Tech stocks propel the market higher – Thursday closing report
We had mentioned in Tuesday’s closing report that movement in Nifty, Sensex were showing signs of exhaustion. On Thursday, the major indices rallied and closed with major gains. On the NSE, there were 743 advances, 1,072 declines and 342 unchanged.
 
The trends of the major indices in the course of Thursday’s trading are given in the table below:
 
 
Infosys posted 12.4% rise in the first quarter consolidated net profit at Rs 4,272 crore helped by large deals. Larsen & Toubro Infotech reported a 17.1% year-on-year jump in consolidated net profit for the quarter ended June 30 at Rs 416.4 crore. Revenue grew 17% YoY to Rs.3,015 crore.
 
Federal Bank reported 4.3% rise in its standalone net profit at Rs 400.77 crore for the first quarter. The bank had posted a net profit of Rs 384.21 crore during the corresponding quarter of 2019-20. The bank's total income during April-June 2020 increased to Rs 3,932.52 crore as compared with Rs 3,620.82 crore in the year-ago period.
 
Vodafone Idea shares plunged after Telecom Disputes Settlement and Appellate Tribunal (TDSAT) refused to stay the sector regulator’s order asking Vodafone Idea to put on hold its RedX plan offering faster data speeds and priority services to higher-paying postpaid customers.
 
Bandhan Bank reported a 31.6% YoY fall in its net profit at Rs 550 crore for the June quarter due to additional provision on standard assets amounting to Rs 750 crore for COVID-19. Net interest income for the quarter rose nearly 15% YoY to Rs 1,811 crore.
 
Bajaj Consumer reported a net profit of Rs 54.19 crore in Q1FY21 against profit of Rs 58.65 crore in the year-ago quarter. Total revenue from operations fell to Rs 196 crore against Rs 240 crore in the previous year.
 
GTPL Hathway reported a 39% increase in profit after tax at Rs 40.9 crore for June quarter. Consolidated revenue stood at Rs 5,02 crore, up 10% YoY despite Covid-19 challenges.
 
HDFC Securities reported 95% YoY jump in net profits for the June quarter at Rs129.72 crore. Revenue grew 50% YoY to Rs275.31 crore.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
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