Mid-Day Movers: These two stocks are the top gainers on July 7
Titan and Canara Bank are in the news and trading 5.28 per cent and 5.58 per cent, respectively.
Titan
At 12:35 pm, the shares of Titan are trading at Rs 2119.8 with 5.28 per cent higher for the day.
Titan is significantly outperforming the market on the back of great Q1 results for FY23. The sales number more than doubled for the company compared to its Q1 FY22 numbers. Jewellery, Watches & Wearables, and EyeCare business segments showed a YOY growth of 207 per cent, 158 per cent, and 176 per cent, respectively.
The company also added 120 new stores in the June quarter, currently amounting to a total 2160 stores across India.
If you don’t know already, Titan is the favourite stock of Rakesh Jhunjhunwala as the stock has delivered him multi fold returns over the years.
Canara Bank
At 12:35 pm, the shares of Canara Bank are trading at Rs 203.55 with 5.58 per cent gain for the day. The rally in Canara Bank is on account of news regarding the company increasing marginal cost of funds-based lending rate (MCLR) and repo-linked lending rate (RLLR) on its variety of products across all offered tenures. The bank has hiked MCLR by 10 basis points for all tenures. Canara Bank will have overnight MCLR revised at 6.75 per cent from the previous 6.65 per cent.
The MCLR is the minimum interest rate below which the banks cannot lend, except in limited circumstances. An increase in MCLR will increase interest rates on newly sanctioned loans and advances with initial disbursements made on or after July 7, 2022.