The benchmark stock market indices were mildly negative in early trade on Tuesday. At 10.30am, the 30-share S&P BSE Sensex was down 104.82 points, or 0.26%, to 39,581.68, while the Nifty fell 22.60 points, or 0.19%, to 11,843.00. Yes Bank, ICRA, Cox and Kings, DHFL and auto companies among others were the key stocks in focus on 2 July. Read here to know more:
Yes Bank: Yes Bank shares declined as much as 7.2% after a news report said that Mumbai-based Radius Developers has defaulted on scheduled interest payments on a Rs 1,200 crore loan to the private lender.
ICRA: Shares of Moody’s India unit ICRA Ltd fell 5% after the ratings agency placed managing director Naresh Takkar on leave until further notice after the market regulator forwarded an anonymous complaint on the ratings of Infrastructure Leasing and Financial Services (IL&FS).
Cox and Kings: Cox and Kings Ltd was locked in 5% lower circuit after CARE revised its credit rating to BB with a stable outlook from AA- with a stable outlook. The company also defaulted Rs 50 crore in repayment commitments toward outstanding commercial papers citing a temporary mismatch in cash flows.
DHFL: Dewan Housing Finance Corp. Ltd (DHFL) shares rose as much as 4% in early trade on news that large lenders to the debt-laden group have agreed to sign an inter-creditor agreement on 5 July and consider a resolution plan for the firm. The stock, however, later pared gains to trade flat.
Sadbhav Infrastructure Project: Sadbhav Infrastructure Project Ltd shares jumped nearly 10% after the company said it has agreed to sell nine road projects for Rs 6,611 crore to IndInfravit Trust, an infrastructure investment fund backed by Larsen and Toubro (L&T) and CPPIB.
Hero MotoCorp: Hero MotoCorp Ltd shares slipped 1.5% after the two-wheeler maker reported 12.49% decline in total sales at 616,526 units in June. The company had sold 704,562 units in the same month last year.
Tata Motors: Tata Motors Ltd dropped 2.4% after its commercial and passenger vehicle sales in the domestic market fell 14% to 49,073 units versus 56,773 units a year ago.
Bharti Airtel: Bharti Airtel Ltd shares were trading flat, up 0.2%, after the company announced completion of the merger of consumer mobile businesses of Tata Teleservices Ltd (TTSL) and its subsidiary TTML into the company. Airtel has also set 12 July as record date for issuance of shares w.r.t. TTML merger.
MOIL: MOIL Ltd shares gained 3% after the company hiked manganese ore prices on silico grades by 5%.