The company said its losses for the March quarter stood at 12 crore compared to 18 crore in the same quarter last year. The company had reported a profit in the December quarter.
Following the update, shares of the company rose over 4 per cent to end at Rs 571.
Selling continues
Selling in Life Insurance Corporation shares continued for another day on Monday. The stock has not seen a positive close ever since listing last week. During the day the stock hit a low of Rs 804 before closing at Rs 817.
The market cap of the company now stands at 5,16,657.44 crore, which makes it the sixth largest company in the country. The stock has fallen 14 per cent since listing and have made shareholders poorer by about Rs 85,000 crore.
Macquarie has a neutral rating on the stock and has suggested a target for
at Rs 1,000.
Big order
Evey Trans Private Limited (EVEY) bagged an order to supply 2,100 electric buses to a state transport undertaking. EVEY shall procure (either directly by itself or through its Special Purpose Vehicle) these 2,100 Electric Buses from Limited, which is listed, and which shall be delivered over a period of 12 months. Maintenance of these buses shall also be undertaken by Olectra during the Contract Period.
The value of these 2,100 Buses supply would be approximately Rs. 3,675 Crores for Olectra. This transaction between Olectra and EVEY is to be considered as related party transactions and shall be on arm’s length basis.
Following the update, shares of Olectra climbed 4 per cent to end at Rs 564.
Big earnings beat, stock tanks
Investors booked profits in Divi’s Laboratories after the company announced a big beat on its Q4 earnings. It declined nearly 10 per cent to Rs 3897 on BSE.
Earlier, Divi’s Laboratories on Monday said its consolidated net profit for the quarter ended March was at Rs 894.64 crore, rising 78.20 per cent compared to Rs 502.02 it reported in the same period last year.
The figure was much higher than Rs 700 crore that an ETNow analysts’ poll projected.
