Markets succumbed to profit taking in private banking majors and index heavyweights RIL and ITC
The auto component maker posted a 25.60% rise in its net profit at Rs 326.29 crore for the first quarter ended March 31, 2014.
The profit for the Jan-March quarter was Rs 800 crore compared to Rs 1,240 crore in same year-ago period.
Markets were near their day's lows account of profit taking in index heavweights with ITC, HUL and RIL losing the most.
Check out the F&O trends in select stocks with Nitin Murarka, Head-Derivatives, SMC Global
RIL, ITC, HUL among the top losers
The Sensex is at 22858, lower by 20 points and the Nifty is at 6837, down three points.
Standalone net profit for the fourth quarter surged 126.5% to Rs 86.74 crore
ITC, RIL and L&T among the major losers
According to Reuters report, the investment bank says M&M's four-wheeler autos and commercial vehicles will benefit from even a short-lived economic recovery.
Analyst at Angel Broking recommends "Buy" rating for the stock with a target price of Rs 514.
The company's arm acquired marginal stake in Mangalore Chemicals and Fertilisers.
The gains in the banking pack ahead of the Q4 numbers are being offseated by losses in RIL and the FMCG space.
The company said the product contributed less than 3% to the consolidated sales of company during the financial year 2013-14.
The last US FDA inspection and approval for this facility was in the year 2011.
The stock has dipped 5% to Rs 336 on the National Stock Exchange.
Markets are likely to open marginally lower amid weak Asian cues
In a recent SME issue, about 20-25 investors from a tier-II centre were unable to participate
Brokers have asked for a longer session on poll result day and an additional one on May 17
Majority of investors, however, have lacked strength average or even hold on to their investments when Sensex had declined to sub-10,000 levels during 2009