India Movers: Bartronics, Glenmark Life, IRB Infrastructure, Kesoram, Nykaa, SBI, Tata Elxsi, Yes Bank

Arun Goswami
11 Jul, 2024
Mumbai

Benchmark indexes in Mumbai edged lower ahead of the start of the earnings season. 

Tech services providers are expected to report a moderate increase in revenue in the latest quarter amid weak demand in the U.S. 

The Sensex index decreased by 0.4% to 79,652.20, and the Nifty index declined by 0.4% to 24,259.95. 

On the Mumbai stock exchange, 192 stocks traded at their 52-week highs, and 13 stocks traded at their 52-week lows.

Yes Bank jumped 5% to ₹26.21 on a report that First Abu Dhabi Bank is considering acquiring a 51% stake in the bank. 

Separately, the U.S.-based rating agency Moody's revised its outlook for the company's long-term debt rating to "positive" from "stable" on the expectations of a gradual improvement in its depositor base and lending network. 

State Bank of India increased 0.4% to ₹852.50, and the bank completed its ₹10,000 core infrastructure bond offering at a coupon rate of 7.36%. 

The ₹5,000 crore offering was oversubscribed by 3.6 times, according to the company's filing with exchanges.

FSN E-Commerce Ventures, the parent company of Nykka, gained 1.2% to ₹177.21, and the ICICI Prudential Mutual Fund acquired on Wednesday 1.5 crore shares in the company at an average price of ₹174.04 per share. 

The Canada Pension Plan Investment Board sold its stake in a block deal to ICICI Prudential Mutual Fund. 

Glenmark Life Sciences declined 2.5% to ₹853.20, and Glenmark Pharma and Glen Saldhana plan to sell up to a 7.85% stake in the company at a minimum price of ₹810 per share.

Tata Elxsi declined 2% to ₹6,979.60, and the company said its revenue increased by 2.3% from the previous quarter to ₹926.5 crore and net profit dropped 6.5% to ₹184.1 crore. 

IRB Infrastructure Developers inched higher 0.5% to ₹68.34, and the company said gross toll collection in June jumped 35% from a year ago to ₹517 crore. 

Bartronics India Ltd. gained 1.4% to ₹20.99, and a key investor, Kinex India Pvt Ltd., plans to sell 1.35 crore shares, or 4.43% stake, in the company to meet the minimum public shareholding regulatory requirement for listed companies. 

Power Grid Corporation decreased 0.4% to ₹344.85, and the company plans to increase its borrowing limit to ₹15,000 core from the existing ₹12,000 crore in the current financial year. 

Kesoram Industries declined 0.8% to ₹209.55, and the company reported a wider loss in the June quarter. 

Revenue in the quarter declined 12% to ₹209.55, and net loss expanded to ₹62 crore from ₹32.4 crore a year ago.