Stock Markets

ACC, Ambuja report poor quarterly results; shares fall

ACC, Ambuja report poor quarterly results; shares fall

Cement giants ACC Ltd and Ambuja Cement failed to meet analysts' expectations for their quarterly results, mainly because of persistent sluggish market conditions and lower realizations.

ACC on Wednesday reported a decline of more than 50 per cent in its net profit for the July to September quarter of this year. The company said that it generated a net profit of Rs 119 crore in the September quarter of this year, as against Rs 241.9 crore in the corresponding quarter of last year.

Wipro shares fall more than 8% after Q2 results lag peers

Wipro shares fall more than 8% after Q2 results lag peers

Wipro shares lost more than 8 per cent in morning trade on Wednesday after analysts pointed out that the information technology (IT) firm's September quarter results lagged those of peers.

Wipro's consolidated revenue jumped 13 per cent quarter on quarter to Rs 10,992 crore in the July to September quarter. Services EBIT margin jumped by 250 basis points to 22.5 per cent.

However in dollar terms, the Bangalore-based company's revenue grew just 2.7 per cent quarter on quarter in the three months ended September 30.

Ranbaxy stock rebounds nearly 5%

Ranbaxy stock rebounds nearly 5%

After suffering its worst one-day decline on Monday, stock in Ranbaxy rebounded nearly 5 per cent in early trade on Tuesday.

As of 09.30 in the morning today, Ranbaxy shares were trading 4.7 per cent higher at Rs 333.45 apiece on the National Stock Exchange (NSE).

On Monday, Ranbaxy shares slipped more than 30 per cent to Rs 318.85 apiece, after the U. S. Food & Drug Administration (FDA) issued an import ban on the pharmaceuticals giant's Mohali plant over quality concerns.

DoubleLine chief gives strong negative outlook for Indian stock market

DoubleLine chief gives strong negative outlook for Indian stock market

DoubleLine Capital LP chief executive Jeffrey Gundlach on Tuesday gave a strong negative outlook for the Indian stock market, saying outflows of funds, in particular, could hit it hard.

In an investor webcast, Gundlach said that the Indian stock market looked very scary. He however added that it was his intermediate-term outlook for the Indian stock market.

Gundlach, who is the head of the around $37 billion DoubleLine Total Return Bond Fund, also said that the US Federal Reserve is making a blunder in the way it is going to put an end to its asset-purchase program.

Tata Motors’ shares fall on weak August sales

Tata Motors’ shares fall on weak August sales

Tata Motors' shares slipped nearly 2 per cent to Rs 293 apiece in the morning trade on Monday after the auto giant report weak August sales figures.

The auto giant gave poor sales performance in August as domestic demand for commercial as well as passenger vehicles maintained the downward trajectory.

The company's total sales volumes, including exports, slipped 30.9 per cent year-on-year and 3.6 per cent month-on-month to 49,611 units in August.

Sales of commercial vehicles and passenger vehicles slipped 26.6 per cent and 48.2 per cent year-on-year, respectively.

Realty shares jump as Lok Sabha passes Land Acquisition Bill

Realty shares jump as Lok Sabha passes Land Acquisition Bill

Stocks in real estate firms enjoyed notable gains in early morning trade on Friday after the Lok Sabha passed the controversial Land Acquisition Bill.

All major players, including DLF, Unitech, Peninsula Land, Anant Raj Industries, Indiabulls Real Estate, and Housing Development & Infrastructure Ltd. gained between 1 per cent and 6 per cent on the Bombay stock Exchange (BSE).

The Congress-led UPA government claims that the Land Acquisition Bill would accelerate the pace of industrial investments and economic growth by making the rules regarding land acquisition clearer.

Tata Steel stock jumps on strong Q1 earnings

Tata Steel stock jumps on strong Q1 earnings

Tata Steel shares gained more than 6 per cent in the early Wednesday morning trade on the Bombay Stock Exchange after the steel giant reported an increase of more than 90 per cent in quarterly consolidated net profit.

Tata Steel said its consolidated net profit increased 90.46 per cent year-on-year to Rs 1139 crore in the April to June quarter of current financial year. The increase in profit was despite 3 per cent decline in sales to Rs 32805 crore.

Tech Mahindra reports 27percent rise in Net Profit

Tech Mahindra reports 27percent rise in Net Profit

IT major Tech Mahindra posted 27% rise in consolidated net profit for first quarter. The company reported net profit of Rs 686 crore for quarter ending June 2013 for the combined entity of Tech Mahindra and Mahindra Satyam. Both companies completed the merger in July 2013.

The company reported revenue jump of 21.7 per cent at Rs 4103 crore compared to Rs 3372 crore. The stock closed at Rs 1266 on NSE after touching 52-week high of Rs 1292 during the afternoon session. Many technical experts have recommended the stock as a strong buy.

Jewellery stocks slip as investors worried about future earnings

Jewellery stocks slip as investors worried about future earnings

Gems and jewellery companies suffered steep declines in their stocks on Tuesday as investors were worried that the government's measures to curb gold imports might hurt earnings from the stocks.

The government and the Reserve Bank of India (RBI) have long been trying to curb gold imports as heavy imports of the precious yellow metal have been significantly contributing to the country's widening current account deficit
(CAD).

Mahindra shares jump on Spain’s CIE Automotive deal

Mahindra shares jump on Spain’s CIE Automotive deal

Mahindra Group shares scored considerable gains in early trade on Monday after the tractor & utility vehicle giant announced a stake sale and purchase deal with Spanish auto parts maker CIE Automotive.

Mahindra announced that CIE Automotive would acquire 46-52 per cent stakes in its automotive component businesses - Mahindra Systech - through its Brazilian subsidiary Autometal for $116 million (nearly Rs 766 crore).

Mahindra Group will also acquire 13.5 per cent stake in CIE Automotive, becoming the second-largest stakeholder in the Spanish auto parts maker.