Stock markets were a bit volatile in early trade on Friday, swinging between positive and negative territories. At 10:16 am, the S&P BSE Sensex was trading lower by 87 points, or 0.2%, at 37,744, while the Nifty 50 index fell 19.50 points, or 0.17%, to 11,232.65. Tata Motors, Punjab National Bank, Bajaj Auto, Maruti Suzuki, Biocon, Bank of Baroda and Bajaj Finserv were among the key stocks in focus today:
Tata Motors: Tata Motors Ltd shares were up over 2% after falling over 5% in the previous session. The company’s consolidated loss nearly doubled to Rs 3,698 crore in the June quarter against a loss of Rs 1,902.37 crore a year ago.
Punjab National Bank: PNB shares rose 2.3% after the bank approved raising capital of up to Rs 5,000 crore through a qualified institutional placement, follow-on public offer or a rights issue.
Bajaj Auto, Maruti Suzuki: Stocks of leading auto companies like Bajaj Auto Ltd and Maruti Suzuki India Ltd were trading lower by nearly 1.5% each ahead of the announcement of their quarterly results today.
Biocon: Biocon Ltd shares gained over 5% after the company’s profit jumped 72.3% to Rs 206.3 crore in the June quarter versus Rs 119.7 crore a year ago, while revenue increased 30.4% to Rs 1,465.9 crore versus Rs 1,123.8 crore.
Bank of Baroda: Bank of Baroda Ltd shares were up over 4% after the lender’s profit jumped to Rs 710 crore in the June quarter against loss of Rs 49 crore a year ago.
Bajaj Finserv: Bajaj Finserv Ltd shares rose 2.5% after the company’s profit increased by 2.4% to Rs 845.3 crore in the June quarter versus Rs 825.8 crore a year ago, while net interest income (NII) jumped 43.3% to Rs 3,695 crore versus Rs 2,579 crore.
Tata Sponge Iron: Tata Sponge Iron Ltd shares jumped 5% after Tata Steel acquired 2.58 crore rights equity shares of the company at Rs 500 per share aggregating to Rs 1,292.2 crore, increase its stake in the firm from 54.5% to 75.91%. Tata Steel shares, meanwhile, were trading flat.
Bharat Bijlee: Bharat Bijlee Ltd shares jumped 3% after the company said profit fell 16.4% to Rs 10.7 crore in the June quarter versus Rs 12.8 crore a year ago, while revenue rose 14.2% to Rs 224.7 crore versus Rs 196.7 crore.
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