Shares of Mahanagar Gas cracked almost 8 per cent to touch its 52-week low of 776.60 on BSE in Tuesday’s trade, despite the company reported a growth in profit for the March quarter. The CNG retailer reported on Monday a 5 per cent rise in its March quarter net profit to Rs 104.76 crore, a little better than what it had earned during the same period of the previous fiscal.
India’s largest lender State Bank of India (SBI) came down by over 1 per cent on Tuesday morning ahead of its March quarterly results due later in the day. Analysts expect the bank to report weaker numbers due to fresh slippages and higher provisioning. Brokerage firm Centrum Wealth in its earnings preview said the Rajnish Kumar-led bank is expected to report yet another quarter of loss for January-March. NII (net interest income) is seen to decline by 6 per cent year-on-year to Rs 19,770 crore.
The National Stock Exchange of India Ltd. sued Singapore Exchange Ltd. in a bid to halt the launch of its futures contracts in the coming weeks. “SGX has been notified by NSE of an application made in the Bombay High Court for an interim injunction on our new products,” SGX said in a statement Tuesday. “We have full confidence in our legal position and will vigorously defend this action.”>