Sensex, Nifty scale higher; pharma stocks shine

Markets continue to soar higher for the fourth straight session on sustained buying amid mixed Asian cues. Meanwhile, hopes of economic recovery, strength in rupee and prediction of above average monsoon lifted sentiments higher.

At 14:25 pm, the S&P BSE Sensex gained 234 points to trade at 26,601 and the Nifty50 climbed 72 points to quote at 8,142.

RESULT REACTION

State Bank of India's net interest income rose 4% to Rs 15,291 crore compared with 14,712 crore during the March quarter of FY14-15. However, the bank reported 66% fall in its net profit to Rs 1263.81 crore in March quarter from Rs 3742.02 crore a year ago.

 

Karur Vysya Bank jumped 2% on reporting a net profit of Rs 138 crore, up 0.1% from Rs 137 crore a year ago.

Suven Life Sciences rose 6% after the company said its net profit rose 90.52% to Rs 33 crore in March quarter against Rs 17 crore a year ago.

Hotel Leela venture fell 2% after its net loss widened to R.229 crore in March quarter against net profit of Rs 10 crore

ONGC gained 2% following the state-run explorer's fourth quarter earnings announcement. ONGC's net profit jumped 12 per cent to Rs 4,416 crore,

Natco Pharma up 1% after the company said its net profit rose 11% in March quarter toRs.60 crore from Rs.54 crore a year ago.

Shares of Bharat Petroleum Corp. Ltd (BPCL) jumped 10%, with hitting a record high, on Friday after the company posted better than expected earnings. The bonus announcement of one for one share by the company also boosted the sentiment.

Finolex Cables gained 12% its net profit rose 78% in March quarter to Rs 83 crore from Rs 47 crore a year ago.

Nilkamal climbed 3% after the company said its net profit rose 51% in March quarter to Rs 33 crore from Rs 22 crore a year ago.

Jet Airways India  climbed 2% after the company reported a fourth straight quarter of profit, benefiting from lower fuel prices, higher traffic and lower finance costs. India’s second largest airline by passenger traffic also logged its first annual profit ever. 

Among other prominent gainers, Lupin advanced 1% after it received Establishment Inspection Reports (EIR) for its Mandideep and Aurangabad facilities wherein the USFDA has concluded that the inspections stand closed.

Sun Pharma zoomed 5% after it said the umbrella pact and transaction agreements signed with Daiichi Sankyo and its overseas subsidiaries have been terminated due to divestment of Ranbaxy by the Japanese firm.