Stocks Radar: Tata Group Stocks, ITC, Axis Bank, Airtel And More
Axis Bank falls more than 7% in rising bad loans.
Indian shares declined for a second day weighed down by disappointing second quarter earnings from Axis Bank while Tata Group stocks extend their slide after the nation’s biggest business group abruptly ousted its chairman.
Here are the stocks in focus for the day:
Earnings Reaction
Axis Bank plummeted 7.9 percent to Rs 487 after it reported its lowest net profit in more than nine years. Additionally, the bank’s bad loans jumped four times in merely one year, leading to the lender being the highest loser on the Sensex on Wednesday morning.
Take a look at how these other stocks are reacting to their second quarter earnings.
- Crompton Greaves (-1 percent to Rs 76)
- Mahindra & Mahindra Financial Services (+7.2 percent to Rs 381)
- L&T Finance Holdings (fell 1.1 percent to Rs 101 after rising as much as 3 percent to Rs 105)
- Tata Investment Corp (+2.2 percent to Rs 624)
Earnings Watch
ITC, Hero Motocorp, Hindustan Unilever and HDFC and among the bigger earnings of the day. Others include Dabur, JSW Energy, Canara bank and many more.
- ITC (-1.5 percent to Rs 235)
- HDFC (-1.4 percent to Rs 1,321)
- Hindustan Unilever (+0.5 percent to Rs 836)
- Hero MotoCorp (+2.2 percent to Rs 3,430)
- Dabur India (+1.2 percent to Rs 288)
- JSW Energy (+0.4 percent to Rs 70)
- Canara Bank (-2 percent to Rs 317)
Tata Group Stocks: Two Additions to Tata Board
A little over a day after Cyrus Mistry was “replaced”as the Tata Sons chairman, the group appointed N Chandrasekaran and Ralf Speth as additional directors on the Tata Sons board.
Must Read: Cyrus Mistry Has Spoken, And He Is Angry
Chandrasekaran is currently the chief executive officer and managing director of TCS while Ralf Speth is the chief executive officer of Jaguar Land Rover.
“This is in recognition of their exemplary leadership in their companies,” Ratan Rata, the interim chairman of Tata Sons said in a statement.
- Tata Motors (-2.5 percent to Rs 540)
- Tata Consultancy Services (-0.4 percent to Rs 2,388)
Also Read: How To Remove A Chairman: The Tata Sons Way
Bharti Airtel: To Monetize Stake in Infratel
India’s largest telecom operator rose 3.6 percent to Rs 322, coming up as the highest gainer after it said it would consider options to monetize a significant stake in Bharti Infratel. Shares of Bharti Infratel fell as much as 2.4 percent to Rs 370 after the market opened.
Airtel’s profit fell 5 percent, on a yearly basis, in a seasonally weak quarter. Unlike Idea Cellular Ltd., which under performed analyst expectations by 49 percent, Bharti managed to beat the Bloomberg consensus estimate by 19 percent.