Indian stocks have started the week on a cautious note as investors brace up for the Union Budget 2020 to be presented on 1 February. At 10:40 am, the benchmark S&P BSE Sensex fell 150.11 points, or 0.36%, to 41,463.08, while the Nifty 50 was down 46.45 points, or 0.38%, to 12,201.80. ICICI Bank, Bank of Baroda, HDFC, Prestige Estates, Vodafone Idea and Axis Bank were among the key stocks in focus today. Read on to know more:
ICICI Bank:
Bank of Baroda: Bank of Baroda shares dropped 3.8% as Q3 loss stood at Rs 1,406.9 crore compared with a profit of Rs 736.7 crore in the previous quarter.
HDFC: Housing Development Finance Corp. Ltd (HDFC) shares fell 1.7%, while those of Dr Reddy's Lab were up 1.1% ahead of the announcement of their third quarter earnings today. Other major companies to announce Q3 results include InterGlobe Aviation, United Spirits, Wockhardt and IIFL Finance
Prestige Estates: Prestige Estates Projects Ltd shares jumped 5.4% as Q3 consolidated net profit soared to Rs 216 crore versus Rs 67.4 crore in the year-ago quarter.
Vodafone Idea: Vodafone Idea Ltd shares dropped over 4% after India Ratings downgraded rating on NCDs of Rs 3,500 crores to IND BBB-/ RWN, while CRISIL also downgraded rating to CRISIL BB/ (Rating watch with negative implications).
Axis Bank: Axis Bank Ltd shares rose 1.5% after the lender proposed to raise funds by issuing senior unsecured redeemable non-convertible debentures (NCD) aggregating up to Rs 5,000 crore.
EIH: EIH Ltd shares rose 1.5% after net profit rose 5.3% to Rs 95 crore in the December quarter, while revenue dipped 3.8% to Rs 509.5 crore compared with a year ago.
DCB Bank: DCB Bank Ltd shares were up 1.3% as Q3 net profit jumped 12.3% to Rs 96.7 crore versus Rs 86.10 crore in the year-ago quarter.
Bajaj Finance: Bajaj Finance Ltd shares erased initial losses to trade 0.3% higher after the company said the board will mull raising funds via NCDs on 29 January.
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