India Movers: Adani Power, Bharti Airtel, IEX, IndusInd Bank, One 97 Communications, Shree Cements, Zydus

Arun Goswami
05 Feb, 2024
Mumbai

Stocks in Mumbai looked up, and market indexes advanced ahead of the Reserve Bank's rate decision on Thursday.

The central bank is widely expected to hold rates for the sixth time in a row and shift its stance to neutral to lower inflation to its target range of between 2% and 4%.

IndusInd Bank decreased 0.3% to ₹1,530.70, and the Reserve Bank of India approved HDFC Bank Group acquiring as much as a 9.5% stake in the bank.

HDFC Bank decreased 0.3% to ₹1,440.55. 

Bharti Airtel eased 3.3% to ₹1,113.60 after the wireless telecom carrier reported its latest quarterly results.

Consolidated revenue in the December quarter increased 5.8% to ₹37,988.5 crore, and net income soared 54% to ₹2,442 crore from a year ago, respectively.

One 97 Communications dropped 5.6% to ₹413.90, and the company denied that neither the company nor its banking subsidiary is under investigation for violating foreign exchange rules.

Shree Cement declined 5.3% to ₹26,950.0 after the company denied a report that the Income Tax Department is seeking ₹4,000 crore in payment.

Indian Energy Exchange increased 0.4% to ₹146.60 after the company reported an increase of 26% from a year ago in energy units traded in January.

The exchange traded 10.89 billion units, record monthly trading on the exchange.

Zydus Life Sciences decreased 0.5% to ₹757.50, and the company's board of directors is scheduled to meet on December 9 to consider share buyback plans.

Adani Power rose 0.7% to ₹550.0 after CRISIL Ratings upgraded the company's debt to "AA-" from "A," citing "strong improvement" in the company's financial and business risk profile.