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Here are the top stories from the F&O corner to start your day.
⭐Kotak Bank eyes stake in IDBI Bank
₹1,747 ▼32 (-1.8%)
Kotak Mahindra Bank declined nearly 2% on Monday, while the OI of its February futures contract rose 0.9%, indicating short buildup. Meanwhile, the put option OI on the 1,700-1,740 contracts rose 4% and 22% respectively. This comes after reports suggested that the private sector lender has shown interest in acquiring a majority stake in IDBI Bank.
⭐Power surge for IEX
₹139 ▲1 (+1%)
Indian Energy Exchange closed higher on Monday, while the OI of its February futures contract rose 1.2%, indicating long buildup. This comes after the company said that the total electricity trade volume on IEX registered a 4% MoM growth to 8,245 million units in January. The exchange witnessed its highest volume due to improving supply-side conditions, led by gradually increasing coal supply and easing coal prices in the e-auction.
⭐India Cements slips on weak Q3
₹188 ▼4 (-2%)
Shares of India Cements fell on Monday after the company reported its Q3 results. The OI of its February futures contract fell 0.1%, indicating long unwinding. The cement maker's net profit rose 26% YoY to ₹90 crore, after reporting a one-time exceptional gain of ₹294 crore. Excluding the exceptional gain, the company reported a net loss of ₹180 crore.
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