Benchmark indices have recovered after three days of fall. Despite weakness across Asia due to the Corona Virus, Indian markets are trading higher. Here are 4 stocks that are seeing huge buying interest and are up sharply in trade:
1. Axis Bank
Axis Bank was seeing heavy buying interest after its quarterly numbers were reported after market hours yesterday. The shares of the bank were up almost 3 per cent at Rs 735. The Net interest income more commonly known as NII rose 15 percent to Rs 6,453 crore and was better than most estimates. Net profit of the bank was placed at Rs 1,757 crore.
What impressed the markets was that the gross non performing assets of the bank was at 5.00 percent versus 5.03 percent.
Shares in Larsen and Toubro also saw huge buying interest after its quarterly numbers were reported. The shares were up almost 3 per cent at Rs 1,330.
Revenue at the engineering behemoth rose 6 percent to Rs 36,243 crore, while the net profit rose 15 percent to Rs 2,352 crore. The company maintained its guidance despite an economic slowdown.
Shares in Raymond jumped almost 4 per cent, after its net profits surged. Net profit rose to Rs 195.3 crore and included the Thane land deal.
The reported net profit for the quarter ending Dec 31, 2019 stood at Rs 195 crores and included an exceptional item of Rs 160 crores, which related to the sale of land.
However, the underlying net profit stood at Rs 36crores, slightly lower than Rs 38 crores, year-on-year. The shares were last trading at Rs 686, up 2 per cent in trade.
4. Ujjivan Small Finance Bank
Ujjivan Small Finance Bank saw its stock rising almost 4 per cent in trade. Net profit at this small finance bank rose sharply to Rs 89.7 crore.
The shares of this small finance bank were last trading at Rs 53.15.