India Movers: Axis Bank, Hyundai Motor, Mazagon Dock, Polcycab, Zomato

Arun Goswami
18 Oct, 2024
Mumbai

The Sensex and Nifty indexes extended weekly losses to more than 1% after a week of choppy trading as investors reviewed a mixed batch of earnings. 

Crude oil prices extended two-week losses to over 10%, and the rupee hovered near a record low. 

The Sensex index decreased by 0.4% to 80,651.83, and the Nifty index fell by 0.3% to 24,667.65. 

On the Mumbai stock exchange, 93 stocks traded at their 52-week highs, and 44 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 84.04 against the U.S. dollar.

Hyundai Motor India's initial public offering was oversubscribed amid strong participation from institutional investors.

The mega-issue was oversubscribed by 2.37 times at the conclusion of the three-day subscription period on October 17. 

The ₹27,870 crore public offering of 9.97 crore shares attracted bids totaling 23.6 crore, driven by a strong demand from institutional investors. 

Total institutional tranche attracted bids totaling nearly 7 times the offering size, and retail investor portion received bids for 50% of the allocated shares, according to the data available on the NSE website. 

The South Korea-based Hyundai Motor Company is the sole seller in the offering, and the company is not issuing new shares. 

Zomato fell 0.7% to ₹269.25 after the delivery company said its board at a meeting on October 22 plans to consider raising additional funds through an institutional offering. 

The company is also scheduled to release its quarterly results on the same day. 

Infosys declined 2.9% to ₹1,910.75 after the company reported weaker-than-expected revenue and earnings growth in the September quarter. 

Operating revenue increased 5.1% to ₹40,986 crore from ₹38,994 crore, and net income advanced 4.7% to ₹6,506 crore from ₹6,212 crore a year ago. 

The technology services provider lifted its full-year revenue growth range to between 3.75% and 4.5% from the previous estimate between 3% and 4%. 

Mazagon Dock Shipbuilders rose 2.2% to ₹4,334.55 as the company reported strong quarterly results. 

Operating revenue in the September quarter increased 8.5% to ₹2,357 crore from ₹2,172.6 crore, and net income advanced 121% to ₹696 crore from ₹314.3 crore a year ago. 

Axis Bank increased 3.9% to ₹1,176.10 after the financial service company reported better-than-expected quarterly results. 

Total income in the September quarter increased to ₹37,142 crore from ₹31,660 crore and net income advanced 18% to ₹6,918 crore from ₹5,864 crore a year ago.  

Net interest income increased 9% and net interest margin was 3.99%, and the bank added gross non-performing loans advanced by 29% to 1.44% and net non-performing loans eased 2 basis points to 0.34%. 

Polycab India decreased 3.2% to ₹6,888.20 after the wire and cable company said strong competition hurt its operating margins in the September quarter. 

Operating revenue in the quarter increased 30.4% to ₹5,498 crore from ₹4,217 crore and total comprehensive income advanced 3.7% to ₹445 crore from ₹429 crore a year ago.