Stocks Radar: Bank of Baroda, Union Bank, Indiabulls Housing and More
Here are the stocks in the spotlight of trading today.
Indian shares continue to fluctuate between gains and losses, weighed down by a tepid start to first quarter earnings season courtesy banks, while buying in real estate and oil and gas shares lend support to indices.
Here are the top movers in trade today
Indiabulls Housing Finance: Rises Ahead of Q1 Earnings
The NBFC gained over 2.2 percent to Rs 751.1 per share. On Saturday, Mumbai-based firm allotted secured, redeemable, non convertible debentures (NCDs) worth Rs 25 crore of face value Rs 10 lakh each, it said in a filling to the Bombay Stock Exchange (BSE).
Also, the company has also tied up with the Unique Identification Authority of India (UIDAI) for e-verification of aadhar cards, as per a report in the Economic Times.
The company is expected to come out with their financial results for Q1FY17 today.
Bank of Baroda: RBI imposes Rs 5 crore penalty
Bank of Baroda shares advanced 1.7 percent to Rs 153.5 a scrip. The Reserve Bank of India imposed a penalty of Rs 5 crore under the Banking Regulation Act, 1949 for irregularities in the mechanism of the bank.
The Bank has implemented a comprehensive corrective action plan, to strengthen internal controls and to ensure that such incidents do not recur.Bank of Baroda said in its filing to the BSE.
Union Bank of India: Unfazed by cyber attack
Shares surged 2.5 percent to Rs 129.6 after the bank said on Friday one of the bank’s offshore accounts was breached in a cyberattack, but the money trail was traced and the movement of funds was blocked.
Union Bank has set up a cyber security forensic audit to investigate the issue, it said in its release to the bourses.
Indian Oil Corporation: Expanding gas business
Shares of Indian Oil Corp. were up by 3.5 percent to Rs 542 a scrip after the state-owned company announced that it will buy 50 percent stake in the debt-ridden Gujarat State Petroleum Corp’s (GSPC) Mundra liquefied natural gas (LNG) terminal in an attempt to further expand their gas business. (Read More)
Earnings Watch
Bajaj Corp., Canara Bank and Greenply Industries are among the companies to release their financial data for the first quarter of financial year 2017 today.
- Bajaj Corp Ltd (+0.7 percent to Rs 405.9)
- Canara Bank (+2.3 percent to Rs 246.4)
- Greenply Industries (-0.3 percent to Rs 266.7)
- State Bank of Mysore (+1.5 percent to Rs 660.2)
- Gujarat Heavy Chemicals (+3.3 percent to Rs 210)
Earnings Reactions
Axis Bank, Rallis India and KSB Pumps were among the companies who came out with their earnings after market closed on Friday.
- Axis Bank (-2 percent to Rs 526.7)
- Rallis India (+4.9 percent to Rs 219.3)
- KSB Pumps (-4.3 percent to Rs 704)
