Overnight Digest: Stocks to look out on August 16
The stocks to watch out on August 16 include IDBI Bank, SBI, Sun Pharma, Jindal Steel & Power and GIC.
IDBI Bank: For Q1FY20, net interest income stood at Rs. 1458 crore as compared to Rs. 1639 crore for Q1FY19. The bank incurred a net loss of Rs. 3801 crore in Q1FY20.
State Bank of India: The bank intends to divest its stake in card and payments arm through IPO route.
Jindal Steel and Power Limited: Despite incurring a net loss of Rs. 87.40 crore in Q1FY20, the stock of the company was trading 9 per cent above its previous close. For Q1FY20, its net sales on a consolidated basis increased by 4 per cent YoY to Rs. 11099.22 crore.
Sun Pharmaceutical Industries: The company has received a global licence for CSIR Indian Institute of Chemical Technology, Hyderabad (CSIR-IICT) patents relating to certain compounds having potential therapeutic activity across multiple indications in the company’s specialty areas.
General Insurance Corporation of India (GIC): For Q1FY20, the company reported a growth in gross premium income of 10.8 per cent YoY to Rs. 20813.12 crore. The PAT for the quarter ended June 2019 stood at Rs. 108.6 crore as compared to Rs. 771.42 crore in Q1FY19.