Here is a list of top 10 stocks that may remain in focus today:
Yes Bank: Shares of the bank surged 34% after managing director Ravneet Gill, at a conference call early on Thursday, assured investors and other stakeholders of the bank’s strong financial and liquidity position. The management of the bank said they were fully confident of recoveries from NPAs, improvement in deposits, and saw no stress building up on the asset-quality front.
HDIL: The Economic Offenders Wing (EOW) of Mumbai Police has arrested the company’s promoters — Sarang and Rakesh Wadhawan—for non-cooperation with officials in Punjab and Maharashtra (PMC) Bank case probe. More than two-thirds of the bank’s total loan book has exposure to HDIL. EOW has also attached property worth ₹3,500 crore in the PMC Bank case.
IndusInd Bank: Shares of the private lender extended losses for the fourth straight session on Thursday due to concerns surrounding exposure to stressed sectors. The bank’s clarification that its exposure to a large housing finance company (HFC) was fully/strongly collateralised with no overdue failed to boost investor sentiment. The stock recovered marginally, ending down at 3%.
Piramal Enterprises: Shares of the company ended down 7% on Thursday due to concerns over exposure to stressed sectors, mainly real estate. Piramal Enterprises Ltd’s exposure to real-estate developer Lodha Group, which has been unable to meet its financial requirements amid a slowing economy, also weighed on the stock.
BPCL: The government has announced that it will entirely divest its stake in the company through strategic sale, which has improved investor sentiment. It also proposed selling its stake in Shipping Corp, THDC and North Eastern Electric Power Corporation Ltd (NEEPCO). However, ratings agency Moody’s Investor Service called privatisation of Bharat Petroleum Corporation Ltd “a credit negative".
Zee Entertainment: Shares recovered from Tuesday’s double-digit fall, ending up nearly 8% on Thursday. The stock has been under pressure amid rising concerns over the company’s viability to meet financial requirements, despite the management’s assurance that the company was firm on its financial position.
Tata Motors: The auto company gained 6% on Thursday after its UK unit Jaguar Land Rover reported a 5% rise in US September sales. The increase in US sales offset a possible fall in share prices following 50% year-on-year decline in September domestic sales at 32,376 units. Tata had sold 64,598 vehicles in the same month last year.
Vedanta: Metal index was among 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 ended down 5%.
Hindalco: Weakness in domestic demand combined with global economic growth concerns weighed on metal stocks. Shares of the company ended more than 4% lower. A possible delay in revival of industrial and manufacturing activity may continue to put pressure on the sectoral index.
Indiabulls Housing Finance: Shares were under pressure due to worries over its proposed merger with Lakshmi Vilas Bank (LVB) not going through, after Reserve Bank of India (RBI) placed the bank under prompt corrective action list on Saturday. In another setback, the Delhi High Court accepted a public interest litigation against Indiabulls for alleged financial irregularities.