Here is a list of top stocks that are buzzing in early trade on Tuesday:
Infosys: Shares of Infosys slumped 16% in early deals after a whistleblower complaint accused the management of “unethical" accounting practices, taken to boost profits. In response to the compliant, Chairman Nandan Nilekani today said the company’s audit committee is looking into the whistleblower complaint and to ensure independence in these investigations, the CEO and CFO have been recused from this matter.
Tata Motors: British lawmakers on Saturday voted to delay a decision on Prime Minister Boris Johnson's Brexit deal. The stock was down 3% due to uncertainty around no-deal Brexit. Tata Motors-owned luxury carmaker brand Jaguar Land Rover (JLR) has decided to suspend all manufacturing operations in the UK for a week starting 4 November anticipating disruption in supply chains.
Motherson Sumi: The stock slipped nearly 3% due to concerns around a possible delay in Brexit that would interrupt Britain’s departure from the European Union. The auto-component maker has operations across Europe and is a supplier of electrical and wiring systems for automotives. It is the flagship company of the $11.5 billion Samvardhandelay a Motherson Group.
Piramal Enterprises: The firm on Monday reported a 15.3% rise in its net profit to ₹554 crore for July-September on the back of a robust performance in its pharmaceutical and healthcare business. The Mumbai-based diversified conglomerate saw its revenue jump 18% during the second quarter. Its financial services business grew 13% on year due to a three-fold increase in housing loan book. Shares surged more than 7% in early deals today.
AU Small Finance: Shares of the private lender traded 4% higher as it reported 89% jump in net profit to ₹172 crore in the quarter ended September on the back of a reduction in cost-to-income ratio. The Jaipur-headquartered bank’s asset quality was stable, with gross non-performing asset (NPA) largely unchanged at 2% quarter-on-quarter. Net NPA improved to 1.1% from 1.3% a year ago.
DCB Bank: The stock traded nearly 5% lower as the bank’s asset quality deteriorated in the September quarter. Gross NPA rose marginally to 2.1% from 1.9% a quarter ago and net NPA increased to 0.9% from 0.8%. Provisions and contingencies also climbed 35.6% on year to ₹43.3 crore in the second quarter of the current fiscal, rising 6.5% on a sequential basis.
ICICI Lombard General Insurance: The insurance company declared an interim dividend of ₹3.5 per equity share for all shareholders. On Friday, it had reported a 5% increase in net profit during the quarter ended September due to long-term motor policies and losses from natural disasters in various states. Shares of the company traded nearly 4% higher.