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Newsmakers of D-Street
Indian headline indices ended Monday with gains, recording their second positive closing amid buying action across sectors. Financials, auto and consumer stocks led the pack. While Nifty ended at 25,867.30, rising 173.60 points or 0.68%, the BSE Sensex marched ahead by 485.35 points or 0.58% to 84,065.75.
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SBI
Shares of State Bank of India (SBI) surged 8% intraday to hit the 52-week high of Rs 1,150 on the NSE following strong Q3 earnings on Saturday. The PSU bank reported a 24% YoY growth in its standalone net profit at Rs 21,028 crore while its net interest income increased 9% YoY to Rs 45,190 crore. The stock has also received favourable brokerage reviews, giving a fresh impetus to the stock. It ended at Rs 1,147.80.
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Shipping Corporation
Shares of Shipping Corporation of India hit 20% upper circuit to Rs 266.16 on the NSE on Monday after the company reported a staggering 440% surge in its net profit in Q3 at Rs 405 crore. The company’s revenue from operations came in at Rs 1,612 crore, up 23% YoY.
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Kalyan Jewellers
Shares of Kalyan Jewellers India jumped 16% on NSE to Rs 442.95, as the company's blockbuster Q3 earnings triggered a wave of bullish brokerage calls with price targets as high as Rs 750, a potential 80% upside from current levels. Its profits surged 90% to Rs 416.29 crore for the quarter. Revenue from operations jumped 42% to Rs 10,343.41 crore. The stock finally ended at Rs 436, up 15%.
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IDBI Bank
Shares of IDBI Bank slipped as much as 4% to an intraday low of Rs 102.91 amid developments around the planned strategic sale of the state-owned lender. The disinvestment process has attracted bids from Indian-Canadian investor Prema Watsa’s Fairfax Financial and Emirates NBD.
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REC/PFC
Shares of REC ended 3.6% lower at Rs 359.20 while those of Power Finance Corporation (PFC) settled 1% down at Rs 414.55 after PFC’s board approved an in-principle merger with REC. The move advances the Union Budget proposal aimed at restructuring two of the country’s largest public sector non-banking financial companies (NBFCs) in the power financing space.
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Concord Biotech
Shares of Concord Biotech ended 4.5% lower at Rs 1,267.50 on the NSE as investors booked profits following a 14% rally on Friday. Its shares fell despite a strong buying trend in the pharma and healthcare stocks.
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