India Movers: Britannia Industries, FSN E-Commerce, Kotak Mahindra, Max Financial, One 97 Communications, Morepen Labs

Arun Goswami
06 Feb, 2024
Mumbai

Stocks in Mumbai advanced amid positive earnings and sustained fund flows ahead of the RBI's monetary policy announcement on Thursday. 

The Sensex index increased 152.47 points to 72,338.57, and the Nifty index gained 52.40 points to 21,981.80.

On the Mumbai stock exchange, 311 stocks traded at their 52-week highs and 16 stocks traded at their 52-week lows.

Britannia Industries declined 2.2% to ₹5,015.0 after the food product maker reported a sharp decline in its quarterly profit.

Revenue in the third quarter decreased 1% to ₹4,256 crore, and net profit fell 40% to ₹556 crore from a year ago, respectively.

FSN E-commerce Ventures decreased 0.6% to ₹160.50 after the online beauty and cosmetic store reported its quarterly results.

Consolidated profit in the December quarter nearly doubled to ₹16.2 crore from a year ago.

Max Financial Services rose 2.5% to ₹932.0 after the insurance regulator IRDA approved the investment of 1,612 crore by Axis Bank into the company's subsidiary Max Life.

Kotak Mahindra Bank added 0.2% to ₹1,791.0, and the competition commission approved the 70% stake in the company's subsidiary, Kotak General Insurance, in Zurich Insurance.

One 97 Communications gained 2.4% to ₹463.0, and the company's founder met with Finance Minister Nirmala Sitharaman and the Reserve Bank of India as the online payment platform struggles to comply with regulatory requirements.

Morepen Laboratories jumped 1.8% to ₹55.60 after the medical device and pharmaceutical ingredient maker reported its latest quarterly results.

Revenue in the December quarter rose 28% to 448.6 crore from 349.7 crore, net income soared 256% to 31.2 crore from 9.0 crore, and diluted earnings per share rose to 63 paisa from 18 paisa a year ago.