Here are the top stocks to track in today s session:
TCS: The IT major s net profit for the March quarter rose 14.9% year-on-year (YoY) and 6.2% quarter-on-quarter (QoQ) to Rs 9,246 crore. Meanwhile, the revenue for the quarter stood at Rs 43,705 crore, up 5.9 per cent YoY and 4.2 per cent QoQ. The biggest takeaway from the Q4 numbers was the order book at $9.2 billion, the highest ever reported by TCS in a quarter since the company started reporting this metric.
Yes Bank: Sebi imposed a penalty of Rs 25 crore on Yes Bank in the matter of misselling the lender s AT-1 bonds few years ago. Besides, the watchdog has imposed a fine of Rs 1 crore on Vivek Kanwar, who was the Managing Director of Yes Bank, Rs 50 lakh each on Ashish Nasa and Jasjit Singh Banga, who were part of the bank s private wealth management team at the time of violation.
Read more about Bandhan Bank gains 4% as loan growth jumps 21% YoY in March quarter on Business Standard. The private lender, on Monday, reported a 21 per cent yearly growth in loans and advances to Rs 87,054 crore as of March 31, 2021 from Rs 71,846 crore as on March 31, 2020.
NEW DELHI: Nifty Bank index was trading with losses at 12:55PM (IST) on Monday. While Bandhan Bank (down 5.03 per cent), RBL Bank (down 4.77 per cent), IDFC Bank (down 4.33 per cent), Federal Bank (down 4.22 per cent) and Axis Bank (down 4.06 per cent) were the top losers in the index. The Nifty Bank index was trading 2.8 per cent down at 34504.2 around 12:55PM. Benchmark NSE Nifty50 index was down 251.70 points at 14779.25, while the BSE Sensex was down 876.89 points at 49915.19. Among the 50 stocks in the Nifty index, 11 were trading in the green, while 39 were in the red. Shares of Vodafone Idea, BHEL, Tata Power, YES Bank and PNB were among the most traded shares on the NSE.
Shares of financials, including banks, were under pressure on Monday, with the Nifty Bank index, down 3 per cent, hitting an over one-month low after the Consumer Price Index (CPI) inflation hit a three-month high in February 2021, while Index of Industrial Production (IIP) recorded a contraction of 1.6 per cent in January.
The pick-up in CPI inflation and the fall in IIP does not make the Monetary Policy Committee’s (MPC) task any easier. While we hope that IIP would return to positive territory in February, we expect inflation to edge up further to around 5.4 per cent in March. Accordingly, we expect the MPC to maintain status quo at its Apr’21 policy meeting, the Motilal Oswal Securities said in a note.
Shares of Bandhan Bank tanked 6 per cent to Rs 321 on the BSE on Friday, down 11 per cent in the past two trading days, after the lender reported a weak set of numbers for the December quarter (Q3FY21). The private sector lender s net profit fell 13.5 per cent year-on-year (YoY) to Rs 633 crore as the bank took accelerated additional provision on standard assets amounting to Rs 1,000 crore on account of Covid-19. However, operating performance remains strong, led by higher net interest income (NII) as margin improved 30 basis points (bps) sequentially, while assets under management (AUMs) grew at 23 per cent YoY. NII for the quarter grew by 34.5 per cent to Rs 2,072 crore as against Rs 1,540 crore in the corresponding quarter of the previous year.