NIFTY 50

Here’s a look at buzzing stocks for trade on July 24

Updated : July 24, 2020 08:01 AM IST

The Indian market is likely to open lower Friday following weakness in Asian peers amid tensions between US and China and an overnight fall in US markets. At 8:00 am, the SGX Nifty was trading 54.85 points or 0.49 percent lower at 11,162.50, indicating a negative start for the Sensex and Nifty50.

Here are the top 10 buzzing stocks for today:

1. Axis Bank, Max Financial Services: Axis Bank and Max Life will make some changes to the value creation options in their proposed life insurance deal. The two companies have also informed that they will factor in some alternate mechanism under the value creation option, which will be subject to regulatory approvals and permitted under the applicable law. On April 28, Axis Bank had announced the acquisition of 29 percent stake in Max Life Insurance.

2. Lupin: The company has received a tentative nod from the US Food & Drug Administration for Empagliflozin and Linagliptin tablets, which are used to improve glycemic control in adults with Type 2 diabetes.

3. HPCL: The company said that there was a significant fall in demand of petroleum products in the month of April 2020 due to lockdown in the country and sales was down by over 48.5 percent as compared to April 2019. Sales of petroleum products in May 2020 was about 77 percent compared to May 2019 and sales in June 2020 was about 91 percent as compared to June 2019.

4. Bank of Maharashtra: The bank’s Q1FY21 net profit rose 24.5 percent to Rs 101 crore from Rs 81.1 crore while net interest income (NII) increased 9.1 percent to Rs 1,087.9 crore from Rs 996.8 crore, YoY. Asset quality improved as gross NPA ratio declined by 188 bps to 10.93 percent and net NPA fell by 67 bps to  4.1 percent, QoQ.

5. Mphasis: The company reported 22.1 percent fall in Q1FY21 net profit at Rs 275.1 crore as against Rs 353.2 crore, YoY. Revenue declined 2.5 percent YoY to Rs 2,288 crore. EBIT fell 6.5 percent to Rs 385.3 crore while EBIT margin contracted by 60 bps to 15.7 percent, YoY.

6. AU Small Finance Bank: The bank’s Q1FY21 net profit rose 5.5 percent to Rs 200.8 crore from Rs 190.3 crore while Net Interest Income (NII) increased 30.4 percent to Rs 515.8 crore from Rs 395.6 crore, YoY. Gross NPA ratio remained stable at 1.69 percent while net NPA ratio fell by 19 bps to 0.62 percent, sequentially.

7. ABB India: The company’s net profit in the quarter ended June 2020 fell 76.6 percent to Rs 16.3 crore from Rs 69.7 crore while revenue declined 42.9 percent to Rs 985.8 crore from Rs 1,725.7 crore, YoY.

8. Can Fin Homes: The company’s board has approved raising up to Rs 1,000 crore via equity and Rs 4,000 crore via debt instruments.

9. PNC Infratech: The company has received Letters of Acceptance (LOA) for 2 EPC projects from the National Highways Authority of India (NHAI) for an aggregate contract value of Rs 1,547.80 crore.

10. Jubilant Industries: The company said it had temporarily suspended manufacturing in some of its plants due to COVID-19. Operations have partially resumed and full resumption is expected in the next couple of months.
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