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Stock Market News - HDFC Bank, Yes Bank top losers, Motherson Sumi Jumps

HDFC Bank, Yes Bank top losers - Yes Bank, HDFC Bank shares emerged among the biggest losers, shedding up to 3.5% on Friday morning. Tata Motors, Heromotocorp shares were among the top gainers, jumping up to 1%.


Motherson Sumi Jumps On Goldman Boost Shares of the auto parts maker rose 4.1 percent intraday to a one-month high of Rs 107.25 each. Brokerage firm Goldman Sachs upgraded its recommendation on the stock to ‘Buy’ from ‘Neutral’. It also fixed the target price at Rs 121, indicating a potential return of 17.3 percent from the last close.

Yes bank share price extends losses after Wednesday's rally on reports of Rana Kapoor selling stake - Shares of private sector lender  Yes Bank extended decline on Friday morning, following Wednesday's mega rally on reports that founder Rana Kapoor is in talks with Paytm to sell his stake. Yes, Bank shares are down about 3% to Rs 65.30 on BSE. The stock, which rose 13.5 percent on Wednesday, has lost more than 50 percent of its value in the last three months amid corporate governance and asset-quality concerns. Yesterday, the shares ended at Rs 67.95.

Rupee at a 4-week high: -The Indian rupee traded at 70.93 against the US dollar, up 20 paise from the previous close.

NEWS ALERT |

1. PI Industries will buy the entire stake in Isagro Asia for Rs 345 crore.

2. Ajanta Pharma has received tentative approval from the US FDA  for Dapagliflozin, reports CNBC-TV18.

3. OBC falls over a percent after CARE revised its rating outlook on lender's Tier I & Tier II bonds from 'Stable' to 'under credit watch with developing implications.

Oil check -- Oil prices were softer as a meeting of the OPEC+ alliance yielded no decision on deepening crude supply cuts. Brent crude futures fell 0.2 percent to $60.29 a barrel while U.S. West Texas Intermediate (WTI) crude lost 0.2 percent to $54.96.

-- At 8:25 am, Brent Crude Futures were at $60.21 per barrel.

BUZZING STOCK | Gravita India jumps 5% as subsidiary enhances production capacity

CATCH ALL THE MARKET UPDATES
  • YES Bank shares slip 3%
  • Motherson Sumi gain over 3%
  • Titan trades over 1% higher
  • FoodsTitan gain over 1 percent higher
  • Indiabulls Housing Finance slip over 2%
  • Maruti Suzuki India climbs over 1%, the top gainer in Sensex
  • HUL trades higher on report it's leading the race to pick up Nagpur-based Dinshaw’s Dairy 

Repo Rate Cut Likely After CPI Data - "The August CPI came in at 3.21 percent against 3.15 percent in July. The marginal increase in CPI is mainly due to an increase in food inflation. However, for the 13th consecutive month, CPI has come below RBI’s medium-term target of 4 percent. This is mainly due to subdued crude prices. 


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