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    531349   INE922B01023


SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Indian shares close higher as financials gain, COVID-19 cases fall

05/24/2021 | 06:41am EDT

BENGALURU, May 24 (Reuters) - Indian shares settled marginally higher on Monday, helped by gains in heavyweight financial stocks including State Bank of India, and as daily coronavirus infections fell further.

The blue-chip NSE Nifty 50 index closed 0.15% higher at 15,197.70, while the benchmark S&P BSE Sensex rose 0.22% to 50,651.90. Both the indexes gained more than 3% last week.

The Nifty PSU Bank Index, which tracks state-owned banks, ended 2.13% higher, marking its fourth straight session of gains.

Private-sector lender HDFC Bank and State Bank of India were the top boosts to the Nifty 50, closing 0.8% and 2.7% higher, respectively.

SBI, the country's top lender, reported a record quarterly profit on Friday and said it did not see any concerns about its asset quality.

Lifting investor mood further, data from the health ministry showed that daily cases of the novel coronavirus stayed below the 300,000-mark for the eighth straight day. However, the death toll crossed 300,000.

A steady decline in fresh COVID-19 cases and hopes that lockdowns would be lifted sooner than expected helped the market extend its gains, said Vinod Nair, head of research at Geojit Financial Services.

"Positive quarterly earnings and easing asset quality woes helped banking stocks to attract buying interest while mid- and small-cap stocks outperformed," he said.

Shares of Panacea Biotech Ltd closed 3.4% higher after the Russian Direct Investment Fund said the drugmaker had started production of Russia's Sputnik V vaccine against COVID-19.

Among losers, JSW Steel Ltd closed 2.4% lower after it said it was not looking at buying any overseas assets. Reuters and other media had reported earlier that the steel producer was considering a bid to acquire Liberty Steel in Britain as well as mills elsewhere. (Reporting by Rama Venkat in Bengaluru; Editing by Subhranshu Sahu)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF INDIA LIMITED 0.20% 74.35 End-of-day quote.52.83%
HDFC BANK LIMITED 0.85% 1434.7 End-of-day quote.-0.11%
JSW STEEL LIMITED -0.86% 740.2 End-of-day quote.91.12%
NIFTY 50 1.55% 16130.75 Delayed Quote.13.61%
PANACEA BIOTEC LIMITED 0.49% 315.3 End-of-day quote.31.73%
SENSEX 30 1.65% 53823.36 Real-time Quote.12.72%
STATE BK OF INDIA 2.67% 446.5 Delayed Quote.58.17%
07/23Panacea Biotec Limited Reports Earnings Results for the First Quarter Ended J..
07/13Panacea Biotec Limited Announces Demise of Ashwini Luthra as Independent Dire..
07/05Indian shares close at near record levels on financial boost, vaccine availab..
07/05Indian shares close at near record levels on financial boost, vaccine availab..
07/05PANACEA BIOTEC : India's Panacea Biotec jumps 9% on manufacturing licence for Sp..
07/05PANACEA BIOTEC : Gets Manufacturing License to Produce COVID-19 Vaccine Sputnik ..
07/05Indian shares rise on lower virus cases, vaccines boost; financials jump
07/04Panacea Biotec Announces Receipt of Manufacturing License to Produce Sputnik ..
06/03PANACEA BIOTEC : Narrows Loss in Q4
06/02Panacea Biotec Limited Reports Earnings Results for the Fourth Quarter Ended ..
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Sales 2021 6 248 M 84,2 M 84,2 M
Net income 2021 -1 477 M -19,9 M -19,9 M
Net Debt 2021 7 043 M 94,9 M 94,9 M
P/E ratio 2021 -7,36x
Yield 2021 -
Capitalization 19 312 M 260 M 260 M
EV / Sales 2020 2,52x
EV / Sales 2021 2,87x
Nbr of Employees 2 338
Free-Float 12,7%
Duration : Period :
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Managers and Directors
Rajesh Jain Managing Director & Executive Director
Sandeep Jain Joint Managing Director & Executive Director
Vinod Goel Group CFO, Secretary & Compliance Officer
Devender Gupta CFO & Head-Information Technology
Soshil Kumar Jain Chairman