ICICI, Kotak Bank, Reddy's Net Jump; Nestle, Emami Net Fall

Sarla Buch
30 Oct, 2015
New York City

ICICI Bank and Kotak Mahindra Bank said quarterly profit surged. Dr. Reddy''s Lab profit soared 26%. Emami net plunged 33% but revenues jumped 17%. Nestle India net and revenues declined. L&T profit rose 16%.

[R]6:00 PM Mumbai, India – ICICI Bank and Kotak Mahindra Bank said quarterly profit surged. Dr. Reddy''s Lab profit soared 26%. Emami net plunged 33% but revenues jumped 17%. Nestle India net and revenues declined. L&T profit rose 16%.[/R]

Stocks in Mumbai closed edged lower and two largest private lenders reported better-than-expected earnings.

Rupee strengthened 3 paisa to 65.25 against one U.S. dollar.

The Sensex Index slipped 181.31 or 0.7% to close at 26,656.83. The CNX Nifty fell 45.95 or 0.6% to 8,065.80.

For the week, Sensex Index declined 3.1% and CNX Nifty dropped 2.9%.

Gainers & Losers

Cipla Limited edged down 0.2% to ₹689.85 after the drug maker plans to sell its remaining stake in Hong Kong-based Biomab Holding for $25.8 million.

Dr. Reddy''s Laboratories Limited increased 1.3% to ₹4,269.50 after the pharmaceutical services provider reported net in the second-quarter soared 26% from a year ago to ₹720 crore.

Net revenues in the quarter advanced 11% to ₹3,990 crore.

Emami Limited gained 1.9% to ₹1,070.50 after the personal products maker reported net in the second-quarter declined 32.9% from a year ago to ₹61.34 crore.

Net revenues in the quarter jumped 16.5% to ₹587.54 crore.

ICICI Bank Limited advanced 2% to ₹277 after the private lender said net in the second-quarter jumped 11.9% from a year ago to ₹3,030.11 crore.

Net revenues in the quarter advanced 8.2% to ₹16,106.22 crore.

Kalyani Steels Limited soared 9.6% to ₹145.40 after the forging quality steel supplier said net in the second-quarter surged 29.4% from a year ago to ₹29.46 crore.

Total sales in the quarter rose 0.9% to ₹318.16 crore.

Kotak Mahindra Bank Limited jumped 3.8% to ₹688.60 after the financial services provider said net in the second-quarter soared 28.1% from a year ago to ₹569.50 crore.

Total revenues in the quarter surged 63.9% to ₹4,621.38 crore.

Nestle India Limited decreased 1.6% to ₹6,179.50 after the food products maker said net in the third-quarter plunged 60.1% from a year ago to ₹124.20 crore.

Net sales in the quarter tumbled 32.1% to ₹1,731.20 crore.

Larsen & Toubro Limited declined 4.1% to ₹1,411.15 after the infrastructure developer reported net in the second-quarter jumped 16% from a year ago to ₹996 crore.

Total revenues in the quarter advanced 11% to ₹23,605 crore.