India Movers: Ashok Leyland, Canara Bank, Sobha Ltd, Tech Mahindra, Texmaco Rail

Arun Goswami
26 Jul, 2024
Mumbai

India indexes erased weekly losses as investors reviewed the latest earnings update. Market sentiment has been weak after the central government proposed to increase capital gains and securities transaction tax rates. 

The Sensex index increased by 0.7% to 80,622.56, and the Nifty index rose by 0.8% to 24,602.90. 

On the Mumbai stock exchange, 236 stocks traded at their 52-week highs, and 12 stocks traded at their 52-week lows.

Canara Bank decreased 0.1% to ₹111.75, and the financial service company reported mixed results in the June quarter. 

Net interest income increased 6% to ₹9,166 crore from ₹8,666 crore, and net income rose 10.5% to ₹3,905 crore from ₹3,535 crore. 

Asset quality, measured by the percentage of non-performing loans, improved in the quarter from a year ago. 

The net non-performing asset ratio improved to 1.24% from 1.57% a year ago and eased to 1.27% in the March quarter. 

Total domestic deposits increased 11.5% from a year ago to 12.31 lakh crore from ₹11.05 lakh crore, and domestic gross advances rose 9.2% to ₹9.21 lakh crore.

Tech Mahindra Ltd. declined 1.1% to ₹1,513.10, despite the tech services provider reporting a surge in net profit in the June quarter. 

Revenue increased 10% to ₹13,005 crore and net income advanced 23% to ₹851.5 crore from a year ago, respectively. 

New contracts in the quarter increased to $534 million from $500 million in the previous quarter. 

The company's total staff increased by 677 from a year ago to 147,200. 

Ashok Leyland rose 6.3% to ₹247.0 despite the commercial vehicle maker reporting a decline in earnings in the June quarter. 

Standalone revenue increased 5% to ₹8,599 crore from ₹8,189 core, and net income declined 9% to ₹526 crore from ₹576 crore a year ago. 

Sobha Ltd. declined 3.1% to ₹1,804.85 on a report that a subsidiary of the Godrej family plans to cut its stake in the company by half through a block deal transaction. 

Anamudi Real Estates LLP plans to cut its stake in the company from 9% to 5% and raise as much as $100 million. 

Texmaco Rail & Engineering Ltd. increased 0.5% to ₹277.57, and the company agreed to acquire Jindal Rail Infra for ₹615 crore.