RIL, Yes Bank, Jet Airways, ACC, Sterlite Stocks in Focus Today as Sensex Falls by 190 Points
Representative image (Reuters)
The S&P BSE Sensex was trading lower by 190.73 points, or 0.5%, at 38,706.73, while the Nifty 50 index was down 70.10 points, or 0.6%, to 11,526.80. Reliance Industries Ltd (RIL), Yes Bank, Jet Airways and ACC were among the key stocks in focus today.
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- Last Updated: July 19, 2019, 10:25 IST
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Indian stock markets erased early morning gains to trade lower on Friday, i.e. 19 July, despite positive global cues. At 10:07 am, the S&P BSE Sensex was trading lower by 190.73 points, or 0.5%, at 38,706.73, while the Nifty 50 index was down 70.10 points, or 0.6%, to 11,526.80. Reliance Industries Ltd (RIL), Yes Bank, Jet Airways and ACC were among the key stocks in focus today.
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Reliance Industries: RIL shares were trading flat with a negative bias, down 0.3%, ahead of the company’s June quarter earnings announcement today. The company’s refining and petrochemicals segment may post muted growth, but Jio and retail businesses may drive performance, say analysts.
Hindustan Zinc, Bandhan Bank, Dabur India, RBL Bank, Unitech, L&T Finance Holdings and L&T Technologies are among other companies which are scheduled to report June quarter results today.
YES Bank: Yes Bank shares lost 3% in third day of declines after weak June quarter earnings. Many global brokerage firms have reduced their target price on the stock by as much as 50% on concerns over the bank’s asset quality.
Jet Airways: Jet Airways (India) Ltd shares dropped by another 5% after the interim resolution professional overseeing the airline’s NCLT proceedings said it has received claims worth close to Rs 25,000 crore. The IRP has so far accepted only about one-third of the claims that came from financial creditors.
ACC: ACC Ltd shares jumped over 5% after June quarter profit grew 39.5% to Rs 455.7 crore versus Rs 326.7 crore a year ago, while revenue increased 7.8% to Rs 4,149.8 crore versus Rs 3,848.3 crore.
Sterlite Technologies: Sterlite Technologies Ltd gained 5.3% despite the company’s profit dipping 14.4% sequentially to Rs 141.4 crore in the June quarter. Revenue slipped 20.4% q-o-q to Rs 1,432 crore.
L&T Infotech: Larsen and Toubro Infotech Ltd shares declined over 5% after profit fell 11.3% to Rs 355.7 crore versus Rs 378.5 crore in the previous quarter. Revenue also dipped to Rs 2,484.9 crore versus Rs 2,486 crore in the March quarter.
Reliance Nippon: Reliance Nippon Life Asset Management Ltd shares were trading flat after the Competition Commission of India approved acquisition of up to 75% stake in the company by Nippon Life Insurance.