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Sensex, Nifty Gain For Third Day As Investors Focus On Earnings

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Indian equity benchmarks rose for third day in a row led by Tata Motors, TCS, Reliance Industries and HDFC Bank as investors shrugged off concerns that crude oil prices may hurt the economy after the U.S. reinstated sanctions on Iran, keeping their focus on company earnings reports.

The S&P BSE Sensex rose 0.29 percent or 103 points to 35,319 and the NSE Nifty 50 index gained 0.22 percent or 24 points to 10,742.

Of the 20 Nifty 50 companies that have posted quarterly results so far, net profits at nine have matched or beaten analyst estimates.

"In-line corporate earnings and strong auto sales numbers hold promise that the economy is improving," Jitendra Panda managing director at Peerless Securities told Bloomberg News.

Ten out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Information Technology index's 0.7 percent gain. On the other hand, the S&P BSE Power index was the top loser, down 0.6 percent.

The mid- and small-cap stocks underperformed their larger counterparts as the S&P BSE MidCap index fell 0.6 percent and the S&P BSE SmallCap index declined 0.13 percent.

Sensex, Nifty Gain For Third Day As Investors Focus On Earnings

Jubilant Life Sciences Pare Gains After Profit Misses Estimates In Q4

Shares of the Noida-based drugmaker pared gains and was up 0.8 percent at Rs 835.50 after it missed Bloomberg estimates in March quarter.

Key earnings highlights:

  • Net profit at Rs 155 crore versus estimate of Rs 210 crore
  • Revenue at Rs 2,252 crore versus estimate of Rs 2,100 crore
  • Consolidated revenue up 41 percent at Rs 2,252 crore versus Rs 1,598 crore (YoY)
  • Consolidated net profit up 3.3 percent at Rs 155 crore versus Rs 150 crore (YoY)

Fab Four Stocks Of The Day

Arvind: The Ahmedabad-based textile maker rose as much as 5.81 percent, the most in six months, to Rs 444.45 after it beat Bloomberg consensus estimates in March quarter.

  • Consolidated revenue up 21.2 percent at Rs 2,990 crore versus Rs 2,466 crore (YoY)
  • Consolidated EBITDA up 29.3 percent at Rs 291.5 crore versus Rs 225.4 crore (YoY)
  • Consolidated margin at 9.7 percent versus Bloomberg estimate of 9.3 percent
  • Consolidated net profit up 16.6 percent at Rs 108.9 crore versus Rs 93.4 crore (YoY)

KRBL: The Delhi-based rice producer and exporter rose as much as 11.55 percent to Rs 565 after company said it is unlikely to see significant impact of the U.S. pulling out of the Iran deal because staples like rice are kept out of sanctions and not more than 5 percent of their turnovers are exported to Iran.

Enkei Wheels: The Pune-based auto parts maker rose as much as 13.58 percent to record high of Rs 475.10 after Blue Lotus Capital Multi Bagger Fund I bought 85,000 shares or 0.6 percent equity at Rs 420.99 each.

IFB Industries: The Kolkata-based home improvement products maker rose 6 percent to Rs 1,390.65. Trading volume was 15.7 times its 20-day average.

EID Parry Falls On Reporting Steep Decline In March Quarter Profit

Shares of the Chennai-based fertilizer, sugar and ceramic maker fell 6.2 percent to Rs 252 after it reported steep fall in March quarter profit.

Key earnings highlights:

  • Tax expense at Rs 57.6 crore versus Rs 17.6 crore (YoY)
  • Consolidated Margin at 7.6 percent versus 12.5 percent (YoY)
  • Consolidated EBITDA down 38.4 percent at Rs 259 crore versus Rs 420.5 crore (YoY)
  • Consolidated revenue up 0.3 percent at Rs 3386.6 crore versus Rs 3375 crore (YoY)
  • Consolidated net profit down 95 percent at Rs 11.3 crore versus Rs 247.6 crore (YoY)

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