2 min read.Updated: 29 Oct 2019, 11:23 AM ISTIshita Guha
Tata Motors' shares extended Sunday’s gains during Diwali Muhurat trading, jumping nearly 14% in early deals due to the auto major’s strong September quarter performance
Bharti Airtel shares traded nearly 4% lower as it deferred the announcement of its September quarter earnings till 14 November
Here is a list of top stocks that are buzzing in early trade on Tuesday:
Tata Motors: Shares extended Sunday’s gains during Diwali Muhurat trading, jumping nearly 14% in early deals due to the auto major’s strong September quarter performance. Improved operating performance and the impact of a better product mix on sales at its UK-arm Jaguar Land Rover Ltd, which has been a drag for last several quarters, also buoyed sentiment.
Yes Bank: The private lender is in talks with various investors to raise funds. According to a Mint report, Microsoft Corporation may have initiated a dialogue with the bank to infuse fresh capital. Another news report had suggested that industrialists Sunil Mittal and Sunil Munjal were also in talks with the bank. This has pushed up the stock by 78% in October. Shares traded up 5% in early deals today.
Bharti Airtel: Shares traded nearly 4% lower as it deferred the announcement of its September quarter earnings till 14 November, seeking more clarity on the adjusted gross revenue (AGR) issue from the department of telecommunications (DoT) on dues payable. The Supreme Court (SC) had upheld DoT’s definition of AGR, which may lead to Airtel alone paying ₹21,682 crore in past dues.
Tata Steel: Shares of the steel major traded 7% higher as uncertainty around a no-deal Brexit was put to rest after the European Union on Monday agreed to delay Brexit until 31 January, increasing the chances of a UK election before the end of the year. The steelmaker has a significant presence in the UK and Europe. The stock of another steel company JSW Steel Ltd was also up 5%.
Vodafone Idea: The stock slumped nearly 6% in early deals due to concerns over mounting stress in the telco’s financials after SC ordered telecom firms to clear past dues within three months. This came as a major blow at a time when the company is grappling with piling debt and shrinking revenues. Vodafone Idea may have to pay ₹28,308 crore as past dues to the government.
Bharti Infratel: Shares fell for the second consecutive session and traded down more than 5% as the company’s merger with Indus Tower has been delayed by two more months to 24 December due to lack of a key government approval. The companies had earlier aimed to complete the process by 24 October and before that by August. The stock was the top loser among Nifty 50 companies.
GVK Power: The stock surged nearly 5% in early deals as the company signed an agreement with Abu Dhabi Investment Authority, PSP Investments and National Infrastructure Investment Fund for an investment of ₹7,614 crore in its airport business. Investment proceeds will be used to pare debt and purchase additional shares in Mumbai International Airports Ltd.