Benchmark indices BSE Sensex and NSE Nifty opened on a flat note on Tuesday tracking global cues. In the Nifty 50-index, Idea Cellular, Tata Steel, BPCL, Gail and HDFC Bank were down between 0.98 per cent and 2.22 per cent. On the other hand, ICICI Bank, Bharti Infratel, Cipla, Sun Pharma and ZEEL were up between 1.19 per cent and 2.01 per cent.
Results Today: Adani Ports, Arvind, Asian Paints, Axis Bank, Bharti Airtel, ICICI Prudential Life Insurance and IDFC Bank will announce their financial results for the quarter ended September 30, 2016 on Tuesday.
Idea Cellular: Idea Cellular, country’s third largest telecom company, posted an 88 per cent plunge in its consolidated net profit at Rs 91.46 crore in the September quarter due to higher expenses. The company had reported a net profit of Rs 762.27 crore in the corresponding three months a year ago.
Tata group stocks: Tata group stocks will remain in focus today as Cyrus Mistry was sacked as chairman of Tata Sons and was replaced by Ratan Tata. The combined market valuation of all listed companies of Tata Group almost doubled during the four-year tenure of outgoing chief Cyrus Mistry, but the growth was nearly 57-times under his predecessor Ratan Tata who has returned at the helms for now.
Rallis India: Tata group firm Rallis India reported 31 per cent incraese in its consolidated net profit at Rs 66.52 crore for the quarter ended September. Its net profit stood at Rs 50.78 crore in the year-ago period, the company said in a regulatory filing.
Tata Metaliks: Tata Metaliks on Monday said its consolidated net profit rose by 7 per cent to Rs 21.92 crore for the quarter ended September 30, 2016. It had registered a net profit of Rs 20.42 crore in the year-ago period.
Glenmark Pharmaceuticals: Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Nystatin and Triamcinolone Acetonide Cream USP, 100,000 units/gram and 1 mg/g, the generic version of Mycolog-II (nystatin and triamcinolone acetonide) Cream, 100,000 units/g, 0.1%, of Delcor Asset Corporation (which is no longer being marketed in the United States).
NMDC: NMDC has inked a Memorandum of Understanding (MoU) with Mishra Dhatu Nigam (Midhani) for mining and development of processing technology for tungsten used in strategic defence areas. The technology could also be used converting tungsten ore to APT and tungsten powder.
Saregama India: Saregama India has inked a two movie deal with Pen Movies for the acquisition of music rights of their upcoming Bollywood releases which has inked a two movie deal with Pen Movies for the acquisition of music rights of their upcoming Bollywood releases which includes Kahaani 2 – Durga Rani Singh. This strategic partnership sees Saregama’s return to film music acquisition after a six year gap.
Power Grid: Power Grid Corporation of India’s (PGCIL) wholly owned subsidiary – POWERGRID NM Transmission, has successfully completed and declared commercial operation of the element Nagapattinam Pooling Station – Salem 765kV D/C Line on October 23, 2016. POWERGRID NM Transmission has secured it through Tariff Based Competitive Bidding (TBCB).
Adani Enterprises: The company reported 62.78 per cent fall in its net profit at Rs 80.69 crore for second quarter ended September 30, 2016 as compared to Rs 216.79 crore for the same quarter in the previous year.