Markets ended in the positive zone on Monday led by strong buying in financial counters amid a positive trend in global equities and sustained foreign fund inflows.
The BSE Sensex ended 364.36 points or 0.95 per cent higher at 38,799.08. The NSE Nifty jumped 94.85 points or 0.83 per cent to 11,466.45.
LIC Housing Finance Ltd
Mortgage lender LIC Housing Finance Ltd (LICHFL) on Monday reported a 34 per cent jump in its net profit to Rs 817.48 crore for the quarter ending June helped by lower provisioning. The company’s profit after tax stood at Rs 610.68 crore in the April-June quarter of the previous fiscal.
Axis Bank on Monday said it will acquire 17 per cent stake in Max Life Insurance instead of the 29 per cent proposed earlier as per a revised deal. Axis Bank currently holds about 1 per cent stake in Max Life and is the biggest banking channel partner for the distribution of the insurer’s products. Products sold through the bank reportedly account for 54 per cent of Max Life’s revenues.
Fitch Ratings on Monday said state-owned oil refiners IOCL, BPCL and HPCL may see longer than previously expected time to recover refining margins, increasing downside risks to their credit profiles.