Market this week 28-1-2022
- After winning a bid for city gas distribution networks, BPCL gains 2%.
- Following the December quarter earnings, the stock price of Yes Bank increased.
- JSW Steel’s stock is falling ahead of its December quarter earnings report.
- The stock of Sterlite Technologies has risen as a result of a Rs 170-crore transaction with Power Grid.
- Lux Industries has been placed on a 20 percent lower circuit following the suspension of its executive director for insider trading.
After winning a bid for city gas distribution networks, BPCL gains 2%.
The share price of Bharat Petroleum Corporation Ltd (BPCL) increased by 2% to Rs 380.35 after the company won a round of bidding for city gas distribution networks held by the Petroleum and Natural Gas Regulatory Board (PNGRB).
In six geographical areas and 19 districts, BPCL was the winning bidder. BPCL’s city gas distribution footprint, together with its partner ventures, will now encompass 48 geographical areas in 18 states, covering 94 districts.
BPCL and its partner ventures currently control 33 percent of the city gas distribution market, with presence in 63 districts, including those in major cities.
Following the December quarter earnings, the stock price of Yes Bank increased.
After the company announced its December quarter earnings, Yes Bank’s stock rose more than 3% in early trading on January 24.
Lower provisions and increased loan recoveries propelled profitability at the private sector lender, which reported a 77 percent year-on-year increase in December quarter profit at Rs 266 crore on January 22.
Net interest income, a key metric for determining how much money a bank makes from lending, fell 31% to Rs 1,764 crore, while other income fell 32% to Rs 734 crore. Provisions and contingencies decreased by 82% to Rs 375 crore. They dropped 0.7 percent in order.
JSW Steel’s stock is falling ahead of its December quarter earnings report.
On January 21, JSW Steel’s stock fell 2% intraday to Rs 666, ahead of the steelmaker’s December quarter earnings announcement later that day. According to an average of predictions from five brokerage companies polled by Moneycontrol, JSW Steel is likely to record a 113 percent year-on-year increase in consolidated net profit to Rs 5,719 crore for the quarter ended December.
The steelmaker’s performance will be bolstered by a considerable increase in price realization over the previous quarter. Prabhudas Lilladher, a brokerage business, predicts realization per tonne to grow 52 percent year on year to Rs 75,204, while operational profit per tonne is expected to rise 37.1 percent.
The stock of Sterlite Technologies has risen as a result of a Rs 170-crore transaction with Power Grid.
Sterlite Technologies’ stock rose over a percent to Rs 203 in afternoon session on the BSE after the business received a Rs 170-crore order from Power Grid Corporation of India to construct an universal network management system (UNMS) (PGCIL).
In an exchange filing, Power Grid Corporation stated that STL would meet their requirement for high performance and integrated network management systems across their regional communications networks. Sterlite Tech strengthens its relationship with PGCIL with this multi-year deal worth Rs 170 crore. STL has already supplied optical fiber cables and established an IP-MPLS network for PGCIL as part of previous projects.
Lux Industries has been placed on a 20 percent lower circuit following the suspension of its executive director for insider trading.
Lux Industries Ltd’s stock dropped 20% after its executive director was charged with insider trading, raising questions about the company’s corporate governance. On the BSE, the stock touched a low of Rs 2,808.30, down 20% from its previous day’s closing.
In the case of Lux Industries, the market regulator Securities Exchange Board of India prohibited 14 entities for insider trading and ordered the impoundment of “ill-gotten earnings” worth Rs 2.94 crore. Udit Todi, the firm’s executive director and the son of the managing director, is among those who have been barred.
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