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Epic Update : Bank of Baroda
The market extended losses in afternoon trade, with the Sensex trading near day’s low, dragged by ITC that wiped out morning gains. Banking & financials, infra and auto stocks were under pressure.
The 30-share BSE Sensex was down 100.90 points at 28233.35 and the 50-share NSE Nifty fell 31.60 points to 8761.95.
The broader markets shed 0.9 percent each as about two shares declined for every share advancing on the BSE.
Bank of Baroda, Infosys, ICICI Bank, Yes Bank, SBI and TCS were most active shares on bourses.
Bank of Baroda tanked 9 percent on asset quality concerns. “Management continues to engage in the balance sheet clean-up exercise, with greater focus on recognising stress than growth; asset quality pressures stand imminent for upcoming quarters until it normalises by fiscal year end,” says KR Choksey which has maintained accumulate rating on the stock.
Infosys extended gains, up 1.4 percent after co-founder NR Narayana Murthy clarified, saying concerns still need to be addressed. The board is comprised of good intentioned people of high integrity, he adds.
The market extended losses in afternoon trade, with the Sensex trading near day’s low, dragged by ITC that wiped out morning gains. Banking & financials, infra and auto stocks were under pressure.
The 30-share BSE Sensex was down 100.90 points at 28233.35 and the 50-share NSE Nifty fell 31.60 points to 8761.95.
The broader markets shed 0.9 percent each as about two shares declined for every share advancing on the BSE.
Bank of Baroda, Infosys, ICICI Bank, Yes Bank, SBI and TCS were most active shares on bourses.
Bank of Baroda tanked 9 percent on asset quality concerns. “Management continues to engage in the balance sheet clean-up exercise, with greater focus on recognising stress than growth; asset quality pressures stand imminent for upcoming quarters until it normalises by fiscal year end,” says KR Choksey which has maintained accumulate rating on the stock.
Infosys extended gains, up 1.4 percent after co-founder NR Narayana Murthy clarified, saying concerns still need to be addressed. The board is comprised of good intentioned people of high integrity, he adds.
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Follow @Epic_Research
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