Stocks Radar: Hero MotoCorp, Indraprastha Gas, Manappuram Finance And More
Shares of Manappuram Finance surges 11 percent after profit jump.
Indian shares advanced on Thursday, snapping a two-day losing streak, led by gains in bank stocks and automakers.
The S&P BSE Sensex advanced 0.6 percent to 28,469 while the NSE Nifty also climbed 0.6 percent to 8,821.
Here are the stocks moving the market:
Hero MotoCorp: Beats Estimates
Shares of the country’s largest two-wheeler maker rose 1.7 percent to Rs 3,280 after it reported a 2.6 percent decline in profit for the third quarter, but surpassed street estimates.
The company's net profit fell to Rs 772.1 crore in the December ended quarter from Rs 793.2 crore in the corresponding quarter of the previous year.
The Bloomberg consensus of analyst estimates had pegged the profit figure at Rs 711 crore.
"The industry did witness some negative sentiments during the October-December Quarter, but with the agility shown by the government in bringing about a slew of measures to aid the citizens at large, the market scenario has now begun improving," said Pawan Munjal, chief executive officer, Hero Motocorp said.
Cipla: Profit Meets Estimates
Shares of the drugmaker rose 1 percent to Rs 607.30 after the company posted a near 44 percent rise in third-quarter profit, in line with analyst estimates.
Net profit jumped Rs 374.8 crore from Rs 260.6 crore in the same period a year ago, the pharmaceutical company said in a stock exchange filing. The Bloomberg consensus estimate stood at Rs 364 crore.
Cipla's board also approved plans to raise funds worth up to Rs 2,000 crore via issue of equity shares or Foreign Currency Convertible Bonds (FCCBs).
Reliance Power: Profit Misses Estimates
Shares of Reliance Power rose 1.2 percent to Rs 46.60 after its net profit in the December quarter rose 14.4 percent, but missed street estimates.
The power producer reported a consolidated net profit of Rs 275.70 crore, compared with Rs 241.06 crore a year ago. Analysts poll by Bloomberg had expected net profit of Rs 354.8 crore.
Net sales rose nearly 14 percent to Rs 2,456.31 crore in the quarter.
Indraprastha Gas: Profit Jumps
Shares of the natural gas distributor rose 3 percent to Rs 1,045.03 after it reported a 37 percent profit growth in the third quarter, beating street estimates.
Standalone net profit for the December quarter came in at Rs 145 crore versus Rs 106 crore in the corresponding quarter last year. This is the fourth consecutive quarter of double digit profit growth for the company.
Third quarter profit rose due to higher sales volume/realisations, reduction in interest cost and higher other income, the company said in the press release.
Union Bank of India: Results Disappoint
Shares of the lender declined 4 percent to Rs 159.55 after it reported a 32 percent increase in net profit in the December quarter, but missed estimates.
Net profit rose to Rs 104 crore compared with Rs 78.54 crore a year ago. According to Bloomberg estimates, the bank was expected to post a net profit of Rs 227.40 crore.
Gross non-performing assets rose to 11.7 percent at the end of the December quarter compared with 10.73 percent in the previous quarter.
Manappuram Finance: Profit Surges
Shares of Manappuram Finance jumped 11 percent to Rs 102.95 after the gold loan company posted an over two-fold rise in third-quarter profit.
The consolidated net profit rose to Rs 202.54 crore for the quarter quarter ended December 31 from Rs 100.34 crore in the corresponding period last year.
The Board approved payment of interim dividend of Rs 0.50 per share.