Indian stock markets traded in the positive zone on Friday as investors gear up for the Union Budget 2020 to be announced next week. At 12:28 pm, the benchmark S&P BSE Sensex was up 136.13 points, or 0.33%, to 41,522.53, while the Nifty 50 index rose 48.80 points, or 0.4%, to 12,229.15. Yes Bank, Indiabulls Housing Finance, Info Edge, Biocon and Infosys were among the key stocks in focus today. Read on to know more:
Yes Bank: Yes Bank Ltd shares surged nearly 10% after State Bank of India (SBI) chairman Rajnish Kumar said that the private lender was too big to be allowed to fail.
Indiabulls Housing Finance: Indiabulls Housing Finance Ltd shares climbed 4.6% after foreign brokerage firm Credit Suisse bought 22,93,306 shares of the company through a bulk deal on NSE on 23 January.
Info Edge: Info Edge (India) Ltd shares gained over 4% after the company said it has set up an alternative investment fund to invest in technology and technology-enabled entities that provide technology to create, market and distribute innovative products and services.
Biocon: Biocon Ltd shares dropped as much as 4% after the company’s net profit fell 6.6% to Rs 202.8 crore in the December quarter compared with a year ago.
Infosys: Infosys Ltd shares fell 1.4% after various media reports said that Sebi is likely to call for a forensic audit of the books of the company in the whistleblower allegation case.
UltraTech Cement, Bank of Baroda: UltraTech Cement Ltd shares rose 1%, while those of Bank of Baroda were up 1.7% ahead of the announcement of earnings for the third quarter ended December (Q3) later in the day. Indian Bank, JSW Steel and Prestige Estates Projects are among the other major companies that will release their quarterly numbers today.
ITI: ITI Ltd shares dropped over 3% after the company said it intends to raise about Rs 1,400 crore of which Rs 607 crore shall be utilised for repaying loans.
Coffee Day: Coffee Day Enterprises Ltd shares were locked in an upper circuit of 5% after the company entered into the definitive agreement to sell Way2Wealth Securities including its certain subsidiaries to Shriram Ownership Trust.
Godrej Properties: Godrej Properties Ltd shares rose 3% after the real estate company launched Godrej RKS at RK Studios, Chembur, Mumbai.
Allahabad Bank: Allahabad Bank shares soared 3.5% ahead of the board meeting today to consider and approve the preferential issue of shares.
Indiabulls Ventures: Indiabulls Ventures Ltd shares jumped 2% even as the company’s consolidated net profit fell 13.7% to Rs 104 crore in the December quarter compared with a year ago.