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A maturing market amid the mayhem
Shares in Dr Reddy’s dropped 1.6 percent on Thursday despite the drugmaker reporting a 7.5 percent rise in profit for the June quarter.
Net profit was at 2.44 billion rupees ($52 million), up from 2.27 billion rupees a year earlier, according to a posting on the National Stock Exchange.
Shares in the counter have given a positive return of over 20 percent so far this year. Do you think it is the right time to invest in the stock?
India’s No 3 two-wheeler maker, TVS Motor Co, reported a surge in April-June profit riding booming sales on higher demand for motorcycles, and announced a bonus issue of shares, sending its shares soaring.
The counter rose over 10 percent in intra-day trade but pared most of its gains and ended 5.7 percent higher at 128.55 rupees with volumes of 10.5 million shares on the BSE.
Shares of Technofab Engineering debuted on the BSE on Friday at 272 rupees, up 13.33 percent versus its issue price of 240 rupees.
Within minutes, the scrip touched a high of Rs 297, up 12 per cent from its opening price. The stock ended 23 percent higher from its issue price at 295.65 rupees with volumes of 9.4 million shares.
Shares in drugmaker Piramal Healthcare Ltd gained after the company said it will sell its diagnostic services unit to Super Religare Laboratories Ltd (SRL) for 6 billion rupees to focus on fewer and larger businesses left in its basket.
Piramal Healthcare had risen more than 2 percent in early trade on Wednesday but pared gains to close nearly 1 percent lower.
The BSE IT Index ended 2.68 percent lower on Tuesday weighed down by Infosys Technologies’ surprise 2.6 percent drop in April-June profit.
The country’s No. 2 outsourcer said before market hours its sales contribution from Europe fell to about 20 percent from nearly 25 percent a year ago and 23 percent in January-March.
Shares in Infosys, India’s second-largest software exporter, rose as much as 1.4 percent to a 52-week high of 2,911.55 rupees, on expectations it would raise its dollar revenue forecast for the full year when it unveils results on Tuesday.
The scrip pared morning gains to close 0.8 percent higher at 2894 rupees with volumes of 0.1 million shares.
Parabolic Drugs Ltd debuted on the BSE marginally above its issue price of 75 rupees on Thursday but later fell more than 14 percent in intra-day trade.
Shares in the counter ended 13.6 percent lower at 64.80 rupees with volumes of 7.8 million shares.