Bengaluru: Indian shares fell on Thursday to post their biggest daily percentage loss in four weeks after earnings from HDFC Bank Ltd and Kotak Mahindra Bank Ltd raised some concerns about bad loans ratios in the sector.

HDFC Bank fell 0.3%, while Kotak Mahindra Bank fell 2.71%. Both banks hit record highs earlier in the session.

Seven Indian companies have made it to the latest Fortune 500 list of the world’s biggest corporations in terms of revenue with the retail giant Walmart topping the global rankings. Indian Oil Corp is ranked highest at 161st among Indian firms, while another state-run firm ONGC has moved out of the rankings for 2016. Private gems and jewellery major Rajesh Exports has made its debut at 423rd position.

Hinduja flagship firm Ashok Leyland today reported over two-fold jump in net profit at Rs 290.78 crore for the first quarter ended June 30, riding on robust volume growth.

The company had posted a net profit of Rs 144.49 crore in the same period last fiscal, Ashok Leyland said in a BSE filing.

With revenue growth of 2% q-o-q CC, WPRO met its guidance for Q1FY17. However, the 0-1% q-o-q CC guidance for 2Q ruled out potential of bridging growth gap to peers in the foreseeable future. Continued drag in the Energy vertical, sluggishness in top accounts and restructuring in the India and Middle East business may continue to weigh on overall revenue growth.

IT Services EBIT margin of 17.8% declined by 190 bp q-o-q (marginally below our estimate of 18.1%).

Kotak Mahindra Bank plunged over 2 per cent in the afternoon trade on Thursday after the company posted lower-than-expected financial results for the quarter ended June 30, 2016. However, the bank reported 291 per cent rise in net profit at Rs 741.97 crore for the quarter under review against Rs 189.78 crore in the same quarter last year. Net interest income of the bank jumped to Rs 1,919.10 crore, up 20 per cent, against Rs 1,598.18 crore in the corresponding quarter last year.

HDFC Bank on Thursday reported 20 per cent rise in net profit at Rs 3,238.91 crore for the quarter ended June 30, 2016 against Rs 2,695.72 crore in the corresponding quarter a year ago, which is in line with expectations.

Net interest income of HDFC Bank jumped 21.80 per cent yoy to Rs 7781.44 crore during the quarter under review against Rs 6388.77 crore in the corresponding quarter last year.

MUMBAI: Air India will launch a new Ahmedabad-Newark via London tri-weekly flight from August 15, an official said here on Thursday.

The service AI-171 will be operated with a Boeing 787 Dreamliner aircraft from Sardar Vallabhbhai Patel International Airport at 5.30 a.m. all Mondays, Wednesdays and Fridays and reach London at 10.15 a.m.

Larsen & Toubro (L&T) Infotech has listed at Rs 667, 6% below its issue price of Rs 710 per share on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

A discount of Rs 10 per equity share to the issue price of Rs 710 was offered to retail investors.

Hindustan Petroleum Corporation Limited (HPCL) has rallied 10% to Rs 1,233, also its record high on the BSE in intra-day trade after the company announced that the board has recommended issue of bonus shares in the ratio of two for every one held.

“The board of directors of the company at its meeting held on July 20, 2016, have recommended capitalisation of reserves and issue of fully paid bonus shares in the ratio of 2 (two) bonus equity share of Rs 10 each for every 1 (one) existing equity share of Rs 10 each,” HPCL said in a regulatory filing.

Axis Bank, the country’s third-largest private sector lender, has cut its base rate by 10 basis points to 9.35 per cent, bringing its minimum lending rate on a par with that of ICICI Bank, but still to catch up with the country’s largest lender, State Bank of India, and HDFC Bank, that have base rates of 9.30 per cent each.

Axis Bank’s competitors had reduced their base rates in October last year.

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