Stock markets ended a bit higher on Friday posting a weekly loss. BSE Sensex closed higher by 63.63 points or 0.19 percent at 33,314.56 whereas NSE Nifty settled 12.80 points or 0.12 percent higher at 10,321.75. The Sensex washed off 371 points from the last week. After the Monday record closing, a choppy trade in Indian markets was witnessed through the week driven by the mixed sentiments over Q2 corporate earnings.
Weekly News on Stocks: Bharat Forge reported stellar Net profit growth at 60.5% year- on-year for Q2FY18. Profit for the quarter increased to Rs 203.72cr from Rs 126.9cr in year-ago.
Ashok Leyland reported a gain of 13.5% in the net profit at Rs 334.2cr against Rs 294.4cr y-o- y. Revenues jumped 30.8% to Rs 6,047cr against Rs 4,622.4cr
Tata Motors posted a strong 3-fold growth in profit for July-Sept quarter, triggered by robust JLR’s operational performance. Its consolidated profit rose to Rs 2,501.67cr, from Rs. 848.16cr in the corresponding quarter last fiscal.
SBI reported a decline of 38% year-on- year in standalone profit for Q2FY18,. Net Profit declined to Rs 1,581.6 cr from Rs 2,538.3cr in year-ago. M&M posted a profit of Rs 1,411cr v/s Rs 1,156.7cr year-on- year.
Revenue was up by 19.4% at Rs 12,018 cr against Rs 10,065 cr year on year. The company’s Board has also approved a bonus issue in the ratio of 1:1.
On economic front, the GST Council on Friday provided release to many sectors by slashing rates across the board, including for a range of consumable items and relaxed penalties and tweaked rules to make it easier for businesses.