Tech Mahindra (7.8% down)
The Tech Mahindra stock fell on questions raised by analysts on restructuring of its long-term contracts with British Telecom . Of the Rs970 crore, Rs150 crore went into total revenue, but revenue from BT fell 31% q-o-q. Enam rates it as “underperformer” with a target price of Rs929.
Punj Lloyd (0.7% down)
The firm’s Q3 earnings disappointed due to the poor performance of its subsidiaries. Punj Lloyd has provided for cost overruns at Simon Carves for the third consecutive quarter this fiscal. The firm also booked a Rs110 crore loss on the Ensus project resulting in a consolidated profit of Rs12.5 crore vs expectations of over Rs100 crore.
Dish TV (8.5% down)
The Dish TV stock took a beating after Kotak Investment downgraded it to “reduce” from “add”, with a revised 12-month target price of Rs38, against Rs42 previously. The firm reported weak third quarter results, with a 50% decline in Ebitda quarter-on-quarter to Rs11.6 crore .
Guj NRE Coke (2.15% up)
The stock rose after the firm’s third quarter profit increased to Rs27 crore, from Rs13 crore. The firm told CNBC-TV18 that coal prices have moved up since 15 December, and may continue to rise for the next quarter. The company expects margins to expand in Q4 and moderate in Q1 of FY11.
HCL Tech (5.6% down)
The firm reported disappointing dollar revenue for the quarter; earnings are not in line with its tier-I peers. Margins fell more than expectations due to wage hikes of up to 10% effective 1 October. Rupee appreciation and marginal dip in utilization in the coming quarters will hurt the firm.
NMDC (3.1% down)
The NMDC stock closed in the negative territory after the company’s profit after tax declined 40% in the third quarter. Also, the company officially filed its draft red herring prospectus with market regulator Securities and Exchange Board of India for its proposed disinvestment of 8.38% of paid-up equity capital.
National Fertilizer (4.8% up)
The stock gained after CCEA approves the firm’s Rs4,066 crore investment proposal for proposed switchover of its plants—at Panipat, Bathinda and Nangal—from costly liquid fuels to natural gas. The move is aimed at reducing the government’s fertilizer subsidy burden.
Austral Coke (7.4% down)
The stock fell after the corporate affairs ministry ordered an enquiry by the serious fraud investigation office (SFIO) into the company’s accounts. SFIO has been asked to submit its report within six months. The ministry has found “prima facie” evidences of fund diversion and tax evasion.