The BSE Sensex and NSE Nifty remained volatile throughout the day on Monday. The day which looked promising in the early morning, turned somber in the noon only to bounce back in the last leg of trade driven by value buying in bluechips. Markets taking cues from the recovery in the Asian peers made a positive start but reversed all the early gains by the very first hour of trade on selling in banking, auto, telecom and financial stocks on forecast of a delay in monsoon, after the India Meteorological Department hinted at a likely delay in the onset of the Southwest monsoon over Kerala by a week. IMD now expects the rains to hit Kerala coast only on June 7, this is expected to delay monsoon in other parts of the country as well. However, IMD also said that after the initial delay in reaching Kerala, monsoon will progress normally and rainfall will be 6 per cent over the long period average. Traders got some support from rupee recovery too, the domestic currency which weakened against the US dollar on concerns about the delay of monsoon and weak macroeconomic data, stabilised erasing all the losses by the second half. Later, Sensex closed 163.66 points up at 25,653.23, while Nifty index settled 45.85 points up at 7,860.75.
Below are 8 stocks which remained in news today:
Bank of Baroda: Shares of the public sector lender fell over 8 per cent after the bank on Friday posted a net loss of Rs 3,230.14 crore for the quarter ended March 31, 2016 as compared to a net profit of Rs 598.35 crore for the same quarter in the previous year. The scrip closed 8.41 per cent down at Rs 142.05.
Dena Bank: Dena Bank plunged 3.91 per cent after it reported a net loss of Rs 326.38 crore for the March quarter. In case of Dena Bank, the gross NPA increased to 9.9 per cent as against 5.4 per cent for the quarter ended March 2015.
Allahabad Bank: Stocks of the bank settled 3.43 per cent down at Rs 50.70 after it reported a net loss of Rs 581.13 crore for the March quarter. Allahabad Bank’s provisions almost quadrupled to Rs 2,487.15 crore as against Rs 631.11 crore as bank’s gross NPAs rose to 9.76 per cent as on March 2016, from 5.46 per cent a year ago.
Central Bank of India: Stocks of the bank closed 2.11 per cent down at Rs 76.40 after it reported a net loss of Rs 898 crore for the March quarter on account of surge in bad loans. The state-owned bank had posted a net profit of Rs 174.2 crore in the January-March quarter of 2014-15.
Akzo Nobel India: Akzo Nobel India settled over 4 per cent higher on Monday after the paints and coatings maker reported an increase of 17.76 per cent in its standalone net profit at Rs 52.57 crore for the fourth quarter ended on March 31, 2016. The scrip closed 4.61 per cent up at Rs 1,427.
Ahluwalia Contracts: Ahluwalia Contracts shares ended 1.55 per cent up after the company on Friday post market hours informed bourses that it has secured new orders aggregating to Rs 492.65 crore for construction of institutional and commercial building, including electrical, plumbing and firefighting services.
IL&FS Transportation Networks: IL&FS Transportation Networks shares gained over 2 per cent after it reported a net profit of Rs 31.07 crore for the quarter ended March 31, 2016 as compared to a net loss of Rs 3.35 crore for the same quarter in the previous year.
Adani Power: Adani Power Maharashtra, wholly owned subsidiary of Adani Power has shut down its 4 units of 660 MW each out of total 5 units of 660 MW each, situated at Tiroda Plant in Maharashtra due to acute water shortage. Tiroda Power Plant gets water under a long term arrangement from Dhapewada Project of Vidarbha Irrigation Development Corporation. Due to drought condition in the State of Maharashtra, the water dam has dried up and is unable to supply water to the Tiroda Power Plant. The production from these 4 units will resume once the water is available. Shares of Adani Power closed 0.67 per cent down at Rs 29.45.