BackStocks in News: Metal firms, Yes Bank, Indian Overseas Bank, DHFL, JSW Energy
Yes Bank stock recovered from early losses of over 10% and rose nearly 3%IOB shares surged 11% ahead of the earnings to be released later today
PremiumHere is a list top stocks that are buzzing in early trade on Monday:
Metal and Mining: Shares of Nifty 50 metal and mining companies -- Tata Steel Ltd, JSW Steel Ltd, Vedanta Ltd and Hindalco Industries Ltd -- were the top gainers in early trade on hopes of progress in US-China trade talks. According to global news reports, the US commerce secretary Wilbur Ross on Sunday said he was “quite optimistic" that challenges relating to the first phase of the US-China trade talks will be resolved soon. Tata Steel was up over 5%, JSW Steel nearly 6% and Vedanta 5%.
Yes Bank: The stock recovered from early losses of over 10% and rose nearly 3% as chief executive Ravneet Gill told news channel CNBC TV18 that the bank is hopeful of receiving a binding bid in a few days to raise $1.2 billion equity capital by the end of December. Shares had slumped as the bank, after market hours on Friday, reported a loss of ₹600 crore for July-September due to adjustment of ₹709 crore in one-time deferred tax assets.
IOB: Shares surged 11% ahead of the earnings to be released later today. Indian Overseas Bank is among those banks that were not included by the government when it announced its mega merger plan in August. As per the plan, India will have 12 public-sector banks with the completion of all the mergers. Separately, mortgage lender HDFC Ltd will also announce its earnings today.
DHFL: Shares traded nearly 5% higher despite concerns of financial stress surrounding the company. According to a Mint report, Dewan Housing Finance Corporation Ltd has turned down a depositor seeking premature withdrawal saying it has been advised against doing so by its lenders, who are working on a debt-restructuring plan under the Reserve Bank of India’s June 7 circular on resolution of bad loans.
JSW Energy: The stock jumped more than 9% in early deals as the company on Friday reported a rise of 12% in net profit to ₹353 crore in the quarter-ended September driven by reduced finance costs as the company proactively pared debt, which stood at ₹9,702 crore as on 30 September.
Zee Entertainment: After surging over 30% in the past two sessions, the stock was the biggest laggard among Nifty 50 companies in early deals. The Essel Group company faces growth challenges amid investors fearing its inability to meet debt-repayment obligations. Shares were down more than 4%. Another Essel Group company Dish TV Ltd, which had shot up nearly 50% on Thursday-Friday due to higher volumes, also plunged 5% today.
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