Stocks Radar: Dr Reddy’s Labs, Repro India, Videocon
The Indian equity benchmark fell after almost three sessions of gains, ahead of inflation numbers to be announced later today.
The S&P BSE Sensex fell as much as 0.39 percent to 33,326, while the NSE Nifty 50 Index lost 0.49 percent to 10,271.7.
The market breadth was tilted in favour of sellers. Thirteen out of 19 sector gauges compiled by the BSE Ltd. fell, led by the S&P BSE Telecom Index’s 1.69 percent slump. On the other hand, the sector which gained the most was S&P BSE Metal Index’s 1.06 percent gain.
Bank Index Falls Ahead Of Inflation Data
Nifty PSU Bank Index fell 0.83 percent ahead of the inflation numbers. Inflation is likely to pick up and a downward pressure on liquidity will remain.
The bank index was also the worst performing index on the national stock exchange in early trade.
Dr Reddy’s: Climbs After FDA EIR
Shares of the pharmaceutical firm rose as much as 6.13 percent to Rs 2,328, after the U.S. Food and Drug Administration closed an audit of its formulations manufacturing plant at Bachupally in Hyderabad.
Dr Reddy’s Laboratories Ltd. was the best performer on both the indices in early trade, extending a two-day gaining streak.
Asian Paints: Down After Acquiring Sleek
Shares of the paint manufacturer fell as much as 2.26 percent to Rs 1,102.6, extending a three-day decline.
Asian Paints Ltd. had earlier acquired 51 percent stake in kitchen solutions provider Sleek in 2013. The company informed today in an exchange filing that the balance 49 percent has been acquired too, making Sleek a wholly-owned subsidiary of Asian Paints.
Trading volume of the stocks was 5.9 times the 20-day average during early trading today.
Repro India: Falls After Q2 Net Income Declines
Shares of the printing services firm fell as much as 6.96 percent to Rs 802.2, after it reported poor earnings in the second quarter. This is the stock’s biggest slump since August this year.
- Revenue down 7 percent at Rs 69.55 crore.
- Net profit down 86 percent at Rs 2.5 crore.
- EBITDA loss at Rs 2.1 crore.
- Margin at -3 percent versus 10.9 percent.
Videocon: Under A Pile Of Debt
Shares of the consumer electronics manufacturer fell as much as 4.9 percent to Rs 18.45, extending a two-day decline.
Media reports suggested that Videocon Industries Ltd. is under a pile of Rs 45,000 crore loan, which is five times bigger than Vijay Mallya’s debt, according to a Financial Express report.
The stock has given negative returns of 82.24 percent as compared to Sensex’s returns of 25.19 percent so far this year.