The benchmark BSE Sensex on Monday plunged over 368 points to close at 35,656.70 due to across-the-board selling on the bourse as market sentiment turned volatile days ahead of the Union Budget, which is widely believed to have some populist announcements.
Also, the NSE Nifty tumbled 119 points to end at 10,661.55 amid weak global cues.
The Sensex touched an intra-day high of 36,124.26 and low of 35,565.15. It finished 368.84 points, or 1.02 percent, down at 35,656.70. While the broader NSE Nifty touched a high of 10,804.45 during the day and fell to a low of 10,630.95. It finally ended 119, or 1.10 percent, down at 10,661.55.
Companies such as Escorts, Wockhardt, Canara Bank, Canara Bank, TTK Prestige on Monday announced their Q3 results.
Escorts – Hit
Shares of the tractor maker ended 4.02 percent lower at Rs 674.15 in the BSE.
The company's Q3FY19 numbers were largely in line with the street estimates. Escort's net profit rose 52.3 percent year-on-year to Rs 140 crore during the October-December quarter, on account of the improved operational performance of railway and construction segment.
The revenue was up 38 percent at Rs 1,655 crore during the quarter under review. Escorts profit grew by 52 percent at Rs 140 crore on the quarter ended December 2018.
Wockhardt – Miss
Shares of Wockhardt Ltd closed at Rs 444.95 per scrip on BSE, down 7.04 percent from its previous close.
The Drug firm reported widening of its consolidated net loss to Rs 71.11 crore for the quarter ended December 31, 2018. The company had posted a net loss of Rs 40.76 crore for the corresponding period of the previous fiscal, Wockhardt said in a filing to BSE.
Consolidated revenue from operations of the company stood at Rs 1,045.86 crore for the quarter under consideration as against Rs 1,005.30 crore for the same period year ago.
Canara Bank – Hit
Shares of the bank closed at Rs 240.30 per scrip on BSE, down 5.23 percent from its previous close.
Canara Bank reported a 152.5 percent surge in quarterly net profit on Monday, buoyed by higher interest income and a write-back of provisions made for mark-to-market losses.
The lender’s net profit came in at Rs Rs 318 crore for the three months ended December 31, 2018, compared with Rs 126 crore a year ago.
Asset quality improved, with gross bad loans as a percentage of total loans standing at 10.25 percent at end-December, versus 10.56 percent in the previous quarter. This was also lower than 10.38 percent in the same period a year ago.
RBL Bank – In line
Shares of the bank closed 1.85 percent down at Rs 563.70 on theBSE as against a 1.02 percent correction in the benchmark.
The small-sized private sector lender reported a 36 percent growth in the December quarter net at Rs 225.2 crore, helped by margin expansion andalso healthy growth in across income lines.
Total income increased 42 percent to Rs 1,029.20 crore as against Rs 725.50 crore in December quarter of 2017, the bank said in a statement.
The core net interest income grew at healthy 40 percent at Rs 655.1 crore, boosted by higher margin which touched 4.12 percent from 3.89 percent and a 35 percent loan growth, while other income clipped past 45 percent to Rs 374.1 crore on improvement in fee lines.
Piramal Enterprises – Hit
Shares of the company closed at Rs 2,162.45
Piramal on Monday reported a 23 percent rise in consolidated net profit at Rs 603.27 crore for December quarter 2018, mainly on account of strong performance in financial services and pharma businesses. The company had posted a net profit of Rs 490.47 crore in October-December 2017, Piramal Enterprises said in a filing to BSE.
Consolidated revenue from operations stood at Rs 3,489.08 crore in the reported quarter as against Rs 2,858.36 crore in the same period a year ago.
Net sales for financial services stood at Rs 1,841 crore for December quarter 2018-19 as against Rs 1,316 crore in the same period a year ago.
Pharma business including global pharma and India consumer products was at Rs 1,156 crore for the reported quarter. It was Rs 1,022 crore in October-December 2017.
TTK Prestige – Hit
Shares of the company closed 2.05
The kitchen appliances firm reported 33.66 percent increase in net profit at Rs 84.85 crore for the third quarter ended December 2018. The company had posted a net profit of Rs 63.48 crore in October-December period a year ago, TTK Prestige said in a regulatory filing.
Total income during the quarter under review stood at Rs 558.63 crore as compared to Rs 461.62 crore in the year-ago period, it said.
Total expenses were at Rs 473.78 crore, up 18.99 per cent as against Rs 398.14 crore earlier.
The company has a positive outlook for the rest of the year as it managed to improve capacity utilisation across plants.
Intellect Design – Miss
Shares of the company closed Rs 192.85 per scrip on BSE, down 6.66 percent from the previous close.
The company's net profit grew by 57.5 percent at Rs 13.4 crore for the quarter ended December 2018, on Q-O-Q basis.
The company's revenue down 1.5 percent at Rs.374.7 crore for the quarter under review.
With inputs from agencies.
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