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Sensex down 128 points; ITC down 3.5% post announcement of results

Source : SIFY
Last Updated: Thu, Jul 25, 2013 07:40 hrs
Stock brokers engage in trading at a brokerage firm in Mumbai

The market, which faltered after a modest recovery following a weak start, has lost further ground in afternoon trade with investors continuing to press sales at several counters.

Worries about near term economic outlook and caution amid a slew of earnings reports appear to be dragging down stocks today. The Sensex is now down 128.48 points or 0.64% at 19,962.20. The Nifty is down 37 points or 0.62% at 5953.50.

ITC is down 3.5% at Rs 362 despite reporting higher earnings. The company has posted a net profit of Rs 1891.33 crore for the quarter ended June 30, 2013 as compared to Rs 1602.14 crore for the quarter ended June 30, 2012. Total income increased from Rs 6876.43 crore for the quarter ended June 30, 2012 to Rs 7613.88 crore for the quarter ended June 30, 2013.

The other FMCG heavyweight in the Sensex, Hindustan Unilever, is down 3.2% at Rs 686. Wipro is trading lower by over 5%. Tata Power has shed about 3%. BHEL is trading lower by 2.5%.

Sterlite Industries, Coal India, Larsen & Toubro, Tata Steel, Cipla, ICICI Bank, Sun Pharmaceutical Industries, Hindalco and NTPC are trading lower by 0.5% - 2%.

Hero Motocorp is trading firm, gaining nearly 4%, thanks to sustained buying interest. Dr Reddy's Laboratories, HDFC, Mahindra & Mahindra, Tata Motors, Infosys, ONGC, GAIL India, Bajaj Auto, HDFC Bank, State Bank of India and Bharti Airtel are up with modest gains.

Muthoot Finance Ltd has posted a net profit of Rs 193.89 crore for the quarter ended June 30, 2013 as compared to Rs 246.11 crore. The stock is down marginally at Rs 94 at present.

Strides Arcolab Ltd has reported a net profit of Rs 2.16 crore for the quarter ended June 30, 2013 as compared to net loss of Rs 19.90 crore for the quarter ended June 30, 2012. Total income decreased from Rs 224.99 crore for the quarter ended June 30, 2012 to Rs 184.04 crorefor the quarter ended June 30, 2013. The stock is down 3.3% at Rs 709.

Thermax Ltd has posted a net profit of Rs 50.25 cror for the quarter ended June 30, 2013 as compared to Rs 67.21 crore for the quarter ended June 30, 2012. The stock is down marginally at Rs 589.

Alstom T&D has announced that it has secured five contracts worth over Rs 255 crore from Power Grid Corporation of India Limited for projects across India. The stock is up 1.2% at Rs 163.


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