Stocks Radar: Idea Cellular, Coal India, Hindustan Motors And More
Idea Cellular shares fell 3.7 percent after posting lowest quarterly profit since listing.
Indian shares climbed for a third straight session, tracking an extended rally in global equities, as investors pinned hopes on a proposed tax overhaul by the U.S. President Donald Trump to boost growth.
The S&P BSE Sensex gained 0.4 percent to 28,458 while the NSE Nifty advanced 0.4 percent as well to 8,826.
Here are the stocks moving in trades today:
Coal India: Q3 Miss
Shares of the world’s biggest coal miner fell 2.6 percent to Rs 316.30 after reporting a 20.3 percent drop in December-quarter net profit, missing estimates.
Net profit for the quarter stood at Rs 2,884.5 crore compared to Rs 3,617.2 crore a year ago, the Kolkata-based miner said in a stock exchange filing. Revenue rose 4 percent to Rs 19,704.5 crore from Rs 18,971.5 crore a year ago.
Bloomberg consensus estimate for net profit and revenue stood at Rs 3,059 crore and Rs 20,105 crore, respectively.
Idea Cellular: First Loss In A Decade
Shares of the telecom operator fell 3.7 percent to Rs 106.30 after reporting its first quarterly loss since listing due to declining revenue and rising costs.
The Kumar Mangalam Birla-led company reported a net loss of Rs 383.8 crore in the quarter ended December 2016 against a net profit of Rs 659.3 crore in the year-ago period, according to its filing to stock exchanges.
Analysts tracked by Bloomberg had pegged the net loss at around Rs 403 crore.
Idea Cellular is in talks with Vodafone India Ltd. for a merger to create India’s largest telecom operator, the two companies recently said.
Hindustan Motors: Sells Ambassador Brand
Shares of Hindustan Motors rose 13 percent to Rs 12.42 after India’s oldest carmaker said it would sell the Ambassador brand and certain related rights to French automaker Peugeot S.A for Rs 80 crore.
This will not be Peugot's first shot at the Indian market. The French carmaker had first entered India through a joint venture with Premier Automobiles Ltd. in 1994, and was christened as PAL-Peugeot Ltd.
Hindustan Motors had halted production of the Ambassador in 2014 citing “low productivity, growing indiscipline, critical shortage of funds, lack of demand for its core product the Ambassador and large accumulation of liabilities”.
Bank of Baroda: Profit Disappoints
Shares of the public sector lender fell 5 percent to Rs 178.90 after its third quarter profit missed analysts'estimates.
Net profit in the October-December quarter stood at Rs 252.6 crore compared to a loss of Rs 3,342 crore in the corresponding quarter of the previous financial year, the bank said in a stock exchange filing. The consensus of analyst estimates tracked by Bloomberg stood at Rs 636.5 crore.
Net interest income (NII) in the second quarter increased 15.9 percent to Rs 3,134.4 crore from Rs 2705.3 crore in the same quarter last year. The Bloomberg consensus of analyst estimates had pegged the figure at Rs 3,403.2 crore.
Reliance Communications: Swings To Loss
Shares of Reliance Communications fell 2 percent to Rs 33.90 after reporting a net loss of Rs 531 crore in the October-December quarter compared to Rs 303-crore profit in the year-ago period.
Intense competition and a complete shutdown of profitable CDMA operations pulled its revenues 8 percent lower to Rs 4,820 crore in the third quarter of financial year 2016-17, the company said in a filing to stock exchanges.
Total expenses increased to Rs 4,881 crore in the reported quarter compared to Rs 4,475 crore in the same period the previous year, the filing said. Finance costs surged 37 percent to Rs 958 crore.
Infosys: Murthy Calls Off Board Battle
Shares of the software maker rose nearly 1 percent to Rs 975.95 after Bloomberg reported that co-founder Narayana Murthy has called off battle with the board.
“Board is made up of decent people and chairman R. Seshasayee is a man of highest integrity,” Bloomberg reported on Monday quoting Murthy as saying.
Infosys founders, including NR Narayana Murthy, have raised questions over executive compensation and corporate governance at Infosys.
Chief Executive Officer Vishal Sikka and the board are expected to respond to the concerns raised by the company's founders in two separate events later today.
Mahanagar Gas: Profit Rises
Shares of the gas distributor rose 1.3 percent to Rs 933 after posting a 30 percent profit growth in the third quarter.
The country's second largest compressed natural gas retailer’s net profit for the October-December quarter stood at Rs 99 crore compared to Rs 76.6 crore in the corresponding quarter last year, the company said in its stock exchange filing.
Total income from operations fell 2 percent to Rs 554.3 crore as compared to Rs 565.9 crore in the year ago period.
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