Q1 earnings take a toll on Street: Biocon down 8%; Indian Bank slips 8%; PNB 2%
The first-quarter earnings season is clearly taking a toll on Dalal-Street. Following are three big stocks that cracked in today's trade.
By ET Online | Updated:
NEW DELHI: The first-quarter earnings season is clearly taking a toll on Dalal-Street. Following are three big stocks that cracked in today's trade after announcing their quarterly results:
INDIAN BANK
Indian Bank plunged as much as 8.61% in trade on Friday after the state-run bank reported 34.7% decline in its net profit to Rs 207.15 crore for the quarter ending June 30.
The Chennai-based bank had reported a net profit of Rs 317.39 crore during the corresponding period of the previous year, it said in a statement.
The total income of the bank during the quarter remained flat at Rs 4,144.01 crore, against Rs 4,195.47 crore during the same period a year ago.
For the year endied March 31, 2014, the bank's net profit stood at Rs 1,158.94 crore while the total income was Rs 16,620.88 crore, it added.
The stock of Indian Bank closed at Rs 155.90 down 3.08 per cent. It hit a high of Rs 162 and a low of Rs 147 in trade today.
BIOCON
Shares in Biocon Ltd slumped more than 8 per cent after June-quarter earnings disappoint some investors.
Biocon's June-quarter consolidated net profit was up 9 per cent to Rs 103 crore.
On-going geo-political conflicts in MENA region, affected growth in the biopharma business, which de-grew by 3 per cent year-on-year, Edelweiss Securities said in a note to clients.
The stock of Biocon Ltd closed at Rs 480.05 down 7.12 per cent. It hit a high of Rs 509.80 and a low of Rs 477.40 in trade today.
PUNJAB NATIONAL BANK
Punjab National Bank reported a 10 per cent YoY growth in its net profit number to Rs 1405 crore for the quarter ended June 30, which was above most analysts' estimates on the Street.
The reported net profit was more than ET Now estimate of Rs 1,130 crore for the first quarter of the current fiscal year FY15. The public sector bank reported a net profit of Rs 1275.30 crore in the year-ago period.
Shares of the company plunged as much as 2.25 per cent in trade largely on asset quality concerns which rose marginally on a sequential basis.
The stock of Punjab National Bank closed at Rs 923 down 0.61 per cent. It hit a high of Rs 907.80 and a low of Rs 935 in trade today.
INDIAN BANK
Indian Bank plunged as much as 8.61% in trade on Friday after the state-run bank reported 34.7% decline in its net profit to Rs 207.15 crore for the quarter ending June 30.
The Chennai-based bank had reported a net profit of Rs 317.39 crore during the corresponding period of the previous year, it said in a statement.
The total income of the bank during the quarter remained flat at Rs 4,144.01 crore, against Rs 4,195.47 crore during the same period a year ago.
For the year endied March 31, 2014, the bank's net profit stood at Rs 1,158.94 crore while the total income was Rs 16,620.88 crore, it added.
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The stock of Indian Bank closed at Rs 155.90 down 3.08 per cent. It hit a high of Rs 162 and a low of Rs 147 in trade today.
BIOCON
Shares in Biocon Ltd slumped more than 8 per cent after June-quarter earnings disappoint some investors.
Biocon's June-quarter consolidated net profit was up 9 per cent to Rs 103 crore.
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On-going geo-political conflicts in MENA region, affected growth in the biopharma business, which de-grew by 3 per cent year-on-year, Edelweiss Securities said in a note to clients.
The stock of Biocon Ltd closed at Rs 480.05 down 7.12 per cent. It hit a high of Rs 509.80 and a low of Rs 477.40 in trade today.
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PUNJAB NATIONAL BANK
Punjab National Bank reported a 10 per cent YoY growth in its net profit number to Rs 1405 crore for the quarter ended June 30, which was above most analysts' estimates on the Street.
The reported net profit was more than ET Now estimate of Rs 1,130 crore for the first quarter of the current fiscal year FY15. The public sector bank reported a net profit of Rs 1275.30 crore in the year-ago period.
Shares of the company plunged as much as 2.25 per cent in trade largely on asset quality concerns which rose marginally on a sequential basis.
The stock of Punjab National Bank closed at Rs 923 down 0.61 per cent. It hit a high of Rs 907.80 and a low of Rs 935 in trade today.
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