Generic drug maker Cipla fell 4.9% to 191 rupees after the company reported first quarter profit drop of 30% from a year ago to 120 crore rupees on 5% sales growth to 902 crore rupees. The news dragged other companies in the sector lower. Dr Reddy’s fell 0.15% and Ranbaxys lost 0.6%.

ICICI Bank fell 1.53% to 970.05 rupees after the company reported net profit increase of 25% from a year ago to 775.08 crore rupees. Despite a decline of net interest margin to 2.3% from 2.5% a year ago, operating income rose 47% to 9,281 crore rupees.


IPO News

UTI Bank priced 14.13 million shares (or 1.4 crore shares) at $15.43 for a listing on London Stock Exchange as GDR issues. Each receipt will have an underlying value of one stock. The stock priced at a discount to the market close price of Friday lowered the stock 3.8% to 624 rupees.

Suryachakra Power Corporation priced its share in the IPO at 20 rupees. The issue was oversubscribed 2.2 times and traded on its first day 6.1 crore shares. The issue gained 14% to 22.82 rupees on the first day of trading.