Stocks in focus on August 24, 2020

New Delhi: Markets closed higher on Friday led by gains in banking and power stocks amid a rebound in global markets.

The BSE Sensex jumped 214.33 points or 0.56 percent to close at 38,434.72 while the NSE Nifty finished higher by 59.40 points or 0.53 percent to 11,371.60.

Here are Stocks in focus on August 24, 2020

Punjab National Bank 

State-owned Punjab National Bank on Friday reported a standalone net profit of Rs 308 crore for the quarter ended June even as provisions for bad loans doubled. The country''s second largest lender had posted a net profit of Rs 1,018.63 crore during the corresponding April-June period of 2019-20. While the figures show a drop of 70 per cent, the bank in a regulatory filing said the results are not comparable as it merged Oriental Bank of Commerce and United Bank of India with itself effective April 1, 2020.

Indiabulls Housing Finance

Indiabulls Housing Finance on Friday reported nearly 66 per cent decline in its consolidated net profit at Rs 273 crore for the first quarter ended June of the current fiscal year. The housing financier had posted a net profit of Rs 802 crore in the same quarter a year ago. Total income fell 33.7 per cent to Rs 2,578 crore during April-June of 2020-21 as against Rs 3,386 crore in the same period of 2019-20, Indiabulls Housing Finance Ltd (IBHFL) said in a regulatory filing.

Union Bank

State-owned Union Bank of India on Friday reported a consolidated net profit of Rs 340.95 crore for the first quarter ended June 2020. The bank had logged a net profit of Rs 230.12 crore during the same period of the preceding fiscal year. Union Bank said the figures related to June 2019 are of pre-amalgamated period, hence not comparable with post-amalgamation financials for the quarter ended June 2020.

Oil India Ltd

Oil India Ltd, the nation''s second largest state oil and gas producer, logged second quarterly loss in its history in April-June after crude oil prices slumped to lower than cost of production. OIL had a net loss of Rs 248.61 crore in first quarter of 2020-21 fiscal as compared to a net profit of Rs 624.80 crore in the same period of the previous financial year.

Rossari Biotech

The Mumbai-based speciality chemical maker Rossari Biotech reported a 9.2% year-on-year rise in the consolidated profit at Rs 15.5 crore for the quarter ended June 30, 2020.