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Reuters
Indian shares rose yesterday, snapping a two-session losing streak as blue-chips such as Bharti Airtel, Lupin and Dr Reddy’s Laboratories gained after their earnings beat estimates.
Not all companies beat profits. Larsen & Toubro slumped after its earnings disappointed investors, sparking rating downgrades from Citigroup and Deutsche Bank.
Broader gains were also capped amid caution ahead of the monthly derivatives contract expiry due tomorrow, with investors also awaiting the outcome of the US Federal Reserve’s meeting later in the day.
“There is some caution ahead of derivatives expiry. But the overall trend remains positive. There could be stock-specific movements like that happened today, based on corporate earnings,” said Suresh Parmar, head, institutional equities at KJMC Capital Markets. The benchmark BSE index gained 0.37% at 26,087.42, while the broader NSE index ended 0.55% higher at 7,791.40.
Bharti Airtel rose 5.4% to the highest level since February 2012 after its June-quarter net profit adjusted for exceptional items, including tax provisions, beat estimates. Drug makers also rose on better-than-expected profits. Dr. Reddy’s Laboratories rose 1.9% after posting a 52% surge in its quarterly net profit from a year earlier. Lupin rose 4.9% after reporting a higher-than-expected profit, helped mainly by higher sales in the US and India, and lower expenses.
ITC gained 0.6% after posting a better-than-expected 25% rise in quarterly sales as demand for smaller and cheaper cigarettes grew and its consumer goods business put in a stronger performance.
However, Larsen & Toubro fell after the company’s earnings missed some analysts’ estimates.
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