Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a gap-up start on Wednesday, as suggested by the trends on SGX Nifty in early trade
The performance charted by large private sector lender in India has turned global brokerage firm Morgan Stanley bullish on domestic banks.
Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a gap-up start on Wednesday, as suggested by the trends on SGX Nifty in early trade. Nifty futures were trading 80.50 points or 0.57 per cent up at 14,161.50 on Singaporean Exchange. Domestic equity stock markets were closed on Tuesday on account of Republic Day. Market participants will react to the IMF projection of 11.5 per cent growth rate for India in 2021. It said that this makes India the only major economy of the world to register double-digit growth in 2021. Besides, upcoming Union Budget 2021, corporate earnings, oil prices, rupee movement and other global cues will sway the market sentiment today.
Kotak Mahindra Bank: Kotak Mahindra Bank’s net profit grew 16 per cent on-year to Rs 1,854 crore during the October-December quarter on higher interest income and better asset quality. The lender was able to register a growth in the bottom line despite a 35 per cent on-year and 62.5 per cent sequential jump in the provisions and contingencies to Rs 599 crore.
Larsen & Toubro: Larsen and Toubro (L&T) reported its highest ever-fresh order intake in a quarter, which jumped 76% year-on-year to Rs 73,233 crore, while the order book stood at a historic high of Rs 3.13 lakh crore for the October-December 2020 period. The performance was backed by the company winning some big marquee orders during the quarter in the infrastructure segment.
UCO Bank: UCO Bank reported a Rs 35.44-crore net profit for the third quarter, against a net loss of Rs 960.17 crore for the year-ago period, as provisions for non-performing assets (NPAs) declined 76 per cent on-year and the operating profit rose 10 per cent.
Indiabulls Real Estate: IBREL is expecting a net surplus of nearly Rs 11,400 crore from its completed and ongoing real estate projects. In an investor presentation, the company informed that its new sales bookings stood at Rs 990 crore in the third quarter of this fiscal and Rs 1,359 crore during the April-December period.