Stocks Radar: Yes Bank, RBL Bank, Reliance Industries, Welspun Corp
Here are the stocks moving the market today.
Indian equity markets swung between gains and losses with the volatility index rising for the third straight day.
Among the 11 sectoral gauges compiled by the National Stock Exchange, fast-moving consumer goods, information technology, metals and pharma indices traded lower while banking and media stocks gained.
Here Are The Stocks Moving The Markets Today
Yes Bank Up For Second Day
Shares of Yes Bank Ltd. rose as much as 39.2 percent to Rs 29.6 on the NSE. This was the second straight day of gains for the bank. Shares have rallied over 60 percent in the last two days.
Nippon Mutual Fund and Axis Trustee Fund filed a petition against the decision to write-down the bank’s AT-1 bonds under its reconstruction plan. Mutual funds and other bond holders have invested over Rs 8,400 crore in its AT-1 bonds.
RBL Bank Says Financial Health Is Stable
RBL Bank Ltd., in a statement to the exchanges, stated that it remains a financially strong, well-capitalised and a growing entity.
The bank has also maintained its asset quality guidance, saying there has been no adverse change to the non-performing assets since third-quarter results were announced.
The stock surged as much as 14.89 percent, the most since September 2019, to Rs 239.20 on the National Stock Exchange.
RIL Snaps Four-Day Losing Streak
Reliance Industries Ltd. is among the top gainer on the Nifty 50 index today. The stock snapped a four-day losing streak after witnessing its biggest one-day drop in a decade on Monday.
The stock is also the biggest point contributor on the Nifty, contributing 37 points to the upside.
Macquarie has upgraded the stock to ‘Neutral’ from ‘Underperform’. It, however, cut the price target to Rs 1,145 from Rs 1,300.
Welspun Corp Falls Despite Order Win
Shares of Welspun Corp Ltd. fell as much 18.84 percent to Rs 101—the third straight day of declines for the pipemaker. The stock has plummeted 40 percent in the last three days.
That comes as the company won a major offshore pipes supply contract in Australia for the Barossa offshore Development project. The contract comprises manufacturing and supply of 270 kilometers of pipes for critical offshore application.
The current order book for the company is now at 1,139 kilo metric tonnes after considering order execution up to February 2020, as per the company’s press statement.