Lifted by auto stocks, The Indian stock market is trading higher since morning. The S&P BSE Sensex rose 140 points, or 0.35 per cent, to 40,700 levels and the Nifty50 index was testing the psychological mark of 12,000.
- The top Sensex gainers were PowerGrid and Maruti (both up 2%) followed by Mahindra & Mahindra, Tata Steel, and Titan (all up 1%).
- Cochin Shipyard share price rose 5 percent on October 23
Cochin Shipyard share price rose 5 percent on October 23 after ace investor Radhakishan Damani picked up a stake in the company.
For the happiest life, days should be rigorously planned, nights left open to chance pennews wordpress theme
Radhakishan Damani has acquired half a percent equity stake in Cochin Shipyard, the state-owned largest shipbuilding and maintenance company, via an open market transaction on October 22.
The bulk deals data available on the National Stock Exchange showed that Damani has acquired 6,94,646 equity shares in the company at Rs 349.14 per share on the NSE.
SBI Cards and Payment Services:
Meanwhile, SBI Cards plunged 11 per cent after announcing its September quarter results in morning trade on BSE on October 23, a day after the company reported a huge spike in bad loans during the September quarter.
SBI Card reported that its gross non-performing assets (NPAs) rose from 1.4 percent in the April-June quarter to 4.3 percent in Q2.
In Q2FY21, SBI Card posted a 46 percent fall in net profit to Rs 206 crore over Q2FY20.
Total income increased by Rs 137 crore, or 5.7 percent to Rs 2,513 crore for Q2 FY21, from Rs 2,376 crore in Q2 FY20.
The provision refers to money set aside to cover likely losses. Total gross advances (credit card receivables), as of September 30, 2020, stood at Rs 23,978 crore, against Rs 23,038 crore as of September 30, 2019.
38 companies set to announce quarterly earnings today.
Tech Mahindra, Nestle India, Yes Bank, and ICICI Lombard General Insurance Company are among the 38 companies set to announce quarterly earnings today.
Indian rupee is trading marginally lower at 73.58
Rupee trades lower:
Amid buying seen in the domestic equity market. Indian rupee is trading marginally lower at 73.58. Rupee in the early trade opened lower by 11 paise at 73.64 per dollar against previous close of 73.53.
