Market Movers: SBI rings in good times with other banks as Havells sulks

MUMBAI: Unlike his predecessors, State Bank of India’s Chairman Dinesh Khara avoided the trap of saying the most dreaded phrase in Indian equity market: “worst is over”. Instead, he rang in the good times for the state-owned lender and perhaps his peers by suggesting that the bank does not see “concerns on asset quality going ahead”.

With the country’s largest lender avoiding the statement that has in the past called the top of many bull markets in Indian equities, investors were in a generous mood as they rewarded the stock with an over 4 per cent jump and the entire banking pack with nearly 4 per cent gains.

Humour aside, the bank’s extraordinary performance on asset quality as well as surprisingly low slippages of around Rs 5,500 crore bodes well for the stock market’s attempt at reclaiming its record high from which it slid over the past two months due to the second Covid-19 wave.


That said, SBI’s rally had the entire market in a cheerful mood as if they were part of a party from F. Scott Fitzgerald’s Great Gasby.

IEX welcomes new FIIs
Investors of Indian Energy Exchange were in a good mood as they got a vote of confidence in their conviction behind the stock after Thursday’s data showed French investment banking giant Societe Generali and renowned FPI Copthall joined the ranks with minor stake purchases. They picked up the stake from the sale by the promoter of the company whose stock has generated staggering returns over the past 14 months. The stock rose over 4 per cent.

Havells India missed out, though!
Well there is always someone who sulks in a gala and today it was Havells India, whose stock nosedived 4 per cent as brokerages such as CLSA Asia-Pacific Markets expressed concerns that not many people will be interested in buying fans, kitchen appliances and other lighting this summer. Plus the company’s belt around its waist is being tested by the surging input costs. It is double jeopardy, folks!

Now, if you adorable readers don’t mind, we will like to start our weekend too. Come back on Monday.