New Delhi: Markets closed higher on Thursday led by gains in index heavyweight amid hopes of fresh government stimulus to support the economy. The 30-share BSE Sensex ended 268.95 points, or 0.71 per cent, higher at 38,140.47. Similarly, the NSE Nifty advanced 82.85 points, or 0.74 per cent, to close at 11,215.45.
Here are stocks in focus on July 24, 2020
Drug firm Lupin on Thursday said it has received tentative nod from the US health regulator to market generic Empagliflozin and Linagliptin tablets, used as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes. The product is a generic version of Boehringer Ingelheim Pharmaceuticals Inc's Glyxambi tablets in the same strengths, Lupin said in a statement.
Engineering firm ABB India on Thursday reported an around 76 per cent decline in net profit at Rs 16.75 crore for the June quarter, mainly due to lower revenues. The company's net profit stood at Rs 69.74 crore in the quarter ended June 30, 2019, it said in a regulatory filing.
Total income declined to Rs 1,012.40 crore in the quarter under review from Rs 1,746.12 crore earlier.
IT firm Mphasis on Thursday reported a 3.9 per cent increase in consolidated net profit at Rs 275.1 crore in June 2020 quarter. The company's net profit stood at Rs 264.6 crore in the year-ago period, Mphasis said in a regulatory filing. Revenue from operations grew 10.9 per cent to Rs 2,288.2 crore in the reported quarter from Rs 2,062.5 crore in the year-ago period, it added.
Real Estate Stocks
Finance Minister Nirmala Sitharaman on Thursday said the real estate sector is at the cusp of a turnaround following the SWAMIH initiative, under which Rs 8,767 crore has been approved for 81 projects, enabling completion of almost 60,000 homes across India.
Axis Bank and Max Financial Services will make changes to certain options that were agreed upon earlier this year for the lender to hike stake in Max Life Insurance, following a correspondence from regulator Irdai, according to a filing. As per the definitive agreements entered into by the two companies, they had agreed to "certain Value Creation Options and related rights". In April, Axis Bank agreed to increase its stake in Max Life Insurance, a subsidiary of Max Financial Services (MFS), to 30 per cent from about 1 per cent.
PNB Housing Finance on Thursday reported 10 per cent decline in consolidated net profit to Rs 257.2 crore in the first quarter ended June 30, mainly due to lower disbursement amid COVID-19 pandemic.
The housing financier, promoted by Punjab National Bank, had reported net profit of Rs 284.5 crore in June quarter of 2019-20. The company's net interest income also slipped 22 per cent to Rs 487.8 crore during April-June, as against Rs 625.5 crore in year-ago period, it said in a regulatory filing.