Thursday , 23 November 2017
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After Hours: Abbott, SpiceJet sizzle on Q2 results; RComm takes tumble – Economic Times

After Hours: Abbott, SpiceJet sizzle on Q2 results; RComm takes tumble – Economic Times


NEW DELHI: Monday belonged to the bears on Dalal Street! After a disappointing week, stock investors woke up to another sluggish session, as the benchmark indices extended their slide amid heavy selling in banking, energy and construction stocks.

A spike in crude oil prices on the global front, weak IIP data for September and lesser-than-expected earnings of some of the heavyweights such as L&T impeded any rise in the market.

The S&P BSE Sensex lost 281 points to close the session at 33,034, while the broader Nifty50 index of the National Stock Exchange shed 97 points, or 1 per cent, to end at 10,225, with 37 out of the 50 constituents ending in the red.

Here’s a look at Dalal Street’s top newsmakers on Monday:

Tepid debut for New India Assurance
New India Assurance, India’s largest general insurer, made a tepid debut on Dalal Street on Monday, as the scrip got listed at Rs 748 on BSE, a discount of 6.39 over its issue price of Rs 800. The Rs 9,600 crore mega issue, which was sold in the Rs 770-790 price band between November 1 and 3, was subscribed 1.19 times. The stock slumped further to settle at Rs 723 apiece on BSE, down nearly 10 per cent from issue price.

RCom beaten black and blue
The beleaguered company took a heavy beating as the stock tumbled 14 per cent after posting huge losses for September quarter and a delay in strategic debt restructuring. The telecom operator, which decided to shut down its 2G and 3G services and concentrate on working as a mobile virtual network operator (MVNO), posted a consolidated loss of Rs 2,709 crore for the September quarter. The stock settled at Rs 12 apiece on BSE.

Bain deal fires up Axis Bank
Shares of private sector lender hit their fresh 52-week high on the back of an approval by the company’s board to raise Rs 11,626 crore from marquee investors Bain Capital and LIC. However, the scrip later slipped in the trade, thus ending at Rs 538 apiece, down over 1 per cent.

Abbott India hits 22-month high
Shares of healthcare firm Abbott India climbed as much as 20 per cent, their highest since January 15, 2016, after the company posted an 83 per cent jump in September quarter profit. The scrip posted its biggest intraday per cent gain since May 18, 2010. On Monday, it shut the shop at Rs 551 apiece, up 12 per cent on NSE.

Idea fails to click
Shares of the battered telecom operator plunged over 4 per cent after the company reported a consolidated net loss of Rs 1,106 crore for the quarter ended September 30. The company said the seasonally weak quarter was marked by high competition, regulatory changes and industry consolidation. The stock settled at Rs 93 on NSE.

JP Associates jumps 15%
Shares of Jaiprakash Associates jumped nearly 15 per cent amid reports that JSW Group, Vedanta, Lodha Group and Deutsche Bank were among the 18 companies that have shown interest in buying JP arm Jaypee Infratech in full or in part, people close to the discussions told ET. The stock settled at Rs 21 apiece, up 16 per cent on BSE.

IT stocks buck the trend
IT was the only pocket to end in the green in a depressed market, with the Nifty IT index gaining 14 points, or 0.12 per cent, to settle at 11,236. Out of 10 constituents, five ended in the green and five in the red.

Spurt in open interest
Shares of Balkrishna Industries witnessed the biggest spike in open interest contracts at 24.47 per cent, followed by JP Associates (22.96 per cent) and Britannia (18.06 per cent).

SpiceJet flies high post Q2 results
Buoyed by a solid 79 per cent surge in September quarter profit, shares of the low-cost carrier made strong advances to close the session 5 per cent higher at Rs 149.

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