Indian stocks snapped four-day losing streak to trade higher on Friday, i.e. 4 October, ahead of the Reserve Bank of India’s monetary policy review decision later in the day. At 10:42 am, the S&P benchmark Sensex rose 230 points, or 0.6%, to 38,336.71, while the Nifty 50 index is up 53.25 points, or 0.47%, to 11,367.25.
HDIL, BPCL, UCO Bank, Yes Bank and Manpasand Beverages were among the key stocks in news today. Read on to know more:
HDIL: Housing Development and Infrastructure Ltd (HDIL) shares dropped over 4% after Mumbai police arrested two directors of the company in the Punjab and Maharashtra Cooperative (PMC) Bank scam.
BPCL: Shares of Bharat Petroleum Corp. Ltd (BPCL) fell 3% after Moody’s warned of downgrading the company to Ba1 if the government goes ahead with privatization by selling its stake to private entity.
Yes Bank: Yes Bank Ltd shares surged by another 8% after gaining over 33% in the last session after CEO Ravneet Gill said the bank is in an advanced stage of capital raising from investors, including global tech majors, to grow the balance sheet.
UCO Bank: UCO Bank Ltd shares zoomed 14% after the board approved a proposal for the issue of equity shares on preferential basis to the government against capital infusion of Rs 2,130 crore.
Manpasand Beverages: Manpasand Beverages Ltd shares declined 4.5% as the company’s statutory auditor Batliboi and Purohit resigns effective 3 October.
Hindalco: Hindalco Industries Ltd shares rise 1.3% after Novelis received approval from the European Commission for proposed acquisition of Aleris.
Mahanagar Gas: Mahanagar Gas Ltd shares inch up 1.5% after the company cut prices for the compressed natural gas (CNG) and domestic piped natural gas (PNG) from 3 October following a drop in the domestically produced gas.
Tata Steel: Tata Steel Ltd shares gained 1.5% on reports that the company is weighing a sale of its stake in an e-commerce joint venture as India’s largest steel manufacturer looks to offload non-core assets to pare debt.