There was a leap in the Sensex index; it gained more than 300 points and closed at 26026. Nifty too gained substantially and went up by 84 points, to close at 7768.
Among the leading gainers, in Sensex, Bharti Airtel gained the most (4.81%). Others to follow were: Reliance Industries (3.35%); HDFC (2.93%); TCS (2.71%); and Hindalco (2.62%). The following were the leading losers in Sensex: Maruti Suzuki (1%) and L&T (nearly 1%)
In Nifty, Bharti Airtel was the top gainer (5%), followed by Reliance Industries and HDFC, TCS and Dr.Reddy’s (each 3%). Among the losers, Maruti Suzuki lost a little more than 1%, whereas L&T, Punjab National Bank and Mahindra & Mahindra lost close to 1% each.
It is learnt that among the public sector undertakings, as many as 79 are in the red! The government has invested more than Rs.1,57,000 crore!
The net profit of Axis Bank, for the quarter ending June, is up by 18%. It has earned a net profit of Rs.1,667.7 crore for the quarter, compared to Rs.1,408.9 crore during the corresponding period in the previous year. During the quarter, the bank’s loan portfolio registered a substantial growth. The Executive Director and Head of the Corporate Centre of t he bank said: “While we have been hoping that the economic revival will kick in, we expect it to come in the fiscal year 2016. The bank will continue to see credit growth of 20%, better than the system.”
The Reserve Bank of India has announced that the ceiling of Rs.1 lakh on loans for non-agricultural purposes, against pledged gold, is being relaxed. It has, however, left it to the individual banks to decide on the lending cap.