IT stocks drive Sensex and Nifty 50 - Top bulls and bears of the day

IT companies like Mindtree, Infosys and Wipro logged higher profits in their books during June 2020 (Q1FY21) quarter.

Jul 16, 2020 03:07 IST India Infoline News Service

Stock traders celebrating
The benchmark Sensex and Nifty were trading in green during Thursday's trading session after major IT companies like Mindtree, Infosys and Wipro logged higher profits in their books during June 2020 (Q1FY21) quarter which was expected to be worst hit from Covid-19. That said, there was huge buying also witnessed in IT stocks subsequently.

At around 3.11 pm, the Sensex was trading at an intraday high of 36,520.35 up by 468.54 points or 1.30%. While the Nifty 50 was performing at 10,743.10 above 124.90 points or 1.18%. The BSE IT index meanwhile was trading at 17,161.32 soaring by 649.84 points or 3.94%.

Here's the list of bulls and bears of the day on Sensex.

Gainers:


Infosys: The stock was trading at Rs909.40 per piece, higher by 9.38%. Infosys has posted its Q1FY21 result on Wednesday, where it reported a consolidated net profit of Rs4,272cr increasing by 12.4% from Rs3,802cr in the corresponding period of the previous year. Meanwhile, operating profit stood at Rs5,365cr with a growth of 20% yoy and 8.9% qoq. As for the operating margin, it was at 22.7%.

M&M: The stock was performing at Rs573.25 per piece, up 4.24%. In India, M&M's sales were highest in Bolero Pick UP in diesel variant, at 7,658 vehicles in June 2020, while new production for the same stood at 4,885 vehicles in the month. Overall automotive sales (Domestic + Exports) stood at 19,358 vehicles in June 2020, compared to 42,547 vehicles during June 2019.

Nestle India: Surging by 3.55%, the stock was trading at Rs17505 per piece. The company has launched a virtual internship programme 'Nesternship' for young professionals.

Kotak Mahindra Bank: Trading at Rs1,326.90 per piece, the stock was above 2.84%. In its annual report, Kotak said, "The Bank continues to reimagine sales, service and processes with an increased focus on digital channels." Adding it said, "

IndusInd Bank: The stock jumped by 2.85% and was trading at Rs517.85 per piece. IndusInd Bank has announced its successful integration with CRMNEXT, the leading enterprise solution provider for banks and financial services.

Losers:

Tech Mahindra: Down 2.42%, the stock was trading at Rs600 per piece. The company's 33rd AGM of the members is scheduled on Tuesday, the 28th day of July 2020 at 3.30 p.m. IST through Video Conference/Other Audio-Visual Means.

ITC: The stock was performing at Rs194.40 per piece, lower by 2.07%. According to the Hindu BusinessLine report, ITC as a part of ramping up production of its Mangaldeep brand of agarbattis (incense sticks), is working with farmers on growing bamboo plantations in the North-Eastern state of Tripura.

NTPC: The stock was trading at Rs86.85 per piece, down by 1.31%. NTPC entered into a Memorandum of Understanding (MoU) with National Investment and Infrastructure Fund (NIIF) to explore opportunities for investments in areas like renewable energy, power distribution among other areas of mutual interest in India.

Power Grid: The stock was down 0.92% trading at Rs162 per piece. In a filing to exchanges, Power Grid said, "This is to inform that the provisional demand notices towards License Fee including interest, penalty and interest on penalty in respect of NLD & ISP licenses pertaining to FY 2006-07 to FY 2018-19 reported vide our letters referred above have been withdrawn by the Department of Telecommunications".

Titan: The stock was below 0.66% trading at Rs961.55 per piece. Titan MD CK Venkatraman in the company's annual report said, "Against a tough operating backdrop, we delivered a fairly satisfactory financial performance. Revenue from operations grew to Rs20,010cr in FY 2019-20, up 4.9% from Rs19,070cr in FY 2018-19."

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