10:40am Biocon reaction to Q4 nos: Biocon's
fourth quarter profit after tax climbed 78 percent year-on-year to Rs 201 crore
led by exceptional gains of Rs 105.06 crore (on account of sale of shares of
Syngene).
Overall it was a pleasant surprise on earnings as
the street was expecting another dismal quarter but numbers were better than
expectations. Though the profit was fueled by exceptional inflow, the topline
indicated pure organic improved performance.
Revenue grew by 14.5 percent to Rs 854 crore
during January-March quarter compared to Rs 746 crore in the year-ago period
and expectations of Rs 791.1 crore.
"Biocon closed the year with a stronger
performance in Q4 on the back of a record quarterly performance by our Research
Services subsidiary, Syngene and an improved performance of our Biopharma
business," said Kiran Mazumdar-Shaw, chairman and managing director.
10:25am FII View: Sakthi Siva,
Credit Suisse said, "In our recent client visits in Singapore, a question
that is coming up often is whether foreign investors are selling India/ASEAN to
buy North Asia. For April, foreigners are now net sellers of India, Indonesia
& Philippines, while they are net buyers of Korea & Taiwan."
"Year to date, foreigners are now net
sellers of Indonesia, Thailand & Malaysia," she added.
10:00am Market Check
The market remained under pressure on the day of
expiry of Nifty April derivative contracts. The Sensex fell 234.98 points to
26990.95 and the Nifty declined 69.05 points to 8170.70, dragged by FMCG,
banking & financials and technology stocks.
The BSE Midcap and Smallcap indices outperformed
benchmarks, down marginally. About 813 shares have advanced, 1045 shares
declined, and 117 shares are unchanged on the BSE.
Shares of HDFC, TCS, HUL, Bharti Airtel, Mahindra
& Mahindra, Dr Reddy's Labs and Coal India topped the selling list, down
2-3 percent. ITC, HDFC Bank, Infosys and L&T declined over 1 percent.
However, Axis Bank bucked the trend, up 5 percent following good set of numbers in Q4. CLSA, which has maintained buy rating on the stock, expects earnings to grow at 21 percent CAGR over FY15-17. For more information please visit this site www.appsmine.org
However, Axis Bank bucked the trend, up 5 percent following good set of numbers in Q4. CLSA, which has maintained buy rating on the stock, expects earnings to grow at 21 percent CAGR over FY15-17. For more information please visit this site www.appsmine.org
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