2:20 pm Earnings:
M&M has posted a consolidated net profit at Rs 961.6 crore in April-June quarter up 16 percent from corresponding quarter last fiscal. On a standalone basis, its net profit jumped 12 percent to Rs 955 crore. Auto segment margins in Q1 was at 4.3 percent from 7.7 percent year-on-year. Utility vehicle and tractor maker Mahindra and Mahindra's (M&M) first quarter profit on standalone basis was seen rising 2 percent year-on-year to Rs 870 crore, according to average of estimates of analysts polled by CNBC-TV18. Also read - Nifty to confirm 'hanging man' pattern; has trend reversed?
2:00 pm Market Check :
The sell-off extended in afternoon trade with the equity benchmarks as well as broader markets falling 1 percent each. Banks, auto, healthcare, FMCG and oil stocks remained under pressure on profit booking after the market priced in RBI policy. The 30-share BSE Sensex was down 283.06 points at 27802.10 and the Nifty down 93.35 points at 8584.90. About 1836 shares declined against 747 advancing shares on the Bombay Stock Exchange. Oil prices were lower today. US West Texas Intermediate (WTI) crude oil futures were trading at USD 42.15 per barrel, down 1.5 percent and International Brent crude futures were at USD 44.37 per barrel, down 1.4 percent.
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