India Movers: Bank of Baroda, Cholamandalam, Coal India, ICICI Bank, IDBI Bank, Indian Bank, Macrotech Developers, Torrent Pharma

Arun Goswami
28 Oct, 2024
Mumbai

Stocks rebounded on Dalal Street as Diwali festival dominated market sentiment. Bond yields and the rupee held firm after crude oil prices plunged 5% in international trading amid easing of tensions in the Middle East.  

The Sensex index increased by 0.5% to 79,810.49, and the Nifty index rose by 0.3% to 24,257.15. 

On the Mumbai stock exchange, 31 stocks traded at their 52-week highs, and 56 stocks traded at their 52-week lows.

ICICI Bank jumped 3.2% to ₹1,295.30 after the financial service company reported an increase in revenue and earnings in the September quarter. 

Consolidated net interest income advanced 9.5% to ₹20,048 crore and net income rose 14.5% to ₹11,746 from ₹10,261 crore a year ago, respectively. 

Gross non-performing asset ratio declined to 1.97% from 2.15%, and net non-performing asset ratio eased to 0.42% from 0.43% in the previous quarter, respectively.

Cholamandalam Investment declined 1.5% to ₹1,352.35 despite the company reporting rising revenue and earnings in the September quarter.

Consolidated total revenue increased ₹6,322.3 crore from 4,695.1 crore, and net income advanced to ₹968 crore from ₹772.9 crore a year ago. 

Total assets under management increased to ₹1.77 lakh crore, driven by steady flows from retail investors and market gains in recent months. 

Indian Bank gained 0.3% to ₹499.95 after the company successfully raised ₹5,000 crore through the sale of long-term infrastructure bonds with a coupon rate of 7.12%, and the offering was oversubscribed by 3.19 times. 

IDBI Bank declined 1.5% to ₹81.43, and sources in the finance ministry said it plans to finalize the sale of the bank by March 2025.

The Reserve Bank of India shortlisted its approved bidders and indicated ithat the central bank will provide access to due diligence data in the imminent future. 

The central government and LIC plan to sell a 60.72% stake in the bank. 

Macrotech Developers decreased 1.4% to ₹1,067.30 after the Mumbai-based residential real estate developer reported a strong rise in revenue and earnings in the fiscal second quarter. 

Revenue in the September quarter increased 50.1% from a year ago to ₹2,625.7 crore, and net income soared 108.6% to 423.1 crore. 

DLF rose 5.2% to ₹817.0 after the Delhi-based residential developer reported a surge in revenue and earnings in the September quarter. 

Consolidated revenue in the fiscal second quarter rose 46.5% to ₹1,975 crore, and net income advanced 122.1% to ₹1,381.2 crore from ₹621.9 crore a year ago. 

Torrent Pharmaceuticals decreased 2.4% to ₹3,350.45; revenue rose 8.6% from a year ago to ₹1,352.35; and net income advanced 17.4% to ₹456 crore from ₹386 crore a year ago. 

Coal India dropped 5.2% to ₹437.40 after the mining company reported a decline in revenue and earnings in the latest quarter. 

Revenue in the fiscal second quarter decreased 6.4% from a year ago to ₹30,673 crore, and net income dropped 22% to ₹6,274.8 crore. 

Bank of Baroda increased 3.2% to ₹248.60 after the financial services company reported rising revenue and earnings in the September quarter. 

Consolidated net interest income rose 7.3% to ₹11,622 crore and net income advanced 23% to ₹5,238 crore from ₹4,253 crore a year ago, respectively.