Mindtree, Titan, Yes Bank, Hero MotoCorp Among Key Stocks in News Today
Indian stock markets continued to witness post-budget selloff on Tuesday, with investor sentiment weighed down further by weakness in other Asian markets. The Nifty gave up the crucial 11,500 mark to trade lower at 11,482.05, down 76.55 points, or 0.66% at 10:58 am.
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- Last Updated: July 9, 2019, 11:53 IST
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Indian stock markets continued to witness post-budget selloff on Tuesday, with investor sentiment weighed down further by weakness in other Asian markets. The Nifty gave up the crucial 11,500 mark to trade lower at 11,482.05, down 76.55 points, or 0.66% at 10:58 am. The S&P BSE Sensex was trading at 38,504.76, down 215.81 points, or 0.56%. Mindtree, Yes Bank, Titan, Bajaj Finance, among others, were the key stocks that were buzzing in trade on 9 July. Read on to know more:
Mindtree: Mindtree Ltd shares extended fall for a second day, declining over 4% today after losing nearly 11% on Monday, despite L&T affirming investors that Mindtree would continue to run as an independent entity and there would be no alteration of positions at the IT services firm. Meanwhile, Morgan Stanley remained bearish on Mindtree with a target price of Rs 820 per share.
Titan: Titan shares plunged nearly 14% after the company said that jewellery revenue grew by a muted 13% year-on-year in the April-June quarter as sales were hit by high gold prices.
Yes Bank: Yes Bank continued to rally for a second day, rising nearly 3.5%, after the private sector lender clarified about management stability and appointed two management leaders. Yes Bank also confirmed that its financial position is sound and stable. The surge comes after the stock hit 5-year low in opening trade on Monday.
TCS: Tata Consultancy Services Ltd (TCS) shares dropped 3% ahead of its quarterly earnings announcement later in the day. TCS is expected to report a constant currency growth of 3% over the previous quarter aided by robust deal wins, but margins may take a hit.
Bajaj Finance: Bajaj Finance shares recovered 2% after falling 8% in trade on Monday after the largest consumer durable lender in the country warned of a slowdown that will cut growth for the firm.
Hero MotoCorp: Hero MotoCorp Ltd shares rose over 1% after the country’s largest two-wheeler maker said it has increased prices of its motorcycles and scooters by up to 1% with immediate effect
Tata Motors: Tata Motors inched up 0.5% despite global brokerage house CLSA’s bearish outlook on the stock due to multiple headwinds at luxury car maker Jaguar Land Rover.