Indian stock markets erased initial gains to trade flat on Friday ahead of the announcement of the Union Budget 2020 tomorrow. At 11:04 am, the benchmark BSE Sensex slipped 10.10 points, or 0.02%, to 40,903.72, while the Nifty 50 was down 15.95 points, or 0.13%, to 12,019.85. Tata Motors, Wipro, Kotak Mahindra, HUL, SBI and Yes Bank are among the key stocks in news today. Read on to know more:
Tata Motors: Tata Motors Ltd shares dropped 4.2% after the company said its Q3 consolidated net profit stood at Rs 1,738 crore against the loss of Rs 26,992.5 crore in the year-ago quarter.
Wipro: Wipro Ltd shares slipped 2.3% after chief executive officer and managing director Abidali Z. Neemuchwala decided to step down due to family commitments.
Kotak Mahindra Bank: Kotak Mahindra Bank Ltd shares jumped over 6% after the Reserve Bank of India (RBI) accepted promoters’ voting rights in the company to be capped to 20% till 31 March 2020.
HUL, SBI: Hindustan Unilever Ltd (HUL) shares fell 1.2%, while those of State Bank of India (SBI) were up 1% ahead of the announcement of their quarterly earnings today. ITC, Tech Mahindra, Vedanta, Power Grid and Jubilant Life Sciences are among the other major companies that will release their Q3 numbers today.
Yes Bank: Yes Bank Ltd shares soared nearly 3% after the lender sold 2.68% of the paid-up share capital of SICAL Logistics Ltd in various tranches.
MCX: Multi Commodity Exchange of India Ltd (MCX) shares jumped 3% after the company reported a 32% increase in net profit at Rs 55.57 crore for the quarter ended December compared with a year ago.
Bajaj Auto: Bajaj Auto Ltd shares advanced 3% after the two-wheeler company reported 15% jump in net profit to Rs 1,262 crore for the December quarter compared with a year ago.
Persistent Systems: Persistent Systems Ltd shares gained 3.9% after the company’s net profit rose to Rs 87.9 crore in the December quarter against Rs 86.1 crore in the previous quarter.
Hindustan Aeronautics: Hindustan Aeronautics Ltd shares were down 1,2% on reports that the government is planning to sell a 15% stake in the company through an offer for sale, which could fetch about Rs 4,000 crore to the exchequer.
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