Today, both the Sensex and Nifty are down as rising crude prices and bond yields, continue to worry investors. The market extended opening losses, continuing correction for the fourth consecutive session in a row amidst high crude oil prices in the international market and dipping rupee value.
Here is the list of top 5 stocks which are in news, today
Larsen & Toubro: Larsen & Toubro's Heavy Civil Infrastructure business has secured an order worth Rs 1,504 crore.
The business has won a marine infrastructure project of national importance by securing an order from the Cochin Shipyard Ltd. for part design and construction of a Dry Dock along with associated works.
The project involves the construction of a new Dry Dock-03, MEP works including pump house, crane rail foundations, caisson entrance gates & intermediate gates, quay wall crane piers, underground substation & tunnels and grand assembly area which is to be completed in stringent timelines.
L&T GeoStructure has received an order from the Kalinga International Coal Terminal Paradip Private Limited for construction of piling, diaphragm wall and berth deck at Paradip Port, Odisha.
Despite the order, the shares of Larsen & Toubro were trading at Rs 1,343.95 per piece down by 1.49% as at 12:29 pm (IST) in BSE.
JK Tyre & Industries Ltd: JK Tyres announced strong results for the fourth quarter and fiscal 2018, which led to the rise in the share prices of the company by 4.34% in BSE today.
The company reported improvement in operating profit at Rs 442 crores and earned Profit Before Tax of Rs 250 crores during the fourth quarter of 2018.
Net Revenue for fiscal 2018 is Rs 8272 crore, an increase of 8%. Operating Profit for the year was Rs 883 Crores and Profit Before Tax for the year was Rs 107 crores on a consolidated basis.
Dr. Raghupati Singhania, Chairman and Managing Director of the Company said, in the year 2017 -LB, the sales volumes at JK Tyre grew by 11%. The Company registered a growth higher than the industry at large, which helped JK Tyre increase its presence across categories especially in Truck, Light Truck, SCV, Farm and OTR Tyres.
He further added that the year witnessed an unprecedented increase in oil prices which had a major impact on its margins. He also emphasized, that the Truck/Bus radialisation which the company has accelerated to 47% during the year and is expected to cross 50% mark in the coming year.
The Board of the company also recommended for a dividend of Rs 1.50 per equity share for the year ended March 31, 2018.
The share of JK Tyre traded at Rs 150 up by 4.06% at 12:41 pm (IST) in BSE.
Bajaj Finance Limited: Bajaj Finance, an Indian Non-Banking Financial Company reported improved results for the fourth quarter and fiscal 2018.
The company reported total income of Rs 3,557 crore, up by 33% in the fourth quarter of 2018 as against Rs 2,670 crore in the fourth quarter of 2017. Profit After Tax for the fourth quarter of 2018 grew by 61% at Rs 721 crore from Rs 449 crore in the fourth quarter of 2017. Loan losses and provisions for the fourth quarter of 2018 stands at Rs 274 crore as against Rs 287 crore in the fourth quarter of 2017.
For fiscal 2018, total income stood at Rs 13,329 crore, up by 33% from Rs 9,989 crore in fiscal 2017. The Profit After Tax for fiscal 2018 stands at Rs 2,647 crore, up by 44% from Rs 1,837 crore in fiscal 2017. Loan losses and provisions for fiscal 2018 is Rs 1,030 crore as against Rs 804 crore in fiscal 2017.
Apart from excellent financial performance during the fourth quarter and fiscal 2018, the company has also recommended a dividend of Rs 4 per equity share for fiscal 2018.
The shares of Bajaj Finance rose by 3.06% and stood at Rs 2,130.60 per piece at 12:56 pm (IST) in BSE.
Biocon: Biocon is the Indian Bio-pharmaceutical company based out of Bangalore. The company's unit in Bangalore was inspected by U.S. Food and Drug Administration (FDA) during the first week of this month. Post inspection, the U.S. FDA has made several observations which mainly relates to the quality and control procedures followed in the manufacturing unit which needs to be upgraded as per the requirements of the U.S. FDA.
The company said that it will respond with a corrective and preventive action plan in a timely manner.
The stock of Biocon were up by 1.68% and stood at Rs 650.25 per share at 1:05 pm (IST) in BSE.
Bhushan Steel: Bhushan Steel- the manufacturer of auto-grade steel in India, which is currently witnessing insolvency proceedings was bought by Tata Steel after securing nod from the National Company Law Tribunal.
And now, Tata Steel is looking out for as a loan to purchase the assets of Bhushan Steel.
The stocks of Bhushan Steel traded at Rs 27.65 per piece, up by 4.93% in BSE at 1:17 pm (IST).