Sensex, Nifty Halt Longest Weekly Decline In Over Five Years
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Sensex, Nifty End Positive After A Volatile Week
Indian equity benchmarks erased weekly losses and ended on a higher note, snapping their longest weekly losing streak in over five years.
The S&P BSE Sensex Index closed 2.15 percent higher at 34,773.58 and the NSE Nifty 50 Index ended at 10,472.50, up 2.32 percent.
The market breadth was tilted in the favour of buyers. About 1,454 stocks advanced and 317 stocks declined on National Stock Exchange.
Tata Sponge Gains After Q2 Results
Shares of the sponge iron maker rose as much as 11 percent, the most since July 18, to Rs 894.60. The company announced its quarterly results for the July-September period.
Key earnings highlights (YoY):
- Net profit at Rs 27.63 crore versus Rs 27.62 crore.
- Revenue at Rs 216.2 crore versus Rs 167 crore.
Block Deal Alert: Marico
About 13 lakh shares of Marico changed hands in a block deal, according to Bloomberg data. Buyers and sellers were not known immediately.
Bloomberg Exclusive: KKR Seeks To Buy Portfolios From Stressed Indian Shadow Lenders
KKR & Co. is seeking to acquire assets from stressed Indian shadow lenders, as it tries to take advantage of the market disruption after a rare money market default by Infrastructure Leasing & Financial Services Ltd.
The private equity firm’s two Indian credit units may spend as much as 20 billion rupees ($270 million) combined to purchase portfolios from local non-banking finance companies, Sanjay Nayar, KKR’s India chief executive officer, said in an phone interview Friday.
“We believe current market conditions offer attractive opportunities to buy portfolios of structured credit and real estate credit,” Nayar said.
Karnataka Bank Declines After Q2 Earnings
Shares of the lender fell as much as 0.1 percent to Rs 98.70. The bank announced its quarterly results for the July-September period.
Key earnings highlights (Q2, YoY):
- Net profit up 2 percent at Rs 112 crore.
- NII up 6.2 percent at Rs 467.7 crore.
- Gross NPA at 4.66 percent versus 4.72 percent (QoQ).
- Gross NPA in absolute terms at Rs 2,371.6 crore versus Rs 2,296 crore (QoQ).
- Net NPA at Rs 1,497 crore versus Rs 1,395 crore (QoQ).