Home >Markets >Stock Markets >Stocks in News: Indigo, SBI, Bharti Infratel, Vodafone Idea, Castrol India
After crashing 23% on Thursday, the stock pared some losses and traded down 6% in early deals (Reuters file)
After crashing 23% on Thursday, the stock pared some losses and traded down 6% in early deals (Reuters file)

Stocks in News: Indigo, SBI, Bharti Infratel, Vodafone Idea, Castrol India

  • Shares of Interglobe Aviation Ltd slumped more than 9% in early deals after the company reported its first quarterly loss during the current fiscal
  • SBI's stock of the country’s largest public-sector lender recovered from Thursday’s loss and rose more than 2% ahead of its September quarter earnings

Here is a list of top stocks that are buzzing in early trade on Friday.

Indigo: Shares of Interglobe Aviation Ltd, which runs India’s largest budget airline Indigo, slumped more than 9% in early deals after the company reported its first quarterly loss during the current fiscal due to higher maintenance and overhaul costs that outweighed an increase in passenger traffic. It posted a loss of 1,062 crore in the September quarter as against a loss of 652 crore a year ago.

SBI: The stock of the country’s largest public-sector lender recovered from Thursday’s loss and rose more than 2% ahead of its September quarter earnings to be released later today. Shares had fallen after the SC upheld the department of communications’ (DoT) definition of adjusted gross revenue (AGR), dealing a severe blow to telecom companies. The bank has huge exposure to the sector and more financial stress for telecom companies would increase the risk of fresh bad loans for the lender.

Bharti Infratel: Shares fell for the second consecutive session as its merger with Indus Tower has been delayed by two more months to 24 December. Chairman Akhil Gupta had said lack of a key government approval has held up the process, making it impossible to complete the merger by 24 October. The companies had earlier aimed to complete the process by August. The stock plunged nearly 9%.

Vodafone Idea: After crashing 23% on Thursday, the stock pared some losses and traded down 6% in early deals. There are concerns over the telecom operator shutting down as investors anticipated that it will not be able to meet its payment obligations under the DoT’s definition of AGR. Vodafone Idea Ltd alone has to pay a massive 28,308 crore as the SC ruled in favour of the government.

Tata Motors: Shares traded down more than 2% ahead of the September earnings to be released later today. Investors are treading cautiously as the numbers will be announced at a time when the auto sector has been grappling with severe demand slowdown. The company’s sales had nearly halved to 36,376 units in September from 69,991 a year ago.

Castrol India: Shares of the automotive and industrial lubricant maker extended gains from Thursday, rising nearly 3% in early deals as it reported a 25% growth in its net profit at 188.4 crore in the quarter-ended September. The company had posted a net profit of 150.4 crore in the same period last fiscal. It also announced the appointment of Sandeep Sangwan as the managing director from 1 January, 2020.


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