Stocks Radar: Bajaj Consumer Care, BPCL, Karnataka Bank, Lakshmi Vilas Bank, Wipro
Here are the stocks in news moving the markets today.
Indian equity benchmarks held their early gains with industrial stocks emerging as the top gainers.
At 11:31 am, the S&P BSE Sensex was trading 0.10 percent higher at 38,543.21 points while the NSE Nifty 50 was up 0.22 percent to 11,453.10.
Bharat Petroleum Corporation Ltd. was the top gainer on the Nifty 50 index while Vedanta Ltd. was the top loser.
The market breadth was tilted in favour of buyers. About 940 stocks advanced and 740 declined on the National Stock Exchange. Eight out of the 11 sectoral gauges compiled by the NSE traded higher, led by the NSE Nifty Media’s 1.25 percent gain. On the flipside, the NSE Nifty Auto Index was the top sectoral loser, down 0.43 percent.
Here are the stocks in news moving the markets today:
Bajaj Consumer Care Surges After Promoter Stake Sale
Bajaj Consumer Care Ltd. soared 19.18 percent, the biggest intraday jump since Feb. 14, 2011, to Rs 242.70 apiece.
On Monday, Bajaj Resources Ltd., the promoter of the maker of Almond Drops hair oil, sold 3.22 crore shares or about 21.9 percent stake, according to data from the stock exchanges. The parent sold the shares at Rs 194.05 apiece for Rs 629 crore on the BSE, Bloomberg data showed.
The promoter stake sale brought down Bajaj Resources’ shareholding in the company to 38 percent. Nearly as much stake is pledged with Axis Finance Ltd.
The trading volume for the Bajaj Consumer Care stock was more than 150 times the 20-day average for this time of the day, Bloomberg data shows.
BPCL Shares Surge After Aramco Said To Be Interested In Acquiring It
Shares of Bharat Petroleum Corporation. Ltd. rose as much as 5.54 percent, the most since Oct. 3, to Rs 514.95 apiece on reports that the Saudi Arabia Oil Company is interested in buying out the government’s stake in the state-run oil marketer.
Saudi Aramco may be in the fray to buy out the Indian government’s stake in BPCL, as it gives the oil giant an opportunity to pierce into one of the world’s biggest oil retail markets, The Economic Times quoted sources as saying in an Oct. 15 report.
On Oct. 14, the Press Trust of India reported that Total SA and Reliance Industries Ltd. are unlikely to participate in a likely BPCL stake sale.
To be sure, BPCL's privatisation is on the cards. The government looking to make up for the Rs 1.45 lakh crore revenue shortfall arising from the corporate tax cuts and meet its Rs 1.05 lakh crore disinvestment target for 2019-20.
The BPCL stock has advanced 69 percent in the past 52 weeks, Bloomberg data shows.
Lakshmi Vilas Bank Hits Lower Circuit For 12th Day In A Row
Shares of The Lakshmi Vilas Bank Ltd. were locked in the lower circuit of 5 percent for the 12th straight trading session. The stock traded at Rs 20.95 apiece.
On Monday, the Reserve Bank of India imposed a monetary penalty of Rs 1 crore on the bank and for violating asset classification and fraud detection norms.
Last month, it was placed under RBI’s Prompt Corrective Action Framework, and its proposed merger with Indiabulls Housing was rejected by the central bank last week.
The Lakshmi Vilas Bank stock has declined 74 percent in the past 52 weeks, Bloomberg data shows.
Wipro Rises After Its Q2 Results Beat Estimates
Shares Of Wipro Ltd. extended their winning streak to the sixth straight trading session, rising as much as 3.30 percent to Rs 251.70 apiece.
According to Wipro’s September quarter results declared Monday, its consolidated operating margin and profit beat estimates in a quarter where the company absorbed the impact of wage hikes and its core IT services business witnessed subdued growth.
Wipro Q2 Results 2019-20: Key Highlights
- Net profit rose 6.6 percent sequentially to Rs 2,561 crore
- Revenue rose 2.3 percent quarter-on-quarter to Rs 15,130 crore
- Operating profit increased 6.6 percent over last quarter to Rs 2,613 crore
- Operating margin widened 60 basis points to 17.3 percent
The trading volume for the Wipro stock was almost seven times the 20-day average for this time of the data, Bloomberg data shows.
Karnataka Bank Slumps After Its Q2 Results
Shares of The Karnataka Bank Ltd. fell as much as 3.47 percent, the most since Oct. 1, 2019, to Rs 68.20 apiece, a day after it reported its second-quarter results.
Karnataka Bank Q2 Results 2019-20: Key Highlights
- Net interest income rose 6.6 percent to Rs 498.7 crore
- Net profit fell 5.4 percent to Rs 105.9 crore
- Provisions stood at Rs 262.4 crore versus Rs 193.2 crore (Rs 201.1 crore QoQ)
- Gross NPA stood at 4.78 percent versus 4.55 percent (QoQ)
- Net NPA was at 3.48 percent versus 3.33 percent (QoQ)
The trading volume for the Karnataka Bank stock was more than quadruple the 20-day average for this time of the day.