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Realty stocks decline

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Indices recovered further ground in early afternoon trade after an intraday slide. At 12:25 IST, the barometer index, the BSE Sensex, was down 102.76 points or 0.28% at 36,443.72. The index was down 43.20 points or 0.39% at 10,900.40. Realty stocks fell.

Domestic stocks drifted lower in early trade as most Asian stocks declined. Key benchmark indices extended losses and hit intraday low in morning trade. Stocks cut losses in mid-morning trade.

The BSE Mid-Cap index was down 1.21%. The BSE Small-Cap index was down 1.32%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 670 shares rose and 1578 shares fell. A total of 114 shares were unchanged.

rose 0.34% after consolidated net profit rose 54.33% to Rs 1753.07 crore on 22.33% rise in net sales to Rs 40457.11 crore in Q3 December 2018 over Q3 December 2017. Consolidated adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 27% to Rs 7,225 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours on Friday, 8 February 2019.

Commenting on the results, TV Narendran said despite a sharp drop in international steel prices, was able to maintain its overall realizations and increase its volumes significantly in The integration of BSL continues and its 5 MTPA expansion at Tata Steel is also making good progress. The company is also looking forward to enhancing its long products and downstream capability through the acquisition of the 1 business of

The phase II review of the TSE JV is ongoing and the company is closely working with the to facilitate the same. In line with the company's strategy of divesting non-core assets and focusing on India, the firm has announced a divestment of a 70% stake in its SEA business and it continues to work on exploring similar opportunities across its portfolio.

Realty stocks fell. DLF (down 1.15%), Estate (down 3.57%), Housing Development and Infrastructure (down 0.88%), Unitech (down 1.65%), Sobha (down 1.53%), (down 2.54%), (down 0.5%) and (down 0.06%) declined. (up 1.99%) rose.

surged 8.26% after net profit rose 31.60% to Rs 351.33 crore on 32.37% rise in net sales to Rs 904.45 crore in Q3 December 2018 over Q3 December 2017. The subscription revenues for the quarter was up by about 24% at Rs 349.60 crore as against Rs 281.82 crore for the corresponding quarter ended 31 December 2017. The result was announced after market hours on Friday, 8 February 2019.

Overseas, Asian stocks were mixed on Monday as concerns over global growth and US-trade talks kept investors cautious. Markets in and Taiwan, reopened after a weeklong Lunar New Year break. Japanese markets were closed for a holiday.

In Europe, with Brexit just 47 days away, the has reportedly asked lawmakers on Sunday to give more time to rework her divorce deal with the said Parliament would get to pass judgment on May's Brexit plan no later than February 27. Britain is due to leave the EU on March 29, but Parliament has rejected May's divorce bill, leaving the to seek changes from the EU.

US stocks bounced off intraday lows to close mostly higher Friday as late afternoon buying offset pressure from lingering fears over U.S-trade tensions.

US confirmed reports that he had no plans to meet with Chinese before a March 1 trade-deal deadline. However, the US is reportedly likely to keep tariffs at 10% rather than raise them to 25% as scheduled.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 11 2019. 12:24 IST
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