Indian shares extended gains for a fourth day following a surprise 25 basis point interest rate cut by the Reserve Bank of India yesterday.
Here are the stocks in focus for the day:
Oil & Gas Stocks: Fall on Increasing Prices
Shares of the oil companies fell after Indian Oil announced a hike in prices of petrol and diesel due to an increase in commission paid to dealers. Price of petrol was increased by 14 paise per liter while price of diesel was increased 10 paise per liter.
Petrol prices had already been increased by 37 paise per liter on October 1.
There will be corresponding price revisions on petrol and diesel in other states on account of change in dealer commission.Indian Oil statement
- Indian Oil (-1.1 percent to Rs 606)
- Bharat Petroleum (-1.6 percent to Rs 627)
- Hindustan Petroleum (-1.9 percent to Rs 426)
Shares of natural gas stocks fell on the third day of increase in global crude prices, crossing the $49 per barrel mark. This rise in crude price came in after the American Petroleum Institute showed that inventories fell 7.6 million barrels last week.
- ONGC (-1.3 percent to Rs 270)
- Indraprastha Gas (-1.8 percent to Rs 822)
Steel Stocks: Extended Protection
Steel companies gained on the market after the government extended the minimum import price policy on 66 products for two months.
To guard domestic steel producers against cheap in-bound shipments, the government in February had imposed a minimum import price, ranging between $341 to $752 per tonne, on 173 steel products for a period of six months.
- Tata Steel (+1.4 percent to Rs 396)
- Steel Authority of India (+2 percent to Rs 49)
- Jindal Steel and Power (+2.5 percent to Rs 85)
Jubilant Life Sciences: Gains on Kit Approval
Shares of the drug maker rose 2.4 percent to Rs 663 after one of its sub-units received an approval for Lyophilized kit for the preparation of “Technetium 99m Macro-Aggregated Albumin Injection”, from Australian TGA.
Macro-aggregated albumin is used to carry our accurate scans for spotting of lung profusions and other diseases.
ICICI Bank: Cuts Rates on RBI Nudge
Shares of the private lender rose as much as 1 percent to Rs 259 after the bank reduced its lending rate by 5 basis points to 9.05 percent, within hours of the central banks repo rate cut decision.
Governor of Reserve Bank of India Urjit Patel pointed out that despite a rate cut on behalf of the RBI, banks hold on to their lending rates.
Yes Bank: Raises Funds
Shares of the private lender increased as much as 1.1 percent to Rs 1,297 after it successfully raised Rs 2,135 crore through issuance of long -term infrastructure bonds. The issue, which closed on September 30, was oversubscribed 2.13 times according to the company's press release.
The bonds will be listed on the Bombay Stock Exchange with a coupon rate of 8 percent per annum for a tenor of 10 years.
Yes Bank will use the proceeds to finance projects in the infrastructure sector and its recent thrust on affordable housing as a part of the overall retail strategy.Rana Kapoor, Managing Director & CEO, Yes Bank
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