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Kotak Bank gains on robust Q3 numbers, Tejas Networks plunges & more

NIFTY50: 21,571 ▼ 50 (-0.2%)
SENSEX: 71,423 ▼ 259 (-0.3%)


Among the NIFTY sectoral indices, PSU Bank (+1.8%) and Bank (+0.7%) were the top gainers, while FMCG (-1.1%) and IT (-1.0%) were the top losers.

What's Up

Top gainers Today's change
Coal India 399 ▲ 15 (+4.1%))
Adani Ports 1,190 ▲ 38 (+3.3%)
Kotak Bank
1,810 ▲ 45 (+2.5%)

What's Down

Top losers Today's change
HUL
2,470 ▼ 95 (-3.7%)
TCS 3,859 ▼ 83 (-2.1%)
M&M 1,624 ▼ 31 (-1.9%)

Market Sentiment

USD-INR 83.11 ▼ 0.05 (-0.06%)
NIFTY MIDCAP 100 48,062 ▲ 246 (+0.5%)
NIFTY SMALLCAP 100 15,518 ▲ 31 (+0.2%)
India VIX 13.80 ▼ 0.2 (-1.9%)

Stock Buzz


⭐ Kotak Bank gains on robust Q3 numbersl

Shares of Kotak Mahindra Bank closed 2.5% higher today. This was after the company reported a 7.6% year-on-year (YoY) rise in its standalone profit to ₹3,005 crore in Q3 FY24. The private lender’s net interest income rose 16% YoY to ₹6,554 crore in the same period. Its gross non-performing assets (NPA) stood at 1.73% in this quarter compared to 1.90% in the same quarter last year.

⭐ RITES zooms on new order win

Shares of the multidisciplinary engineering and consultancy organisation closed 12.9% higher today. This came after the company emerged as the lowest bidder for the project worth ₹414 crore. The company will provide project management consultancy services for infrastructure works at IIT-Bhubaneswar.

⭐ Tejas Networks plunges after Q3 loss widens

Shares of Tejas Networks closed 5.7% lower today. This was after the company reported a rise of 195% YoY in its net loss of ₹44.9 crore and missed the street estimates during the third quarter of FY24. Meanwhile, its revenue grew by 104% YoY to ₹560 crore for the quarter. The company stated that it has continued investments to expand R&D teams and operations, aiming to speed up product development and execute large projects.

⭐ IREDA surges 10% on profit jump

Shares of the recently listed government owned energy development agency were locked in the 10% upper circuit today. This was after the company reported a 67% year-on-year (YoY) growth in its net profit to ₹335 crore in Q3 FY24. Its loan book grew 33% to ₹50,579 crore. While its net NPA went down to 1.5% from 2% last year in the same quarter.


IPO Corner

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Learn with Upstox

What are non-performing assets?

Non-performing assets (NPAs) are loans that borrowers have failed to repay for a specified period, usually 90 days. These assets can impact a bank's financial health, leading to a decrease in profitability. Monitoring and managing NPAs are crucial for financial institutions to maintain stability and ensure the effective deployment of funds.


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