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Benchmark equity indices closed higher, helped by gains in auto and FMCG stocks. The Sensex rose 0.65% and the Nifty 50 index advanced 0.69%.
Top gainers among Nifty sectoral indices were Auto [2.03%], FMCG [1.47%] and Financial Services [0.71%]. TOp losers were Metal [-0.81%], IT [0-0.15%] and PSU Bank [-0.43%].
Indian rupee rose 4 paise to 79.84 against the US dollar on Friday.
Stock in News Today
IndiGo: The airline’s Delhi-Vadodara flight was diverted to Jaipur as vibrations were observed in engines of the aircraft, PTI news agency reported citing officials of the Directorate of Civil Aviation. DCGA is investigating the incident which took place yesterday, according to the report.
Federal Bank: The lender reported a 63.5% increase in net profit to Rs 600.66 croreo in the April-June quarter of FY23, aided by lower provisions and a healthy rise in net interest income (NII). It had posted Rs 367.29 crore in the year-ago period. Its NII rose 13.1% to Rs 1,604.5 crore in Q1FY23 and other income was down 30.2% YoY to Rs 453 crore. Net interest margin stood at 3.22% , up 7 basis points YoY.
Tata Steel Long Products: The company’s net sales rose 18.17% YoY to Rs 1994.25 crore in Apr-Jun quarter of FY23 as against Rs 1687.64 crore in the year-ago period. Its net loss stood at Rs 331 crore in the quarter ended June 2022 as against a net profit of Rs 331.6 crore during the same period last year.
Tata Power: The company said that it will train 3,000 youths this fiscal in the field of renewable industry. The company aims to train a total of 5,000 youths by 2025 to work in the sector, Tata Power said in a statement. The training will be offered in solar photovoltaic for electric vehicle charging, installation and maintenance of rooftop solar photovoltaic, installation of smart meters, and home automation to promote smart and efficient energy related expertise across its six training centres at Shahad, Trombay, Vidyavihar, Maithon, Mundra, and Jojobera.
YES Bank: The lender has signed term sheet with JC Flowers ARC for strategic partnership in relation to sale of identified stressed loans. JC Flowers ARC will be the base bidder for a proposed sale of an identified stressed loan portfolio of the bank of up to Rs 48,000 crore. Term sheet with JCF has become effective as of July 15. According to guidelines issued by the RBI, YES Bank proposes to run a transparent bidding process on Swiss Challenge basis for sale of such portfolios using the JC Flowers ARC’s bid as the base bid.
Lumax Auto Technologies: Shares of the company surged over 12% after increasing offtake from automobile Original Equipment Manufacturers (OEMs), on the back of an improving demand, strong after market demand, increased wallet share with its major customers are likely to be the growth catalysts for the company.