India Movers: Bajaj Finance, Hindustan Unilever, ICICI Prudential, M&M Financial, Tata Consumer Products

Arun Goswami
24 Jul, 2024
Mumbai

Benchmark indexes in Mumbai traded lower after the government proposed to increase tax on long-term and short-term capital gains. 

The Union Budget also rationalized the property transaction tax rate with other financial assets and removed the indexation benefit. 

The Sensex index decreased by 0.2% to 80,284.08, and the Nifty index fell by 0.2% to 24,432.30. 

On the Mumbai stock exchange, 118 stocks traded at their 52-week highs, and 12 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched higher to 7.08%, and the Indian rupee edged higher to <0x01>83.71 against the U.S. dollar.

Schaeffler India increased 3.6% to ₹4,035.65, and the company reported higher sales and earnings in the June quarter. 

Revenue increased 7% to ₹2,071.9 crore from ₹1,829.1 crore, and net income advanced 7% to ₹253.4 crore from 237.3 crore a year ago. 

Mahindra & Mahindra Financial Services increased 1.8% to ₹301.15, and the company reported a sharp increase in revenue and earnings in the June quarter. 

Total revenue increased 20% to ₹3,760 crore, and assets under management advanced 23% to ₹1.1 lakh crore. 

Net income rose 45% to ₹513 crore from ₹353 crore, and net interest margin narrowed to 6.6% from 7.1% a year ago, respectively. 

Hindustan Unilever declined 1.5% to ₹2,725.30, and the company reported higher revenue and earnings in the June quarter. 

Revenue increased 1.4% to ₹15,707 crore, and net income rose 2.2% to ₹2,610 crore. 

ICICI Prudential Life jumped 6.9% to ₹682.60 after the insurance company reported better-than-expected results in the June quarter. 

Net income jumped 8.7% to ₹225.4 crore and new business premium increased 23% to ₹3,769 crore from ₹3,051 crore from a year ago, respectively.  

Tata Consumer Products declined 2.5% to ₹1,223.50, and the company said it plans to sell 3.66 crore of shares in a rights offering and raise ₹2,998 crore. 

Bajaj Finance declined 2.6% to ₹6,550.95 after the financial services company reported weaker-than-expected June quarter results. 

Net interest income soared 25% to ₹8,365 crore and net profit advanced 14% to ₹3,912 core from a year ago, respectively. 

Assets under management increased 31% to ₹3.5 lakh crore, new loan transactions increased by 10% to 1.1 crore, and deposits rose 26% to ₹62,750 crore. 

Gross non-performing assets eased to 1.06% from 1.09% and net non-performing assets edged up to 0.47% from 0.39% a year ago, respectively.