Sun Pharmaceutical Industries: The company's shares rose 2.90 per cent to close at Rs 866.25 apiece on Wednesday after the company posted better-than expected sales for the first quarter of the current fiscal. Sun Pharma on Tuesday however reported 60 per cent dip in consolidated net profit to Rs 478.96 crore for the quarter ended June 30, pulled down by impairment charges and expense of Rs 685.17 crore on account of integration and optimisation post the Ranbaxy merger. However, total income increased to Rs 6,767.58 crore during the first quarter of 2015-16, as against Rs 6,341.21 crore in the year ago period.
Nestle India: The company's stocks fell by 1.91 per cent to close at Rs 6184.70 apiece on Wednesday after the government filed a class action suit against the company seeking about Rs 640 crore in damages for alleged unfair trade practices, false labelling and misleading advertisements. The damage claim from first of its kind class action suit against Nestle India is likely to go beyond Rs 640 crore as the government is tabulating further damages for selling defective and hazardous Maggi noodles. The Consumer Affairs Ministry has dragged the company to the National Consumer Disputes Redressal Commission (NCDRC) using a provision for the first time in the nearly three-decade-old Consumer Protection Act.
Coal India Ltd (CIL): The shares of Coal India fell by 5.53 per cent to close at Rs 371.45 apiece on Wednesday on reports that the Cabinet may consider 5-10 per cent stake sale in it that could fetch up to Rs 24,800 crore to the exchequer. The government currently holds 79.65 per cent stake in CIL. Sources said the CIL stake sale proposal may be placed before the Cabinet, headed by Prime Minister Narendra Modi.
Indian Oil Corporation Ltd (IOC): The company's shares fell 7.26 per cent to close at Rs 387.90 apiece on Wednesday. The slump was on worries that gross refining margins (GRM) and inventory gains will come off in July-Sept. April-June results were influenced by inventory gains but a 23 per cent slump in benchmark Brent QTD reduces the likelihood of such gains in Sept-quarter.
Ashok Leyland: Its shares rose 1.55 per cent to close at Rs 88.25 apiece. Hinduja Group flagship firm Ashok Leyland on Wednesday reported a standalone net profit of Rs 159.31 crore for the quarter ended June 30, 2015 mainly on account of robust sales. Standalone total income from operations also rose to Rs 3,841.21 crore for the quarter under consideration as against Rs 2,477.80 crore for the year ago period.