Indian stock markets were trading with marginal gains on Thursday, i.e. 7 November, with realty stocks gaining traction after government arranged Rs 25,000 crore of funding for stalled affordable and middle-income housing projects. At 10:46 am, the benchmark S&P BSE Sensex was up 57 points, or 0.14%, to 40,526.78, while the Nifty 50 index rose 5.70 points, or 0.05%, to 11,971.75. BPCL, Yes Bank, Indiabulls Housing
Finance, Tata Steel and Max Financial Services were among the key stocks in news today. Read on to know more:
BPCL, HPCL: Shares of Bharat Petroleum Corp. Ltd (BPCL) fell around 1.5%, while shares of Hindustan Petroleum Corp. Ltd (HPCL) were trading mildly positive ahead of the announcement of the September quarter earnings later in the day. Other major companies to announce Q2 results include Sun Pharma, DLF, Indraprastha Gas, Aditya Birla Capital, Adani Transmission, Andhra Bank among others.
Yes Bank: Yes Bank Ltd shares dropped nearly 4% after Moody’s Investors Service placed the bank’s foreign currency issuer rating of ‘Ba3’ under review for downgrade, citing weak financial performance in the September quarter.
Indiabulls Housing Finance: Indiabulls Housing Finance Ltd shares surged 20% even as the NBFC reported over 32% decline in its consolidated net profit to Rs 702.18 crore in the second quarter ended September. The stock mainly got a boost from Nirmala Sitharaman’s announcement for an alternative investment fund of Rs 25,000 crore for the realty sector.
Tata Steel: Tata Steel Ltd shares declined 3.3% after the company reported a 6% increase in its net profit for the September quarter.
Max Financial Services: Max Financial Services Ltd shares jumped 7% even as consolidated net profit fell 49% to Rs 42.2 crore in the September quarter versus Rs 82.7 crore a year ago.
Manappuram Finance: Manappuram Finance Ltd shares erased early gains to trade in negative after the NBFC reported 82% jump in net profit at Rs 407.65 crore for the quarter ended September.