Stocks

Sensex, Nifty end lower pruning early gains

BL Internet Desk Mumbai | Updated on August 13, 2020 Published on August 13, 2020

Tata Power, Titan shine in lacklustre market

Key stock indices ended with mild losses on Thursday mainly impacted by profit taking by traders even as the European markets opened weak today.

Earlier in the day, domestic equity benchmark Sensex jumped over 150 points led by IT stocks amid strong cues from other Asian peers.

However, weak European market opening from FTSE, CAC and DAX had put  the brakes on Indian equities in the mid-session.

The BSE Sensex ended 59.14 points or 0.15 per cent lower at 38,310.49, while NSE Nifty ended 7.95 points lower at 11,300.45.

Heavyweight stocks that were in action today were Larsen & Toubro, which rose 4.50 per cent, Tata Motors was up 4.60 per cent, Hindalco gained 4.30 per cent and Titan gained 3.92 per cent.

IT stocks rallied after the US announced certain exemptions in H-1B and L-1 travel ban for those continuing employment with the same employer. The move is likely to help Indian IT professionals.

On the other hand, Bharti Airtel, ITC, SBI, Nestle and PowerGrid were among the laggards.

Exchange data showed that foreign institutional investors bought equities worth Rs 351.15 crore on a net basis on Wednesday.

 

Tata Power shares jumps 6% on results

Shares of Tata Power jumped nearly 6 per cent after the company said its  consolidated net profit rose by 10 per cent for quarter ended June 30 this  year.

The stock gained 6.23 per cent to Rs 56.25 on the BSE. On the NSE, it jumped 5.75 per cent to Rs 56.05.

Yesterday, Tata Power announced that its consolidated net profit rose by 10  per cent to Rs 268 crore for the quarter ended June on the back of reduced  expenses.

 

DB Corp shares maintain gain despite showing loss

Media house DB Corp shares were up 2 per cent on the bourses today despite the company reported loss in its earnings for the quarter ended June 30 this year.

The stock was up 2.25% at Rs 81.14 on the BSE today.

DB Corp reported a consolidated net loss of Rs 48.04 crore for June quarter 2020 impacted by COVID-19 related disruptions in the market.

The company posted a consolidated net profit of Rs 93.72 crore for April-June a year ago, DB Corp said in a regulatory filing.

 

Titan stock shines on commodity broking service plans

Titan shares were up nearly 4 per cent on the bourses today after the company told the Hindu BusinessLine reported yesterday that the company has decided to  incorporate a commodity trading arm, as the quantity of gold that it needs to hedge has gone up substantially.

Also, it said the decision was driven by the company’s quest to snap its reliance on a stock broking firm against whom strictures were passed by SEBI last November.

The stock has gained 3.90 per cent to Rs 1,097.75 on the NSE.

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Published on August 13, 2020
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