The benchmark indices erased morning gains and tanked more than 800 points to close flat on January 28. The Sensex was down 76.71 points, or 0.13%, at 57,200.23, and the Nifty shed 5.50 points, or 0.03%, at 17,104.70.
Bharti Airtel | CMP: Rs 368 | The share price ended in the green after the company announced a strategic partnership with technology giant Google. Bharti Airtel will issue 71.2 million shares of the company to Google on a preferential basis at Rs. 734 apiece, a premium of 4 percent to the closing price on January 27. The preferential allotment of equity shares will see Google own a 1.28 percent stake in the country’s second-largest telecom operator, the company said in an exchange filing.
Dr Reddy’s Labs | CMP: Rs 4,225 | The stock ended in the red even after the generic drugmaker reported a 3,648% surge in net profit to Rs 707 crore in the quarter ended December from a year ago as it benefitted from a steep fall in impairment, amortisation and depreciation charges. Profit after tax in the third quarter of the financial year rose from Rs 19.8 crore in the same period the previous year. Revenue increased 8% from a year ago to Rs 5,320 crore, the Hyderabad-based company said. On a sequential basis, profit declined 29 percent from Rs 992 crore in the three months ended September.
Kotak Mahindra Bank | CMP: Rs 1,891.30 | The scrip ended in the green on January 28 after the private sector lender reported a 15 percent rise in its standalone net profit at Rs 2,131 crore for the quarter ended December 2021. The bank had posted a net profit of Rs 1,854 crore in the quarter ended December 2020. However, the income was down at Rs 14,176 crore on a consolidated basis from Rs 14,671 crore in the year-ago period.
SpiceJet | CMP: Rs 64.20 | The share jumped over 5 percent after the Supreme Court granted three weeks’ time to SpiceJet to resolve its financial dispute with Swiss firm Credit Suisse AG, and stayed the operation of the Madras High Court verdict that permitted a winding-up petition and directed that the official liquidator take over the assets of the low-cost airline.
RBL Bank : CMP: Rs 147.80 | The stock was down over 3 percent after global brokerage firm CLSA slashed the bank’s earnings estimates. The research firm, however, upgraded its rating for private sector lender to ‘buy’ after its stable performance and steps taken by the Reserve Bank of India in December.