Tata Coffee shares today fell 3 per cent after the company posted a 12.55 per cent fall in consolidated net profit in the fourth quarter of 2015-16 fiscal.
The stock declined by 3 per cent to Rs. 89.15 on the BSE. On the NSE, the scrip went down by 2.99 per cent to Rs. 89.15.
The company’s results were announced post market hours yesterday.
Yesterday, Tata Coffee had reported a 12.55 per cent fall in consolidated net profit to Rs. 34.47 crore in the March quarter due to higher expenses.
The company had posted a net profit of Rs. 39.42 crore in the same quarter previous year, Tata Coffee had said in a regulatory filing.
The net profit took a beating as the company’s expenses rose 6.47 per cent to Rs. 388.98 crore in the January-March quarter of 2015-16 fiscal from Rs. 365.34 crore in the year-ago period.
However, the company’s total income rose slightly to Rs. 456.54 crore from Rs. 451.51 crore.
For full fiscal, Tata Coffee reported a fall in consolidated net profit by 2.11 per cent to Rs. 117.84 crore against Rs. 120.39 crore in the previous year.
Shares of Piramal Enterprises today surged 9 per cent, buoyed by the company reporting a 89 per cent jump in net profit in March quarter.
The stock soared 9 per cent to Rs. 1,386.75, its 52-week high, on the BSE.
On the NSE, the scrip zoomed 9 per cent to touch a one-year high of Rs. 1,387.
Yesterday, Piramal Enterprises had reported an 89 per cent jump in net profit at Rs. 180 crore for the March quarter compared with Rs. 95 crore in the same period last year, following strong revenue growth across businesses.
The company reported a 34 per cent increase in revenue at Rs. 1,734 crore during the March quarter against Rs. 1,298 crore during the corresponding period last year.
Revenues for 2015-16 fiscal stood at Rs. 6,610 crore, up 29 per cent. Its net profit, however, declined sharply 67 per cent to Rs. 951 crore for 2015-16 fiscal against Rs. 2,850 crore in the previous year.
Sobha shares jump
Shares of Sobha jumped following the company’s post-market-hours disclosure to the exchanges that its board of directors will meet on Thursday to consider a proposal to buy back its shares.
The stock rose as much as 4 per cent to Rs. 314.
The board meeting will also consider the company’s financial results and dividend.
Oil retailers rally
State-run oil retailers rallied on hike in retail prices of petrol, diesel.
Public sector oil marketing companies will increase the retail selling price of petrol and diesel by ₹ 0.83 a litre and ₹ 1.26 a litre, respectively in Delhi with a corresponding increase in other states.
The increase includes state levies and will be applicable from midnight May 16/May 17.
Bharat Petroleum Corp gained 2.4 per cent, Hindustan Petroleum Corp rose 2.2 per cent, and Indian Oil Corp climbed 1.3 per cent.
“The current level of international product prices of petrol & diesel and the rupee-US dollar exchange rate warrant an increase in the price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” said Indian Oil Corporation in a statement.
Sun TV Network
Shares of Sun TV Network surged nearly 11 per cent today after exit polls gave DMK-Congress alliance a comfortable majority in the 234-member Tamil Nadu Assembly.
Owner of Sun TV, Kalanithi Maran is considered to be close to top DMK leaders.
The stock zoomed 10.75 per cent to Rs. 435.55 on the BSE. On thet NSE, it jumped 10.39 per cent to Rs.435.
On the volume front, 4.93 lakh shares of the company changed hands on the BSE and over 47 lakh shares were traded on the NSE during the day.
Projecting a defeat of Jayalalithaa-led AIADMK in Tamil Nadu, exit polls have given DMK—Congress alliance a comfortable majority in the 234-member Assembly.
According to various exit polls shown on TV channels, DMK was set to regain power trouncing AIADMK.
The exit poll results were released at the end of the polling in Tamil Nadu, Puducherry and Kerala yesterday.
Counting of votes will take place on May 19.