Shares of Indian Railway Finance Corporation Ltd (IRFC), Punjab National Bank (PNB), YES Bank Ltd, Brightcom Group, Indiabulls Real Estate Ltd and Suzlon Energy Ltd were leading the mainboard volume chart on NSE while banking shares HDFC Bank Ltd and ICICI Bank Ltd, and the recent debutant Mankind Pharma Ltd were leading the turnover chart on the exchange at 11.20 am on Wednesday.
Shares of IRFC fell 2.13 per cent to Rs 32.30 on NSE amid high volumes. A total of 5,29,12,040 IRFC shares changed hands on the counter worth Rs 170.74 crore.
PNB saw 4,78,45,595 shares changing hands in the morning trade. This stock plunged 4.38 per cent to Rs 48.05 on NSE. YES Bank (3,82,54,533 shares), Suzlon Energy (2,05,66,880 shares), Indiabulls Real Estate (1,82,61,373) and JP Power (1,55,46,428 shares) were among stocks that fell up to 2 per cent amid high volumes.
Shares of Indiabulls Real Estate are in news after the real estate developer said the sanction to the merger of NAM Estates Private Limited and Embassy One Commercial Property Developments (Embassy One) into Indiabulls Real Estate has been withheld by the National Company Law Tribunal (NCLT), Chandigarh Bench.
Brightcom Group shares jumped 4.86 per cent to Rs 12.95. Zomato was up 2.05 per cent at Rs 62.20. IRCON International added 0.5 per cent.
In value terms, HDFC Bank led the chart with Rs 1,663 crore turnover. The stock was in news amid reports suggesting the merged HDFC entity could see $150-200 million in outflows, as the index aggregator MSCI in an update to clients said it will use an adjustment factor of 0.50 to compute HDFC merged company weightage
HDFC Bank was followed by ICICI Bank (Rs 1,104 crore), Mankind Pharma (Rs 567.66 crore) and Axis Bank (Rs 567.63 crore). State Bank of India (SBI), Reliance Industries, Kotak Mahindra Bank, IndusInd Bank and Tata Motors were some other stocks that saw high turnover in the morning trade.
Among the six banking stocks in the top 10 list, four were trading lower, with SBI leading the chart with 1 per cent cut. Shares of Paytm parent One 97 Communications were up 2.47 per cent. Reliance Industries and Tata Motors rose 0.5 per cent each. After a stellar debut, shares of Mankind Pharma were down 2.3 per cent at Rs 1,387.10 on NSE.
Post its stellar listing, analysts were divided over the stock prospects, with a few suggesting to hold it for a longer run, while some others recommending to book profits and re-enter the counter on dips, once the initial euphoria is settled.
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