Mumbai: The market ended with some stellar gains supported by auto, pharma and FMCG. The Sensex was up 151.15 points or 0.5 percent at 28223.08 and the Nifty was up 51.05 points or 0.6 percent at 8567.95. About 1769 shares have advanced, 1187 shares declined, and 144 shares are unchanged.
Tata Motors, SBI, Coal India, ICICI Bank and Hindalco were among laggards in the Sensex. Bajaj Auto, Wipro, Infosys, Tata
Steel and Lupin are top gainers in the Sensex. Midcap IT company Hexaware reported a 29.1 percent jump in its consolidated net profit to Rs 98.9 crore for Q1.
In an interview to CNBC-TV18, R Srikrishna, executive director and chief executive officer, says the company has seen good growth in all verticals barring its enterprise services business. Srikrishna says the company's growth has been extremely broad-based and its top 10 customers have outgrown the company's average. "Our margins have improved at every level.
Our gross margins went up 30 basis points, and earnings before interest, taxes, depreciation and amortization (EBITDA) went up 20 basis points and EBITDA actually went up 40 basis points. So, there has been expansion at every level," he explains. 02:40 pm Fund raising: Home services provider Doormint on said it has raised about USD 3 million (Rs 19.1 crore) from Helion Ventures and Kalaari Capital.
Public sector lender disappointed street on Wednesday with first quarter profit falling 40.7 percent year-on-year to Rs 478.84 crore on huge spike in provisions. Slowdown in net interest income and other income also hit profitability. Even the asset quality worsened.
Net interest income, the difference between interest earned and interest expended, rose by 3.6 percent to Rs 2,517 crore in June quarter compared to Rs 2,429 crore in same quarter last fiscal. Profit was estimated at Rs 616 crore and net interest income at Rs 2,608 crore for the quarter. Other income (non-interest income) increased by 8.4 percent year-on-year to Rs 1,113 crore and operating profit jumped 11.6 percent to Rs 2,003.6 crore during the quarter.
Provisions for bad loans shot up 72.5 percent (up 34.7 percent sequentially) to Rs 1,359.7 crore compared to Rs 788 crore in the year-ago period. 02:00 pm Market Check The market maintained its northward journey in afternoon trade, supported by technology, oil, auto and select FMCG stocks. The Sensex gained 181.42 points at 28253.35 and the Nifty rose 54.70 points to 8571.60.
The broader markets continued to outperform benchmarks. The BSE Midcap climbed 0.8 percent and Smallcap advanced 1.1 percent. About 1862 shares have advanced against 1019 shares declined on the Bombay Stock Exchange. Infosys, Lupin, Wipro, Bajaj Auto and Tata Steel rallied 2-3 percent while Bank Nifty saw profit booking as ICICI Bank fell more than 1 percent and SBI declined 0.3 percent.
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