Stock Corner
1.
Shares of
Intellect Design Arena is locked in the upper circuit of 20% at Rs 244 per
share, also their 52-week high on the BSE, after the IT company announced a
multi-million dollar deal with a leading bank in Asia with a strong foothold in
Singapore, Malaysia, Indonesia, Thailand and China.
2.
Shares of
public sector undertaking (PSU) banks have fallen by upto 5% on the National
Stock Exchange (NSE) on Tuesday in intra-day trade after scam-hit Punjab
National Bank (PNB) incurred a net loss for the second consecutive quarter. PNB
slipped 5% to Rs 85.60, falling 7% from intra-day high on the BSE, after the
bank reported a net loss of Rs 9.4 billion in June quarter (Q1FY19), on higher
provision for bad loans.
3.
India's
Mahindra & Mahindra Ltd reported a better-than-expected 63 per cent surge
in first-quarter profit on Tuesday, underpinned by robust sales. Standalone
profit after tax, which does not include share of profit from its unit Mahindra
Vehicle Manufacturers Ltd, stood at Rs 12.21 billion ($177.50 million) for the
quarter ended June 30, compared with Rs 7.49 billion a year earlier.
4.
Indian auto
parts maker Motherson Sumi Systems Ltd's net profit jumped about 59 percent in
the first quarter but fell short of analysts' expectations, hurt by higher
expenses.
5.
Punjab
National Bank reported its second consecutive quarter of loss as the country's
second-biggest state-run lender set aside more funds for a massive fraud it
disclosed earlier this year. Net loss was Rs 9.40 billion ($136.72 million) for
the three months to June 30, compared with a profit of 3.43 billion rupees a
year earlier, the bank said in a statement.
Missed call
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