Key benchmark indices cut sharp initial losses triggered by negative Asian stocks. At 9:24 IST, the barometer index, the S&P BSE Sensex, was down 81.61 points or 0.24% at 34,111.04. The Nifty 50 index was down 17.75 points or 0.17% at 10,462.85. The Sensex regained the psychological 34,000 level in volatile trade soon after sliding below that level in opening trade. Shares of IT major Infosys dropped in reaction to its Q4 March 2018 results declared after market hours on Friday, 13 April 2018.
The S&P BSE Mid-Cap index was up 0.03%. The S&P BSE Small-Cap index was down 0.07%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 910 shares fell and 660 shares rose. A total of 90 shares were unchanged.
Overseas, Most Asian stocks were trading lower as investors assess airstrikes against Syria over the weekend and focus on the start of earnings season in the US as well as speeches by Federal Reserve officials. US stocks fell on Friday, 13 April 2018 as weakness in shares of banks and finance firms added to the political and trade tensions weighing on the market.
US President Donald Trump declared mission accomplished via Twitter on Saturday, a day after the US, France and the UK launched military strikes in response to Syrian leader Bashar al-Assad's suspected chemical attack on civilians.
Back home, Tata Motors (down 1.57%), Wipro (down 1.41%) and ONGC (down 0.99%) edged lower from the Sensex pack.
IT major Infosys dropped 3.66% reacting to its Q4 March 2018 results declared after market hours on Friday, 13 April 2018.
Infosys' consolidated net profit fell 28.1% to Rs 3690 crore on 1.6% increase in revenues to Rs 18083 crore in Q4 March 2018 over Q3 December 2017. The result are under International Financial Reporting Standards (IFRS).
On a consolidated basis, net profit grew 11.7% to Rs 16029 crore in the year ended 31 March 2018 over the year ended 31 March 2017. Revenues were Rs 70522 crore in the year ended 31 March 2018, a year on year (YoY) growth of 3% in reported terms and a growth of 5.8% in constant currency terms.
Infosys expects consolidated revenues to grow 6%-8% in constant currency in the fiscal year ending 31 March 2019 (FY 2019). It expects consolidated revenues to grow 8.2%-10.2% in rupee terms in FY 2019.
On 13 April 2018, Infosys entered into a definitive agreement to acquire WongDoody Holding Company, Inc., a US-based digital creative and consumer insights agency for a total consideration of up to $75 million including contingent consideration and retention payouts, subject to regulatory approvals and fulfillment of closing conditions.
Dilip Buildcon fell 0.12%. Dilip Buildcon said it incorporated 5 new special purpose vehicles companies for 5 projects awarded by the National Highways Authority of India (NHAI) valued at Rs 6306.90 crore. The announcement was made after market hours on Friday, 13 April 2018.
Bliss GVS Pharma fell 0.19%. Bliss GVS Pharma announced that its subsidiary, Bliss GVS Clinic Healthcare, Singapore, received total consideration of $12 million for the sale of 51% shares of Bliss GVS Healthcare, Kenya, a step-down subsidiary, from Mayfair Healthcare Holdings. The announcement was made after market hours on Friday, 13 April 2018.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
