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The non-banking finance company rose as much as 9.7% on heavy volumes.
Gujarat Gas Shares Gain As Analysts Remain Bullish After Q4 Results
State-run Bank of Maharashtra and Indian Overseas Bank surged after The New Indian Express newspaper reported the lenders may have been shortlisted as candidates for privatization.
Spandana shares jump as much as 19.7% to the highest intraday level since Jan. 15 after a Moneycontrol report that a proposed deal for Axis Bank to acquire small-cap lender has been in the works for some time.
The micro-finance lender is exploring a complete sale, according to website reports, citing people it didn’t identify.
Axis Bank expects the deal to help reduce its priority sector lending costs, expand customer base and give opportunities to cross-sell products and services.
Shares of hotel and travel companies advanced after the central bank announced a liquidity window of Rs 15,000 crore ($2 billion) to allow banks to provide lending support to the two sectors hit by the pandemic.
Bharat Forge reported net income for the fourth quarter that beat the average analyst estimate.
India Central Bank Expands QE as Growth Seen Faltering
PNB Housing Finance - Bountiful Of Goodies But Dilution Caps Upside: Nirmal Bang
Indian Central Bank Seen Retaining Low Rates Policy: Decision Guide
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Most Asian stocks fell Friday after Wall Street sagged amid robust U.S. economic data that stoked concerns about a pullback in central bank stimulus. Treasury yields and the dollar held advances.
Shares edged back in Japan, China and Hong Kong, but posted modest gains in Australia. India’s SGX Nifty 50 Index futures for June delivery fell 0.1% to 15,678.50, while MSCI Asia Pacific Index lost 0.4%. The NSE Nifty 50 Index added 0.7% Thursday to 15,690.35.
S&P 500 and Nasdaq 100 futures slipped after the gauges fell overnight, though they came off lows on signs President Joe Biden may be willing to compromise on corporate taxes. Strong U.S. jobs data and record service-sector growth underscored the recovery from the pandemic.
China’s markets are digesting Biden’s order amending a ban on U.S. investment in Chinese companies.
Gold remained lower after coming under pressure as yields and the dollar pushed higher, while the rally in crude oil has stalled. Meme stocks including AMC Entertainment Holdings Inc. had another volatile U.S. session. Bitcoin fell after a cryptic Elon Musk tweet hinting at a split with the token.
Back home, Gujarat Petronet, Quess Corp, Nilkamal may react as the companies reported quarterly results after the market closed Thursday. Punjab National Bank, Bharat Forge, Bank of India, Jubilant Pharmova are among the companies scheduled to report earnings Friday. Foreign investors bought net Rs 1,090 crore of stocks on June 2, according to the NSDL website.
India’s central bank to announce its 2nd bi-monthly monetary policy for FY22 at 10 a.m. RBI policymakers will likely maintain interest rates at a record low for a sixth straight meeting, while retaining their dovish bias for as long as needed to revive the economy from the pandemic. The Reserve Bank of India’s six-member Monetary Policy Committee will keep the benchmark repurchase rate at 4% Friday, according to all 44 economists surveyed by Bloomberg as of Thursday afternoon.
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