Here is a list of top stocks that are buzzing in early trade on Thursday:
Indiabulls Housing: Shares surged more than 15% in early deals as the government cleared a proposal to infuse ₹25,000 crore in an alternative investment fund to revive stalled housing projects that could potentially benefit 4.58 lakh homebuyers. This offset the company’s weak earnings in the September quarter, which saw a more than 32% decline in consolidated net profit to ₹702.18 crore.
IndusInd Bank: Buoyed by gains in real estate companies, the stock of the private lender traded nearly 3% higher and was the top gainer among Nifty 50 firms. IndusInd Bank Ltd has a substantial exposure to the real estate sector, one of the worst hit sectors due to the economic slowdown. This has often put the shares of the bank under pressure. Yes Bank Ltd also has an exposure to the sector.
Tata Steel: The stock was the biggest laggard among Nifty companies, falling nearly 4%. The steel maker’s earnings before interest, tax, depreciation and amortisation (EBITDA) margin slipped 56.6% to ₹3,819.6 crore in the September quarter. A drop of 15.45% in revenue from operations to ₹34,579 crore from ₹40,807 crore a year ago also weighed on investor sentiment.
NBCC: The stock jumped over 11% on optimism around revival of stalled housing projects as the government approved creating an alternative investment fund. State Bank of India and Life Insurance Corporation will also contribute ₹15,000 crore to the fund. Separately, the Supreme Court on Wednesday ruled that only NBCC (India) Ltd and Suraksha Realty Ltd can bid for Jaypee Infratech.
Lupin: Shares slumped nearly 4% as the pharmaceutical company posted a loss of ₹1.3 billion in July-September compared with a profit of ₹2.7 billion a year ago. The financials were hit by a provision for a settlement in a US court and the loss it incurred due to divestment of its Japanese subsidiary Kyowa CritiCare Co Ltd. The total one-time loss was ₹5.5 billion in the quarter.