Rahul Shah, VP-Equity Advisory, MOFSL, says most of the IT names have gone up quite sharply post their Q3 numbers. Now it is the turn of pharma. Shah expects largecap pharma stocks like Sun Pharma, Cipla, and Dr Reddy s to maintain their good performance. The market is undergoing sector rotation, with IT stocks performing well and now pharma stocks gaining momentum.
Last week, Indian markets witnessed modest gains with Sensex and Nifty hitting new record closing highs in the last trading session led by a sharp rally in IT stocks.
GAIL’s Q3 consolidated net slides 6.5%
February 10, 2021
Declares an interim dividend of ₹2.50 per equity share
GAIL (India) Ltd has reported a consolidated net profit of ₹1,897.04 crore for Q3 FY21, 6.5 per cent lower than the Q3 FY20 numbers. Total income was ₹15,899.85 crore, 12 per cent lower year-on-year.
The firm’s natural gas marketing segment, which contributes the largest share to revenue, was the worst hit, recording a net loss of ₹157.94 crore, as opposed to a net profit of ₹452.64 crore in the previous-year period. While gas demand continued to struggle in Q3, the commissioning of the 450-km Kochi-Mangaluru section of the KKMB pipeline in January, and the 348-km Dobhi-Durgapur section of the JHBD pipeline this month, “will not only increase customers but also lead to growth in gas marketing and transmission,” Manoj Jain, CMD, said in a statement.
Shares of Bharat Heavy Electricals Limited (BHEL) slipped 9 per cent to Rs 39.55 on the BSE in Monday s intra-day trade, in an otherwise strong market, after the company reported a loss of Rs 231 crore in the December quarter (Q3FY21) due to poor operational performance. The state-owned heavy equipment company had posted a profit after tax of Rs 159 crore in Q3FY20. At 12:29 pm, BHEL was trading 8 per cent lower at Rs 40.10 on the BSE as compared to a 0.99 per cent risen in the S&P BSE Sensex. A combined around 94 million equity shares have changed hands on the counter so far on the NSE and BSE.