Indian market remains subdued on Tuesday
Mumbai, Oct 31 (IBNS): The Indian market closed lower on Tuesday, with BSE Sensex down 36.11 points at 33230.05, and NSE Nifty down by 24.50 points at 10339.20.
On Tuesday, Dr. Reddy’s Laboratories Ltd announced its consolidated financial results for the second quarter and half year ended September 30, 2017
The company reported consolidated profit for July-September quarter at Rs 284.9 crore, down 3.4 percent compared with Rs 295 crore reported in the same period a year ago.
Profit was slightly better than analyst estimates due to improvement in operational performance, the company said.
Revenue during the quarter fell 1.1 percent year-on-year to Rs 3,546 crore which dented by US business; but increased 7 percent sequentially.
"Healthy performance in India, emerging markets, Europe and PSAI businesses, as well as continued focus on cost control, have contributed to sequential growth in topline as well as bottomline, with an EBITDA increase of 105 percent over previous quarter," GV Prasad, CEO and co-chairman said.
He said, "Looking ahead, we expect to see results from products launched in the U.S. during the first half of this fiscal. We will continue to focus on the launching of new products, as well as on improving operational efficiency and quality management systems across the company.”
With Indian market regulator SEBI making it mandatory to link Aadhaar with all demat accounts, foreign portfolio investors have asked for clarification if the the rule also applies to them, according to media reports.
According to media reports, the August mandate, which asked the stock exchanges to freeze demat accounts of traders failing to provide Aadhaar details by December 31, was thought to be meant for domestic investors.
But it was not clear if overseas investors were also bound by the circular.
Top gainers on Tuesday included Axis Bank, ONGC, BHEL, HCL Tech, Bharti Airtel, BPCL and Hero Motocorp while UPL, Vedanta, Infosys, M&M, Gail, Tata Steel, SBI and Tata Motors declined.
Image: Wikimedia Commons
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
