Indian benchmark indices close lower on Tuesday
Axis Bank, Power Grid, Tata Steel, Wipro and Infosys were some of the key stocks that ended as gainers while Dr Reddy's, Lupin, ICICI Bank, State Bank of India, Hero MotoCorp, Tata Motors and Maruti ended among the losers.
Hyderabad-based pharma major Dr Reddy’s Laboratories Ltd, which reported its first quarter results (ending June 2016) disappointed analysts with consolidated net profit down 80 per cent to Rs. 126.3 crore compared with Rs. 626 crore in the corresponding quarter of the previous year. Total revenue fell 14 per cent to Rs. 3,234.5 crore from Rs. 3,757.8 crore in the year-ago period.
G V Prasad, Co-chairman and CEO, Dr Reddy’s said in a release issued on Tuesday, ""We have come through very difficult first quarter with our top and bottom lines impaired by a decline in volume growth, particularly in the US market, and loss of business in Venezuela."
Maruti Suzuki, India's leading car maker, too posted its first quarter results on Tuesday. According to the company, its net profit was Rs 14,862 million, a growth of 23 per cent compared to the same quarter a year ago. The profit in the quarter was helped by a higher turnover, material cost reduction, higher non-operating income and lower depreciation. Adverse foreign exchange movement reduced profits to some extent.
Maruti Suzuki reported that it has sold a total of 348,443 units during the first quarter, a growth of 2.1 percent over the same period of the previous fiscal. This includes 322,340 units in the domestic market, a growth of 5.4 per cent. Exports during the quarter stood at 26,103 units. The growth in the first two months of the quarter had been 10.2 per cent but the unfortunate incident of fire at a key vendor of the company resulted in lower sales in June 2016. The company hopes to recover the lost sales during the course of the year. During the quarter, the company registered net sales (net of excise) of Rs. 146,545 million, up 12.1 per cent over the previous year.
Image: Wikimedia Commons
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