Why Tata Steel, Maruti, Cyient and Axis Bank are Among 10 Stocks in News Today
Tata Steel shares jump over 6% to Rs 542.85 after the company reported close to 26% year-on-year growth in group revenue in the March quarter.
The equity benchmark indices are trading higher today on the back of strong gains in largecap stocks like Tata Steel, Reliance Industries etc. The Sensex is up 0.16%, or 62 points, to 38,792.55 at 11:28am, while the Nifty is trading at 11,672.10, up 0.26%, or 30.30 points.
Here are the 10 stocks that are in news today:
Tata Steel: Tata Steel shares jump over 6% to Rs542.85 after the company reported close to 26% year-on-year (y-o-y) growth in group revenue in the March quarter on strong volume growth. The company also said it is looking to expand its capacity of its Jamshedpur facility to 13 million tonnes a year from the present 10 million tonnes
Axis Bank: Axis Bank shares rise as much as 3% to Rs765 levels after the bank posted a profit of Rs1,505 crore for the March quarter compared with a loss of Rs2,188.74 crore in the corresponding period last year, as provisions fell sharply and asset quality improved with a decline in slippages.
Maruti Suzuki: Maruti Suzuki shares are down 1.5% to Rs6,800 levels after the company announced on Thursday that it would phase out its diesel cars by April 2020. Net profit during the quarter declined to Rs1,795.6 crore from Rs1,882.1 crore in the same period last year.
Yes Bank: Yes Bank shares are trading 1% higher at Rs239.40 apiece ahead of the bank’s March quarter earnings announcement today. The private lender is expected to report a fall in profit despite the healthy expansion in net interest income.
Cyient: Cyient shares surge as much as 9% to Rs636.65 after the company’s profit rose 90% to Rs176 crore in the quarter ended March as against Rs92.5 crore reported in December 2018 quarter. The board also recommended a final dividend of 200% i.e. Rs 10 per share on a face value of Rs 5 each for 2018-19. The stock has, however, trimmed its gains and is currently trading up 1.3%
MCX: Multi Commodity Exchange of India shares jump over 5% to Rs840 levels after the company’s profit rises 78.6% to Rs61 crore y-o-y, while revenue climbs 11.9% to Rs79 crore.
CG Power: CG Power and Industrial Solutions stock rises over 3% to Rs40.50 after Sunil Mittal picked up a stake of over 6% in the company.
Dr Reddy’s: Dr Reddy’s Laboratories shares hit a 52-week high of Rs2,954.45 apiece after the company on Thursday said it has received approval for anti-platelet drug Clopidogrel in China.
Biocon: Biocon shares are trading marginally higher after consolidated profit jumps to Rs213.7 crore versus Rs 130.4 crore a year ago. The board also approved recommended issuance of bonus shares by the capitalisation of free reserves in the ratio of 1:1.
Reliance Industries: RIL shares rise for a fourth straight session to Rs1,377.15, up 0.2%, along with positive movement in other oil and gas stocks.
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