November 6, 2019 / 4:40 AM / 17 days ago

Indian shares inch lower; Titan slumps on weak results, guidance

* NSE index down 0.37%, BSE index 0.36% lower

* Sun Pharma stock up after AstraZeneca tie-up

By Chandini Monnappa

BENGALURU, Nov 6 (Reuters) - Indian shares slipped in early trade on Wednesday, dragged by financial and consumer discretionary stocks, and tracking weakness in broader Asia.

The broader NSE index inched 0.37% lower to 11,917.20, as of 0436 GMT, while the BSE index fell 0.36% to 40,105.50.

MSCI’s broadest index of Asia-Pacific shares outside Japan inched 0.1% lower as investors paused for fresh cues about developments in the U.S.-China trade talks.

Shares of Titan Compay Ltd slumped as much as 9.3% after the watch and jewellery maker reported a slight fall in quarterly profit and cut its revenue guidance to 11%-13% on-year growth for the second half of 2020 from 20%. (bit.ly/36A4nJE)

The Nifty PSU Bank index slipped nearly 2%, with Central Bank of India shedding over 5%, while Corporation Bank Ltd rose more than 2% ahead of quarterly results.

Telecom stocks were also under pressure, with Vodafone Idea Ltd declining as much as 7.1%, while Bharti Airtel Ltd inched 1.4% lower.

This comes after a report said the government would not waive off dues of telecom operators under a Supreme Court verdict on the definition of adjusted gross revenue.

Among other losers, Tata Steeel Ltd fell more than 1% ahead of quarterly results.

Meanwhile, the Nifty Pharma index rose nearly 2%, with Sun Pharmaceutical Industries Ltd advancing 4.5% after the company said it would distribute some of its cancer treatment drugs in China via Britain’s AstraZeneca.

Lupin Ltd was 1% higher ahead of quarterly results.

The Nifty IT index ticked up 0.2%, with Tech Mahindra Ltd adding 1.4% after the company posted higher quarterly profit on Tuesday.

Shares of Infosys Ltd were flat ahead of an analysts’ meet. The software services company has been in focus over the last couple of weeks after a whistle blower alleged financial misappropriation at the firm. (Reporting by Chandini Monnappa in Bengaluru; Editing by Subhranshu Sahu)

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