HDIL (6.93% down)
Housing Development and Infrastructure Ltd (HDIL) was down 7% as revenues fell 17.56% from Rs357.86 crore to Rs295 crore even as the firm said net profit was up 72.8% from Rs61.92 crore to Rs107 crore. HDIL said income was lower due to a change in accounting methodology.
IVRCL Infra (7.4% down)
IVRCL Infrastructures and Projects Ltd shares fell 7.4% as net profit decreased to Rs35.1 crore from Rs43.5 crore though net sales rose. The firm said numbers were low because of slow pace due to the elections, and maintained revenue growth guidance of 30-35% for FY10.
Tata Steel (6.12% down)
Tata Steel shares were down as net sales contracted to Rs5,554 crore from Rs6,165 crore and net profit fell to Rs789.8 crore from Rs1,488.4 crore. The firm said it had gained market share. Blended realizations were at Rs2,000/tonne, and sales volume was up 20% at 1.42 million tonnes.
Hexaware (4.07% up)
Hexaware Technologies Ltd’s shares were up 4.07% after the company’s Q2 net profit increased to Rs38.6 crore from Rs20.3 crore over the previous quarter. Hexaware projected Q3 revenue at $52.5-54.5 million from $53.6 million in Q2. Ebitda margins have gone up to 21.5%.
Jindal Steel (3.3% up)
Jindal Steel and Power Ltd shares rose 3.3% as the company’s consolidated net profit jumped to Rs988 crore from Rs443 crore. The company’s board approved a bonus issue of five shares for every one held, and said it may consider listing Jindal Power soon.
Bank of Rajasthan (5.12% down)
Bank of Rajasthan shares were down after its Q1 net profit fell to Rs17.1 crore from Rs31 crore. The bank said yield had been affected by some delays in disbursements. It has disbursements worth nearly Rs1,000 crore in the pipeline and is getting approval for raising funds.
Balrampur Chini (7.09% up)
Balrampur Chini Mills Ltd was up 7.09% after Reliance Mutual Fund bought five million of the company’s shares at a valuation of Rs107.20 per share. The stock on Wednesday also witnessed two block deals of three million shares at around Rs112 per share.
TVS Motor Co (17.4% up)
Shares of TVS Motor Co. Ltd were up 17.4% with volumes of around 10 times the 10-day average, ahead of its results on 31 July. There have been reports that suggest the company is preparing to launch a high-capacity gearless scooter in the next three months.