India Movers: HDFC Bank, ICICI Securities, ICICI Lombard, L&T, LTTS, PNC Infratech, TV18

Arun Goswami
17 Jan, 2024
Mumbai

Stocks in Mumbai dropped sharply on the worries of a wider war in the Middle East after Iran stepped up attacks on its neighbors and Houthi rebels continued their attacks on merchant ships in Red Sea lanes.

The Sensex index decreased 1,062.91 points to 72,065.86, and the Nifty index fell 293.80 points to 21,739.90.

On the Mumbai stock exchange, 112 stocks traded at their 52-week highs and 13 stocks traded at their 52-week lows.

HDFC Bank declined 5.7% to ₹1,582.25 after the largest private sector bank reported a weaker-than-expected quarterly profit.

Net income in the December quarter rose 34% to ₹16,373 crore, and net interest margin jumped 24% to ₹28,471 crore, missing the market estimate.

L&T Technology Service said consolidated operating revenue increased 12% to 2,422 crore and net income advanced to 336 crore from 297 crore a year ago.

ICICI Securities declined 2.5% to ₹764.95 after the brokerage firm reported quarterly results.

Revenue in the December quarter rose 50% to ₹1,322 crore, and net income soared 67% to ₹465 crore from a year ago, respectively.

ICICI Lombard General Insurance increased 6% to ₹1,458.55 after the company reported a sharp jump in premiums and investment income.

Net premium in the December quarter increased 13.5% from a year ago to ₹4,305 crore, and net profit rose 22.4% from a year ago to ₹431 crore.

TV18 Broadcast jumped 8.8% to ₹66.10 after the company swung to net profit in the latest quarter after the company stepped up investment in digital and sports channels.

Consolidated revenue in the December quarter decreased 5.2% to ₹1,676.19 crore, and the company suffered a loss of ₹55.83 crore compared to a profit of ₹37.81 crore a year ago.

PNC Infratech advanced 1.8% to ₹412.55 after the company received a 1,174 crore order from a Madhya Pradesh government agency for several projects.

Larsen & Toubro increased 0.5% to ₹3,593.90 after the company said it won several significant orders in India, including a railway electrification project worth at least ₹10,000 crore and orders from a private company in Oman.