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Indian indices closed lower on Friday, dragged by financial stocks and Reliance Industries. Investors also booked profits in equities pushing the Sensex 0.13% down to 52586.84 and Nifty edging lower 0.10% to 15,763.05.
The top gainers in the Nifty index were Sun Pharma (10%), TechM (7.08%) and Cipla (4.24%), while the top losers were Bajaj finance (-2.63%), Baja Finserv (-2.46%) and Hindalco (-2.25%).
The Indian rupee lost 13 paise to 74.41 against the US dollar.
Earnings Update
Sun Pharma: The drugmaker posted a consolidated net profit of Rs 1444.17 crore in the first quarter of FY22, against a net loss of Rs 1655.60 crore in the year-ago period. The company’s operating revenue jumped 28% to Rs 9718.7 crore in the quarter, from Rs 7739.04 crore in the corresponding period of last year. Shares of the company climbed 10% to Rs 773.95 after the strong results were announced.
Indian Oil Corp: India’s largest oil refiner reported strong earnings on Friday with its standalone net profit rising to Rs 5,941.37 crore in April-June quarter of FY22, compared with Rs 1,910.84 crore in the same period of FY21. Its operating revenue increased 74% to Rs 1.55 lakh crore in the quarter, from the corresponding quarter of last year.
Jindal Stainless: The company reported a consolidated net profit of Rs 359 crore for the quarter ended June of FY22, against a net loss of Rs 94 crore. Its total income during the April-June quarter rose to Rs 2,804.58 crore, from Rs 877.38 crore in the year-ago period. The total expenses stood at Rs 2461.44 crore in the quarter, against Rs 954.84 crore in the corresponding quarter of last year.