Indian stock markets started the week on a shaky note with the benchmark indices falling sharply on weak Asian cues. At 10:36 am, the BSE Sensex was trading down 307.68 points, or 0.75%, at 40,834.17, while the Nifty 50 fell 99.35 points, or 0.82%, to 11,999. SAIL, M&M, Tata Steel, ACC, Yes Bank, Britannia and J&K Bank were among the key stocks in news today. Read on to know more:
SAIL: Steel Authority of India Ltd (SAIL) shares declined 5% on reports that the government may offload 5% stake in the company via offer for sale, raking in Rs 1,000 crore.
M&M: Mahindra and Mahindra Ltd (M&M) shares plunged 5% after the auto company reported 73% decline in consolidated net profit at Rs 380 crore for December quarter due to weak vehicle sales.
Tata Steel: Tata Steel Ltd shares dipped 5.5% after the company posted Q3 consolidated loss of Rs 1,228 crore compared with profit of Rs 1,753.1 crore a year ago.
ACC: ACC Ltd shares were down 3% after its standalone net profit fell to Rs 269.2 crore in the December quarter from Rs 730.5 crore a year ago.
Yes Bank: Yes Bank Ltd shares fell 1.3% after the lender got shareholders’ nod to raise up to Rs 10,000 crore via equity share issuance/convertible securities.
Britannia: Britannia Industries Ltd shares dropped 3.5% even as the company’s Q3 profit jumped 23.3% to Rs 369.9 crore compared with a year ago.
J&K Bank: Jammu and Kashmir Bank Ltd shares jumped nearly 5% after the lender’s board approved raising up to Rs 500 crore via share issue to the government.
Indiabulls Real Estate, GAIL: Shares of Indiabulls Real Estate Ltd and Gail India Ltd were down 1.3% each ahead of the announcement of earnings for the third quarter ended December (Q3) later in the day. Other companies to announce results today include Bharat Forge, Bajaj Hindusthan, Balrampur Chini Mills, Grasim, Motherson Sumi Systems, Oil India, Petronet LNG, Union Bank Of India.
JK Cement: JK Cement Ltd shares advanced 4.6% after consolidated net profit rose to Rs 124.3 crore in the December quarter from Rs 39.1 crore a year ago.
Indiabulls Housing Finance: Indiabulls Housing Finance Ltd shares gained 2% after Crisil revised long-term rating to AA/stable.
Ultratech Cement: Ultratech Cement Ltd shares slipped 1.3% as the company considers a proposal to raise funds by issuance of NCDs (non-convertible debentures) aggregating to Rs 250 crore on private placement basis.