India Movers: Bank of Baroda, IndusInd Bank, JM Financial, NLC India, Power Grid, Titan Company

Arun Goswami
08 Jul, 2024
Mumbai

India indexes lacked direction in early trading as investors looked forward to the government's plan to tackle a sky-high budget deficit. 

The Union Budget is expected to show higher infrastructure spending and more regulatory reforms to attract foreign investment. 

The Sensex index decreased by 0.1% to 79,922.68, and the Nifty index decreased by 0.1% to 24,300.90. 

On the Mumbai stock exchange, 279 stocks traded at their 52-week highs, and 22 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched lower to 6.99%, and the Indian rupee edged higher to ₹83.44 against the U.S. dollar.

NLC India jumped 2.9% to ₹269.0, and the company won coal mining rights at a block in Machhakata, Odisha, with an estimated reserve of 1,377 million tons of coal.

IndusInd Bank gained 0.1% to ₹1,435.65, and the bank said deposits increased by 15% to ₹3.98 lakh crore and loan portfolios advanced 16% to ₹3.48 lakh crore. 

Bank of Baroda declined 2.6% to ₹266.75, and the bank said its domestic deposit base increased 5.2% to ₹11.05 lakh crore and loan advances rose 8.5% to ₹8.81 lakh crore. 

JM Financial declined 1.1% to ₹97.19, and the company's board approved the purchase of a 43% stake in JM Financial Credit Solutions for ₹1,282 crore.

Simultaneously, JM Financial Credit Solutions will acquire a 71.8% stake in JM Financial Asset Reconstruction Company from JM Financial for ₹856 crore.

Power Grid Corporation of India decreased 0.1% to ₹339.0, and the company's board is scheduled to meet on July 10 to increase the company's borrowing limit in the current financial year. 

Titan Company declined 3.5% to ₹3,142.85, and the jewelry retailer said standalone revenue increased 9% from a year ago in the fiscal first quarter ending in March. 

The company expanded its retail store network by 61 net new stores to 3,096. 

Revenue in the jewelry segment increased 9%, watches and wearable rose 15%, and revenue at the CaratLane subsidiary surged 18%.