Shares of South Indian Bank shot up by 15.5% in early morning trade on Tuesday even as the company missed street estimates. The bank posted an NII of Rs506.50cr, up 0.65% yoy and 2.48% qoq.
The bank has reported net profit below consensus estimates. The reported PAT stood at Rs70cr in Q2FY19, against a profit of Rs4.3cr in the corresponding quarter last year.
The yoy growth in PAT was due to lower provisions, which has declined ~55% to Rs205cr.
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Shares of automobile companies were trading weak for the sixth straight session on concerns of a slowdown in demand due to rising crude oil and commodity prices especially petrol and diesel.
The Nifty Auto index (down 1% at 9,903) and the S&P BSE Auto index (down 1% at 22,168) hit their respective 52-week lows in intra-day trade on Tuesday. In past one month, the auto indices have underperformed the market by falling 10% as compared to a 5.5% decline in the benchmark indices
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Shares of Larsen & Toubro (L&T) Infotech surged 7% to Rs 1,888 on the BSE in early morning trade on Tuesday after the company’s offer for sale (OFS) on Monday got a strong response from the institutional investors. The stock was trading close to its 52-week high of Rs 1,911 touched on August 21, 2018, on the BSE in intra-day trade.
The share sale saw bids for 29.8 million shares as against 9.5 million on offer. The clearing price of Rs 1,751 fixed for non-retail bidding in L&T Infotech, the BSE data shows.
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L&T has moved higher by 2% to Rs 1,349 on the BSE after its board approved the proposal for buyback of equity shares of upto Rs 90 billion at a maximum price of Rs 1,500 per share.
Shares of Larsen & Toubro (L&T) have moved higher by 2% to Rs 1,349 on the BSE after its board approved the proposal for buyback of equity shares of upto Rs 90 billion at a maximum price of Rs 1,500 per share.
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