India Movers: Axis Bank, IDBI Bank, Indraprastha Gas, L&T

Arun Goswami
25 Jul, 2024
Mumbai

India indexes declined for the second day in a row after the central government proposed to increase the capital gain tax and securities transaction rates in the Union Budget on Wednesday. 

The Sensex index decreased by 0.5% to 79,758.24, and the Nifty index fell by 0.4% to 24,320.30. 

On the Mumbai stock exchange, 127 stocks traded at their 52-week highs, and 11 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 ₹83.71 against the U.S. dollar.

Axis Bank decreased 6.2% to ₹1,162.80 after financial services reported weaker-than-expected June quarter results. 

Net interest income increased to ₹13,448 crore from ₹11,959 crore, while interest margin eased to 4.05% from 4.11%.

Net profit increased to ₹6,035 from ₹3,452 a year ago, but declined 15% from ₹7,130 crore in the previous quarter. 

Larsen & Toubro advanced 1.5% to ₹3,572.05 after the engineering company reported better-than-expected June quarter results. 

Consolidated revenue increased 15% to ₹55,120 crore from ₹47,882 crore, and net income advanced 12% to ₹2,786 crore from ₹2,493 crore a year ago, respectively. 

Indraprastha Gas fell 2.3% to ₹536.50 after the natural gas distributor reported a decline in profit in the June quarter. 

Revenue increased 3.4% to ₹3,891 crore from ₹3,761 crore, and net income dropped 8.6% to ₹400.65 crore from ₹438.5 crore a year ago, respectively. 

The company said profit declined because of higher feed stock prices. 

Total sales volumes rose 5.3% to 786 million standard cubic meters from 746.2 million scm in the quarter a year ago. 

IDBI Bank rose 3.9% to ₹101.25 after the financial services company reported better-than-expected June quarter results. 

Net interest income declined 19% to ₹3,233 crore from ₹3,998 crore, and net income soared 40% to ₹1,719 crore from ₹1,224 crore a year ago, respectively. 

The net interest margin eased to 4.18% from 5.8% when one-time loan recovery pushed the margin higher, and the company estimated the margin to range between 3.75% and 4.0%.