solutions' first quarter consolidated profit jumped significantly to Rs 11.9 crore from Rs 4 crore and revenue grew by 89.3 percent to Rs 185.5 crore compared with year-ago quarter.
Operating profit surged 46.9 percent year-on-year to Rs 16.3 crore but margin contracted by 260 basis points to 8.8 percent in June quarter.
The stock rallied 7 percent.
12:40 pm Europe opening: European bourses opened lower after US tech shares retreated from recent highs and investors reacted to a deluge of earnings reports.
The pan-European Stoxx 600 was 0.67 percent lower shortly after the opening bell with all sectors and major bourses in negative territory.
12:20 pm Interview: Confirming the news that Wilmar Sugar would be infusing around Rs 813 crore into Shree Renuka Sugars via convertibles at Rs 16.27 per share, Managing Director Narendra Murkumbi told CNBC-TV18 said the main intention behind this to reduce the debt of the company.
The standalone debt currently is around Rs 3,600 crore and consolidated is around Rs 9700 crore. Post the deal, it is expected that the India debt would reduce to Rs 1500 crore (standalone) in addition to about Rs 580 crore of 0.01 percent interest coupon NCDs, said Murkumbi.
He further added that that the total debt would shrink to around Rs 2080 crore of which Rs 1500 crore will be regular interest paying debt.
Interest costs has been the problem area for the company and post this restructuring it is expected to fall to Rs 200 crore from Rs 400 crore, said Murkumbi.
The target is to turn profitable as soon as possible and the idea is to grow the company.
12:00 pm Shares sale: Indiabulls Real said IBL Scheme Trust sold its holding of 95 lakh shares in company for Rs 220.4 crore.
Sale is made by the company of its treasure shares and no share sale is done by the founder of the company.
"Sale proceeds would be used for meeting company’s funding requirements," Indiabulls Real said.
11:45 am Earnings: Escorts' profit in June quarter increased sharply by 33.4 percent year-on-year to Rs 62.6 crore, driven by revenue and other income.
Revenue during the quarter grew by 11 percent to Rs 1,163 crore while operating profit increased 8.3 percent to Rs 97.5 crore but margin contracted by 20 basis points to 8.5 percent compared with year-ago quarter.
Other income doubled to Rs 20.5 crore from Rs 10.2 crore on YoY basis.
Agri Machinery revenue jumped 9.7 percent to Rs 942.1 crore, with its EBIT growing 5.2 percent at Rs 102 crore.
Escorts said orderbook of Rs 150 crore for railway products would be executed in 6-7 months.
11:30 am Market Check: Equity benchmarks continued to trade lower in morning trade, with the Sensex down 149.10 points at 32,234.20 but the broader markets outperformed.
The Nifty continued to struggle below 10,000 level, down 31.50 points at 9989.05 while the BSE Midcap and Smallcap indices gained 0.5 percent.
Dr Reddy's Labs was biggest loser among Sensex stocks, down more than 5 percent after disappointing earnings. Lupin, ICICI Bank, HUL and Sun Pharma were down 2-4 percent.
HDFC, Infosys, ITC, Maruti Suzuki and Adani Power were only gainers.
11:17 am Buzzing: Panacea Biotec shares rallied nearly 10 percent intraday on joint collaboration with the US firm for development of 7 complex generics.
"... has entered into joint collaboration for development, license, manufacturing, supply and sales of 7 complex generic pharmaceutical products with Bionpharma Inc, a generic pharmaceutical company based in the United States," the New Delhi-based pharma company said in its filing.
The seven abbreviated new drug applications are currently under development at Panacea Biotec, representing a total estimated market potential of more than USD 800 million.
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