Here is a list of top stocks that are buzzing in early trade on Thursday:
Bajaj Consumer: Shares of the company continued their rally for the second straight day as concerns around high-promoter debt eased. The personal care firm’s promoter group on Tuesday sold about 22% stake, or 3.24 crore shares, for around ₹630 crore in a single block deal. Bajaj Consumer Care Ltd is promoted by Kushagra Bajaj. The stock was up nearly 6%.
Mindtree: Shares of the mid-sized IT firm fell more than 2.5% in early deals even as its September quarter earnings were largely in line with the Street’s estimates. Mindtree Ltd’s growth improved sequentially both in terms of revenue and profit margins. The company’s revenues were up 3.2% quarter on quarter in constant currency terms and up 11.1% year-on-year.
DHFL: The stock traded down nearly 4% after investigations by the Enforcement Directorate revealed that Dewan Housing Finance Corporation Ltd had lent ₹2,186 crore to Sunblink Real Estate from 2010. According to an Economic Times report, Sunblink is related to the late Dubai-based gangster Iqbal Memon. Stress in DHFL’s financials also added to the negative sentiment.
Edelweiss Financial: The Competition Commission of India has approved Kora Master Fund LP's investment of up to 10% or $75 million in Edelweiss Securities Ltd. Kora, a foreign portfolio investor, proposes to invest $75 million in Edelweiss Securities and Edelweiss Global Investment Advisory (EGIA) subsidiaries. Shares were up more than 2%.
Parle: Parle Biscuits, part of the Parle Products group, reported 15.2% year-on-year rise in net profit for the financial year 2018-19 even as the group along with other top biscuit manufacturers have asked the government for a goods and services tax (GST) cut. This along with easing worries over layoffs amid weakening consumer demand buoyed investor sentiment. The stock traded up nearly 5%.
Exide Industries: Shares of the company were down over 6% despite the company announcing that it will foray into the e-rickshaw market in India with the launch of Exide Neo. The company said the e-vehicle will be launched in select markets in India and will be sold through exclusive network of dealers.