Indian equities extended their fall for yet another session Monday, with the BSE Sensex falling over 150 points and the NSE Nifty slipping below the 10,900 mark, as selling pressure continued in the market despite a rebound in global stocks.
The 30-share barometer after shuttling between 36,588.41 and 36,300.48 points, finally ended at 36,395.03, down 151.45 points, or 0.41 percent. The gauge had lost nearly 429 points in the previous two sessions.
The 50-scrip NSE Nifty finished 49.80 points, or 0.50 percent, down at 10,888.80, after touching a low of 10,857.10 and a high of 10,930.90 during the session.
Eicher Motors, Max Financial Services, Motherson Sumi, India Cements, Jayashree Tea, SpiceJet, India Cements and Meghmani Organics reported their Q3 results during market hours.
Eicher Motors – Hit
Shares of the company settled at Rs 20,674.70 on the BSE, down 0.79 percent from its previous close.
The maker of Royal Enfield reported a consolidated net profit of Rs 532.95, up 3.2 percent for the quarter ended December 31, 2018, compared to Rs 520.50 crore a year-ago period.
Revenue of the company rose 3.2 percent to Rs 2,341.1 crore in the third quarter compared with the same period last year. Eicher's operating margin were below 30 percent at 29 percent, first time since March 2016.
Motherson Sumi – Hit
Shares of the company were trading 1.70 percent down at Rs 132.75 apiece on BSE.
The auto component major reported 1.19 percent drop in consolidated net profit at Rs 554.99 crore for the third quarter ended December 31, 2018, on account of higher tax expenses during the period. The company had reported a profit of Rs 561.71 crore during the same period of previous fiscal.
Revenue from operations, however, rose to Rs 16,233.65 crore as compared with Rs 14,271.45 crore in October-December 2017-18. The company's total tax expenses for the third quarter stood at Rs 269.26 crore, up 7.01 percent from Rs 251.61 crore in the year-ago period.
Motherson Sum's debt has reduced to 14 percent Q-o-Q to Rs 9,705 crore and its startup costs reduced to Nil as compared to 17 million euros last quarter.
SpiceJet – Hit
Shares of the low-cost carrier settled at Rs 80.30 on the BSE, up 2.42 from its previous closing.
The company reported a massive 77 percent fall in its net profit at Rs 55
crore owing to higher aviation fuel cost and rupee depreciation. The Gurugram-based airline had posted a net profit of Rs 240 crore in the year-ago period.
Total income stood at Rs 2,530.8 crore for the quarter as against Rs 2,096.1 crore in Q3FY18.
A strong 8 percent increase in passenger yields helped the airline partially offset record high cost due to 34 percent increase in crude oil prices and 11 percent depreciation in rupee.
Its revenue grew by 20.2 percent at Rs 2,487 crore.
India Cements - Hit
Shares of India Cements closed at Rs 77.20 on the BSE, down 3.32 percent from its previous close.
The company reported a 79.46 percent decrease in its standalone net profit at Rs 3.13 crore for the third quarter ended on December 2018. The company has reported a net sales of Rs 15.24 crore for the October-December quarter a year ago.
Its total income during the period under review was up 8.53 percent at Rs 1,320.57 crore as against Rs 1,216.75 crore of the corresponding quarter last fiscal.
India Cements' total expenses stood at Rs 1,317.44 crore as against Rs 1,201.51 crore, up 9.64 percent.
Jayshree Tea and Industries Ltd– Miss
The shares of the company settled at Rs 64.70 on the BSE, down 7.70 percent from its previous close.
The phosphatic fertilizer manufacturing company reported net loss at Rs 3.3 crore. The company's revenue down to 71.9 percent at Rs 6.6 crore.
Max Financial Services – Hit
Shares of the company closed 4.99 percent down at Rs 376 on the BSE.
The company reported a rise of 41 percent in standalone net profit at Rs 139.89 crore for the third quarter ended December 31, 2018. Its net profit stood at Rs 99.45 crore in the year-ago quarter.
During September quarter 2018-19, Max Fin reported a net loss of Rs 56.33 crore.
Total income during the latest quarter rose to Rs 176.57 crore as against Rs 131.43 crore in the same period of the preceding fiscal.
During the latest quarter, Max Financial acquired 14,170,817 shares of its subsidiary Max Life Insurance Co Ltd(MLIC), from Axis Bank for Rs 162.96 crore, thereby increasing its stake in MLIC from 70.75 percent to 71.49 percent.
Meghmani Organics – Hit
Shares of the company settled at Rs 55.55 apiece on the BSE, up 14.65 percent from its previous close.
The report a rise of 26 percent in net profit for the third quarter ended December 31, 2018. Its revenue up 22.6 percent to Rs.552 crore for the quarter under review.
With inputs from agencies.
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