Domestic equity markets opened lower on Wednesday on the back of weak global cues. At 9.45 am, Sensex was down 185 points at 27906, while Nifty was trading 57.10 points down at 8,634.
STOCKS IN FOCUS
Results Today: Canara Bank, Coromandel International, Cummins India, Dabur India, Exide Industries, Hawkins Cookers, HDFC, Hero MotoCorp, ITC and Just Dial will announce their financial results for the quarter ended September 30, 2016 on Wednesday.
Axis Bank: Axis Bank reported 83 per cent plunge in net profit for the July-September quarter at Rs 319 crore mainly due to higher provisioning for bad loans. The bank had posted a net profit of Rs 1,915.64 crore for the July-September period of FY2015-16.
IDFC Bank: IDFC Bank posted over six-fold jump in net profit to Rs 387.76 crore for the second quarter ended on September 30, 2016. The bank had reported a net profit of Rs 59.63 crore in the corresponding quarter a year ago.
Bharti Airtel: Bharti Airtel posted 4.9 per cent drop in its consolidated net profit at Rs 1,461 crore in the September quarter, mainly on account of increased spectrum related costs and devaluation of Nigerian currency. The company had reported a net profit of Rs 1,536 crore in the year-ago period.
MCX: Leading commodity bourse Multi Commodity Exchange (MCX) reported 23 per cent jump in standalone net profit at Rs 37.64 crore in the second quarter of this fiscal on account of higher income. The exchange had clocked a net profit of Rs 30.59 crore in same quarter last fiscal.
Asian Paints: The company registered an 18.11 per cent increase in consolidated net profit at Rs 494.76 crore for the September quarter, driven by robust growth in its decorative business segment. It had posted a net profit of Rs 418.87 crore in the July-September quarter of the previous fiscal, Asian Paints said in a filing to the BSE.
State Bank of Mysore: State Bank of Mysore (SBM) posted a loss of Rs 183.5 crore for the second quarter ended September 30, 2016 as bad loans surged almost three times. The bank had posted a net profit of Rs 131.98 crore for the July-September period of FY16.
L&T Finance Holdings: L&T Finance Holdings reported 96.35 per cent fall in its net profit at Rs 5.22 crore for second quarter ended September 30, 2016 as compared to Rs 143.07 crore for the same quarter in the previous year. Total income of the company decreased by 84.91 per cent at Rs 22.85 crore for the quarter under review as compared Rs 151.39 crore for the corresponding quarter previous year.