Thursday, 8 February 2018

Closing Bell: Sensex gains 330 pts, Nifty fails to hold 10,600; pharma, cement stocks rally

Benchmark indices closed sharply higher, though were off day's highs.
The 30-share BSE Sensex was up 330.45 points or 0.97 percent at 34,413.16, and the 50-share NSE Nifty gained 100.20 points or 0.96 percent at 10,576.90.
About 2,158 shares advanced against 639 declining shares on the BSE.
Banking & financials, technology stocks and Reliance Industries led the market higher while cement and pharma stocks were strong in trade.
3.28 pm Buzzing: Page Industries shares gained 8 percent as profit increased 32.6 percent year-on-year to Rs 83.4 crore and revenue grew by 17.6 percent to Rs 621 crore in Q3FY18.
Operating profit jumped 30 percent to Rs 128.9 crore and margin expanded by 220 basis points to 21 percent compared to year-ago.
3:25 pm Earnings: Muthoot Finance shares rallied 7 percent as net profit in Q3 grew by 59.3 percent to Rs 463.6 crore from Rs 291.1 crore YoY.
Revenue from operations during the quarter rose by 15.9 percent to Rs 1,554 crore from Rs 1,341 crore YoY.
The company's board of directors approved dividend of Rs 10 per share.
West Coast Paper gained nearly 10 percent as profit in Q3 increased 14.8 percent YoY to Rs Rs 43 crore, but revenue declined 7 percent to Rs 408.6 crore and operating income fell 16.2 percent to Rs 73 crore with margin contraction of 190 basis points at 17.9 percent.
3:22 pm Recall of drug bottles: Dr Reddy's Laboratories has initiated voluntary recall of over 80,000 bottles of its drug Atorvastatin Calcium Tablets 10mg, 20mg and 40mg from the US market due to quality concerns.
Atorvastatin is a drug that blocks the production of cholesterol and reduces its level in the blood.

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