Mumbai: The market was on fire fueled strongly by oil, FMCG and pharma stocks. The Sensex ended up 479.28 points or 1.8 per cent at 27490.59 and the Nifty scaled the 8300-level.
The 50-share index closed up 150.45 points or 1.8 per cent at 8331.95. About 1954 shares advanced, 838 shares declined, and 153 shares were unchanged. ONGC was up 8 per cent while Bajaj Auot, Cipla, M&M and BHEL were major gainers in the Sensex.
Among the laggards were ICICI Bank, Axis Bank and Tata Motors with marginal losses Big fall: Shares of Shriram Transport slumped 16 per cent intraday after it announced disappointing March quarter results. Its net profit declined 73 per cent to Rs 84.23 crore in Q4 of FY15.
During the period, its net interest income stood at Rs 1,105.57 crore against Rs 975.95 crore year-on-year. Morgan Stanley has also downgraded the stock to underperform from equalweight. The brokerage has slashed target price to Rs 900 per Rs 1230 per share.
“Non-performing loan (NPL) ratio at the equipment finance subsidiary is likely to almost double in F1H16, after increasing 5 times in Q4 FY15. A weak monsoon could delay growth and asset quality recovery in the parent vehicle financing business. We view risk-reward as poor with valuation above mean,” it says in a report to clients.
Comments
0 comment