Key equity benchmark indices were trading slightly higher on Monday after opening flat despite negative cues from Asian markets. At 10:44 am, the S&P BSE Sensex was up 44 points, or 0.12%, to 37,502. The Nifty 50 index inched up 5.50 points, or 0.04%, to 11,283. HDFC, State Bank of India (SBI), Larsen and Toubro (L&T), Tata Steel and Jet Airways were the key stocks on the radar of traders today.
Know why: HDFC: HDFC Ltd shares were trading 0.4% higher at Rs 1,939.50 ahead of the company’s fourth quarter earnings announcement. Analysts expect HDFC’s net profit to grow 22% sequentially during the March quarter.SBI: State Bank of India (SBI) stock rises 2% to Rs 314.40 after the country’s largest bank reported a net profit of Rs 838 crore during the March quarter against a net loss of Rs 7,718 crore in the same quarter a year ago. It reported a substantial improvement in the asset quality, with lower fresh slippages and better recoveries. L&T: Larsen and Toubro (L&T) shares fell 2.6% to Rs 1,320 apiece after the company said its net profit rose 8% year-on-year to Rs 3,418 crore in the March quarter. Larsen and Toubro (L&T) also approved scheme of arrangement for merger of L&T Shipbuilding with the company.Jet Airways: Jet Airways shares were down 5% to Rs 144.20 after the State Bank of India (SBI)-led consortium of lenders on Friday said it received bids from Etihad Airways and from a few unsolicited parties for acquiring stake in the grounded airline. However, a media report said, Etihad’s bid for a minority stake in Jet Airways is non-binding and subject to fulfilment of certain conditions by Jet’s lenders.ITC: ITC Ltd shares were trading up 1.5% at Rs 302.20 ahead of the company’s earnings announcement today. ITC’s chairman and non-executive director Y C Deveshwar passed away on Saturday. Tata Steel: Tata Steel Ltd shares dropped over 3% to Rs 471.60 after the European Commission blocked its proposed joint venture (JV) with Germany’s Thyssenkrupp. Thyssenkrupp will still seek partners for its steel operations after abandoning merger with Tata Steel, chief executive Guido Kerkhoff said.Vodafone Idea: Vodafone Idea shares jumped as much as 6.8% to Rs 15 apiece ahead of the earnings announcement today. “The firm is expected to post a net loss of Rs 4,540 crore. The key monitorables would be the progress on fructification of synergy gains and fundraising status," ICICI Direct Research said in a research note.Allahabad Bank: Allahabad Bank shares declines as much as 5.8% to Rs 42.45 after the bank posted net loss of Rs 3,834 crore in the March quarter. Net interest income was up 41.6% at Rs 1,258 crore compared with Rs 888.3 crore a year ago.
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