India Movers: Adani Power, HDFC Bank, ONGC, SBI Cards, SJVN, Shriram Finance

Arun Goswami
29 Jan, 2024
Mumbai

Stocks in Mumbai advanced ahead of the release of vehicle sales, the fiscal deficit, and the release of the interim budget.  

The Sensex index increased 639.59 points to 71,340.26, and the Nifty index rose 185.90 points to 21,538.50.

On the Mumbai stock exchange, 258 stocks traded at their 52-week highs and 9 stocks traded at their 52-week lows.

HDFC Bank increased 1.2% to ₹1,453.35 after the Reserve Bank of India permitted Life Insurance Corporation to increase its stake in the bank from 5.19% to up to 9.99%.

SBI Cards and Payment Services dropped 7.2% to ₹713.50 after two brokerage firms lowered their views on the stock, citing the "weak" quality of the company's loan portfolio.

Adani Power jumped 3.8% to ₹564.0 after the company reported a surge in quarterly revenue and earnings.

Consolidated revenue in the December quarter soared 67.3%. ₹12,991 crore, and net profit advanced to ₹2,738 crore from ₹8.8 crore a year ago.

ONGC jumped 4.2% to ₹244.0 after Brent crude oil prices advanced in international trading by 1% to $84.38 a barrel.

Moreover, oil supplies from Russia are expected to fall sharply after several refineries are undergoing repairs following drone attacks last week.

In addition, a missile launched by Yemen-based Houthi group in the Red Sea struck an oil tanker controlled by the commodities trader Trafigura on Saturday.

SJVN Ltd. jumped 12.9% to ₹130.80 after the company was deemed the lowest bidder in an auction conducted by Gujarat Urja Vikas Nigam to build a 100 MW power plant.

Shriram Finance jumped 3.5% to ₹2,386.15 after the company reported muted quarterly results.

Net income in the December quarter rose 15% to ₹5,093.9 crore, and net profit increased 2.3% to ₹1,818.3 crore from a year ago.