Sensex reclaims 26000; Dr Reddy's gains 2% on Q1 nos

Jul 30, 2014, 02.29 PM IST | Source: Moneycontrol.com

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Sensex reclaims 26000; Dr Reddy's, Lupin rally on Q1 nos

14:26

Moneycontrol Bureau
Live Market Commentary 02:15pm ICICI Bank Q1 expectations

Prabhudas Lilladher expects ICICI Bank to report a 2.5 percent degrowth quarter-on-quarter (growth of 13.8 percent year-on-year) in net profit at Rs 2586.9 crore.

Net interest income is expected to increase by 10.5 percent Q-o-Q (up 17.9 percent Y-o-Y) to Rs 11953.2 crore, according to Prabhudas Lilladher.

02:00pm Equity benchmarks recouped losses in afternoon trade with the Sensex reclaiming 26000 level, up 38.01 points to 26029.24. The Nifty climbed 16.20 points to 7764.90. About 1160 shares have advanced, 1559 shares declined, and 128 shares are unchanged.

Drug maker Dr Reddy's Laboratories met street expectations with the consolidated net profit rising 52.4 percent on yearly basis to Rs 550 crore driven by strong growth in US sales and also supported by emerging markets, Russia and domestic operations. Profit in the year-ago period was Rs 360.9 crore. Consolidated revenue grew 23.6 percent to Rs 3,517 crore in the quarter ended June 2014 compared to Rs 2,845 crore in same quarter last year. The stock gained over 2 percent.

Lupin surged over 4 percent. Drug maker sharply beat street expectations on every parameter with the net profit growing 56 percent year-on-year at Rs 625 crore in the quarter ended June 2014 on account of hefty growth in US and Indian operations but impacted by higher tax expenses. Net profit in the year-ago period was Rs 401 crore. Net sales during the quarter grew 34.9 percent at Rs 3,340 crore compared to Rs 2,476.2 crore in the corresponding quarter of last fiscal.