Tata Power, Bajaj Consumer, Navin Fluorine slip up to 9% post March quarter results - know reasons here!

On the back of below the estimate of March quarter results, shares of Tata Power, Bajaj Consumer, and Navin Fluorine tumbled up to 9 per cent intraday on the BSE during a negative market on Monday.

Both the benchmark indices – Sensex and Nifty saw a gap-down opening, by slipping over 1 per cent each: PTI

On the back of below the estimate of March quarter results, shares of Tata Power, Bajaj Consumer, and Navin Fluorine tumbled up to 9 per cent intraday on the BSE during a negative market on Monday.

Individually, Tata Power shares cracked most by 9 per cent to touch a day’s low of Rs 223.05 per share on the BSE intraday. The top and bottom line of the company has reported growth, however, the coal business disappointed in Q4 disappointed the street, similarly, Mundra’s losses continued.

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According to ShareKhan, “Coal mining business performance was disappointing with 36 per cent quarter-on-quarter decline in PAT at Rs 397 crore owing to lower volumes of 10.4 mt, down 21 per cent QoQ. Mundra reported a loss of Rs 484 crore versus a loss of Rs 277 crore Year-on-Year (YoY).”

In Bajaj Consumer, the overall earnings were disappointing, as the company reported negative growth in revenue, as well as the margins dipped YoY. The stock slipped over 6 per cent to touch a day’s low level of Rs 151.6 per share on the BSE intraday.

The company is facing headwinds on account of rural demand slowdown and commodity headwinds hitting at the same time, which is further getting exacerbated due to the category decline and dependence on a single product segment, YES Securities said in a note, adding that “We do not see the stock moving up till visibility on topline growth comes back.”

While Navin Fluorine shares declined over 4 per cent to touch a day’s low level of Rs 3593.75 per share on the BSE intraday. Though the top and bottom line of the company reported YoY growth of up to 9 per cent, however, the company witnessed margin pressure in March quarter earnings.

Besides, their weak performance in the fourth quarter of FY22, the overall negative market is also somehow weakening the sentiment, experts believe. Both the benchmark indices – Sensex and Nifty saw a gap-down opening, by slipping over 1 per cent each.

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