India Movers: Abbott India, BPCL, Intellect Design, VST Tillers

Arun Goswami
10 May, 2024
Mumbai

Benchmark indexes in Mumbai rebounded and trimmed weekly losses as investors remained cautious as the national election reached the half-way mark. 

The Sensex index increased by 0.7% to 72,917.27, and the Nifty index rose by 0.7% to 22,117.40. 

On the Mumbai stock exchange, 78 stocks traded at their 52-week highs, and 31 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched lower to 7.11%, and the Indian rupee edged lower at ₹83.49 against the U.S. dollar.

Bharat Petroleum Corporation advanced 3% to ₹611.30 after the company's board approved a stock bonus and cash dividend. 

The company plans to issue one stock for every stock held and pay a cash dividend of ₹21 per share prior to the bonus issues. 

VST Tillers Tractors decreased 4.5% to ₹3,280.05 after the company reported weaker-than-expected quarterly results. 

Operating revenue decreased by 15.3% to ₹273.4 crore from ₹322.6 crore, and operating earnings fell by 27% to ₹39.8 crore from ₹54.5 crore a year ago, respectively. 

The company proposed a final dividend of ₹20 per share, subject to shareholder approval at the annual general meeting. 

Abbott India increased 2.6% to ₹26,205.45 after the pharmaceutical company reported rising revenue and earnings in the March quarter. 

Revenue in the quarter increased 7% to ₹1,438.6 crore from ₹1,343.1 crore, and net income surged 24.1% to ₹287.1 crore from ₹231.4 crore a year ago, respectively. 

The company proposed to pay a final dividend of ₹410 a share to shareholders on record on July 10. 

Intellect Design Arena dropped 13% to ₹890.0 after the cloud services provider to banks and insurance companies reported a decline in revenue and earnings in the March quarter. 

Revenue fell 1.4% to ₹612 crore and net income declined 5.7% to ₹85.5 crore from a year ago, respectively. 

The revenue declined after the company lost a government contract or market share.