Stock Markets Today Live Updates: City Union Bank stock spikes over 9% to hit a 19-month high on healthy Q1 earnings
In today’s market wrap-up, City Union Bank’s stock saw a significant spike of over 9% to hit a 19-month high following the release of its healthy Q1 earnings report. The bank reported a provision of ₹109 crore as of June 30, 2024, a decrease from ₹187 crore in the same period last year. Additionally, the bank’s Profit After Tax (PAT) rose to ₹264 crore in Q1 FY25 compared to ₹227 crore in Q1 FY24.
This positive news for City Union Bank comes amidst a backdrop of mixed market movements, with some stocks experiencing gains while others faced declines. The IPO market also saw some action, with RNFI Services shares listing with a 90% premium at ₹199.5 apiece on NSE SME.
In other news, IDFC First Bank’s share price dipped after its Q1FY25 results were released, prompting questions about whether it is a stock to buy today. Meanwhile, Punjab National Bank saw its share price rise by over 5% post-Q1 results, with the bank reporting its highest-ever quarterly standalone profit of ₹3,252 crore.
UltraTech Cement also made headlines with its acquisition of a 32.72% equity stake in India Cements for ₹3,954 crore at ₹390 per share, leading to a gain in UltraTech Cement’s share price.
Overall, the market remains dynamic with various stocks to watch, including UltraTech, ICICI Bank, PNB, Uno Minda, Bosch, Indigo, REC, and KEC International. Experts have recommended five stocks to buy today, including Ethos, IFB Industries, Samvardhan Motherson, Chambal Fertilisers, and LIC Housing Finance.
As the market continues to evolve, investors are advised to stay informed and keep track of real-time updates on their favorite companies through Mint’s market blog for all things Dalal Street and global markets.
