The Indian stock market opened the day higher on positive global cues as lower than expected inflation in the US lifted the sentiment of most Asian markets. Here are a few stocks that are in news today after Q4FY18 results or other business developments.
Mphasis: The shares of the IT company surged 12.8%, the highest in over a month, to record the day's high of Rs. 1123.80 on the NSE after its March quarter results for FY18 beat analyst estimates. The stock was last seen trading at Rs. 1029.90.
Net profit of the company came in at Rs. 238 crore for the quarter while the company reports revenue of Rs 1,740 crore. Ebit of the company also increased by 14% to Rs. 292.5 crore.
Meanwhile, Morgan Stanley maintains its 'Overweight' rating on the stock.
Asian Paints: The stock of the company hits an all time of Rs. 1,288, up 5.77% on the NSE, after the company's decorative paint business reported double digit growth in its volume in the quarter ended March of FY18. Net profit during Q4FY18 increased 4.6% to Rs 4.81 billion as compared to Rs 4.59 billion in the previous corresponding period. while its revenue from operations spiked higher by 14.1% to Rs 44.92 billion over the previous year quarter.
The stock was last trading at Rs. 1281.05 on the NSE.
Bharti Airtel: The shares of the telecom company fell over 6% in intra-day trade to Rs. 385.60 on the BSE after its rival company Jio rolled out a post-plan of Rs. 199 monthly rental with ISD calling service available at a starting price of 50 paise per minute.
In line, the stock of Idea Cellular was down over 11% at Rs. 51.80 on the BSE.
International brokerage firm Jefferies in a note said the newly launched plan of Reliance Jio will further put a pressure on average revenue per user (ARPU) of incumbent players which after the disruption by Reliance Jio has been hit severely.
Fortis Healthcare: The stock of India's second largest hospital chain fell a huge 4% to Rs. 145.85 on the NSE after the company's board backed Munjal-Burman offer for the healthcare chain's hospital and diagnostics businesses.
Munjal's Hero Enterprise Investment Office and the Burman Family with a minority stake in Fortis Healthcare have committed an investment of Rs. 1800 crore in the healthcare chain. The shares of the company were last trading at Rs. 146.6.
Union Bank of India: The shares of Union Bank of India slumped 4.97% in intra-day trade on Friday to Rs. 83.20 on the BSE due to weak Q4 FY18 results. The public sector bank for the third-straight quarter reported wider-than-expected loss of Rs.2,583.4 crore as provisions against bad loans rose sharply. However, later in trade today, the stock pared most of its early losses and was down just 0.57% at Rs. 87.15 on the BSE.