Mumbai: The Sensex on Thursday was down 134.09 points or 0.5 percent at 28370.84, and the Nifty is down 43.70 points or 0.5 percent at 8589.80.
About 1525 shares have advanced, 1316 shares declined, and 167 shares are unchanged. Tata Motors, Dr Reddy's Labs, M&M, Maruti Suzuki and NTPC are top gainers in the Sensex. Among the losers are Lupin, Bajaj Auto, Tata Steel, Bhart Airtel and HUL. 03:10 pm Update:
In what may come as a huge boost for iron ore production from Karnataka and a big plus for steel companies, sources say the Karnataka government is likely to move the Supreme Court to relax the cap on iron ore mining from the state. The government is likely to file a case to seek a partial or complete relaxation on capping of iron ore mining in three four months time. The Supreme Court had ordered a mining cap of 30 million tonne per annum on iron ore.
Drug major Lupin disappointed street on every parameter with the first quarter profit falling 16 percent year-on-year to Rs 525 crore, impacted by lower US sales. Even its higher other income failed to boost bottomline. Revenue slipped 5.7 percent to Rs 3,150 crore in the quarter ended June compared to Rs 3,340.82 crore in the year-ago period. "Slowdown in approvals in the US dampened growth during the quarter, even as the company continues to improve on gross margins," said Nilesh Gupta, Managing Director, Lupin.
Other income increased by 161.43 percent to Rs 75.58 crore in first quarter of FY15 from Rs 28.91 crore in the corresponding quarter of last fiscal. Operating profit (earnings before interest, tax, depreciation and amortisation) plunged 26.8 percent year-on-year to Rs 816 crore and margin declined 750 basis points to 25.9 percent in the quarter gone by. Analysts had estimated EBITDA at Rs 878 crore and margin at 26.6 percent for the quarter.
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