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BSE, NSE closed on account of polling in Mumbai; Yes Bank results, Tata Steel Q4, other highlights

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The Indian stock markets BSE, NSE will be closed today on the occasion of polling in Mumbai. Notably, the forex and commodity exchanges will also remain closed on Monday. Notably, wholesale commodity markets, including metal and gold, will also remain shut on 29th April. On Friday, the Sensex ended 337 points higher at 39,067.33, while the Nifty closed 113 points higher at 11,754. Tata Steel shares ended 7.1% higher at Rs 547.20, while ICICI Bank shares closed 3.1% higher at Rs 407.50, to emerge among the biggest Sensex gainers. We take a look at key highlights from previous week.

Tata Steel Q4

Last week, Tata Steel reported overall volume growth of 28.5% to 7.52 million tonne, largely on account acquisition of Bhushan Steel. The net profit of the firm declined 84% in the latest quarter owing to a on-time gain in the previous quarter. Notably, Tata Steel s consolidated net profit figure for Q4 FY19 is not directly comparable to Q4 FY18 as it does not include NATSteel Holding and Tata Steel Thailand as they are classified as Asset Held For Sales, the firm said in a statement. The net profit declined to Rs 2,295 crore, from Rs 14,688 crore a year earlier. Taking stock of the latest results, global brokerage firm CLSA has maintained sell rating on the stock with a target at Rs 395 per share.

Yes Bank Q4 results

Under its new CEO Ravneet Gill following the ouster of its promoter-chief executive Rana Kapoor, Yes Bank Friday reported a whopping Rs 1,506 crore net loss for the latest quarter as against a profit of Rs 1,179 crore in the year-ago period as provisions soared over nine-times. Higher provisions for possible reverses, including a massive Rs 2,100-crore contingency reserve, was the prime reason for the massive loss, Yes Bank said in its statement to the exchanges. The heavy quarterly loss crimped the full year profit at Rs 1,720 crore as against Rs 4,224 crore in FY18. Had it not been for a Rs 831-crore write-back, the private sector lender would have reported higher losses for the quarter.