Amid low foreign institutional investor (FII) participation during the month, markets moved forward on Monday on expectations of a rate cut by the Reserve Bank of India in its next policy review in June. The key benchmark indices, the BSE Sensex and NSE Nifty, jumped 1.33 per cent and 1.35 per cent to 27,687.30 and 8,373.65, respectively.
Here are key stocks that made news today:
1. Dr Reddy's Laboratories:The share price of the company jumped 3.48 per cent on Monday after the drug maker launched a new drug for stroke or brain surgery patients.
Dr Reddy's had last week announced the launch of Somazina, the innovator brand of Citicoline, in the Indian market. Somazina is indicated for improving cognitive function in patients who have suffered from stroke or cerebral infarction, or who have undergone a brain surgery or have suffered from head injuries.
2. Asian Paints: Shares declined 2.84 per cent to Rs 767.60 after the company disappointed with Q4 earnings. For the quarter ended March 2015, Asian Paints announced a consolidated net profit of Rs 352 crore, up 17.84 per cent against Rs 298.41 crore in the corresponding quarter a year ago.
3. Indraprastha Gas (IGL): Shares closed 3 per cent higher at Rs 413.75 at the Bombay Stock Exchange after the company increased the selling price of compressed natural gas (CNG) and piped natural gas (PNG) in Delhi-NCR.
While CNG prices have been raised by 45 paise a kg to Rs 38 per kg in the national capital, NCR residents will have to be pay 50 paise per kg more for the same. PNG prices have been hiked by 45 paise per standard cubic metre to Rs 25.35 in Delhi and 50 paise per standard cubic metre in NCR.
4. Jain Irrigation Systems: Shares jumped 16.46 per cent to Rs 66.15 after the company reported a 31.65 per cent jump in net profit for the fourth quarter ended March 31, 2015.
The company registered consolidated net profit of Rs 97.67 crore against Rs 74.19 crore in the corresponding quarter a year ago. Gross sales increased by 11.78 per cent year-on-year (yoy) to Rs 2,070.59 at the end of the quarter under review.