Stock Corner
1.
Shares of
metal companies were under pressure with Tata Steel, Jindal Steel and Power
(JSPL) and Vedanta slipping more than 5% on the National Stock Exchange.
2.
Grasim Industries
gained 1% after the company reported 18.3% jump in its Q4FY18 net profit at Rs
3.73 billion on the bank of strong revenue growth and operating performance.
The profit included one-time loss of Rs 2.18 billion.
3.
Shares of
L&T Technology Services (LTTS) have rallied 7% after the L&T Group
company reported a higher than expected quarter-on-quarter (QoQ) revenue growth
of 8% at $162 million in March 2018 quarter (Q4FY18).
4.
State Bank
of India (SBI) gained over five per cent on Wednesday to Rs 267 levels on the
NSE despite the bank positing a huge Rs 77 billion loss in the March 2018
quarter. The rally, over the past two sessions, comes on the back of
expectations of an improvement in the asset quality going ahead.
5.
Shares of
Vedanta Ltd fell to their lowest since July 5, 2017, after at least nine people
were killed in the southern state of Tamil Nadu when police fired at violent
protesters calling for the closure of a copper smelter run by parent Vedanta
Resources Plc.
6.
Shares of
oil marketing companies (OMCs) were under pressure with the Indian Oil
Corporation (IOC) hitting its 52-week low, while Hindustan Petroleum
Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) falling 6% each on
reports that the government may ask these companies to freeze prices as a
temporary arrangement.
7.
Dr Reddy’s
Laboratories reported a 3 per cent decline in net profit at Rs 3.02 billion on
the back of a marginal decline in revenues for the March quarter (Q4).
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