The markets are flat in afternoon trade today. The Nifty is hovering around 24,600 while the Sensex is up a mere 76 points. The Small and midcap stocks have shown slight outperformance. The BSE Midcap Index is up 0.3% and the BSE Small Cap Index is nearly a percent higher.
However, there are some big movers and shakers in trade today. The metal stocks are the biggest gainers but there are some other key buzzers as well. Here is a look at the top stocks at this hour-
Tata Steel, JSW Steel
The share price of Tata Steel and the JSW Steel share price jumped close to 5% each in intra-day trade. These two stocks are leading the rally in steel stocks on optimism about demand surge for Indian steel. This is on the back of reports that China may reduce its steel production over the next 1 year. Experts and industry observers indicate that this is perhaps a step by China to tackle global overcapacity concerns in the steel sector.
Yes Bank
The Yes Bank share price jumped 3% after the CCI approves SMBC’s stake buy. The Competition Commission of India (CCI) has given the green light to the proposed 24.99% stake purchase by Japan’s Sumitomo Mitsui Banking Corporation (SMBC). As per the company’s Q1 declaration SBI held 24% stake, and other investor banks cumulatively held 9.7% stake in Yes Bank. .
Tbo Tek
The recently listed Tbo Tek share price jumped 15% in intra-day trade. The stock has delivered over 22% gains in the last 3 months. This is after the company announced that it will acquire US based Classic Vacations from Phoenix-based investment firm, The Najafi Companies. The estimated value of the purchase is likely to be up to $125 million, as per an exchange filing by the company. The company claims that, TBO’s expansion into serving the premium outbound travel market “aligns strategically with Classic Vacation’s exclusive B2B brand and elite, high-value advisor network.”
Phoenix Mills
The share price of Phoenix Mills is down nearly 3% intraday today. On a longer time frame, the shares have corrected over 17% in the last 1 year. However, Motilal Oswal recently upgraded the stock. Motilal Oswal sees significant upside for the stock going forward. The brokerage house has upgraded its rating to Buy with a target price of 2,044 per share. This implies almost 35% upside from current levels.
Indus Towers
The Indus Towers share price is down nearly 2% in trade today. The share price has corrected 6% so far this year and is down 26% in the last 1 year. The company recently announced its plans for an international foray. It is planning to enter key high growth African markets like Nigeria, Uganda and Zambia. Speaking about the foray, Prachur Sah, Managing Director & CEO, Indus Towers said, ““By leveraging our expertise in delivering innovative and cost-effective solutions, we are well-positioned to differentiate ourselves in Africa’s fast-growing telecom market.”