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A maturing market amid the mayhem

Results fail to prop up Dr Reddy’s

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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?

TVS Motor rises on results, bonus announcement

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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.

Realty Index gains

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INDIAThe BSE Realty Index ended higher in a lackluster market as weak global cues continued to dampen sentiments at higher levels.

Some buying was seen in realty stocks and the sector remained the top performer among BSE sectoral indices.

Reliance Comm gains

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RELIANCECOMM/

Shares in Reliance Communications closed 2.2 percent higher on report that Emirates Telecommunications (Etisalat) is close to buying 26 percent in the firm.

The stock was among the top Sensex gainers with volumes of over 1.8 million shares on the BSE.

Technofab Engineering lists at a premium

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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.

BSE Banking Index declines

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MARKETS-SOUTHASIA/STOCKS

The BSE Banking Index snapped a five-session gaining streak on Thursday and dropped 0.27 percent on profit taking.

Top lender State Bank of India slipped 1 percent while private sector rival HDFC Bank closed 1.1 percent down.

Piramal gains on news of unit sale

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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.

BSE IT Index drops, Infosys leads the decline

INDIAThe 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.

Infosys rises on hopes of better results

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INDIA TECH

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 debuts marginally higher

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MARKETS-SOUTHASIA-STOCKS/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.

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