Indian stock benchmarks Sensex and Nifty closed lower on Wednesday, dragged down by the sale of banking and financial stocks amid weak global signals. TThe Sensex fell 135.05 points, or 0.26 percent, to close at 52,443.71, while the Nifty closed at 37.05 points, or 0.24 percent, lower at 15,709.40.
The broader markets also faltered under pressure, with mthe idcap and smallcap indices fell half a percent each. Among industry indices, Nifty PSU Bank fell the most followed by Nifty Financial Services, Nifty Auto, Nifty Pharma and Nifty Private Bank, while metals and IT indices closed in the green.
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Maruti Suzuki fell more than one percent after the auto company reported below estimated earnings for the quarter ended June 2021. The company posted a net profit of Rs 440.8 million for the first quarter of the fiscal year. 22 versus a net loss of Rs 249.4 crore year-on-year. Revenue for the country's largest automaker was Rs 17,770.7 million in the first quarter of FY22, a more than fourfold increase from Rs 4,106.5 million in the first quarter of the year. prosecutor 21.
Maruti Suzuki's earnings and revenue fell short of analyst estimates. Analysts in a CNBC-TV18 survey had estimated that the major automaker would report a net profit of Rs 675.7 crore on revenue of Rs 17,929 crore.
Shares of InterGlobe Aviation fell more than 2.3 percent after the company reported a net loss of Rs 3,174 crore for the three months through June. The airline's consolidated total revenue rose 177.2 percent to Rs 3,170 crore in the first quarter of the current fiscal year, it said in a statement. Total revenue stood at Rs 1,143 crore in the first quarter of the previous financial year.
Bharti Airtel's share price rallied 5.08 percent to close at Rs 567.90 apiece on the BSE after the telecom operator announced the review of its prepaid plans and a price increase for its entry level plans. The company has discontinued the entry-level prepaid recharge of Rs 49 and the prepaid packages will now start from Rs 79. This is a sharp increase of 60 percent on the basic prepaid plan.
According to an analyst, assuming 15 percent of subscribers are on the entry-level plan, the revised price points to a Rs 1,500 crore increase in company revenue and around Rs 1,000-1,100 crore jump in the The company's mobile EBITDA in India (earnings before interest, taxes, depreciation and amortization), which translates to an increase of around 4-5 percent.
Dr Reddy's Laboratories shares extended the losses on Wednesday, a day after the drugmaker reported quarterly net earnings that fell short of analyst estimates. The company's shares fell 2.36 percent to rupees 4,730.20 on the BSE. Shares of Dr. Reddy closed lower for the third day in a row.
IndusInd Bank's share price gained more than 1 percent after the bank reported that its net profit for the first quarter doubled compared to the corresponding quarter of the last fiscal year. The private sector lender reported a consolidated first quarter net profit of Rs 22 to Rs 1,016.11 crore, helped by strong retail loan growth and lower provisions. It had posted a net profit of Rs 510.39 crore in the prior year quarter.
Torrent Pharmaceuticals
Torrent Pharmaceuticals' share price added more than 2 percent after the company reported its June quarter results. On July 27, the pharmaceutical company reported a 2.8 percent year-on-year increase in first quarter net profit of Rs 330 crore from 22 to Rs 330 crore, helped by Indian formulation, despite a sharp drop in prices. American income.
