The company said its loss for the March quarter stood at Rs 12 crore as against Rs 18 crore in the same quarter last year. The company made a profit in the December quarter.
After the update, the company’s shares rose 4 percent to Rs 571.
The sale of shares of Life Insurance Corporation continued for another day on Monday. The stock has not seen a positive close since last week’s listing. The stock had touched a low of Rs 804 before closing at Rs 817 during the day.
The market cap of the company now stands at Rs 5,16,657.44 crore, making it the sixth largest company in the country. The stock has fallen 14 per cent since listing and impoverished shareholders by about Rs 85,000 crore.
Macquarie stocks have a neutral rating and have set a target for
Evey Trans Pvt Ltd (EVEY) has received an order to supply 2,100 electric buses in a state-owned transport initiative. EVEY will collect these 2,100 electric buses from Limited (either directly by itself or through its special purpose vehicles), which are listed, and which will be delivered within 12 months. These buses will also be maintained by Olectra during the contract period
The supply of these 2,100 buses will cost around Rs. 3,675 crore for Electra. This transaction between Olectra and EVEY will be treated as the transaction of the party concerned and will be based on the length of the arm.
After the update, shares of Olectra rose 4 percent to close at Rs 564.
Big earnings beat, stock tanks
Investors booked profits at Divi’s lab after the company announced a big beat on its Q4 earnings. It has declined by about 10 per cent to Rs 3,897 on the BSE.
Earlier, DV’s Laboratories said on Monday that its consolidated net profit for the quarter ended March was Rs 894.64 crore, up 78.20 per cent from Rs 502.02 crore reported in the same period last year.
According to ETNow analysts, this figure is much higher than Rs 700 crore.