Oil & gas shares under pressure; HPCL plunges 8%
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Shares of refinery companies are under pressure with the S&P BSE Oil & Gas index falling nearly 4% in late noon trades.
Hindustan Petroleum Corporation Limited (HPCL), Oil & Natural Gas Corporation (ONGC) and Cairn India have plunged more than 5% each, while Indian Oil Corporation (IOC), Reliance Industries and Bharat Petroleum Corporation (BPCL) down 3%-4% on the BSE.
At 03:11 PM, S&P BSE Oil & Gas has slipped 3.8% or 345 points at 8,765 as compared to 1% fall in the benchmark S&P BSE Sensex.
HPCL has dipped 8% to Rs 728 on the NSE after the company reported a net loss of Rs 321 crore for the quarter ended September 30, 2015 (Q2) against profit of Rs 850 crore in a year ago quarter.
Net sales declined by 18.6% to Rs 42,003 crore for the quarter against Rs 51,611 crore in the corresponding quarter of previous year.
The declining crude and product prices impacted financials on account of inventory losses during the quarter July – September 2015, HPCL said in a press statement.
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Cement maker ACC on Thursday said its profit after tax (PAT) increased four-fold to Rs 945 crore in the March quarter of the previous fiscal year on account of robust sales.
The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
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Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
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Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
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Air India Express will give first-time voters aged 18 to 22 a 19 per cent discount on domestic and international flight tickets for travelling to their home constituencies and back, the Economic Times (ET) reported.
This deal is part of the airline’s "#VoteAsYouAre" campaign, “designed to mobilise first-time voters to fly home to exercise their constitutional right and help guide the flight path of the nation", ET reported.
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National Stock Exchange (NSE) on Wednesday introduced derivative contracts on Nifty Next 50 index, which received a positive response from market participants.
More than 375 trading members from across the country participated in the index derivatives, the National Stock Exchange (NSE) said in a statement.
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