Shares in India's Reliance Communications Ltd fell as much as 2.7 percent on Monday after the mobile carrier's consolidated net profit dropped more than expected in the January-March quarter.
Reliance Communications, controlled by billionaire Anil Ambani, said late on Friday consolidated net profit fell 48.5 percent to 1.56 billion rupees ($26 million) for its fourth quarter, from 3.03 billion rupees reported a year earlier.
Analysts on average had expected a net profit of Rs.s. 215 crore, according to Thomson Reuters data. The results of the latest and the year-ago quarters included one-off items.
Indian stock markets are likely to rebound on Friday and rumour-based profit booking in second half of trade on Wednesday sent high beta stocks lower. Positive global cues & weakness in oil is likely to boost sentiment.
The S&P 500 ended nearly flat on Thursday as investors paused ahead of Friday's jobs report, though gains in Internet shares helped lift the Nasdaq.
After a mid-week holiday, the market opened on a higher note. The Sensex is up 75.79 points at 22493.59, and the Nifty is up 15.45 points at 6711.85. About 242 shares have advanced, 53 shares declined, and 13 shares are unchanged.