Stocks In News: Canara Bank, AU Small Finance Bank, Axis Bank, Cipla, Vodafone Idea, Yes Bank
Here’s a look at the stocks in news moving the markets today.
Indian benchmark indices remained volatile in afternoon trade, even as China stocks plunged in worst pre-new year loss on record.
At 1:52 am, the S&P BSE Sensex was 0.52 percent higher at 41,337.28 points while the NSE Nifty 50 was up 0.49 percent at 12,166.35. The broader markets represented by the NSE Nifty 500 Index rose 0.52 percent. Yes Bank Ltd. was the top gainer on the Nifty 50 index while Zee Entertainment Enterprise Ltd. the top loser.
Here’s a look at the stocks in news moving the markets today.
Canara Bank Rises To Highest In Three Weeks After Q3 Results
Shares of Canara Bank rose as much as 3.59 percent to Rs 226.75 apiece—the highest since Jan. 3, 2020—after the company reported its December quarter results.
Consolidated profit of the public sector bank rose 13.6 percent year-on-year to Rs 406.43 crore in the third quarter of 2019-20, on the back of net interest income that decreased 10 percent to Rs 3,691 crore.
Canara Bank Q3 Results: Key Higlights (YoY)
- NII at Rs 3,691 crore vs Rs 4135 crore—down 10 percent
- PAT at Rs 406.43 crore vs Rs 357.64 crore—up 13.6 percent
- Gross NPAs at 8.4% vs 8.71% QoQ
- Net NPAs at 5.05% vs 5.15% QOQ
Trading volume in the lender’s stock was about the same as the 20-day average for this time of the day, Bloomberg data shows.
Vodafone Idea Said To Seek More Time To Pay AGR Dues, Shares Rise
Shares of Vodafone Idea Ltd. rose as much as 8.93 percent to Rs 6.10 apiece—the highest since Jan. 16, 2020.
Bharti Airtel, Vodafone Idea and Tata Group are likely to tell the Department of Telecommunications that while they will comply with the Supreme Court order on paying AGR dues, they will wait till their modification petition is heard next week, Business Standard reported on Jan. 23, 2020, citing unnamed sources.
Also Read: What Will It Take To Save Vodafone Idea...
Vodafone Idea shares are down zero percent in the past five days and fell 6.3 percent in the past 30 days, Bloomberg data shows. The stock has declined 71 percent in the past 52 weeks, according to the data.
Axis Bank Surges The Most In Nearly Six Weeks After Q3 Results
Shares of Axis Bank Ltd. gained the most since Dec. 13, 2019, rising as much as 3.50 percent to Rs Rs 737.55 apiece. The company reported its December quarter results on Wednesday.
The private sector lender’s net profit rose 5 percent year-on-year to Rs 1,757 crore in the third quarter of 2019-20 on the back of net interest income that increased 15 percent to Rs 6,453 crore.
Axis Bank Q3 Results: Key Highlights (YoY)
- Net Interest Income rose 15 percent to Rs 6,453 crore
- Net profit rose 5 percent to Rs 1,757 crore
- Provisions were at Rs 3,470.9 crore versus Rs 3,054.5 crore
- Gross NPAs at 5.00 percent versus 5.03 percent a quarter ago
- Net NPAs at 2.09 percent versus 1.99 percent a quarter ago
Trading volume in the stock was almost five times the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 44 percent were at the ask price and 37 percent were at the bid.
CreditAccess Approves Acquisition Of Maduro Microfinance, Shares Swing
Shares of CreditAccess Grameen Ltd. fluctuated between gains and losses after the company’s board approved the acqusition of Maduro Microfinance Ltd.
On Wednesday, the board of CreditAccess Grameen approved the acquisition of up to 76.34 percent of the share capital of Maduro Microfinance, equivalent to 54,92,616 equity shares from its existing shareholders.
Trading volume in the CreditAccess Grameen stock was more than triple the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 46 percent were at the ask price and 37 percent were at the bid, according to the data.
Yes Bank Gains After SBI Chairman Allays Concerns Of A Shutdown
Shares of Yes Bank Ltd. gained the most since Jan. 15, rising as much as 3.94 percent to Rs 39.85 apiece.
This, after the head of India’s biggest lender said he’s certain “some solutions will emerge” to steady Yes Bank, which has been on a prolonged fundraising quest.
“Yes Bank is a significant player in the market with an almost $40 billion balance sheet,” State Bank of India Chairman Rajnish Kumar told Bloomberg Television in Davos. “I have a feeling that it will not be allowed to fail,” he added.
Also Read: India Must End Yes Bank’s Theater of the Absurd
The private sector lender’s shares are down 1.1 percent in the past five days and fell 20 percent in the past 30 days, Bloomberg data shows. The stock has declined 80 percent in the past 52 weeks, according to the data.
Cipla Declines The Most In Nearly Two Months After U.S. FDA Action
Shares of Cipla Ltd. declined the most since Nov. 27, 2019, falling as much as 2.60 percent to Rs 259.35 apiece.
The drugmaker said it received observations from U.S. Food and Drug Administration for its Goa plant, but the development will not have any material impact on the company's U.S. business at this stage.
"The U.S. FDA has classified the inspection conducted at its Goa manufacturing facility from Sept. 16-27, 2019, as Official Action Indicated. The company does not believe that this will have any material impact on the U.S. business at this stage," the pharma firm said in an exchange filing on Wednesday.
Trading volume was more than triple the 20-day average for this time of the day, Blomberg data shows. Of the shares that were traded, 48 percent were at the ask price and 40 percent were at the bid, according to the data.
AU Small Finance Bank Surges To Record After Q3 Results
Shares of AU Small Finance Bank Ltd. rose 13.64 percent intraday to Rs 1,008.00 apiece—the highest since listing on Jul. 10, 2017. The company reported its December quarter results on Wednesday.
Net profit of the private sector lender rose 99.5 percent year-on-year to Rs 190.19 crore in the third quarter of 2019-20, on the back of net interest income that increased 46 percent to Rs 506.83 crore.
AU Small Finance Bank Q3 Results 2019-20: Key Highlights (YoY)
- Net interest income up 46 percent to Rs 506.83 crore.
- Net profit up 99.5 percent to Rs 190.19 crore.
- Provisions down 34.3 percent to Rs 401.06 crore. (QoQ)
- Gross NPA at 1.88 percent versus 2.01 percent. (QoQ)
- Net NPA at 1.01 percent versus 1.14 percent. (QoQ)
Trading volume in the stock was more than nine times the 20-day average for this time of the day, Bloomberg data shows. Of the shares that were traded, 38 percent were at the ask price and 40 percent were at the bid, according to the data.