Indian shares declined amid a pause in Asian equities as investors grapple with monetary policy uncertainty and lower-than-anticipated corporate earnings.
Here are the stocks in focus for the day:
Earnings Reaction: Biocon & HCL Tech
Shares of Biocon rose 2.1 percent to Rs 1,000 after it registered a 52 percent jump in net profit to Rs 147 crore in the second quarter of fiscal 2016-17, beating street estimates.
Our performance in Q2FY17, was led by strong growth across small molecules, biologics and research services. Expansion of our biologics footprint in emerging markets and licensing agreements boosted the revenue further.Kiran Mazumdar Shaw, Chairperson and Managing Director, Biocon
Shares of HCL Technologies gained 4 percent to Rs 848 after its second quarter results managed to meet analyst estimates. Net profit rose 1.9 percent whereas revenue rose 1.6 percent.
Moreover, the company maintained its growth guidance for the rest of the year in both, constant currency and U.S. dollar terms.
Reliance Industries: Profit Falls First Time In 6 Quarters
Shares of Mukesh Amabani-owned firm fell 1.5 percent to Rs 1,070 after it reported a decline in profit for the first time in six quarters, but managed to beat street estimates on higher profitability margins in its petro-chemical business.
Additionally, its telecom arm, Reliance Jio, said that it may provide free services to consumers, as a part of their welcome plan, for a longer period of time.
Wipro: To Be the Largest Cloud Transformation Practice in World
Shares of one of India’s biggest information technology companies rose 1.8 percent to Rs 504 after it said it will acquire Indianapolis based Appirio for $500 million. The acquisition of the global cloud services company will make Wipro the largest cloud transformation practice in the world.
Appiro is also a partner to some of the world’s renowned brands such as Coca-Cola, Facebook, Sony PlayStation, Home Depot and eBay.
Appiro and Wipro are coming together to unlock transformational synergies in the applications space and help enterprises create new business models.Abidali Z Neemuchwala, CEO, Wipro
The company is coming out with its second quarter results, for fiscal 2016-17, today.
Bank Stocks: Bank Nifty Falls
Shares of Indian banks fell after the National Payment Corporation of India came out and said that a total of 32 lakh debit cards had been blocked by 19 banks on account of purported fraud. It is knows that Yes bank, ICICI bank and State Bank of India have blocked several customer debit cards.
- ICICI Bank (-1.3 percent to Rs 273)
- Axis Bank (-1.6 percent to Rs 531)
- Yes Bank (+0.7 percent to Rs 1,318)
- State Bank of India (-1 percent to Rs 257)
* Axis bank to allot NCDs aggregating to Rs 5,000 crore.
*Yes Bank’s second quarter earnings, announced on Thursday morning, showed a 31 percent jump in profit.
Jet Airways: High Court Approves Merger with Jet Lite
Shares of the airline company rose 1.9 percent to Rs 475 after the Supreme Court approved the merger of Jet Lite (India) with Jet Airways (India). Jet Airways will now work to get the necessary approvals for the merger, according to the company’s exchange filing.
The aviation company is the second largest in India with a 16.2 percent market share, coming in after Indigo with a 40 percent market share.
NBCC: Looking at Day 2 of OFS
Shares of the navratna organisation fell 3.9 percent to Rs 241 on Friday morning.
NBCC received subscriptions 1.5 times of the allotted shares for institution buyers, bringing in bids worth Rs 2,700 crore on the first day of the offer for sale.
The share sale came about as the government decided to divest 15 percent of its stake in the government-owned company.The OFS will close on Friday evening according to the company's notification on the BSE.
- ACC (-0.3 percent to Rs 1,604)
- Indiabulls Housing Finance (-1.1 percent to Rs 862)
- Oberoi Realty (+1.4 percent to Rs 338)
- MindTree (+1.5 percent to Rs 486)
- Cairn India (-0.9 percent to Rs 233)
- State Bank of Bikaner and Jaipur (-3.3 percent to Rs 678)