Bharti Infratel: Shares traded nearly 6% lower due to concerns over a possible delay in the merger of Bharti Infratel Ltd and Indus Towers. Chairman Akhil Gupta said lack of a key government approval has held up the process, making it impossible to complete the merger by 24 October. The companies had earlier aimed to complete the merger by August.

HCL Tech: The stock was the top gainer among Nifty 50 companies. The IT major reported its earnings for the September quarter on Wednesday. It posted a 6.9% year-on-year rise in net profit to Ra 2,711 crore during the reporting quarter. The company had recorded a net profit of 2,534 crore a year ago. It has also announced a bonus share offer. Shares traded up nearly 3%.

MTNL: The Cabinet on Wednesday approved the proposed merger of debt-ridden telecom firms BSNL Ltd and MTNL Ltd. The merger is part of the revival package that includes raising sovereign bonds worth 15,000 crore, monetising 38,000 crore of assets in the next four years and a voluntary retirement scheme (VRS) for employees. Until the merger is completed, MTNL will operate as a subsidiary of BSNL. Shares of the telecom operator traded nearly 5% higher.

Biocon: The pharmaceutical major posted a 39% slump in its consolidated net profit for July-September at 216 crores primarily due to the presence of a large one-time gain in the corresponding quarter last year. Excluding the impact of the one-time gain last year, the profit would have been higher by 3% at 189 crores. Shares were down 6%.

Granules India: Shares surged more than 7% after the pharmaceutical company reported a consolidated net profit of 96 crore in the September quarter against 60.3 crore in the year-ago period. The company’s consolidated revenue jumped 20.4% to 699.5 crore in the reporting quarter. Separately, the company said it received approval from the US Food and Drug Administration for Fexodenadine Hydrochloride tablets, used to treat allergy symptoms.

Indian Bank: The stock plunged 9% even as the bank on Wednesday reported a more than double jump in net profit on the back of higher other income and a decline in provisioning. The bank posted a net profit of 358.56 crore for the quarter ended 30 September as against 150.14 crore a year ago.

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