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BloombergQuint | Latest and Live Business, Market, Political and Economy News
26.07.2024
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Shares of Cyient Ltd. tumbled 9% on Friday after its profit declined 15% in the quarter ended June 2024, prompting Nuvama to cut the target price on the stock. The company reported disappointing earnings along with weak order inflow, Nuvama said in a note on July 25.
Shares of Indus Towers Ltd. surged to their highest level in over six years on Friday after it said its board is meeting next week to consider buyback of shares. In the meeting scheduled for July 30, Indus Towers' board of directors may consider and approve buyback of fully-paid-up equity shares of Rs 10 each, according to an exchange filing on Thursday.
Canara Bank reported lower than expected net interest income growth at 6% YoY with 17 bps sequential decline in reported NIM to 2.9%. Profits were in-line, as higher other income and low credit costs offset the impact. NIM was partly impacted by accounting change around penal interest, which is now recognized under other income. Canara Bank also has lower provision coverage ratio (at 71%) and limited standard provision buffers relative to public sector bank peers.