Benchmark indices have given up all of their gains and are trading marginally lower. The Nifty has managed to trade around 10,700-levels. All sectoral indices are witnessing selling pressure, with deep cuts of over 1 percent seen in Nifty pharma, metals and infra. Midcaps too are trading lower, falling over 1 percent on the Nifty Midcap index. The IT index is also trading flat, with a hint of positive bias. ONGC and Coal India are the top gainers, while Dr Reddy’s Labs, Power Grid and Indiabulls Housing were the top losers.
Federal Bank slipped as much as 11.5 percent in the first 15-minutes of trade on Thursday, a day after it reported 43.5 percent year-on-year (YoY) drop in net profit at Rs 145 crore for the March quarter because of an increase in provisions and worsening asset quality.
Net profit in the same quarter last year had shot up 2,400 percent to Rs 256.6 crore due to substantially lower provisions and reduction in non-performing assets (NPAs).
Despite a fall in net profit, some of the brokerage firms remain positive on the stock and maintain their buy rating. However, some of them have reduced their target price post Q4 results.
Missed call
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