SENSEX RISES 332 POINTS ON EASING CRUDE, RUPEE GAINS
MUMBAI: After moving between gains and losses, the benchmark BSE Sensex on Tuesday ended with 332 points gain on strong buying in energy, infra and banking stocks amid fresh foreign fund inflows and recovery in the rupee. Besides, easing global crude oil prices, which slipped below the $70 a barrel, and rupee recovering lost ground also helped build positive sentiments. The rupee staged a strong comeback by strengthening 37 paise to 72.52 (intra-day) against the American currency. The global benchmark Brent crude was trading down 0.98% at $69.43 per barrel. The Sensex after resuming a tad higher at 34,846.90 quickly slipped into the negative zone to touch a low of 34,672.20. However, hectic buying in late afternoon trade reversed the day’s losses and helped the Sensex hit a high of 35,185.17 before settling 331.50 points, or 0.95%, higher at 35,144.49. The broader NSE Nifty closed 100.30 points, or 0.96%, higher at 10,582.50.
Tata Steel Q2 net profit up three fold to ₹3,116 crore
NEW DELHI: Tata Steel on Tuesday posted a three fold surge in consolidated net profit to ₹3,116.2 crore for the quarter ended September 30, 2018, led by robust operational performance. The company had posted a consolidated net profit of ₹1,017.7 crore in the year-ago period, Tata Steel said in a BSE filing. The consolidated income of the company in the July-september period increased to ₹43,898.53 crore from ₹32,675.5 crore in the corresponding quarter of the previous fiscal.
Allahabad Bank reports Q2 net loss of ₹1,823 cr
NEW DELHI: State-owned Allahabad Bank on Tuesday reported a net loss of ₹1,822.71 crore in the September quarter of 2018-19 financial year, on higher provisioning for bad loans. The bank had posted a net profit of ₹70.20 crore in the July-september quarter of 2017-18. However, as compared to the June quarter this fiscal, the bank narrowed the losses from ₹1,944.37 crore. Total income also fell to ₹4,410.72 crore during the reported quarter as against ₹5,067.78 crore in the same period of 2017-18, Allahabad Bank said in a BSE filing. Gross non-performing assets (NPAS) jumped to 17.53% of the gross advances as on September 30, 2018 as against 14.10% by the same period a year ago. Net NPAS or bad loans fell to 7.96% of the net loans as against 8.84% in the year-ago period.
Sun Pharma posts net loss of ₹219 cr in Sept quarter
NEW DELHI: Drug major Sun Pharmaceutical Industries on Tuesday reported a consolidated net loss of ₹218.82 crore for the July-september quarter on account of a ₹1,214-crore provision for the settlement of the Modafinil antitrust case in the US. The company had posted a net profit of ₹912.12 crore for the corresponding period of the previous fiscal, Sun Pharmaceutical Industries said in a filing to BSE. After accounting for the provision of ₹1,214 crore for the estimated settlement amount payable to all the remaining plaintiffs related to the Modafinil antitrust litigation in the US, the net loss for the quarter was at ₹219 crore. COMPILED FROM AGENCIES