CNBC-TV18 scans the top gainers and losers and finds out what might have led to the trend in Wednesday’s market
M&M (5.63% down)
Shares of Mahindra and Mahindra Ltd , the flagship company of the Mahindra Group, ended 5.63% down after the recurring third quarter profit after tax came at Rs410 crore, which was nearly Rs100 crore lower than the consensus estimate of Rs510 crore.
SBI ( 4.97% down)
The State Bank of India (SBI) stock fell 4.97% on asset quality pressure. The bank needs to provide Rs2,000 crore per quarter in loan loss provisions against Rs450 crore that it provided in the quarter ended 31 December; this will be the main drag on profitability.
Tech Mahindra ( 9.98% down)
Shares of Tech Mahindra Ltd, that provides information technology (IT) services and solutions to the global telecommunications industry, ended 9.98% down. The firm’s stock has been under pressure after questions were raised by analysts on BT Group restructuring long term contracts.
Tata Steel (8.24% down)
Shares of Tata Steel Ltd, which is into manufacture of steel, and ferro alloys and minerals business, ended 8.24% down on global weakness in commodities. Also, CLSA Asia Pacific Markets replaced Tata Steel with Bharat Heavy Electricals Ltd in its conviction buy list.
ONGC (1.08% down)
Shares of Oil and Natural Gas Corp. Ltd (ONGC) fell 1.08% following a CNBC-TV18 report that the Directorate General of Hydrocarbons is likely to ask the company for additional $19.7 million penalty. The penalty is for unfinished work in six blocks relinquished in 2006-07.
Indiabulls (13.48% down)
The Indiabulls Financial Services Ltd stock ended 13.48% down after disappointing December quarter results. The company’s net sales slipped to Rs330.1 crore from Rs433.6 crore year-on-year, while net profit fell to Rs64 crore from Rs68 crore.
Gujarat Alkalies (12.22% down)
Shares of Gujarat Alkalies and Chemicals Ltd ended 12.22% down after the company posted poor results. The December quarter net sales fell to Rs309.4 crore against Rs319.1 crore and net profit slipped to Rs19.3 crore from Rs32.5 crore.