Indian indices pared morning gains to end in the red on Wednesday weighed by banking and financial stocks as they fell sharply from the day's high. However, gains in IT stocks and heavyweight Reliance Industries capped the losses.
Broader markets, meanwhile, outperformed benchmarks with the midcap and smallcap indices in the green, up 0.3 percent each.
Here are the key stocks that moved today:
Uflex: Shares of Uflex rallied 20 percent after the company reported strong earnings for the March quarter. The packaging materials company posted an over two-fold jump in consolidated net profit at Rs 264.95 crore in Q4FY21 as compared to Rs 100.90 crore during the year-ago period. Total income during the quarter rose 45.05 percent to Rs 2,571.77 crore from Rs 1,773 crore, YoY. Consolidated EBITDA jumped by 87 percent YoY to Rs 516.4 crore.
PNC Infra: The share price of PNC Infratech surged nearly 11 percent after the company's net profit jumped 70 percent to Rs 129 crore in the March quarter. The company had posted a profit of Rs 76 crore in the year-ago quarter. The sentiment was also lifted as the company announced that it has an order book of over Rs 11,600 crore.
Cummins India: Cummins India rose 6 percent after brokerage house Kotak Institutional Equities retained a buy call on the stock with a 16 percent upside. It has a target price of Rs 1,030 per share. The firm has increased fair value by 10 percent to account for modest business benefits of CPCB-IV norms, it added.
Central Bank of India and Indian Overseas Bank: Both CBI and IOB added over 9 percent each after the Cabinet Secretary-led panel selected the banks for privatisation. The two state-run banks might see 51 percent stake sale in the first phase of disinvestment. The Ministry of Finance is also working on legislative amendments for the privatisation of the public sector banks (PSBs).
(Edited by : Pranati Deva)
