Shares of Infosys extended losing momentum on Tuesday and fell over 1 per cent, hitting fresh 52-week low, on the Bombay stock Exchange as some of rating agencies downgraded stock following chief executive officer Vishal Sikka’s shocking exit.
Extending previous session losses, shares of the company declined as much as 1.37 per cent to hit 52-week low of Rs 861.50 apiece on the Bombay Stock Exchange. The stocks were currently trading at Rs 871.55 against previous close price of Rs 873.50.
Paring early losses, shares of the company were trading 0.22 per cent higher at Rs 875.30 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 31,359.04, up 100.19 points, or 0.32 per cent, at 12:05 hours.
Following the announcement, shares of the company gained as much 2.56 per cent to hit intra-day high of Rs 338.00 apiece on the Bombay Stock Exchange. The stocks were currently trading at Rs 332.00 against previous close price of Rs 329.55.
In a similar fashion, shares of the company were trading 0.99 per cent higher at Rs 332.85 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 31,359.21, down 165.47 points, or 0.52 per cent, at 14:10 hours.
“The Share Allotment Committee has today allotted 12,14,863 Equity Shares of the face value of Re. 1/- each under Edelweiss Employee Stock Option Scheme(s) of the Company,” the company said in a filing to the Bombay Stock Exchange.
Meanwhile, shares of the company were trading at Rs 249.90 apiece, down 2.08 per cent from the previous close at 12:50 hours on BSE.
“The company, together with all its subsidiaries and jointly controlled entities, has an installed generation capacity of 10,466 MW (as of August 2017),” said Tata Power Company in a filing to the Bombay Stock Exchange.
With the commissioning of these projects, Tata Power has significantly increased its presence in the clean energy space with a gross installed capacity of 3,144 MW, it said in the filing.
Overall in Q1 FY18, company continued its robust operations with Maithon Power station generating 1952 MU. Standalone generation for the quarter stood at 3277MU. Trombay Thermal Power generated 1719 MU. Jojobera Thermal Power Station generated 768 MU and Haldia reported generation of 203 MU. Industrial Energy reported generation of 664 MU and TPREL, the renewable energy arm of Tata Power, generated 250 MU in Q1 that includes clean and green energy sources. Total consolidated generation stood at 12405 MU, it added.
Commenting on this development, Anil Sardana, CEO and MD, Tata Power, said, “Tata Power has and will continue to be a part of India’s growth story. With the support of leading technological innovations, excellence in project execution, world class safety processes, customer care, and green initiatives, the company has succeeded in establishing a strong foothold across the country and in select geographies towards creating stakeholder value. We are confident we will continue to significantly contribute towards the vision of ‘Power for All’.”
This order of 500 fully-built vehicles is driven by the success of the innovative Intelligent Exhaust Gas Recirculation (iEGR) technology which has been developed indigenously by Ashok Leyland, the company said in a filing to the Bombay Stock Exchange.
Developed to achieve the BS-IV emission norms, iEGR technology was launched in April 2017 for engines up to 400HP – a feat no other OEM has achieved globally.
Anuj Kathuria, President – Global Trucks, Ashok Leyland, says Ashok Leyland has been an integral part of Rivigo’s story since the beginning of their journey and this fresh order is a testimonial to the Indian, Intelligent and Innovative offerings of iEGR BS-IV technology, which translates to, ‘No Adblue’, ‘No Electronics’ and ‘Better Mileage’.
Meanwhile, shares of the company were trading at Rs 103.95 apiece, up 0.63 per cent from the previous close at 13:00 hours on BSE.
The company has reported a 41.6 per cent growth in profit at Rs 3,200 crore in Q1 FY18, against Rs 2,260 crore in the same quarter last financial year, thanks to a one-time gain of Rs 3,609 crore.
Reacting to Q1, shares of the company declined as much as 8.23 per cent to hit intra-day low of Rs 382.45 apiece on the Bombay Stock Exchange. The stocks were currently trading at Rs 385.30 against previous close price of Rs 416.75.
In a similar fashion, shares of the company were trading 6.65 per cent lower at Rs 388.40 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 31,638.61, down 159.23 points, or 0.50 per cent, at 13:30 hours.
The books will be distributed to registered First Book members in the Boston area, providing additional education resources in the community where Wipro employees live and work. The books will be used to stock classroom libraries, facilitate reading circles and help students build their home libraries.
Launched in 1998, First Book’s National Book Bank is the first and only centralized distribution system for large-scale children’s book donations from publishers to schools and programs serving kids in need. The National Book Bank distributes 10 million books annually, and with Wipro’s support, 19,000 of these books will be donated to schools and programs in Indianapolis, Boston, East Palo Alto and Seattle.
Meanwhile, shares of the company were trading at Rs 288 apiece, up 0.19 per cent from the previous close at 12:09 hours on BSE.
Net revenue of the company rose moderately by 11.74 per cent at Rs 1,281.89 crore in April-June quarter of this fiscal as against Rs 1,147.25 crore in the corresponding period last year.
During April-June quarter, operating expenses increased by 3.84 per cent to Rs 1,129.69 crore from Rs 1,087.93 crore in year ago period.
Other income grew by 58.28 per cent at Rs 62.44 crore versus (Jun’16 Rs 39.45 crore).
Operating profit surged by 128.07 per cent to Rs 213.18 crore as against Rs 93.47 crore in the year ago period, while Operating Profit Margin (OPM) expanded year-on-year to 111.41 per cent in June quarter.
Interest declined by 8.23 per cent y-o-y to Rs 44.13 crore, while taxation increased by 549.39 per cent at Rs 59.03 crore (Jun’16 Rs 9.09 crore).
“We are looking to reduce our exposure to tractor loans in our overall portfolio. We want to focus more on the used assets segment and the affordable housing space going ahead,” Magma CEO (Housing Finance and Small and Medium Enterprise) Manish Jaiswal said.
Tractor portfolio already reduced to 18 per cent in the last one year from 28 per cent, officials said.
Under the housing finance portfolio, Jaiswal said the company would like to focus more on the home loans segment as against the loan against property category.
Magma Fincorp currently has a mix of 70 per cent loan against property and 30 per cent home loans.
“We want to reverse this ratio in subsequent quarters”, officials said.
The company had sold 43,160 units in the same month last year, Tata Motors said in a statement.
Domestic sales of Tata Motors’ commercial and passenger vehicles were up by 13.2 per cent at 42,775 units last month as compared to 37,789 in July 2016.
Sales of passenger vehicles in the domestic market grew 10.23 per cent to 14,933 units last month as against 13,547 in July last year.
Tata Motors President, Passenger Vehicles Business Unit, Mayank Pareek said there was an an improved customer buying sentiment, post GST.
He said the company’s hatchback Tiago continued to witness strong demand while compact sedan Tigor and SUV Hexa also had strong traction in the market.
On the outlook, Pareek said: “We continue to maintain cautious optimism and will work towards turning around the business, in line with our well-defined strategy.”
In the commercial vehicle segment, the company said its domestic sales were up 15 per cent at 27,842 units last month following ramp-up of BS-IV production across segments.
Overall sales of Tata Motors’ MHCV (medium and heavy commercial vehicle) trucks were at 8,640 units as against 7,879 in July 2016, a growth of 9.65 per cent.
On the exports front, Tata Motors said its overseas shipments last month were at 3,441 units compared to 5,371 a year ago, down 35.93 per cent, due to a decline in sales in Sri Lanka and Nepal.
Meanwhile, shares of the company were trading at Rs 262.80 apiece, up 0.86 per cent from the previous close at 14:15 hours on BSE.