Aurobindo Pharma fell as much as 7.45 per cent on early Tuesday on muted quarterly numbers. The drug firm on Monday reported a marginal decline in its net profit at Rs 528.5 crore for the fourth quarter to March 2018. Its net profit read Rs 532.5 crore in the previous fiscal. Revenue from operations, however, rose to Rs 4,049.1 crore for January-March, compared with Rs 3,641.6 crore earlier, Aurobindo Pharma said in a regulatory filing.
PSU bank stocks fall up to 4%; SBI, PNB among losers
Most PSU bank stocks were suffering losses during Tuesday’s trade, keeping the sectoral indices down. The Nifty PSU Bank index was trading 1.09 per cent down at 2,997 around 10:45 am with Bank of India (down 3.71 per cent) as the top loser. Higher provisions for bad loans and lower earnings from banking business led to Bank of India reporting Rs 3969 crore loss in the fourth quarter ending March 2018 as against Rs 1048 crore loss in fourth quarter a year ago, ET reported.
Vedanta slips after Tamil Nadu government cracks whip on copper plant
Shares of Vedanta were on a weaker footing on Tuesday, with the Tamil Nadu government ordering permanent shutdown of its Tuticorin plant. The state government on Monday ordered the state Pollution Control Board to seal and “permanently” close the Vedanta group’s copper plant in Tuticorin. The action followed last week’s violent protests over pollution issues that left 13 people dead in police firing. >