10:40am Biocon reaction to Q4 nos: Biocon's fourth
quarter profit after tax climbed 78 percent year-on-year to Rs 201 crore led by
exceptional gains of Rs 105.06 crore (on account of sale of shares of Syngene).
Overall it was a pleasant surprise on earnings as the street was expecting
another dismal quarter but numbers were better than expectations. Though the
profit was fueled by exceptional inflow, the topline indicated pure organic improved
performance.
Revenue grew by 14.5 percent to Rs 854 crore during January-March quarter
compared to Rs 746 crore in the year-ago period and expectations of Rs 791.1
crore.
"Biocon closed the year with a stronger performance in Q4 on the back
of a record quarterly performance by our Research Services subsidiary, Syngene
and an improved performance of our Biopharma business," said Kiran
Mazumdar-Shaw, chairman and managing director.
10:25am FII View: Sakthi Siva, Credit Suisse said, "In
our recent client visits in Singapore, a question that is coming up often is
whether foreign investors are selling India/ASEAN to buy North Asia. For April,
foreigners are now net sellers of India, Indonesia & Philippines, while
they are net buyers of Korea & Taiwan."
"Year to date, foreigners are now net sellers of Indonesia, Thailand
& Malaysia," she added.
10:00am Market Check
The market remained under pressure on the day of expiry of Nifty April
derivative contracts. The Sensex fell 234.98 points to 26990.95 and the Nifty
declined 69.05 points to 8170.70, dragged by FMCG, banking & financials and
technology stocks.
The BSE Midcap and Smallcap indices outperformed benchmarks, down
marginally. About 813 shares have advanced, 1045 shares declined, and 117
shares are unchanged on the BSE.
Shares of HDFC, TCS, HUL, Bharti Airtel, Mahindra & Mahindra, Dr Reddy's
Labs and Coal India topped the selling list, down 2-3 percent. ITC, HDFC Bank,
Infosys and L&T declined over 1 percent.
However, Axis Bank bucked the trend, up 5 percent following good set of numbers in Q4. CLSA, which has maintained buy rating on the stock, expects earnings to grow at 21 percent CAGR over FY15-17. For more information please visit this site www.bigprofitbuzz.com
However, Axis Bank bucked the trend, up 5 percent following good set of numbers in Q4. CLSA, which has maintained buy rating on the stock, expects earnings to grow at 21 percent CAGR over FY15-17. For more information please visit this site www.bigprofitbuzz.com
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