BackStocks in News: BHEL, Yes Bank, Indiabulls Housing, Zee Entertainment, DHFL
BHEL stock jumped more than 23% after news report said the government is likely to consider bringing down its stake in the company and NMDCDHFL shares traded up 5% as the board approved definitive agreements received from leading business groups
PremiumHere is a list of top stocks that are buzzing in early trade on Friday:
BHEL: The stock jumped more than 23% after news report said the government is likely to consider bringing down its stake in Bharat Heavy Electricals Ltd (BHEL) and National Mineral Development Corporation Ltd (NMDC). The government may slash its stake in BHEL in tranches to 26% from 63.17% now. Earlier this month, the government cleared strategic disinvestment in five state-owned firms.
Indiabulls Housing: Shares of the company rallied in early deals as the housing finance company on Thursday offered pre-mature redemption of all non-convertible debentures (NCDs) maturing in November and December 2019. In an exchange filing, the company said it will further evaluate pre-mature redemption of NCDs. The stock traded 7% higher.
Yes Bank: The private lender has managed to restore confidence among investors with the new management showing ability to raise funds and turnaround the stressed financials. News report that industrialists Sunil Mittal and Sunil Munjal may be interested in buying stake in the bank boosted investor sentiment. Shares of the bank were up more than 8%.
Zee Entertainment: The stock was the top loser among NSE Nifty 50 companies and was down more than 3% as its financial situation continued to weigh on the investor sentiment. This even as the company posted strong numbers for the September quarter. It recorded revenue of ₹2,122 crore, up 7% on year while profit grew 6.9% to ₹413.2 crore driven by domestic broadcast and digital business.
Reliance Capital: Shares were up nearly 5% in early deals even after the company on Thursday said payment of interest/principal obligations for two non-convertible debentures (NCD) was delayed. The payments were due on Wednesday and Thursday, the company said in regulatory filing.
DHFL: Shares traded up 5% as the board of directors of Dewan Housing Finance Corporation Ltd (DHFL) approved definitive agreements received from leading business groups with interest in real estate projects, for development of large projects financed under the wholesale book of the company. DHFL said this proposal will be placed before lenders for their approval.
TVS Motor: The stock was up more than 2% even as India’s third largest two-wheeler manufacturer on Thursday reported a 13% year-on-year fall in its standalone income for the quarter ending September due to subdued domestic sales across its product portfolio. It reported a total income of ₹4,353 crore for July-September as against ₹4,994 crore a year ago.
PSU Firms: Stocks of several state-owned companies surged after news reports suggested that the government is mulling their privatisation and planning to reduce its stake below 51%. Shares of MOIL Ltd rallied 11% while that of National Aluminium Co Ltd climbed 4%. Bharat Electronics Ltd rose 4% and NMDC Ltd rose nearly 3%.
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