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Metal Index drops


People watch a large screen displaying India's benchmark share index on the facade of the Bombay Stock Exchange (BSE) building in Mumbai January 24, 2008. REUTERS/Punit Paranjpe/Files

The BSE Metal index fell 1.3 percent on Friday and aluminium maker Hindalco Industries slipped more than 5 percent in intra-day trade, largely tracking a fall in international metal prices.

Base metals fell an average 1.9 percent, with copper reversing the previous session’s gains ahead of U.S. GDP data and next week’s pivotal FOMC meeting.

Metal index stocks which ended the day in the red were Hindalco (down 2.7 pct), SAIL (down 3.8 pct), Tata Steel (down 2.4 pct), and Bhushan Steel (down 2.43 pct).

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Tech Mahindra drops after results


Employees at a call centre provide service support to international customers, in Bangalore March 17, 2004. REUTERS/Sherwin Crasto/Files

Shares of Tech Mahindra fell sharply on the first day of trade after the company declared a drop in Q2 profits after market hours on Tuesday.

Tech Mahindra said second-quarter net profit fell more than 10 percent as the IT services firm booked a charge related to its shareholding in Mahindra Satyam.

Idea Cellular down on weak Q2 results



Shares of Idea Cellular fell nearly 4 percent after the company’s quarterly net profit slipped to 1.80 billion rupees from 2.20 billion rupees a year ago.

Idea Cellular lagged market estimates as quarterly profit fell on lower call prices, but the firm said improving economic conditions and 3G services would boost revenue in future quarters.

Dr Reddy’s touches 52-wk high after results



Shares in Dr Reddy’s Lab soared to their 52-week high of 1667 rupees on the first day of trade after the company declared quarterly results.

Dr Reddy’s Laboratories Ltd, India’s No. 2 drugmaker by sales, on Saturday reported a 32 percent jump in net profit for the quarter ending September, topping estimates.

Indiabulls Fin rises after results



Shares of Indiabulls Financial Services rose more than 11 percent to a 52-week high after the company said its net profit for the September quarter more than doubled.

Indiabulls Financial Services’ net profit more than doubled to 1,726.8 million rupees in June-Sept quarter from 711.3 million rupees a year ago. The company is likely to post a compounded annual growth rate (GAGR) of 25 percent over three years, its top official said.

Indiabulls Real Estate rises



Shares in Indiabulls Real Estate rose over 2 percent on its plans to restructure its power and infrastructure business to help raise its net worth and meet funding requirement.

The move will also allow investors to diversify their portfolio into separate entities focused on real estate and power or infrastructure.

Weak day for metal stocks

The BSE Metals index ended down more than 2 perncent on Wednesday with stocks like Sterlite Industries and Sesa Goa slipping more than 3 percent. Tata Steel fell 2.7 percent.

Such stocks declined as base metals prices fell in London and Shanghai following a sell-off in the international market on Tuesday after China’s first rate rise since 2007.

from Expert Zone:

U.S. top lines set to track overseas exposure


By Amitesh Kumar

High exposure to fast-growing economies is boosting revenues at globally active U.S. companies. Developing markets, especially in Asia and Latin America, continue to boost growth forecasts that outshine the anaemic U.S. growth outlook.

S&P500 companies that generate more than half of revenue from overseas operations are expected to see higher 2010 revenue growth (10 percent in aggregate), compared to slower growth (6 percent in aggregate) for companies that derived more than half of revenue from domestic operations, a Thomson Reuters Datastream analysis reveals.

L&T gains 1.2 pct


Shares in Larsen & Toubro ended 1.2 percent higher at 2013.15 rupees after the firm announced a good set for Q2 numbers.

The firm topped market estimates with a 32 percent rise in profit on the back of a pickup in orders, and stood by its outlook for 20 percent revenue growth in fiscal 2011.

BSE IT index falls


The BSE IT index slipped 3.25 percent on Friday after Infosys, which posted better-than-expected results, warned currency volatility could crimp growth for the outsourcing sector.

The stock closed 3.4 percent lower, after rising as much as 2 percent to a record high of 3,249 rupees on results. Both Wirpo and TCS ended 3.5 percent lower.