Sensex trades lower, Nifty below 11K; Infosys hits a record high
Majority of sectoral indices are trading in the red, with maximum cuts seen in pharmaceutical names. The Nifty Midcap index is also trading over half a percent lower.
The company has received approval from UK MHRA (United Kingdom's Medicines and Healthcare products Regulatory Agency) for its Goa facility. The unit was inspected by UK MHRA in March 2018 and there were no critical or major observations cited.
Suven Life Sciences has secured 1 product patent from Europe and 1 product patent from South Korea corresponding to the new chemical entities for the treatment of disorders associated with Neurodegenerative diseases and patents are valid through 2033 and 2034.
At 11:16 hrs Suven Life Sciences was quoting at Rs 216.05, down Rs 1.20, or 0.55 percent on the BSE.
Shares of 3i Infotech touched the 52-week low of Rs 3.50, falling 7 percent on the back of poor June quarter numbers.
The company's Q1 net profit was down 28 percent at Rs 6.04 crore against Rs 8.38 crore in the same quarter last fiscal.
Meanwhile, the net sales were up 1 percent to Rs 241.98 crore against Rs 239.31 crore.
The operating profit for Q1 was at Rs 27.08 crore versus Rs 28.63 crore in 01 FY2018.
The share price of Just Dial gained 2.5 percent as the company is going to consider buyback of its shares.
A meeting of the board of directors of the company will be held on July 20 to consider, approve and take on record the unaudited financial results for the first quarter ended June 30, 2018 (Q1FY19).
The board will also consider allotment of equity shares of the company having a face value of Rs 10 each to certain employees of the company, upon exercise of options by such employees under the relevant employee stock option schemes.
It will also consider and approve the proposal to buyback fully paid-up equity shares of the company and matters necessary and incidental thereto.
Equity benchmarks continued to trade lower, with the Nifty hovering below 11,000-mark, while the Sensex is down below 36,500.
The Sensex is down 50.40 points or 0.14% at 36491.23, while the Nifty is down 33.10 points or 0.30% at 10985.80. The market breadth is negative as 517 shares advanced, against a decline of 1,429 shares declined, while 110 shares are unchanged.
The software services exporter started off the year 2018-19 on a mixed note as Q1 bottom line and operational numbers missed analyst estimates while revenue and FY19 guidance met expectations.
Profit for the quarter ended June 2018 degree by 2.11 percent sequentially to Rs 3,612 crore, which was partly hit by a reduction in the fair value of disposal group held for sale in respect of Panaya.
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