YES Bank, TTML, Suzlon among 282 stocks that hit upper circuit on BSE

24/10/2020

Mumbai, oct 23: YES Bank, Suzlon Energy, Tata Teleservices (Maharashtra) (TTML), MTNL, Reliance Power, Reliance Infrastructure, Future Consumer, Indiabulls Integrated Services and Jet Airways (India) were among the 282 stocks that hit their respective upper circuit on the BSE on Friday.
Indo Count Industries, Himatsingka Seide, Ramco Systems and Godawari Power & Ispat were among the notable stocks that had only buyers queuing up.
YES Bank hit the upper circuit of 5 per cent at Rs 13.35 on the BSE ahead of the September quarter results on Friday.
The board of directors of the bank is scheduled to meet on October 23, 2020 to consider and approve unaudited financial results of the bank for the second quarter ended September 2020 (Q2FY21). The trading volume more-than-doubled with a combined 110 million shares changing hands, and there were pending buy orders for 14 million shares on the NSE and BSE, exchange data show.
TTML was also locked in the upper circuit for the fifth straight day, up 5 per cent at Rs 5.87, also its fresh 52-week high on the BSE.
The stock of the Tata group telecom services company has more than doubled from Rs 2.82 hit on October 16, 2020.
According to a Business Standard report, Tata group is looking at reviving Tata Teleservices by taking the latter’s technical expertise and enterprise solutions for its SuperApp, which is being built.
The Tata SuperApp is expected to bring the entire group’s products as well as services under one platform and enable sales to consumers directly. The SuperApp is targeted for launch by December 2020, the report suggests.
Shares of Jet Airways (India), too, hit a 52-week high of Rs 51.15 after hitting the 5 per cent upper circuit on the BSE on Friday.
The stock has gained 27 per cent in one week after the company's committee of creditors (CoC) approved the resolution plan of consortium of Kalrock Capital–Murari Lal Jalan.
The stock has surpassed its previous 52-week high of Rs 50.25, touched on January 15, 2020. It has hit the upper circuit for the 12th straight trading day at the bourses. In the past 20 trading days, the stock has rallied 108 per cent from the level of Rs 24.60, on September 24, 2020. In comparison, the S&P BSE Sensex was up 8 per cent during the same period.
The resolution plan of consortium of Kalrock Capital–Murari Lal Jalan has been approved by the committee of creditors as e-voting of the lenders concluded on Saturday. “The e-voting concluded today, i.e October 17,2020 and the resolution plan submitted by Murari Lal Jalan and Florian Fritsch has been duly approved by the CoC under section 30 (4) of the code as the successful resolution plan”, the resolution professional said in an exchange notification.
Indo Count Industries were locked in upper circuit for the fourth straight day, up 5 per cent at Rs 163.50 on the BSE on Friday, after the company reported a strong set of July-September quarter (Q2FY21) numbers. The textiles company's stock was trading at its 52-week high level and has rallied 48 per cent in the past two weeks.
On Wednesday, the company had reported a more than seven-fold jumped in its consolidated net profit at Rs 81 crore in Q2FY21, on back of strong operational performance. The company posted profit of Rs 11 crore in a year ago quarter. Revenue from operations grew 25.7 per cent to Rs 714 crore from Rs 568 crore in the corresponding quarter of previous fiscal. The higher absorption of fixed costs on the back of increased volumes led to Ebitda (earnings before interest, taxes, depreciation, and amortization) margin at 17.5 per cent in Q2FY21 against 14.0 per cent in Q2FY20, an increase of 349 basis points YoY, the company said.

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