New Delhi: Here is a list of top stocks that are buzzing in early trade on Monday:
Ashok Leyland: Shares slipped nearly 3% in early deals as the company on Friday reported a whopping 92.6% year-on-year decline in net profit to ₹39 crore for the quarter-ended September. The Hinduja Group-led company had posted a net profit of ₹528 crore in the year ago period. Chairman Dheeraj Hinduja said the company’s volumes witnessed a significant drop in the quarter.
ICICI Bank: Shares were up marginally as the private lender, after market hours on Friday, said there is no impact of downgrade by Moody’s Investors Service on ICICI Bank Ltd’s India ratings. Moody’s had announced a rating action on the medium-term note, or MTN, programme rating for the bank’s Bahrain branch to align with Bahrain's sovereign rating.
Yes Bank: The stock was the top gainer among Nifty 50 companies in early deals and traded up nearly 3% due to optimism over prospects of the private lender receiving offers from potential investors for fund raising. Separately, ace investor Rakesh Jhunjhunwala buying 12.95 million of the bank’s shares worth ₹87 crore has also been supporting the bullish sentiment.
JSW Steel: Shares traded 1% higher as credit ratings agency India Ratings has reaffirmed its long-term issuer rating of IND AA for non-convertible debentures programme. However, the agency revised its outlook for the company’s long-term rating to negative from stable due to fall in per-tonne margins and its impact on the company’s credit profile in the current financial year.
Bank of Baroda: The stock traded 4% higher on the bank of robust financial performance in the September quarter. The bank, after market hours on Friday, reported a five-fold jump in net profit to ₹736 crore for the quarter ended September due to higher other income, which was buoyed by trading gains of ₹942 crore in the second quarter of this fiscal compared with ₹138 crore a year ago.
Lupin: Shares rose more than 2% as the pharmaceutical company received US Food and Drug Administration approval for Zileuton extended-release tablets to market a generic equivalent of Zyflo CR extended-release tablets, 600 mg, of Chiesi USA, Inc. Lupin's Zileuton extended-release tablets are used for prophylaxis and chronic treatment of asthma in adults and children above 12 years of age.
IDBI Bank: Shares gained nearly 3% as the bank’s net loss narrowed to ₹3,458.8 crore due to higher net interest income, other income and fall in provisions for bad loans. The state-owned lender had posted a net loss of ₹3,602.5 crore a year ago. Earlier this year, Life Insurance Corporation acquired a 51% controlling stake in the bank, which now operates as the subsidiary of the insurer.