Indian stock markets erased initial gains to trade flat on Wednesday amid mixed Asian cues. At 10:21 am, the benchmark S&P BSE Sensex stood almost unchanged at 41,321.09, down 2.72 points, while the Nifty 50 index inched down 10.10 points, or 0.08%, to 12,159.75. Bharti Airtel, L&T, Zee Entertainment, IndiaMart InterMesh, Tejas Networks and HDFC AMC were among the key stocks in focus today. Read on to know more:
Bharti Airtel: Bharti Airtel Ltd shares slipped 0.6% even as the telecom firm got approval from the Department of Telecommunications to increase the limit of foreign investment in the company to up to 100%.
L&T, Axis Bank: Larsen and Toubro Ltd (L&T) shares inched up 0.7%, while Axis Bank Ltd shares were down 0.6% ahead of the Q3 earnings announcement later in the day. Other major companies which will announce quarterly results today include Asian Paints, SBI Life Insurance, RBL Bank, VST Industries, CEAT, Ujjivan Small Finance Bank, etc.
Zee Entertainment: Zee Entertainment Enterprises Ltd shares dropped 3.8% after Q3 profit dipped 37.9% to Rs 349.4 crore compared with a year ago, while revenue fell 5.5% to Rs 2,048.7 crore.
IndiaMart: IndiaMart InterMesh Ltd shares surged 14.6% as the company’s Q3 consolidated profit jumped 123.8% to Rs 62 crore, while revenue rose 23.4% to Rs 164.9 crore compared with a year ago.
Tejas Networks: Tejas Networks Ltd shares dived 9% after the company posted consolidated loss of Rs 112 crore in the December quarter compared with a profit of Rs 32.8 crore a year ago, while revenue fell sharply to Rs 86.7 crore from Rs 184.3 crore.
HDFC AMC: HDFC Asset Management Co. Ltd shares gained 2.6% after the company’s Q3 profit jumped 45% year-on-year to Rs 352.55 crore, while revenue rose 10% to Rs 524.73 crore.
Glenmark Pharma: Glenmark Pharmaceuticals Ltd shares rose 1.6% after the board approved sale of India and Nepal gynecology operations for Rs 115 crore.
Polycab India: Polycab India Ltd shares jumped 4.4% as the company’s Q3 consolidated profit rose 14.4% year-on-year to Rs 221 crore, while revenue jumped 23.8% to Rs 2,507 crore.
Havells India: Havells India Ltd shares tumbled 4.6% even as Q3 consolidated profit rose 7.4% to Rs 201.2 crore, though revenue dipped 9.9% to Rs 2,273.3 crore year-on-year.
Allcargo Logistics, Gati: Allcargo Logistics Ltd shares gained 2.4% after the company said it has acquired about 13% cent stake in express distribution and supply chain solutions provider Gati Ltd (down 0.5%).