SBI: The stock was among the top gainers in Nifty 50 companies after chairman Rajnish Kumar on Wednesday pitched analysts for a higher valuation of the bank’s enterprise value, asking them to take into account the growth prospects of its subsidiaries and better-than-expected performance in the fiscal ending March 2021. Share traded more than 4% higher.
Vodafone Idea: Shares slumped more than 7% in early deals after credit rating for some of its instruments was downgraded by Care Ratings Ltd. The agency downgraded its rating on long-term bank facilities and non-convertible debentures to CARE A-. News reports that the company may discontinue its India operations due to also weighed on investor sentiment.
JK Tyre: Shares of the tyre maker surged nearly 11% in early deals as it reported over a three-fold jump in consolidated net profit to ₹167.7 crore in the September quarter driven by gains from deferred tax liability following the government slashing corporate tax rate to 22% from 30%. The company had posted a net profit of ₹45.8 crore in the same period last fiscal.
Zee Entertainment: The stock was the top gainer among Nifty 50 companies and traded nearly 7% higher in early deals. This despite parent Essel Group promoters being pulled up for providing inadequate information about additional stake sale in Zee Entertainment Enterprise Ltd to lenders, according to a report by the Economic Times.
Central Bank: Shares extended gains and traded up nearly 13% as the public-sector bank on Tuesday said its board has approved allotting preferential shares to the government to raise ₹3,353 crore equity capital. The lender said the board approval is subject to the nod of shareholders, RBI and Securities and Exchange Board of India and other statutory authorities.
Tata Global Beverages: Shares rose more than 4% as the company said it is expecting the merger of consumer products business of Tata Chemicals Ltd with itself by the end of this fiscal. The stock was up despite the company having reporting a 17.1% fall in net profit to ₹152.5 crore in the quarter ended September a against a net profit of ₹183.9 crore a year ago.
United Bank: The stock soared more than 13% due to strong performance in the quarter-ended September. The state-owned bank reported a profit of ₹124 crore during July-September due to lower provisions and healthy growth in net interest income compared with a loss of ₹883.2 crore in the same period last year. Asset quality also improved sequentially.
