India Movers: Bank of Maharashtra, Central Bank of India, Cochin Shipyard, Interglobe Aviation, KEI Industries, Newgen Software

Arun Goswami
16 Oct, 2024
Mumbai

Benchmark indexes in Mumbai lacked direction as investors reviewed the fresh batch of earnings. 

The rupee dropped to a new record low, despite the crude oil prices extending a three-day loss to over 10%. 

The Sensex index decreased by 0.1% to 81,755.55, and the Nifty index fell by 0.3% to 25,042.10. 

On the Mumbai stock exchange, 127 stocks traded at their 52-week highs, and 9 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched higher to 6.77%, and the Indian rupee eased to 84.07 against the U.S. dollar.

Interglobe Aviation increased 1.4% to ₹4,745.0, and the company received approval from the securities regulator to set up a venture capital fund to invest in startups. 

Newgen Software Technologies increased 1.2% to ₹1,258.90 after the company reported higher sales and earnings in the September quarter. 

Revenue increased 23.2% to ₹361.2 crore, and net income advanced 47% to ₹70.3 crore from ₹47.8 crore a year ago. 

"All our key markets performed well during the quarter, with APAC growth strong for two consecutive quarters," CEO Virender Jeet said in a statement released by the company. 

Central Bank of India Ltd. decreased 0.2% to ₹56.95, and the Competition Commission has approved the bank's acquisition of stakes in two insurance companies as a part of its insolvency resolution plan. 

CBI will acquire stakes in Future Generali Insurance and Future Generali Life Insurance in exchange for outstanding debts. 

Bank of Maharashtra increased 1.4% to ₹54.98 after the regional bank reported quarterly results. 

Net interest income in the fiscal second quarter ending in September increased 15.4% to 2,817 crore, and net interest margin improved to 3.98%. 

Net income in the quarter rose to 44.3% to 1,327 crore, and operating profit advanced 14.7% to 2,202 crore. 

The Pune-headquartered bank said its gross nonperforming assets ratio declined to 1.84% from 1.85% in the previous quarter and 2.14% in the period a year ago. 

The bank added its return on assets improved to 1.74%, return on equity improved to 26.01%, and its CAR or capital adequacy ratio stood at 17.26%, of which Tier I capital is 13.13%. 

KEI Industries decreased 5% to ₹4,444.0 despite the wire and cable company reporting rising revenue and earnings in the September quarter. 

Revenue in the fiscal second quarter increased 17% to ₹2,280 crore from ₹1,945 crore, and net income advanced 11% to ₹155 crore from ₹140 crore a year ago. 

Cochin Shipyard decreased 2.5% to ₹1,629.90 after the central government plans to sell its 5% stake, or 65.77 lakh shares, with a floor price of ₹1,540 per share.