Market Updates
India Movers: Axis Bank, Karnataka Bank, REC, Zee Entertainment
Arun Goswami
24 Jan, 2024
Mumbai
Stocks on Dalal Street rebounded after power sector stocks led the gainers.
Banks remained in focus after Axis Bank and Karnataka Bank reported weakening net interest margin.
The Sensex index decreased 53.25 points to 70,322.71, and the Nifty index fell 14.60 points to 21,224.20.
On the Mumbai stock exchange, 216 stocks traded at their 52-week highs and 25 stocks traded at their 52-week lows.
REC Limited jumped 6.4% to ₹464.50 after the power company reported stronger-than-expected quarterly results.
Revenue in the December quarter rose 21% to ₹4,350 crore, and net income advanced 13% to ₹3,269 crore from a year ago, respectively.
Axis Bank decreased 2.4% to ₹1,063.0 after the financial services company reported weaker-than-expected quarterly results.
Net income in the December quarter increased 4% to 6,071 crore, and the net interest margin decreased 10 basis points to 4.01%.
Karnataka Bank dropped 9.5% to ₹241.50 after the regional bank reported a decline in its net interest margin in its latest quarter.
Net income in the December quarter rose 10% to 3331 crore, the net interest margin eased 35 basis points to 3.46%, and the net non-performing asset ratio inched lower by 11 basis points to 1.55%.
Zee Entertainment Enterprises rebounded 2.5% to ₹159.80 and recovered from a 31% fall in the previous session after Sony Pictures Network canceled its plan to acquire the company.
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