India Movers: Bajaj Finance, IndusInd Bank, Inox winds, Interglobe Aviation, Laurus Labs, Tata Steel, Tech Mahindra

Arun Goswami
26 Apr, 2024
Mumbai

Stocks in Mumbai opened higher, and benchmark indexes extended weekly gains amid a flood of earnings. 

The Sensex index increased by 0.4% to 74,400.59, and the Nifty index rose by 0.1% to 22,589.60. 

On the Mumbai stock exchange, 145 stocks traded at their 52-week highs, and 6 stocks traded at their 52-week lows.

Bajaj Finance decreased 0.5% to ₹7,296.0 after the financial services company reported net profit in the March quarter increased 21% from a year ago to ₹3,825 crore. 

The company said in a regulatory filing that assets under management at the end of the quarter rose 34% from a year ago to ₹3.3 lakh crore. 

IndusInd Bank increased 1.8% to ₹1,496.85 after the bank said net profit in the March quarter rose 15% to ₹2,347 crore and net interest income advanced 13.9% to 5,376 crore from a year ago, respectively. 

The net interest margin in the quarter edged slightly lower to 4.26% from 4.28% in the previous quarter. 

Tech Mahindra increased 0.4% to ₹1,190.75 after the tech services provider reported consolidated profit declined 41% from a year ago to ₹661 crore. 

Operating revenue in the quarter declined 6.1% from a year ago to ₹12,871 crore. 

Interglobe Aviation rose 2.1% to ₹3,820.0, and the parent company of IndiGo Airlines placed an order for 30 Airbus 350-900 widebody aircraft in a deal estimated to be valued between $4 billion and $5 billion. 

Inox Wind increased 7.6% to ₹649.0, and the company's board approved the plan to issue three bonus shares for every share held by shareholders. 

Laurus Labs declined 2.4% to ₹424.0, and the company fixed May 8 as the record date for the payment of a 40-paisa dividend to shareholders. 

Tata Steel increased 0.9% to ₹167.0, and the company said it plans to invest £1.25 billion at the Port Talbot facility in Wales, U.K.

The steel company also rejected the plan offered by the worker's union to keep the blast furnace working while building the electric furnace, highlighting cost and safety concerns. 

The investment in an electric arc furnace will replace two blast furnaces and lower carbon footprints, but the move will also eliminate as many as 2,800 jobs. 

Tata said it plans to place the furnace order in September and start construction by August 2025.