Indian stock markets showed strong recovery on Tuesday, i.e. August 6, after witnessing major sell-off in the previous session. The S&P BSE Sensex closed the session at 36,976.85, up 277 points, or 0.75%, while the Nifty 50 index closed up 85.65 points, or 0.79%, at 10,948.25. Tata Motors, Yes Bank, IndiGo, Berger Paints, Bharti Airtel, Indian Bank and SRF were among the major stocks in news today.
Read on to know more:
Tata Motors: Tata Motors shares lost 1.2% after ratings agency Icra Ltd, the Indian unit of Moody's Investors Service, downgraded the company by a notch, citing “continued deterioration” in the financials of its British luxury car unit Jaguar Land Rover (JLR).
YES Bank: YES Bank Ltd shares gained 5.5% after a news report said that the private sector lender is preparing to raise funds through qualified institutional placement (QIP) later this week.
IndiGo: Shares of InterGlobe Aviation Ltd, which operates the low-cost airline IndiGo, fell more than 5% in intraday trade after Rakesh Gangwal denied signing new Articles of Association (AoA), saying it was favourable to the other co-founder Rahul Bhatia. The stock, however, pared losses later to close down 0.1%.
Berger Paints: Berger Paints India Ltd shares gained over 5% in intraday trade to hit record highs after the company’s net profit rose 32% to Rs 176.8 crore in the June quarter compared with Rs 133.9 crore in the same quarter a year ago.
SRF: SRF surged nearly 16% after the company registered 42% jump in its Q1 profit to Rs 189.2 crore against Rs 133.8 crore in the same quarter last year.
Bharti Airtel: Bharti Airtel Ltd gained as much as 5% in intraday trade after a news report said that the telecom company and Mukesh Ambani's Reliance Jio were among the top contenders for the assets of the bankrupt Reliance Communications, Reliance Telecom and Reliance Infratel.
Dilip Buildcon: Dilip Buildcon Ltd shares dropped 6% in intraday trade as brokerages cut the price target on the stock after the company’s June quarter profit fell 51% year-on-year on lower sales.
Indian Bank: Indian Bank shares jumped 5.5% as profit in the June quarter increased sharply by 74.6% year-on-year to Rs 365.4 crore, though net interest income fell 1.2% to Rs 1,785.4 crore due to higher cost of funds and elevated slippages.