Here is a list of top five stocks buzzing in early trade on Friday:
Bandhan Bank: Shares of the Kolkata-based bank surged 20%, hitting an upper circuit, today amid reports that the stock will be added to the MSCI index, effective 16 October. According to Motila Oswal Financial Services, Bandhan Bank will be added to the index due to its impending merger with Gruh Finance Ltd, a subsidiary of HDFC Ltd. The merger should be completed by this month.
Gruh Finance: Tracking Bandhan Bank Ltd, shares of the company jumped more than 10% in early trade. Reports that Bandhan Bank’s stock will be added to the MSCI index following its merger with Gruh Finance Ltd buoyed investor sentiment. The National Company Law Tribunal recently approved the merger of both companies, clearing all hurdles for the amalgamation to go through.
Tata Steel: The steel-manufacturing giant’s India production rose 4.7% year-on-year to 4.50 million tonnes in the quarter ended September. Tata Steel Ltd had produced 4.3 million tonnes of crude steel in the same period last fiscal. The company’s steel production rose due to addition from Tata Steel BSL Ltd. The stock was up more than 3% in early deals today.
Cipla: Shares of the pharmaceutical company slumped in early deals today as the US Food and Drug Administration (FDA) made critical observations related to cleanliness of equipment and utensils at the company’s Goa manufacturing facility. The US FDA, which inspected the plant during 16-27 September, said equipment and utensils were not sanitized properly to avoid contamination. The stock pared early losses, and traded largely flat at Rs418.
TCS: The stock was down 2.5% after the software major announced its July-September earnings after market hours on Thursday, missing the Street’s estimates on various parameters. TCS reported a constant currency revenue growth of 8.4% year-on-year compared with expectations of 9-9.5% rise. Profit was at Rs8,040 crore for the September quarter, lower than the estimated Rs8,300 crore by 22 Bloomberg analysts.