Metal stocks were the top losers in Thursday’s trade (Bloomberg file)
Metal stocks were the top losers in Thursday’s trade (Bloomberg file)

Stocks in News: IndusInd Bank, Yes Bank, Vedanta, Zee Entertainment, BPCL

  • Shares of IndusInd Bank declined 6% in early trade on Thursday due to concern over exposure to stressed sectors
  • Yes Bank soared 25% after the bank’s management allayed various concerns raised by investors

IndusInd Bank: Continuing its downward spiral for the fourth straight session, shares had declined as much as 6% in early trade on Thursday due to concern over exposure to stressed sectors. It pared some losses, to trade 4% lower. The private lender has clarified that its exposure to a large housing finance company (HFC) was fully/strongly collateralised with no overdue.

Yes Bank: The stock soared 25% after the bank’s management allayed various concerns raised by investors. Managing Director Ravneet Gill, at a conference call early on Thursday, told investors that the bank has “enough liquidity". The management also assured stakeholders on being confident of recoveries from NPAs and granular improvement in deposits.

Indiabulls Housing Finance: Shares traded down more than 4% despite the company refuting charges of financial irregularities, siphoning of funds and regulatory violations by promoters of the company as alleged in a public interest litigation (PIL) filed by advocate Prashant Bhushan in the Delhi High Court. On Monday, the stock fell 38%, the lowest since listing.

Lupin: Shares were up after the announcement of Sreeji Gopinathan’s appointment as chief information officer (CIO) to lead the company's information technology function globally. In another exchange filing, the pharma major said Johnny Mikell was appointed as president and global head of quality. The stock, however, erased early gains and was down more than 1%.

Vedanta: Metal stocks were the top losers in Thursday’s trade. According to latest data, growth in India's manufacturing sector remained weak in September and forward-looking indicators in a private business survey showed that the country's slowing economy may not start recovering anytime soon. This along with worries over global growth dragged down sentiment. The stock was down 5%.

Hindalco: Weakness in domestic demand combined with global-growth concerns weighed on metal stocks. Shares of the company were trading nearly 4% lower. A possible delay in revival of industrial and manufacturing activity may continue to put pressure on the sectoral index.

Zee Entertainment: Shares of the company recovered from Tuesday’s double-digit fall, trading nearly 5% higher on Thursday. The stock has been under pressure amid rising concerns over the company’s viability to meet financial obligations, despite the management’s assurance that the company was going strong on the financial front.

HDIL: The Economic Offenders Wing of Mumbai Police has filed an FIR against the company’s promoters — Sarang and Rakesh Wadhawan—for allegedly enabling funds diversion for Punjab and Maharashtra (PMC) Bank. More than two-thirds of the bank’s total loan book has exposure to HDIL. Meanwhile, Dewan Housing Finance Corporation Ltd (DHFL) on Tuesday had refuted rumours of having exposure to HDIL or PMC Bank. The stock was trading lower by 5%

BPCL: Shares of the company were up 6%, buoyed by the government’s announcement that it will exit the company through a strategic stake sale. The government also plans to sell its stake in Shipping Corp, THDC and North Eastern Electric Power Corporation Ltd (NEEPCO). However, investors will watch out for ratings by Moody’s Investor Service, as the agency said it will downgrade BPCL following its privatisation.

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