Stocks in Focus on April 8: Maruti, IRCTC to SpiceJet; here are the 5 Newsmakers of the Day
Maruti Suzuki, SBI, IRCTC, Infoedge and SpiceJet are expected to remain newsmakers throughout the intraday trade session today
Equity benchmark Sensex rallied over 2,476.26 points or 8.97% on Tuesday, April 7, 2020, to close at 30,067.21. The gains were led by the gains in bank, IT and auto stocks amid a recovery in global equities. Similarly, the NSE Nifty soared 708.40 points or 8.76% at 8,792.20. But certain stocks came in news after the market was closed and can impact the indices when it reopens on Wednesday, April 8, 2020. List of such five stocks:
Maruti Suzuki: The biggest carmaker in India, reported a 32% decline in its production during March 2020 as compared to the same month of the corresponding year. The company produced 92,540 units last month, in comparison to 136201 units produced during March 2019, it said in a regulatory filing on Tuesday.
State Bank of India (SBI): The bank on April 7 announced a reduction of 35 basis points (0.35%) in its marginal cost of funds-based lending rate (MCLR) across all tenors making home and other retail loans cheaper. The bank said in a release that the one-year MCLR has now come down to 7.40% from the earlier 7.75% per annum, starting April 10, 2020. The bank has reduced interest rates on saving accounts/deposits by 25 bps (0.25%) to 2.75% from 3%, to be effective from April 15. This is the 11th consecutive time the bank has cut rates. Besides, Uttam Galva Steels has defaulted Rs 664 crore due to the lockdown and shutdown. State Bank of India, Oriental Bank of Commerce, Indian Overseas Bank and Vijaya Bank have exposure to the company.
IRCTC: Indian Railways subsidiary IRCTC on Tuesday announced the cancellation of three premium private passenger trains it operates till April 30, because of the COVID-19 situation, in the country. The subsidiary operates Kashi Mahakal Express (Varanasi to Indore) and two Tejas trains on Lucknow-New Delhi and Ahmedabad-Mumbai routes.
Infoedge: Zomato has started the process of delivering essential items in 80 cities through its new feature Zomato Market.
SpiceJet: SpiceJet on Tuesday operated the country’s first cargo-on-seat flight carrying vital supplies in the passenger cabin and belly space from Delhi to Chennai. It carried 11 tonnes of vital supplies in the passenger cabin and belly space.
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CESC: HDFC Mutual Fund increased stake to 9.09% from 6.66% on March 31.
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