Pharma stocks on a roll; CNX Pharma index hits new high
Shares of pharmaceutical companies continued their upward march with the National Stock Exchange CNX Pharma index hitting a new high after most companies comprising the index reporting a strong earnings growth for the quarter ended June 30, 2014 (Q1).
Lupin surges 5% as Q1 profit beats estimates; stock hits new high
Lupin has surged 5% to Rs 1,175, also its new high on National Stock Exchange, after reporting a better-than-expected 56% year-on-year (y-o-y) jump in net profit at Rs 625 crore for the quarter ended June 2014 (Q1), on back of strong growth in the US and in India. The pharmaceutical company had profit of Rs 401 crore in the same quarter last fiscal.
ITC hits two month high on good Q1 numbers
ITC is trading 1.4% higher at Rs 362 on BSE after its cigarette business’ revenues grew 18.8% year-on-year (yoy) to Rs 4,201 crore and Ebit (earnings before interest and tax) margin up 142 basis points to 64.8% for the quarter ended June 2014 (Q1).
Tata Motors falls 9% in three-days as JLR cuts prices in China
Tata Motors is trading lower by 2.3% at Rs 443, extending its past two-days fall, on reports that Jaguar Land Rover (JLR) has reduced its prices on three of its high end models in response to an pricing and anti-monopoly investigation in China.
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