Sensex, Nifty Clock Best Week In Over A Month Led By RIL
A financial trader looks at trading data on his screens at the Aurel BGC brokerage in Paris, France. (Photographer: Antoine Antoniol/Bloomberg)

Sensex, Nifty Clock Best Week In Over A Month Led By RIL

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Closing Bell: Sensex, Nifty End Flat; RIL Surges Most In Over Three Months On Q3 Profit Beat

Indian equity benchmarks were little changed as gains in Reliance Industries were offset by losses in Sun Pharma after another whistle blower complaint surfaced against the company.

The S&P BSE Sensex rose 13 points to 36,387 and NSE Nifty 50 Index was flat at 10,907.

Reliance Industries was the top Nifty gainer after it rose the most in over three months on profit beat in December quarter. On the other hand, Sun Pharma plunged to lowest level in nearly six years after a media report of a new whistle-blower complaint sent to India’s market regulator alleging corporate governance lapses.

Sixteen of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Telecom Index’s 3.83 percent decline. On the flipside, S&P BSE Energy index was top gainer, up 2.7 percent.

Mid- and small-cap shares underperformed their larger peers as the S&P BSE MidCap and S&P BSE SmallCap Indices declined nearly 1 percent each.

Reliance Industries Extends Gains, Rises Most In Over Three Months

Shares of the Mukesh Ambani-led company extended gains and rose as much as 4.89 percent to Rs 1,190 after its profit rose 0.8 percent over the previous three months to Rs 8,928 crore in the quarter ended December. That compares with BloombergQuint’s estimate of Rs 8,665 crore.

Sun Pharma Whistle Blower Documents Are Explosive, Says Debashish Basu

Whistle blower documents are so explosive that I was not able to believe large parts of it, Debashish Basu, founder and editor of MoneyLife told BloombergQuint in an interview.

Key highlights of the conversation:

  • No idea of what institutional shareholders have done with Sun Pharma shares
  • Eight to 10 people have visited us to see documents and which included pharma sector analysts as well
  • There are huge governance issues which have shocked and surprised me
  • Money from public held company is going to Aditya Medisales which is a promoter driven entity
  • Found a lot of things which pertains to real estate and buying distressed assets
  • The issue is about governance and not about plants operated by Sun Pharma

L&T Infotech Fluctuates After December Quarter Earnings

Shares of the Mumbai-based software services company fluctuated between gains and losses to trade at Rs 1,775 per share after it reported December quarter earnings.

Key earnings highlights:

  • Net profit fell 6.2 percent to Rs 376 crore versus Bloomberg estimate Rs 372 crore
  • Revenue rose 6 percent to Rs 2,473 crore versus estimate Rs 2,440 crore

NIIT Technologies Gains After Meeting Estimates In Q3

Shares of the Noida-based software services company rose 0.3 percent to Rs 1,225.75 after it met Bloomberg estimates in December quarter.

Key earnings highlights:

  • Net profit at up 10.7 percent at Rs 100 crore versus estimate of Rs 112 crore
  • Revenue up 7 percent at Rs 972 crore versus estimate of Rs 964 crore
  • EBIT up 13.5 percent at Rs 150 crore versus Rs 132 crore
  • EBIT margin at 15.4 percent versus 14.6 percent
  • NIIT Tech says growth strong in U.S. across all verticals
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