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SBI shares slump over 3% after it logs 62% fall in Q3 net profit

Shares of State Bank of India (SBI) slumped nearly 3 per cent after the bank disappointed Dalal Street with its December quarter earnings, which fell way below the analysts' expectations.

 
 
The stock fell after the company reported a 65.45 per cent decline in consolidated net profit at Rs 37.77 crore for the quarter ended December 31, 2015.
The Nasdaq-listed IT firm expects to grow at 9.9-14.3 per cent for the entire 2016, which is lower than 21 per cent growth it clocked in 2015.
The stock surged on news report private equity firms Blackstone and Apollo Global are in race with Tech Mahindra to acquire the IT company.
The stock fell after the fifth-biggest software exporter posted a 5.7 per cent decline in December quarter net profit at Rs 759.2 crore.
ICICI Bank shares fell by over 7 per cent after the company reported 4.4 per cent fall in consolidated net profit for the December quarter.
India witnessed a net outflow of $1.64 billion, while the Philippines, the smallest market in the region, saw the least outflow of $97 million.
 
 
The stock gained even as the steel giant reported a consolidated net loss of Rs 2,127.23 crore for the quarter ended December 31, 2015 hit by subdued demand in India.
The stock fell on news report that the US government has made it mandatory for Active Pharmaceutical Ingredients (APIs) to be manufactured locally.
Brokerage firm Angel Broking expects Tech Mahindra to report sales at $1,021 million as compared to $1,011 million in the second quarter of fiscal year 2015-16.
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