Benchmark indices observed a round of profit booking after hitting four months high as the investors remained cautious ahead of RBI policy review announcement tomorrow. Investors are expecting the Central bank to cut the rates after December inflation data hit a two year low, however the RBI may hold the status quo as it continues to read the impact of demonetization on economy. Nifty ended the session to close at 8785.55.
The PSU banks stocks were the gainers for the day while Metal stocks were the losers of the day.
Global Markets Update
Luxembourg has launched criminal proceedings over Volkswagen’s diesel emissions scandal, showing the German carmaker is still struggling under the crisis some 17 months after it broke.
European Central Bank rejected U.S. accusations of currency manipulation and warned that deregulating the banking industry could sow the seeds of the next financial crisis.
PNB reported a surge in third-quarter profit on lower provisions for bad loans, but the profit fell short of estimates.Net profit rose to 2.07 billion rupees from 510.1 million rupees a year earlier. Provisions for bad loans were 33.63 billion rupees in the December quarter, lower than 37.67 billion rupees a year earlier.
ITC shares hits record high trading at 52 week high after SUUTI sold 2% stake in the cigarette major today, which would fetch about Rs 6,700 crore for the government.
IDBI Bank’s stocks reacted to its Q3 results announced by the bank.IDBI Bank posted a net loss at Rs 2255 crore vs loss of Rs 2184 crore YoY. The gross NPA is at 15.16 percent vs 13.03 percent QoQ. Also, net NPA is at 9.61percent vs 8.32 percent QoQ.
BHEL posted a net profit of Rs 93.54 crore for the quarter ended. Total income has increased from Rs 5498.07 crore to Rs 6461.22 crore for the quarter.
CEAT announced its standalone and consolidated financial results for the third quarter. Total income is up by 4.9 percent at Rs 1,557 crore.Net profit is down by 25 percent at Rs 84 crore Whereas EBITDA margins stand at 9.8 percent.
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