Stock Market News- IndiGo Slumps, Yes Bank, IndusInd Bank top gainers

IndiGo Slumps - The Most In Over A Year Shares of InterGlobe Aviation fell as much as 19.3 percent, the most since May 2018, to Rs 1,264.85. Interglobe Aviation Ltd. promoter Rakesh Gangwal has alleged “questionable” related-party transactions between the IndiGo’s parent and private entities of the other promoter Rahul Bhatia in a letter to the Securities and Exchange Board of India. Gangwal also sought an extraordinary general meeting of the company’s shareholders to address the governance issues he has raised against Bhatia.

TCS Falls -  After Q3 Results Announcement Shares of the country's largest software exporter fell as much as 2.9 percent to Rs 2,071.30 after the company announced its quarterly results for the three months ended June.

Yes Bank, IndusInd Bank top gainers -  Yes Bank and IndusInd Bank were among the top gainers jumping up to 2%. TCS, Bajaj Finance shares were among the biggest losers, tanking up to 2% in the morning trade.

Rupee Opening - The Indian rupee opened lower at 68.62 against the US dollar, down 8 paise compared to Tuesday's close of 68.54 a dollar.

NEWS ALERT - Strides Pharma said its subsidiary achieved financial closure in Arrow deal worth AUD 394 million.

CATCH ALL MARKET UPDATES - 

1   IGL gains 2%

2   Eros Media dips 4%

3   SpiceJet soars over 8%

4   Reliance Infra tanks over 4%

5   TCS slips 2% after Q1 results

6   Syndicate Bank rises over 2%

7   Dr. Reddy Labs trades 0.7% lower

8   ÍndusInd Bank gains in early trade

9   Zee Entertainment Enterprises up over 2%

10  IndiGo's board room trouble cracks stock 10%

11  GTPL Hathway soars over 9% ahead of Q1 numbers

12  Religare Enterprises gains over 7% in early trade

13  Manpasand Beverages dips 5% after auditors resign

KRBL slips over 1% - Icra has revised long-term rating bank facilities to [ICRA]AA- from [ICRA]AA

Anik Industry trades flat - CARE revised rating on company's long term bank facilities to C (issuer not cooperating) from B+/Stable (issuer not cooperating), on account of deterioration in its liquidity due to cash loss reported in FY19 and almost full utilization of working capital limits.

Garware Synthetics gains 4% despite resignation by Co-director - Ramesh Chandorkar resigned as director of the company.

Minda Industries Jumps Nearly 7% - Shares of the auto component maker rose as much as 6.5 percent, the most since May 20, to Rs 292.60. The stock snapped its three-day losing streak, its longest since June 19. The scrip traded at 20 times its estimated earnings per share for the coming year.

Manpasand Beverages Hits 5% -  Lower Circuit Shares of Manpasand Beverages hit their lower circuit of 5 percent at Rs 38.85. This after Mehra Goel & Co. resigned as the statutory auditor of the company. The stock fell 56.3 percent so far this year and slumped 74.2 percent over the past 12 months.

Source

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